BSE: 531259
ESHA MEDIA RESEARCH LIMITED
Operates a media research and intelligence business, historically focused on broadcast media monitoring, with a stated pivot toward an AI-native, end-to-end media and reputation intelligence platform. Customers include corporates, brands, sports teams and public institutions. FY26 revenue stood at Rs 2.32 crore, with employee costs at 91.6% of revenue and other operating expenses at 147% of revenue, reflecting a people-heavy cost base with no material input cost. A management transition completed in 2026 brought in a new Managing Director (Siddharth Saraf) and Executive Director/CFO (Rakesh Mudgal), replacing the founding team led by Raman Iyer that had run the company for nearly three decades, and the board was reconstituted with new independent directors. The 43rd AGM held on July 7, 2026 approved fresh borrowing capacity of up to Rs 50 crore alongside adoption of FY26 financials and other routine resolutions. The filings describe the company's new direction as serving corporates, brands, sports teams and public institutions with AI-driven media and reputation intelligence. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broadcast media monitoring, AI-native media and reputation intelligence platform. Small, people-driven media intelligence services business in mid-pivot
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3 | 2 |
| EBITDA (ex other income) | (0) | (0) | (0) | (1) | 1 |
| margin % | (69.1) | (208.4) | (56.4) | (17.9) | 36.1 |
| Owners' profit | (0) | (0) | (0) | (4) | 0 |
| EPS, as reported (₹) | (0.19) | (0.22) | (0.11) | (4.65) | 0.62 |
| ROE % · ROCE % | 2.4 · (25.2) | 2.5 · (33.8) | 1.3 · (17.2) | 33.2 · 6.9 | (4.6) · (6.6) |
| Debt / equity (x) | (1.09) | (1.08) | (1.07) | (0.82) | (0.59) |
| Cash from operations | (0) | (0) | (0) | (0) | (1) |
| Capex | 0 | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Profit before tax | (1) | 0 | (1) | (0) | (0) | (1) | 2 | (1) |
| Net profit | (4) | 0 | (0) | (0) | (0) | (1) | 2 | (1) |
| EPS (₹) | (4.78) | 0.23 | (0.54) | (0.52) | (0.43) | (0.74) | 2.31 | (0.84) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · BSE approves trading of promoter preferential issue | capital market events | low | — | — |
| 12 Oct 2026 · RTA compliance certificate for Q2 FY26 under Regulation 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure: Oct 1, 2026 till 48 hrs post Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Independent Director Dr Dimple Joshi resigns effective Sept 4 2026 | management changes | medium | — | — |
| 7 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 6 Aug 2026 · Board approves preferential share and warrant allotment, Q1FY27 results | board shareholder meetings | medium | — | — |
| 3 Aug 2026 · Board Meeting on Aug 6 to approve Q1 FY27 results | results | low | — | — |
| 10 Jul 2026 · Esha Media Research announces management transition and AI-led repositioning | management changes | high | — | — |
| 10 Jul 2026 · RTA compliance certificate filed for quarter ended June 30, 2026 | compliance | minimal | — | — |
| 10 Jul 2026 · Management Transition and Strategic Repositioning at Esha Media Research | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.