Century Business Media
A distinct read of SME-specific danger (liquidity, concentration, forensic flags) — separate from the FinMinutes Score. Higher band = more caution warranted.
- Pre-IPO bonus allotment of 5,643,120 shares in March 2025 reduced promoter WACA to Rs. 0.00 per share.
- Over 51% of total borrowings (Rs. 4.06 crore out of Rs. 7.96 crore) consist of unsecured loans from promoter family and group entities.
- Peer comparison set includes mainboard-listed Signpost India Limited alongside SME peers.
- High concentration in Airport OOH advertising (61.52% of revenue) and Bihar/Jharkhand region (56.75%).
- Positive operating cash flow conversion (FY26 CFO of Rs. 6.05 crore vs PAT of Rs. 5.56 crore).
Educational risk signal grounded in the filing — not a buy/sell call.
First time with SME IPOs? Read the SME IPO guide and the risks before applying.
FinMinutes Deep Business Model & Edge
Century Business Media Limited provides advertising services with a primary focus on Out-of-Home (OOH) media formats, including Airport OOH, Railway OOH, Metro OOH, and city-based digital and non-digital advertising solutions.
What this company actually does — full breakdown ▾
Established in 1999, Century Business Media Limited is engaged in providing Out-of-Home (OOH) advertising services across airport, railway, metro, and city-based media formats in eastern and north-eastern India. The company operates advertising rights across high-footfall locations, including airports (such as Patna, Ranchi, Darbhanga, Deoghar), railway stations under East Central Railway and other zones, and metro platforms. It operates a store-cum-workshop facility in Patna, Bihar, for inventory storage, media asset preparation, and equipment assembly. In FY26, Airport OOH advertising accounted for 61.52% of revenue, Railway OOH for 24.82%, City OOH/flex for 11.01%, and Metro OOH for 2.52%. The company sells services directly to corporate, government, and non-government clients and also undertakes media trading and installation. Operations are geographically concentrated, with Bihar (35.56%), Jharkhand (21.19%), Delhi (15.43%), and West Bengal (9.16%) generating the bulk of FY26 revenue.
Sole advertising rights across strategic airport and railway media assets in East India, long-standing relationships with government authorities and corporate clients, and integrated execution capabilities through an in-house workshop facility.
The Offer
Follow the Money — Use of Proceeds
- Funding Capital Expenditure towards Purchase of Media Assets — ₹4.21 cr
- Payment of Security Deposit for advertising rights at Patna Airport — ₹3.77 cr
- Repayment of certain borrowing availed by the Company — ₹1.45 cr
- To meet Working Capital requirements — ₹3.25 cr
- General Corporate Purpose
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 5 live components.
88% of the designed weighting had real data behind it on this issue. Not yet scored here: Filing Integrity. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured10%
The post-issue earnings multiple against the peer median disclosed in the filing. A discount to the median scores well and a premium scores badly. When the filing does not disclose comparable peer multiples, this component is dropped from the weighting rather than held at a made-up neutral.
How this is measured6%
A proxy for syndicate strength, based today only on how many lead managers are on the issue: 75 where three or more banks are involved, 60 otherwise. We have not built a bank-by-bank track record, so treat this as a rough signal. When the filing does not disclose the syndicate, this component is dropped from the weighting rather than guessed.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 46.4334 | 36.6529 | 32.0339 |
| Net Profit (₹ Cr) | 5.5556 | 4.708 | 3.6879 |
| PAT Margin | 11.96% | 12.84% | 11.51% |
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Revenue from Operations (FY26 vs FY25) | ↑ 26.7% | Revenue from operations increased due to higher volume and demand for advertising display and branding services across airport and railway media formats. | Structural |
| Purchases of Services (FY26 vs FY25) | ↑ 31.3% | Purchases of services grew in line with overall business expansion and higher execution volume for media display campaigns. | Structural |
| Employee Benefits Expense (FY26 vs FY25) | ↑ 26.3% | Employee benefit expenses rose due to increases in salary and wages as well as staff welfare expenses. | Structural |
| Finance Costs (FY26 vs FY25) | ↑ 30.1% | Finance costs increased due to higher bank borrowings utilized to support capital expenditure and operational expansion. | Structural |
| Depreciation and Amortization Expenses (FY26 vs FY25) | ↑ 27.8% | Depreciation increased due to additions to property, plant, and equipment including media display assets. | Structural |
| Other Expenses (FY26 vs FY25) | ↑ 25.4% | Other expenses increased across general operational overheads, legal/professional fees, and maintenance charges supporting business growth. | Structural |
| Profit After Tax (FY26 vs FY25) | ↑ 18.1% | Profit after tax expanded due to top-line growth from airport OOH media contracts and operating leverage. | Structural |
| Trade Receivables (FY26 vs FY25) | ↑ 32.2% | Trade receivables expanded in line with overall top-line revenue growth across corporate and government clients. | Structural |
| Total Borrowings (FY26 vs FY25) | ↑ 44.8% | Total borrowings increased due to bank term loans taken to finance media asset acquisition and working capital. | Structural |
| Employee Benefits Expense (FY25 vs FY24) | ↑ 52.6% | Employee benefit costs increased due to higher salary and wages expenditure and an increase in director remuneration. | Structural |
| Depreciation and Amortization Expenses (FY25 vs FY24) | ↑ 30.6% | Depreciation expanded due to capital additions in plant, machinery, and office equipment. | Structural |
| Other Expenses (FY25 vs FY24) | ↓ 23.4% | Other expenses declined primarily due to a reduction in commission and brokerage expenses compared to FY24. | Structural |
| Profit After Tax (FY25 vs FY24) | ↑ 27.6% | Profit after tax increased due to higher revenue from airport advertising concessions and lower overhead costs. | Structural |
| Operating Cash Flow (FY25 vs FY24) | ↑ 3,314.3% | Operating cash flow surged due to higher operating profit before working capital changes and improved collection realization. | Structural |
| Total Borrowings (FY25 vs FY24) | ↓ 32.2% | Borrowings decreased due to net repayments of unsecured promoter loans and debt facilities. | Structural |
| Trade Receivables (FY25 vs FY24) | ↑ 22.2% | Trade receivables grew in tandem with business revenue growth. | Structural |
Headwinds
- Dependence on concessions and advertising rights awarded by government and municipal authorities company
Loss, non-renewal, or adverse modification of terms in key concession agreements at airports and railway stations could severely impact revenue and media inventory. - Minimum Monthly Guarantee (MMG) commitments under concession agreements sector
Fixed MMG payment obligations must be met regardless of actual passenger footfall or ad space occupancy, creating margin pressure during economic or traffic downturns. - Geographic revenue concentration in East and North-East India (35.56% Bihar, 21.19% Jharkhand) company
Concentration of media assets in specific states exposes business performance to regional economic conditions and municipal policy changes.
Tailwinds
- Strong growth in Indian Media & Entertainment and Out-of-Home (OOH) advertising sector macro
Rising urbanization, expanding transit infrastructure (airports, metros), and corporate marketing budgets drive steady growth in OOH media spending. - Exclusive advertising rights across high-footfall airport and railway assets in East India company
Exclusive rights at key regional transit hubs provide stable, long-term revenue streams and high barriers to entry against local competitors.
Movements the filing does not explain
- Trade Payables Holding Period Calculation Adjustment FY24 and FY25 — The DRHP miscalculated trade payables holding period for FY24 (50 days reported vs 57 days actual) and FY25 (41 days reported vs 49 days actual), which was subsequently corrected in the UDRHP/RHP without detailing specific vendor payment term changes in MD&A.
A material movement that management does not address is not a finding on its own. It is a question the filing leaves open, and it is recorded here as one.
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-09-18
- Pre Application Start2026-09-10
- Bidding Start2026-09-11
- Bidding End2026-09-16
- Allotment Process Start2026-09-17
- Allotment Finalization2026-09-18
- Listing Day2026-09-21
- Mandate End2026-10-28
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 46.43 | 36.65 | 32.03 |
| Other Income | 0.32 | 0.26 | 0.23 |
| Total Income | 46.76 | 36.91 | 32.27 |
| Cost of Materials Consumed | 1.82 | 1.75 | 1.55 |
| Purchases of Stock-in-Trade | 28.71 | 21.86 | 19.08 |
| Changes in Inventories | 0.00 | 0.00 | 0.00 |
| Employee Benefit Expense | 3.24 | 2.57 | 1.68 |
| Finance Cost | 0.84 | 0.65 | 0.67 |
| Depreciation & Amortisation | 1.09 | 0.85 | 0.65 |
| Other Expenses | 3.59 | 2.86 | 3.73 |
| Total Expenses | 39.29 | 30.55 | 27.38 |
| Profit Before Exceptional Items and Tax | 7.46 | 6.37 | 4.89 |
| Profit Before Tax | 7.46 | 6.37 | 4.89 |
| Tax Expense | 1.91 | 1.66 | 1.21 |
| Profit After Tax | 5.56 | 4.71 | 3.69 |
| EPS - Basic | 8.61 | 7.30 | 5.72 |
| EPS - Diluted | 8.61 | 7.30 | 5.72 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 6.45 | 6.45 | 0.81 |
| Reserves & Surplus | 11.57 | 6.02 | 6.95 |
| Net Worth | 18.02 | 12.47 | 7.76 |
| Long-term Borrowings | 5.39 | 2.54 | 3.34 |
| Short-term Borrowings | 2.57 | 2.96 | 4.76 |
| Total Borrowings | 7.96 | 5.50 | 8.10 |
| Trade Payables | 3.58 | 3.29 | 3.10 |
| Current Liabilities | 7.42 | 6.72 | 8.45 |
| Total Liabilities | 31.28 | 22.37 | 21.24 |
| Property, Plant & Equipment | 6.48 | 4.18 | 4.57 |
| Capital Work in Progress | 0.03 | 0.44 | 0.00 |
| Intangible Assets | 0.00 | 0.00 | 0.00 |
| Investments | 0.01 | 0.01 | 0.01 |
| Inventories | 0.01 | 0.01 | 0.01 |
| Trade Receivables | 14.16 | 10.71 | 8.77 |
| Cash & Equivalents | 3.60 | 0.25 | 0.45 |
| Current Assets | 19.41 | 14.05 | 13.95 |
| Total Assets | 31.28 | 22.37 | 21.24 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | 6.05 | 5.40 | 0.16 |
| Capital Expenditure | -2.98 | -0.90 | -1.94 |
| Net Cash from Investing Activities | -4.31 | -2.35 | -1.52 |
| Net Cash from Financing Activities | 1.62 | -3.25 | 1.65 |
| Net Change in Cash | 3.35 | -0.20 | 0.29 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 20.1 | 21.3 | 19.3 |
| EBIT Margin (%) | 17.8 | 19 | 17.2 |
| PAT Margin (%) | 12 | 12.8 | 11.5 |
| Return on Equity (%) | 30.8 | 37.8 | 47.5 |
| Return on Capital Employed (%) | 32 | 39 | 35.1 |
| Return on Assets (%) | 17.8 | 21 | 17.4 |
| Leverage | |||
| Debt / Equity (x) | 0.44 | 0.44 | 1.04 |
| Net Debt / EBITDA (x) | 0.46 | 0.67 | 1.23 |
| Interest Coverage (x) | 9.87 | 10.85 | 8.28 |
| Liquidity | |||
| Current Ratio (x) | 2.62 | 2.09 | 1.65 |
| Quick Ratio (x) | 2.62 | 2.09 | 1.65 |
| Efficiency | |||
| Asset Turnover (x) | 1.48 | 1.64 | 1.51 |
| Receivable Days | 111 | 107 | 100 |
| Inventory Days | 0 | 0 | 0 |
| Payable Days | 28 | 33 | 35 |
| Cash Conversion Cycle (days) | 83 | 74 | 65 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | 1.09 | 1.15 | 0.04 |
| Accruals Ratio (%) | -1.6 | -3.1 | 16.6 |
| Capex / Depreciation (x) | 2.74 | 1.05 | 2.97 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 12% | 12.8% | 11.5% |
| Asset Turnover (Revenue / Assets) | 1.48x | 1.64x | 1.51x |
| Equity Multiplier (Assets / Net Worth) | 1.74x | 1.79x | 2.74x |
| = Return on Equity | 30.8% | 37.8% | 47.5% |
| Tax Burden (PAT / PBT) | 0.74x | 0.74x | 0.75x |
| Interest Burden (PBT / EBIT) | 0.9x | 0.91x | 0.88x |
| Operating Margin (EBIT / Revenue) | 17.9% | 19.1% | 17.4% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Operating cash flow was 1.09x reported profit in FY26. Earnings are converting into cash, which is what you want to see and frequently is not the case.
- Interest coverage was 9.87x in FY26. Debt servicing is comfortably covered by operating profit.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
M = -2.28An eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 1.043 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | 0.991 | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | 0.931 | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.267 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 1.177 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 0.993 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 0.989 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | -0.0158 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
M = -2.28, below the −1.78 threshold. The model does not flag these accounts.
Altman Z″-Score (emerging markets)
Z″ = 9.36 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.383 |
| X2 — Retained Earnings / Total Assets | 0.37 |
| X3 — EBIT / Total Assets | 0.266 |
| X4 — Net Worth / Total Liabilities | 0.576 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 9.36 |
Piotroski F-Score (adapted)
5 / 8Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it.
- ✓Positive return on assets
- ✓Positive operating cash flow
- ✗Return on assets improving
- ✓Cash flow exceeds profit (quality of earnings)
- ✗Long-term leverage decreasing
- ✓Current ratio improving
- ✓Gross margin improving
- ✗Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 0%
Contingent liabilities of 0.00 cr against a net worth of 18.02 cr — 0% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 1.7%
1.7% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 1.4x
Short-term borrowings of 2.57 cr against cash of 3.60 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 13.5%
Managerial remuneration to the promoter group was 0.75 cr against a profit of 5.56 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth5.56 ÷ 18.02What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)8.31 ÷ (18.02 + 7.96) = 8.31 ÷ 25.98Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue9.40 ÷ 46.43Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth7.96 ÷ 18.02How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost8.31 ÷ 0.84How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(14.16 ÷ 46.43) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days0 + 111 − 28How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT6.05 ÷ 5.56Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(5.56 − 6.05) ÷ 31.28 = -0.49 ÷ 31.28The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Institutional Alpha: DRHP Deep Dive
Strong Cash Flow Conversion: FY26 CFO Reaches Rs. 6.05 Crore Against PAT of Rs. 5.56 Crore
Century Business Media demonstrated healthy cash conversion in FY26, generating Rs. 6.0502 crore in operating cash flow (108.9% of restated PAT of Rs. 5.5556 crore). This cash flow stability supports internal accruals and media asset capex funding.
Source: p.45, 47, 159Promoter Debt Dependency: 51.09% of Total Borrowings Sourced from Promoter Group
Over half of the company's total borrowings of Rs. 7.9557 crore consists of unsecured loans provided by promoter family members and group entities (Rs. 4.0646 crore). Additionally, group entities provided Rs. 2.4174 crore in outsourced media services in FY26.
Source: p.50, 170, 171, 184Pre-IPO Bonus Allotment Reduces Promoter WACA to Rs. 0.00 per Share
In March 2025 (18 months prior to the IPO), the company issued 5,643,120 bonus shares in a 10:1 ratio to promoter shareholders. This expanded promoter share count 11-fold at nil cost, reducing their 3-year Weighted Average Cost of Acquisition to Rs. 0.00 per share.
Source: p.64, 65, 89Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Shashi Kumar Chaudhary
Litigation: Litigations filed by Company: 15 cases involving Rs. 9.7088 crore (including writ petition CWJC/13767/2024 against UOI Railways seeking Rs. 8.7491 crore). Litigations against Directors/Promoters: 5 criminal complaints involving Rs. 0.4500 crore (settled/compromised). Litigations against Group Companies: 10 cases involving tax matters of Rs. 0.6082 crore.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| Bright Outdoor Media Limited | 29.48 | — | 12.96 | — |
| Simca Advertising Limited | 12.75 | — | 80.18 | — |
| Signpost India Limited | — | — | 27.3 | — |
At the ₹74 upper band, the issue is priced at 8.6x earnings — a 59% discount to the peer median of 21.1x. This is the arithmetic of the price band against the peers the filing itself lists; it is not a view on whether the offer is worth taking.
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
On March 23, 2025 (18 months prior to the IPO), the company allotted 5,643,120 bonus shares in a 10:1 ratio to existing promoter group shareholders at Rs. 0.00 per share. This reduced the promoters' 3-year Weighted Average Cost of Acquisition (WACA) to Rs. 0.00 per share.
p.64, 65, 89The company includes mainboard-listed Signpost India Limited in its peer comparison table alongside SME-listed peers Bright Outdoor Media Limited (P/E 29.48x) and Simca Advertising Limited (P/E 12.75x), deriving an elevated peer median P/E of 21.12x for an SME offer.
p.86, 88Unsecured loans from promoter family members and group entities (Sangita Dokania Rs. 0.5482 crore, Seema Chaudhary Rs. 0.2601 crore, Raunak Agri Farm Rs. 0.8882 crore, Dagmar Media Rs. 2.3681 crore) total Rs. 4.0646 crore, representing 51.09% of total borrowings (Rs. 7.9557 crore). Additionally, group entities provided Rs. 2.4174 crore of outsourced services in FY26.
p.50, 170, 171, 184The company disclosed past secretarial and ROC non-compliances, including non-filing of Form CHG-1 for vehicle loans, missing Audit Reports/Cash Flow Statements in AOC-4 filings for FY15/FY16, and historical non-compliance with AS-15 Employee Benefits (rectified in restated statements).
p.24, 29, 165Airport Out-of-Home (OOH) media contracts account for 61.52% (Rs. 28.57 crore) of FY26 revenue. Geographically, Bihar (35.56%) and Jharkhand (21.19%) together contribute 56.75% of total revenue from operations.
p.23, 24, 107Litigations filed by Company: 15 cases involving Rs. 9.7088 crore (including writ petition CWJC/13767/2024 against UOI Railways seeking Rs. 8.7491 crore). Litigations against Directors/Promoters: 5 criminal complaints involving Rs. 0.4500 crore (settled/compromised). Litigations against Group Companies: 10 cases involving tax matters of Rs. 0.6082 crore.
p. 20, 21, 22, 68 and 2 moreCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
In-house media assets drive high-margin Airport OOH (61.52% of revenue) and Railway OOH (24.82% of revenue). Direct ownership of LED displays and static frames reduces reliance on third-party media rentals and supports gross margin stability.
p.76, 107Patna Airport represents a primary revenue site in Bihar (which accounts for 35.56% of FY26 revenue). Funding the security deposit ensures exclusive media display rights at a key regional airport hub.
p.23, 76, 107Total borrowings as of FY26 stood at Rs. 7.9557 crore with finance costs of Rs. 0.8415 crore. Repaying Rs. 1.4500 crore reduces total leverage by 18.22% and lowers recurring interest outflows.
p.45, 76, 156Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: KFin Technologies
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (28 Oct 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
How are the fresh issue proceeds allocated across capex, security deposits, debt repayment, and working capital?
Fresh issue proceeds are allocated as: Rs. 4.2127 crore for purchase of media assets, Rs. 3.7659 crore for security deposit towards Patna Airport advertising rights, Rs. 1.4500 crore for repayment of borrowings, Rs. 3.2500 crore for working capital requirements, and the balance for General Corporate Purposes.
p.76What is the promoters' shareholding pre and post-issue, and what is their acquisition cost history?
Promoters Shashi Kumar Chaudhary, Seema Chaudhary, Sangita Dokania, and Shreya Chaudhary hold 94.93% pre-issue shareholding, diluting to 69.88% post-issue. A 10:1 bonus issue of 5,643,120 shares in March 2025 reduced the promoters' 3-year Weighted Average Cost of Acquisition (WACA) to Rs. 0.00 per share.
p.64, 65, 68, 89What are the key related-party transactions and promoter group debt dependencies?
Unsecured loans from promoter family and group entities total Rs. 4.0646 crore (51.09% of total borrowings of Rs. 7.9557 crore). Purchases of services from group entities Century Ventures and Airport Advertising (Agartala) totaled Rs. 2.4174 crore in FY26. Managerial remuneration to promoter directors was Rs. 0.7500 crore in FY26. Promoters provided personal guarantees covering 100% of company debt.
p.49, 50, 170, 183, 184How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT grew from Rs. 3.6879 crore in FY24 to Rs. 4.7080 crore in FY25 and Rs. 5.5556 crore in FY26. Operating cash flow (CFO) expanded from Rs. 0.1583 crore in FY24 to Rs. 5.4049 crore in FY25 and Rs. 6.0502 crore in FY26, demonstrating 108.9% cash conversion of net profit in FY26.
p.45, 47, 159What secretarial, statutory compliance, and litigation findings exist for the company?
The company operates with 58 employees. Disclosed secretarial findings include non-filing of Form CHG-1 for vehicle loans, missing Audit Reports/Cash Flow Statements in AOC-4 filings for FY15/FY16, and historical AS-15 Employee Benefits non-compliance. Litigations filed by the company total 15 cases (Rs. 9.7088 crore), including a writ petition against UOI Railways for Rs. 8.7491 crore. Statutory auditor M/s Lodha Patel Wadhwa & Co. has served for 3+ years.
p.20, 24, 29, 115, 165What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The issue is listed on BSE SME with a minimum retail application requirement of 2 lots. Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. Hem Finlease Private Limited is the Market Maker with 116,800 reserved shares (5.05%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 5, 7, 43, 59, 250What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Banwari Lal Chaudhary & Shashi Kumar Chaudhary | ₹10.00 | 1999-09-23 | 7.4x |
| An early round from roughly 27 years ago, at roughly 7.4x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Promoters & Initial Shareholders | ₹10.00 | 1999-11-04 | 7.4x |
| An early round from roughly 27 years ago, at roughly 7.4x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Shashi Kumar Chaudhary & Others | ₹10.00 | 2013-12-02 | 7.4x |
| An early round from roughly 13 years ago, at roughly 7.4x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Banwari Lal Chaudhary, Sangita Dokania & Others | ₹50.00 | 2018-03-26 | 1.5x |
| Existing Shareholders | — | 2018-11-05 | — |
| Existing Shareholders | — | 2025-03-23 | — |
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 21 Sep 2029promoter3 years1,760,000 shares (20.09% of total)
- 21 Sep 2027promoter1 year2,181,060 shares (24.89% of total)
- 21 Sep 2028promoter2 years2,181,060 shares (24.89% of total)
- 21 Sep 2027public1 year327,160 shares (3.73% of total)
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.