- Our view
- Buy
- Price at our call
- ₹ 151.00
- Target
- ₹ 302.00
- Return at close
- −29.8%
- Status
- Closed 30 Sep 2026
- Market cap then
- INR 266.45 Cr.
Cash UR Drive Marketing provides out-of-home advertising across transit, outdoor, print and digital media. Minerva highlights rising revenue and margins, and a plan to grow higher-margin exclusive media using IPO proceeds; it gives no formal rating or target price. Contingent liabilities, tax claims and cash-flow execution remain key concerns.
About Cash UR Drive Marketing
Incorporated in 2009, Cash UR Drive Marketing provides out-of-home advertising, including transit, outdoor, print and digital media. It assists clients with channel selection, advertisement design, negotiations and ad-space bookings, acting as an intermediary between clients and media outlets. Its branches are in Chandigarh, Lucknow, Mumbai and Noida. Advertising rights are acquired through Trade Media and Exclusive Media; the company plans to expand the higher-margin Exclusive Media model.
Investment Rationale
- Revenue growth and improving margins: Revenue rose from 79 in FY23 to 139 in FY25, with FY25 growth of 48.6%. Gross margin increased from 17.8% to 26.6% over the same period, while EBITDA margin rose from 6.8% to 14.8%.
- A larger Exclusive Media contribution: Exclusive Media revenue increased from 2.4 in FY23 to 26.5 in FY25, growing from 3.1% to 19.0% of total revenue. The company says this model carries higher margins than Trade Media.
- Repeat customers: Repeat customers accounted for 73.7% of FY25 revenue, compared with 48.6% in FY23. The top four states—Delhi, Haryana, Uttar Pradesh and Maharashtra—contributed 88.2% of FY25 sales.
- IPO proceeds aimed at growth: The company plans to use INR 33.0 Cr. of fresh-issue proceeds for working capital, including bidding for new media sites. It also allocated INR 5.3 Cr. to technology and INR 6.0 Cr. to an in-house printing facility.
- New contracts and advertising rights: Post-listing updates include a 10-year contract for setting up 200 EV charging stations with advertising rights in Delhi, and exclusive display-advertising rights on 536 buses for 3 years.
Cash UR Drive Marketing Key Financials
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenues | 79 | 94 | 139 |
| % Y-o-Y | 18.1% | 48.6% | |
| Gross Mar % | 17.8% | 21.2% | 26.6% |
| EBITDA % | 6.8% | 9.4% | 14.8% |
| PAT % | 6.3% | 9.4% | 12.4% |
| CFO/EBITDA | (6.5%) | 273% | (69.6%) |
| Debt/Equity | 0.35x | 0.02x | 0.00x |
| NWC (Days) | (33) | (106) | 23 |
The financial table shows higher revenue and margins through FY25, but CFO/EBITDA was (69.6%) in FY25.
Business and Growth Plans
The company’s services span transit advertising, outdoor placements, print formats and digital marketing. In FY25, Outdoor Media represented 55.5% of revenue and Transit Media 37.2%; Print Media contributed 5.0% and Digital Marketing 2.3%. Trade Media involves purchasing space from third parties, while Exclusive Media involves acquiring rights directly from media owners.
IPO Proceeds: The company stated that net fresh-issue proceeds of INR 52.9 Cr. would be directed to technology (INR 5.3 Cr.), capital expenditure (INR 6.0 Cr.), working capital (INR 33.0 Cr.) and general corporate purposes (INR 8.6 Cr.). The planned technology platform is intended to manage outdoor-media campaign planning and inventory; the printing facility would bring some printing work in-house.
EV Charging: The company has subcontracted EV charging and battery-swapping station contracts to promoter-group company Cash UR Drive Electric Vehicles Pvt. Ltd. Under the revenue-sharing arrangement, 70% of profit is retained by the promoter-group company and 30% by Cash UR Drive Marketing. The report states that the stations were not operational or functional as of 31-Mar’25.
Advertising Industry
The report states that the Indian advertising market reached INR 909 Bn. in 2024 and is expected to reach INR 2,110 Bn. by 2033, growing at a CAGR of 9.37%. Source cited: Research & Markets, RHP.
Peer Comparison
The report compares Cash UR Drive with Bright Outdoor, Vertoz, R K Swamy and Signpost India. Cash UR Drive’s reported PE ratio was 15.1x; the other listed peers ranged from 23.2x to 38.4x. The report describes the company as trading at a discount to peers.
| Company Name | M.Cap INR Cr. | PE (x) | 3 Year CAGR Revenue | 3 Year CAGR EBITDA | 3 Year CAGR PAT | Revenue | EBITDA % | PAT % |
|---|---|---|---|---|---|---|---|---|
| Cash Ur Drive | 266 | 15.1x | 32.5% | 95.4% | 85.3% | 139 | 14.8% | 12.4% |
| Bright Outdoor | 733 | 38.4x | 17.7% | 46.3% | 63.9% | 127 | 20.6% | 14.9% |
| Vertoz | 629 | 23.2x | 75.3% | 47.2% | 53.5% | 254 | 15.0% | 10.0% |
| R K Swamy | 735 | 38.0x | 0.3% | (27.1%) | (22.7%) | 294 | 10.1% | 6.1% |
| Signpost India | 1,411 | 37.3x | 16.8% | 13.0% | (2.5%) | 453 | 19.6% | 7.4% |
The report notes that it added peers to those mentioned in the RHP.
Management
Managing Director and Promoter Mr. Raghu Khanna has 15 years of experience in the media and advertising industry. The report also notes multiple related-party transactions involving advertisement services of INR 16 Cr.+.
Key Risks
- Tax litigation and contingent liabilities: The company has 23 ongoing tax litigations amounting to INR 18 Cr. The report highlights outstanding income tax and GST dues and auditor remarks concerning those dues.
- Promoter-group overlap: Promoter-group companies are engaged in a similar business. A non-compete agreement dated 13-Dec’24 is in place, but the report identifies a risk if the promoter engages efforts outside the company.
- Cash-flow record: The company has yet to demonstrate a track record of positive cash flow from operations; FY25 CFO/EBITDA was (69.6%).
- Employee attrition and governance: The company had 87 employees as of 30-Jun’25. Attrition was 51.6% in FY25 compared with 48% in FY24; the report identifies further corporate-governance strengthening as a key monitorable.
- EV charging operations: The EV charging or battery-swapping stations were not operational or functional as of 31-Mar’25, according to the report.
Valuation and Target Price
The report states that the company is trading at a discount compared with peers and lists a PE ratio of 15.1x. It provides a CMP of INR 151.00/- as of 26-Sep’25 and a market capitalisation of INR 266.45 Cr. No recommendation, target price or upside is stated in the report.
- INR 151.00/-
- CMP (26-Sep’25)
- INR 266.45 Cr.
- Market capitalisation
- 15.1x
- PE ratio
- Not stated
- Recommendation / target price / upside
Our View
The report’s thesis centres on revenue growth, rising margins and a larger contribution from higher-margin Exclusive Media, supported by planned IPO-proceeds investment and new advertising contracts. The main counterweights are tax and contingent-liability exposure, the absence of a demonstrated positive operating cash-flow record, and execution risks in the newer EV charging business. The report does not state a formal rating or target price.
Standard disclosures
- Research Analyst has served as an officer, director or employee of subject company(ies): No
- We or our associates have received compensation from the subject company(ies) in the past 12 months: No
- We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past12 months: No
- We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months –No
- We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report –No
- We or our associates or Research Analyst or his/her relative's financial interest in the subject company(ies)- No
- Nature of financial interest in subject company, if any –Nil
- We, our associates or Research Analyst have actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report – No
- Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report-No.
- We or our Associates or Research Analyst are engaged in market making of subject company – No
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Regulatory disclosures
Minerva Capital Research Solutions is an independent investment advisory firm founded by Nishant Gupta(SEBI registration no. INH000018896).
Registration granted by SEBI and certification from NISM in no way promise or guarantee that the research recommendation will provide any assured, minimum or risk-free return to the investors.
The research report serves as general information and does not account for individual investment goals, financial situations, or needs. Minerva Capital Research Solutions strives to provide reliable and comprehensive information, sourced from what are believed to be trustworthy channels. However, this information has not been independently verified by Minerva Capital Research Solutions or its analysts, and no guarantees are made regarding its accuracy or completeness. The opinions expressed in this report reflect the views of the research analyst at the time of publication and may change over time. Minerva Capital Research Solutions and its affiliates as on date of publication of this report may or may not hold any positions in the securities discussed. The views presented are general and do not consider individual risk tolerance or investment objectives; therefore, readers should seek independent professional advice before making investment decisions. Minerva Capital Research Solutions does not guarantee a favorable outlook for any specific industry or sector and urges investors to consider all relevant risk factors, including their financial circumstances, before investing. The analyst certifies that their views accurately represent their personal opinions on the companies discussed and that no part of their compensation is tied to specific recommendations made in this report. This material should not be interpreted as an offer or solicitation to buy or sell securities in jurisdictions where such offers would be illegal. Consequently, brokerage and investment services described herein are not available to Canadian or U.S. persons. Distribution outside India requires prior written consent. This Research Report assumes that the recipient will assume all risks associated with its contents. If there are any disagreements or dissatisfaction with this report or its disclaimer, the only recourse is to cease using it. Minerva Capital Research Solutions and its affiliates will not be liable for any direct or indirect losses resulting from the use of this report. Recipients are required to adhere to these restrictions. The material is for the personal use of authorized individuals and does not constitute a solicitation or offer to buy or sell any securities in jurisdictions where such actions would be illegal.
For any queries or grievances: Mr. Nishant Gupta | Email: nishant.gupta@mcapital.in or guptanishant.iimi@gmail.com| Contact Number: 8171433387 | Website: www.mcapital.in | Twitter: @Mcapital_In
Rating rationale
Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.
- Buy:> 15%
- Hold: -5% to 15%
- Reduce: -15% to -5%
- Sell: <-15%