B.A.G. ConvergenceShare price, financial results, shareholding and management
- Market cap
- ₹237 cr
- Stock P/E
- 22.0peers 15.2
- Book value
- ₹36.3
- Price to book
- 3.08
- EV / operating profit
- 10.5
- Market cap to sales
- 5.48
- ROCE · FY26
- 32.7%
- ROE · FY26
- 21.6%
- ROE, 3-year average
- 40.8%
- Operating margin · FY26
- 42.3%peers 13.4%
- Sales growth, 3 years
- 20.0%
- Profit growth, 3 years
- 29.1%
- Debt to equity
- 0.00peers 0.15
- Borrowings
- ₹0 cr
- Interest cover
- 10.4×
- Cash from business / op. profit
- -79%
- Debtor days
- 132
- Pledged
- 0.00%
- Promoter holding
- 65.94%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 387
- 52-week high / low
- ₹139 / ₹98
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
B.A.G. Convergence share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 17,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +1.4%
- 3 months
- +1.9%
- 6 months
- -6.1%
- 1 year
- -9.0%
- Since IPO
- +28.4%
- Traded a day, 20 days
- ₹0.43 cr
- Taken for delivery
- 62%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +20% | +20% |
| 3 years, a year | +20% | +29% |
| Latest half, H2 FY26 | -3% | -5% |
About B.A.G. Convergence: business, products and customers
B.A.G. Convergence runs the websites, apps and social media channels of its group's well-known Hindi and English TV news and Bollywood entertainment brands, and earns money from the advertising shown on them. It is based in the Delhi area and its shares trade on NSE Emerge.
The company is the digital arm of the BAG media group led by Anuradha Prasad Shukla as Chairperson and Managing Director. It runs news24online.com, its Hindi version and e24bollywood.com, the News24 and E24 apps, and YouTube, Facebook, X, Instagram and WhatsApp channels, including regional News24 channels for Hindi-speaking states, Dilli24 and News24 Sports. Its editors, sub-editors and producers turn agency feeds and the group's TV content into articles, live blogs and videos, and it also does website building, search optimisation and social media work for clients.
The business model shapes the numbers. The News24 brand belongs to group company News24 Broadcast India and E24 to group company E24 Glamour, whose TV content runs on the company's platforms; the company also earns from these group companies and pays them for advertising, so a part of both revenue and costs is with related parties. Money comes from Google AdSense and YouTube, content partners, and direct advertisers including government departments; with few machines and no factory, margins are high, but customers take time to pay, so trade receivables rise with sales and profit has not always turned into cash.
Read more about the business
The offer document names TV Today Network and Zee Media, both listed TV news companies, as its listed peers; both are many times larger. It says competition comes from better-funded media houses with longer histories and bigger brands, on the same platforms the company relies on.
What is new: the company listed in October 2025 and is spending the issue money on technology, new shows and staff for its websites and channels, a News24 Sports website, more content and brand building. It has signed with Samsung to place its channels on connected TVs and received service orders for LG and Xiaomi connected TVs.
From the offer document (red herring prospectus, September 2025) and the shareholding pattern of March 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 20% a year over three years.
- It earns a high return on the money it uses: ROCE 33% in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 65.94%.
To watch
- Spending of the issue money on content and brand building by December 2026 (Offer document, p.89).
- Revenue from and payments to group companies News24 Broadcast India, E24 Glamour and B.A.G. Films and Media (Offer document, p.26).
- Trade receivables after they doubled in FY25 (Offer document, p.33).
- Revenue from connected TV partners Samsung, LG and Xiaomi (Offer document, p.113 and p.126).
- Customers take longer to pay than before: 132 days in FY26, against 79 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
B.A.G. Convergence revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before.
B.A.G. Convergence half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 14 | 22 | 21.86 | 21.34 |
| Expenses | 8 | 14 | 11.85 | 13.09 |
| Operating profit | 6 | 8 | 10.01 | 8.25 |
| OPM | 42.0% | 36.0% | 45.8% | 38.7% |
| Interest | 0 | 0 | 0.63 | 0.93 |
| Depreciation | 0 | 1 | 1.47 | 1.59 |
| Profit before tax | 6 | 7 | 8.08 | 6.70 |
| Net profit | 4 | 5 | 6.03 | 4.74 |
B.A.G. Convergence profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 22 | 25 | 30 | 36 | 43.21 |
| Expenses | 20 | 18 | 19 | 22 | 24.95 |
| Operating profit | 2 | 6 | 10 | 14 | 18.26 |
| OPM | 11.0% | 26.0% | 35.0% | 39.0% | 42.3% |
| Other income | 0 | 0 | 0 | 0 | 1.14 |
| Interest | 0 | 0 | 0 | 0 | 1.57 |
| Depreciation | 0 | 0 | 0 | 1 | 3.06 |
| Exceptional and other items | 1 | · | 1 | · | · |
| Profit before tax | 3 | 6 | 11 | 13 | 14.77 |
| Tax rate | 0.0% | 16.7% | 27.3% | 30.8% | 27.1% |
| Net profit | 3 | 5 | 8 | 9 | 10.77 |
| EPS ₹ | 2,614 | 4,941 | 7,970 | 6.02 | 5.09 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
B.A.G. Convergence profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 11.0% | 26.0% | 35.0% | 39.0% | 42.3% |
| Tax rate | 0.0% | 16.7% | 27.3% | 30.8% | 27.1% |
| ROCE | · | · | · | 86.6% | 32.7% |
| ROE | · | · | · | 60.0% | 21.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
B.A.G. Convergence debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
B.A.G. Convergence balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 16 | 21.22 |
| Reserves | -6 | -1 | 7 | 7 | 55.71 |
| Net worth | -5.99 | -0.99 | 7.01 | 23 | 76.93 |
| Borrowings | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 18.99 | 12.99 | 10.99 | 21 | 25.48 |
| Total liabilities | 13 | 12 | 18 | 44 | 102.41 |
| Fixed assets | 0 | 0 | 0 | 5 | 6.84 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 1 | 1 | 1.10 |
| Other assets | 12 | 11 | 17 | 38 | 94.47 |
| Receivables | · | · | · | · | 15.59 |
| Inventory | · | · | · | · | 6.87 |
| Cash | · | · | · | · | 44.74 |
| Trade payables | · | · | · | · | 1.11 |
B.A.G. Convergence cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 13 | 1 | 4 | 13 | -14.51 |
| Cash from investing | 0 | -1 | 2 | -5 | -4.09 |
| Cash from financing | -15 | 1 | -1 | 4 | 45.08 |
| Net cash flow | -2 | 1 | 5 | 12 | 26.48 |
| Capital spending | · | · | · | · | 5.35 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 79 | 54 | 82 | 144 | 132 |
| Cash conversion cycle | 79 | 54 | 82 | 144 | 132 |
| Working capital days | -76 | -12 | 48 | 20 | 262 |
B.A.G. Convergence peers and competitors
Listed SME companies in the same industryBy sales, B.A.G. Convergence is number 10 of the 19 listed SME companies in entertainment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Studio LSD | 45 | - | 72.1 | -1 | -3.5% | 0.00 |
| Baweja Studios | 48 | 7.9 | 68.9 | 6.1 | 16.8% | 0.35 |
| Digikore Studios | 49 | 3.9 | 66 | 12.6 | 33.1% | 1.16 |
| Gretex Industries | 350 | 250.8 | 55.7 | 1.4 | 1.7% | 0.01 |
| B.A.G. Convergence | 237 | 22.0 | 43.2 | 10.8 | 42.3% | 0.00 |
| Radiowalla Network | 19 | 140.8 | 20.4 | 0.1 | 3.1% | 0.03 |
| Picturepost Studios | 9 | 10.3 | 20.3 | 0.8 | 25.8% | 0.08 |
| Identical Brains Studios | 24 | 15.2 | 19.1 | 1.6 | 18.3% | 0.00 |
| Inspire Films | 18 | 47.6 | 10.2 | 0.4 | 12.8% | 0.60 |
| SDC Techmedia | 12 | - | 9.4 | -2.1 | 13.9% | 127.86 |
| Diksat Transworld | 219 | - | 1.8 | -1.2 | -32.6% | 0.22 |
| Median of the 10 others | 35 | 15.2 | 20.4 | 0.6 | 13.4% | 0.15 |
B.A.G. Convergence shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
B.A.G. Convergence shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 25 | Mar 26 | |
|---|---|---|
| Promoters | 65.94% | 65.94% |
| Foreign investors (FIIs) | 11.79% | - |
| Indian institutions (DIIs) | 3.02% | 1.47% |
| HNIs (over ₹2 lakh each) | 7.74% | 17.21% |
| Small holders (up to ₹2 lakh) | 9.08% | 6.45% |
| Companies and others | 2.43% | 8.93% |
| Number of shareholders | 594 | 387 |
The named holders are at 31 March 2026, beside 7 Oct 2025, each under the group the pattern files them in.
B.A.G. Convergence study: the business from its own documents
Read from 3 of the company's own documentsB.A.G. Convergence so far
From the company's own record
- 8 Oct 2025Listed on NSE Emerge at ₹87
- 31 March 2026Promoters at 65.94%
- 30 Oct 2025Highest close since listing, ₹118.27
B.A.G. Convergence key facts from the filings
Each figure with the document it comes from
- Websites
- 74.48%
- Share of FY25 revenue earned through the three websites; News24 English alone gave 37.54%.Offer document, p.117
- YouTube
- 22.74%
- Share of FY25 revenue from YouTube, up from 16.82% in FY24; Facebook gave 2.65%.Offer document, p.117
- Foreign currency income
- 21.87%
- Share of FY25 revenue received in foreign currency; the rest came from Indian customers.Offer document, p.116
- Top ten customers
- 80.87%
- Share of FY25 revenue, down from 87.51% in FY24; the top five gave 62.17%.Offer document, p.32
- Income from group companies
- ₹5.6 cr
- Earned in FY25 from News24 Broadcast India, E24 Glamour and B.A.G. Films and Media, about 16% of revenue; ₹4.2 cr was paid to two of them for advertising.Offer document, p.26; our arithmetic
Show 5 more facts
- Brand owners
- Group companies
- News24 is owned by News24 Broadcast India and E24 by E24 Glamour, whose content the company carries.Offer document, p.123
- Trade receivables
- ₹14.1 cr
- Owed by customers at March 2025, more than double the ₹6.7 cr a year earlier.Offer document, p.33
- People
- 87 + 58
- Full-time staff and consultants at August 2025, mostly editors, producers and video editors.Offer document, p.137 and p.138
- Staff turnover
- 45.21%
- Share of staff who left in FY25, down from 92.24% in FY24.Offer document, p.32
- News24 Sports
- 3.99 million
- YouTube subscribers of the sports channel launched in 2019, with 5.5 million Facebook followers.Offer document, p.119
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has not given guidance on sales or profit. Its dated plan, as set out in the offer document, is to spend ₹13.5 cr of the issue money on expanding its websites and channels between October 2025 and May 2026, and ₹13.3 cr on buying and producing content and ₹5.0 cr on brand building by December 2026. It says it wants to launch a News24 Sports website, more regional content and partnerships with connected TV and streaming platforms.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns advertising money from the large online audience of its group's news and entertainment brands, with high margins and little capital.
Its weak spots are that the brands belong to group companies, much business is done with them, a few customers give most revenue, and cash comes in slowly.
AverageCan it set its own prices?Partly. Direct sponsorships are negotiated, but much of the money comes from ad networks and platforms that set their own rates and rules.
AverageHow strong is it against rivals?The News24 and E24 names are well known, but larger media houses compete for the same audience and advertisers on the same platforms.
WatchWho are its customers?A small group of customers, including group companies, gives most of the revenue, and one customer defaulted.
AverageDoes it need a lot of money?It needs little money for machines, but a lot gets tied up in money owed by customers.
AverageCan it keep finding new work?Audiences on its channels are large and it is adding sports, regional and connected TV channels, but there is no contracted revenue.
AverageDo good and bad years swing a lot?Sales have grown each year in the offer document, but platform rule changes and advertiser budgets can move revenue sharply.
Who runs B.A.G. Convergence?
Promoters, directors and officers; tap a name for the background
APAnuradha Prasad ShuklaPromoter, Chairperson and Managing Director · holds 65.28%
BA (1977) and MA in Political Science from the University of Delhi (1984). Began in electronic media at Press Trust of India in 1987 and has more than three decades in media; promoter and director of B.A.G. Films and Media, News24 Broadcast India, E24 Glamour and other group companies since 1988, and has produced and anchored many TV programmes. Responsible for the company's strategic, financial and policy decisions.
Offer document, p.157VNVijender NegiExecutive Director
Commerce graduate with a postgraduate diploma in IT from Symbiosis and more than 19 years in technology; worked in IT at B.A.G. Films and Media and News24 Broadcast India before joining as Digital and Technical Head in 2021, and has been a director since 2024.
Offer document, p.157 and p.158SSShashi Shekhar MishraNon-Executive Director
MA from the University of Delhi (1990) with about 21 years programming and packaging news bulletins and shows at News24 Broadcast India; on the board since June 2018.
Offer document, p.158CKChandan Kumar JainIndependent Director
Retired IRS officer with more than 39 years in financial and legal matters, now a practising advocate; on the board since September 2024.
Offer document, p.158PSPriya SinghIndependent Director
Company secretary with more than nine years in legal and corporate affairs; on the board since September 2024.
Offer document, p.158AAArshit AnandIndependent Director
Law graduate from Amity University with nine years as an advocate in company, insolvency, communication and other law; on the board since September 2024.
Offer document, p.158SKSubodh KumarChief Financial Officer
Commerce and law graduate with over 20 years in accounts, banking and tax, earlier in finance at B.A.G. Films and Media; CFO since 2024.
Offer document, p.165KJKriti JainCompany Secretary and Compliance Officer
Qualified company secretary with over four years in company law and compliance; with the company since July 2024.
Offer document, p.165B.A.G. Convergence latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹21.3 cr (-3%), net profit ₹4.7 cr (-5%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 65.94%.
B.A.G. Convergence announcements
39 on record, latest first; each opens the filing on the exchange
- Structural Digital DatabaseB.A.G. Convergence Limited has submitted the Structural Digital Database Compliance CertificatePDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enB.A.G. Convergence Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Quater Ended on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Updates'Intimation to the Members regarding web links of Annual Report for the Financial Year 2025-26'PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Updates'E-Voting Facility to the Shareholders'PDF ↗
- Updates'Intimation of 19th Annual General Meeting of the Company'PDF ↗
B.A.G. Convergence annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
B.A.G. Convergence share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on B.A.G. Convergence's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,12,18,800 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹7,970.30) and FY25 (₹6.02) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about B.A.G. Convergence
What does B.A.G. Convergence do?
B.A.G. Convergence runs the websites, apps and social media channels of its group's well-known Hindi and English TV news and Bollywood entertainment brands, and earns money from the advertising shown on them. It is based in the Delhi area and its shares trade on NSE Emerge.
What is the share price of B.A.G. Convergence?
₹112 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of B.A.G. Convergence?
₹237 cr at the close on 6 Nov 2026, on 2,12,18,800 shares.
What is the P/E of B.A.G. Convergence?
22.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are B.A.G. Convergence's revenue and profit?
Revenue ₹43 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of B.A.G. Convergence?
Anuradha Prasad Shukla; promoters held 65.94% at 31 March 2026.
What was the IPO price of B.A.G. Convergence?
₹87 a share; it listed on 8 Oct 2025.
What is B.A.G. Convergence's website?
www.bagconvergence.in
More SME companies like B.A.G. Convergence
Other listed SME companies in entertainment, the closest in size first, each read from its own documents.
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Every listed SME company in Entertainment → · SME companies listed in 2025 →
Built from 1 offer document, 1 result filing, 1 annual report, 39 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.