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Media Matrix Worldwide Ltd

MMWL

NSE

₹23.07+1.18%19 Oct 2026

Reports

Technology Distribution

Media Matrix Worldwide Ltd

MMWL

NSE

₹23.07

+1.18%

19 Oct 2026

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Technology Distribution

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Media Matrix Worldwide is a holding company that became a distribution powerhouse by accident. It started life in 1985 as a small finance and leasing firm, then pivoted into mobile technology services before its subsidiary nexG Devices discovered the real money was in getting phones onto store shelves - and that is now where virtually all the consolidated revenue comes from.

Business segments

Two engines at different scales - a national distribution network that moves phones, audio gear and electronics for the world's biggest brands, and a tiny legacy technology-services unit that still runs at the parent level.

1. Handset and electronics distribution: the group's economic engine

nexG Devices buys mobile handsets, audio products and consumer electronics from brands and sells them to every kind of retail outlet across India - it is a logistics and channel business, not a manufacturer.

A nationwide warehouse-to-retail pipeline - nexG runs marketing offices and warehouses in cities across India, so it can deliver to Large Format Retail outlets, general trade shops and online partners in one connected movement.
Brand portfolio that reads like a phone-store shelf - it distributes handsets for VIVO, Xiaomi, Realme, TECNO and ITEL, audio products for HARMAN's JBL brand, and consumer electronics under the AKAI and AIWA names, which spreads its risk across categories and price points.
Online and quick-commerce channels, not just shops - it has distribution agreements with Amazon and Flipkart, and supplies audio products and mobile accessories to quick-commerce platforms like Blinkit, Zepto and Swiggy Instamart, so it reaches customers however they choose to buy.
Better buying through the family network - related parties such as Infotel Business Solutions have tie-ups with manufacturing units and brands that help nexG secure better procurement rates, giving it a cost edge that independent distributors cannot easily match.
A new bet on data centres - in October 2024, nexG's board decided to enter the data-centre business in India, offering cloud hosting, colocation, disaster recovery, managed IT services and cybersecurity, though this is still in the planning stage.

2. Value-added services and technical consultancy: the legacy core

The parent company still runs a small B2B technology-services unit that helps mobile and digital clients with revenue optimisation and end-user experience - but it employs only four people.

Niche mobile-ecosystem services - it offers differentiated VAS (Value Added Services) across the mobile and digital ecosystem, helping clients improve performance, optimise revenue and enhance the experience of their end users.
Tiny scale, kept alive for strategic options - standalone revenue was just over ₹3 crore in FY25, and the parent had only four personnel on its payroll as of March 2024, so this is a legacy capability rather than a growth driver.
A bet on next-generation connectivity - the stated strategy has been to invest in new applications and technologies tied to mobile data demand, first in the 4G era and now looking toward 5G, though the distribution business has long since overtaken it in economic importance.

Group structure and partners

MMWL is a promoter-controlled holding company whose operating muscle sits inside a majority-owned subsidiary, with related parties providing procurement and financial scaffolding.

Two subsidiaries, one engine - nexG Devices Private Limited, in which MMWL held a 56.78% stake as of March 2025, is the material operating subsidiary that runs the entire distribution business; Media Matrix Enterprises Private Limited is a wholly owned investment vehicle that supports new and existing projects.
Promoters hold a tight grip - the promoter group led by Mahendra Nahata, including MN Ventures Private Limited and NextWave Communications Private Limited, held a combined 59.42% of the company as of March 2026, with MN Ventures alone holding 56.91% as of FY23.
An NBFC tag that lingers - MMWL is registered with the RBI as a Non-Banking Financial Company, a classification that dates back to 1999, and though it applied for deregistration by November 2022, it must continue complying with NBFC rules until its investment assets fall below half of total assets.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹2,613Cr

Close Price

₹23.07

Industry

Technology Distribution

Price To Earnings

461.40

Price To Sales

1.80

Revenue

₹1,452Cr

Rev Gr TTM

Revenue Growth TTM

-23.16%

PAT Gr TTM

PAT Growth TTM

120.77%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	636	197	280	231	1,126	258	272	234	386	336	301	428
Growth YoY Revenue Growth YoY%	242.8	-38.6	7.6	-23.2	76.9	30.9	-3.0	1.0	-65.7	30.2	10.6	83.4
Expenses ExpensesCr	632	196	276	227	1,121	254	266	229	380	332	295	422
Operating Profit Operating ProfitCr	4	2	4	4	5	4	5	5	6	4	5	6
OPM OPM%	0.7	0.9	1.5	1.9	0.5	1.6	2.0	2.0	1.6	1.2	1.8	1.5
Other Income Other IncomeCr	1	2	2	1	1	1	0	1	1	1	1	2
Interest Expense Interest ExpenseCr	2	1	3	3	3	3	4	4	4	3	4	4
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	2	2	2	3	1	2	2	3	3	3	4
Tax TaxCr	1	0	0	0	1	0	2	0	1	0	1	1
PAT PATCr	2	2	2	2	2	1	0	2	2	2	2	4
Growth YoY PAT Growth YoY%	77.7	86.4	1,892.3	47.6	12.6	-36.6	-120.6	-1.1	-0.5	99.0	533.3	97.8
NPM NPM%	0.3	0.8	0.8	0.8	0.2	0.4	-0.2	0.8	0.5	0.6	0.7	0.8
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	636	197	280	231	1,126	258	272	234	386	336	301	428
Growth YoY Revenue Growth YoY%	242.8	-38.6	7.6	-23.2	76.9	30.9	-3.0	1.0	-65.7	30.2	10.6	83.4
Expenses ExpensesCr	632	196	276	227	1,121	254	266	229	380	332	295	422
Operating Profit Operating ProfitCr	4	2	4	4	5	4	5	5	6	4	5	6
OPM OPM%	0.7	0.9	1.5	1.9	0.5	1.6	2.0	2.0	1.6	1.2	1.8	1.5
Other Income Other IncomeCr	1	2	2	1	1	1	0	1	1	1	1	2
Interest Expense Interest ExpenseCr	2	1	3	3	3	3	4	4	4	3	4	4
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	2	2	2	3	1	2	2	3	3	3	4
Tax TaxCr	1	0	0	0	1	0	2	0	1	0	1	1
PAT PATCr	2	2	2	2	2	1	0	2	2	2	2	4
Growth YoY PAT Growth YoY%	77.7	86.4	1,892.3	47.6	12.6	-36.6	-120.6	-1.1	-0.5	99.0	533.3	97.8
NPM NPM%	0.3	0.8	0.8	0.8	0.2	0.4	-0.2	0.8	0.5	0.6	0.7	0.8
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	137	264	648	1,425	981	1,111	582	947	1,415	1,887	1,257	1,452
Growth Revenue Growth%	-14.9	91.9	145.5	120.0	-31.1	13.3	-47.6	62.8	49.5	33.3	-33.4	-23.2
Expenses ExpensesCr	144	241	650	1,424	974	1,099	578	935	1,401	1,868	1,236	1,429
Operating Profit Operating ProfitCr	-7	23	-3	0	7	12	3	11	14	19	21	22
OPM OPM%	-4.8	8.7	-0.4	0.0	0.7	1.0	0.6	1.2	1.0	1.0	1.6	1.5
Other Income Other IncomeCr	1	7	-22	106	9	4	7	2	4	3	5	5
Interest Expense Interest ExpenseCr	4	6	5	4	2	2	4	7	9	14	14	15
Depreciation DepreciationCr	15	13	4	2	2	2	2	2	1	1	1	1
PBT PBTCr	-25	11	-35	100	12	12	4	5	9	8	10	12
Tax TaxCr	0	0	0	-1	4	8	2	2	2	3	2	2
PAT PATCr	-25	10	-35	101	8	4	2	2	7	4	8	10
Growth PAT Growth%	25.0	140.0	-445.6	388.2	-91.6	-53.6	-38.6	-2.1	198.2	-36.8	80.0	120.8
NPM NPM%	-18.4	3.8	-5.4	7.1	0.9	0.3	0.4	0.3	0.5	0.2	0.6	0.7
EPS EPS₹	-0.2	0.1	-0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	137	264	648	1,425	981	1,111	582	947	1,415	1,887	1,257	1,452
Growth Revenue Growth%	-14.9	91.9	145.5	120.0	-31.1	13.3	-47.6	62.8	49.5	33.3	-33.4	-23.2
Expenses ExpensesCr	144	241	650	1,424	974	1,099	578	935	1,401	1,868	1,236	1,429
Operating Profit Operating ProfitCr	-7	23	-3	0	7	12	3	11	14	19	21	22
OPM OPM%	-4.8	8.7	-0.4	0.0	0.7	1.0	0.6	1.2	1.0	1.0	1.6	1.5
Other Income Other IncomeCr	1	7	-22	106	9	4	7	2	4	3	5	5
Interest Expense Interest ExpenseCr	4	6	5	4	2	2	4	7	9	14	14	15
Depreciation DepreciationCr	15	13	4	2	2	2	2	2	1	1	1	1
PBT PBTCr	-25	11	-35	100	12	12	4	5	9	8	10	12
Tax TaxCr	0	0	0	-1	4	8	2	2	2	3	2	2
PAT PATCr	-25	10	-35	101	8	4	2	2	7	4	8	10
Growth PAT Growth%	25.0	140.0	-445.6	388.2	-91.6	-53.6	-38.6	-2.1	198.2	-36.8	80.0	120.8
NPM NPM%	-18.4	3.8	-5.4	7.1	0.9	0.3	0.4	0.3	0.5	0.2	0.6	0.7
EPS EPS₹	-0.2	0.1	-0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	113	113	113	113	113	113	113	113	113	113	113
Reserves ReservesCr	-94	-79	-85	-46	-77	-36	109	16	153	-7	-46
Current Liabilities Current LiabilitiesCr	78	111	370	213	153	181	35	54	85	64	37
Non Current Liabilities Non Current LiabilitiesCr	25	15	86	20	3	18	74	100	115	167	108
Total Liabilities Total LiabilitiesCr	122	161	485	300	202	282	339	295	489	362	238
Current Assets Current AssetsCr	70	116	369	184	46	216	112	204	206	256	197
Non Current Assets Non Current AssetsCr	52	45	116	116	156	66	227	90	283	105	42
Total Assets Total AssetsCr	122	161	485	300	202	282	339	295	489	362	238

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	113	113	113	113	113	113	113	113	113	113	113
Reserves ReservesCr	-94	-79	-85	-46	-77	-36	109	16	153	-7	-46
Current Liabilities Current LiabilitiesCr	78	111	370	213	153	181	35	54	85	64	37
Non Current Liabilities Non Current LiabilitiesCr	25	15	86	20	3	18	74	100	115	167	108
Total Liabilities Total LiabilitiesCr	122	161	485	300	202	282	339	295	489	362	238
Current Assets Current AssetsCr	70	116	369	184	46	216	112	204	206	256	197
Non Current Assets Non Current AssetsCr	52	45	116	116	156	66	227	90	283	105	42
Total Assets Total AssetsCr	122	161	485	300	202	282	339	295	489	362	238

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	15	53	42	93	-137	-170	-59	31	-26	14
Investing Cash Flow Investing Cash FlowCr	0	-13	-89	43	-69	134	106	38	-56	-6	48
Financing Cash Flow Financing Cash FlowCr	1	-1	36	-83	-21	14	54	24	17	42	-72
Net Cash Flow Net Cash FlowCr	-2	0	0	1	2	10	-10	4	-8	10	-10
Free Cash Flow Free Cash FlowCr	-7	8	50	48	93	-137	-170	-59	28	-26	15
CFO To PAT CFO To PAT%	12.4	148.6	-150.3	41.9	1,096.2	-3,490.1	-7,055.0	-2,482.9	434.3	-581.9	179.5
CFO To EBITDA CFO To EBITDA%	47.3	65.3	-1,822.7	24,745.2	1,393.5	-1,183.1	-5,349.5	-513.4	215.5	-136.7	70.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	15	53	42	93	-137	-170	-59	31	-26	14
Investing Cash Flow Investing Cash FlowCr	0	-13	-89	43	-69	134	106	38	-56	-6	48
Financing Cash Flow Financing Cash FlowCr	1	-1	36	-83	-21	14	54	24	17	42	-72
Net Cash Flow Net Cash FlowCr	-2	0	0	1	2	10	-10	4	-8	10	-10
Free Cash Flow Free Cash FlowCr	-7	8	50	48	93	-137	-170	-59	28	-26	15
CFO To PAT CFO To PAT%	12.4	148.6	-150.3	41.9	1,096.2	-3,490.1	-7,055.0	-2,482.9	434.3	-581.9	179.5
CFO To EBITDA CFO To EBITDA%	47.3	65.3	-1,822.7	24,745.2	1,393.5	-1,183.1	-5,349.5	-513.4	215.5	-136.7	70.0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	904	890		601	427	540	1,308	1,357	1,875	922	975	2,613
Price To Earnings Price To Earnings		87.3		6.0	53.9	238.5	1,155.0	1,198.0	413.8	271.3	172.2	461.4
Price To Sales Price To Sales	6.6	3.4		0.4	0.4	0.5	2.3	1.4	1.3	0.5	0.8	1.8
Price To Book Price To Book	46.9	26.2		9.0	11.8	7.0	5.9	10.5	7.0	8.7	14.6	39.1
EV To EBITDA EV To EBITDA	-145.2	41.0		3,628.6	63.8	46.8	432.4	126.2	139.9	55.5	52.6	120.7
Profitability Ratios Profitability Ratios
GPM GPM%	77.5	53.3	7.3	2.0	3.9	3.2	4.8	6.5	3.9	3.6	5.3	5.3
OPM OPM%	-4.8	8.7	-0.4	0.0	0.7	1.0	0.6	1.2	1.0	1.0	1.6	1.5
NPM NPM%	-18.4	3.8	-5.4	7.1	0.9	0.3	0.4	0.3	0.5	0.2	0.6	0.7
ROCE ROCE%	-26.7	17.6	-23.0	119.3	36.8	14.7	2.7	5.0	4.7	7.9	13.9	13.9
ROE ROE%	-129.7	29.4	-122.1	149.6	23.1	5.1	1.1	1.8	2.6	4.2	11.9	11.9
ROA ROA%	-20.6	6.3	-7.2	33.6	4.2	1.4	0.7	0.8	1.4	1.2	3.4	3.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	904	890		601	427	540	1,308	1,357	1,875	922	975	2,613
Price To Earnings Price To Earnings		87.3		6.0	53.9	238.5	1,155.0	1,198.0	413.8	271.3	172.2	461.4
Price To Sales Price To Sales	6.6	3.4		0.4	0.4	0.5	2.3	1.4	1.3	0.5	0.8	1.8
Price To Book Price To Book	46.9	26.2		9.0	11.8	7.0	5.9	10.5	7.0	8.7	14.6	39.1
EV To EBITDA EV To EBITDA	-145.2	41.0		3,628.6	63.8	46.8	432.4	126.2	139.9	55.5	52.6	120.7
Profitability Ratios Profitability Ratios
GPM GPM%	77.5	53.3	7.3	2.0	3.9	3.2	4.8	6.5	3.9	3.6	5.3	5.3
OPM OPM%	-4.8	8.7	-0.4	0.0	0.7	1.0	0.6	1.2	1.0	1.0	1.6	1.5
NPM NPM%	-18.4	3.8	-5.4	7.1	0.9	0.3	0.4	0.3	0.5	0.2	0.6	0.7
ROCE ROCE%	-26.7	17.6	-23.0	119.3	36.8	14.7	2.7	5.0	4.7	7.9	13.9	13.9
ROE ROE%	-129.7	29.4	-122.1	149.6	23.1	5.1	1.1	1.8	2.6	4.2	11.9	11.9
ROA ROA%	-20.6	6.3	-7.2	33.6	4.2	1.4	0.7	0.8	1.4	1.2	3.4	3.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	REDINGTON	RPTECH	MMWL	CNL	IVALUE
Market CapitalizationMkt CapCr	29,008	5,712	2,613	1,741	1,215
Close PriceClose₹	371.05	860.20	23.07	1,159.10	221.83
IndustryIndustry	Technology Distribution	Technology Distribution	Technology Distribution	Technology Distribution	Technology Distribution
Price To EarningsPE	17.05	17.77	461.40	26.74	11.65
Price To SalesPS	0.23	0.32	1.80	0.62	1.21
RevenueRevenueCr	1,28,133	17,777	1,452	2,787	1,007
Revenue Growth TTMRev Gr TTM%	23.2%	40.4%	-23.2%	49.1%	5.5%
PAT Growth TTMPAT Gr TTM%	-18.1%	50.3%	120.8%	35.9%	19.9%

	REDINGTON	RPTECH	MMWL	CNL	IVALUE
Market CapitalizationMkt CapCr	29,008	5,712	2,613	1,741	1,215
Close PriceClose₹	371.05	860.20	23.07	1,159.10	221.83
IndustryIndustry	Technology Distribution	Technology Distribution	Technology Distribution	Technology Distribution	Technology Distribution
Price To EarningsPE	17.05	17.77	461.40	26.74	11.65
Price To SalesPS	0.23	0.32	1.80	0.62	1.21
RevenueRevenueCr	1,28,133	17,777	1,452	2,787	1,007
Revenue Growth TTMRev Gr TTM%	23.2%	40.4%	-23.2%	49.1%	5.5%
PAT Growth TTMPAT Gr TTM%	-18.1%	50.3%	120.8%	35.9%	19.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26