CNI Research Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of CNI Research Ltd and is it undervalued?

As of 09 May 2026, CNI Research Ltd's intrinsic value is 2.61, which is 69.72% lower than the current market price of 8.62, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (25.3 %), book value (1.41), dividend yield (0.00 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of CNI Research Ltd?

CNI Research Ltd is trading at 8.62 as of 09 May 2026, with a FY2026-2027 high of 13.2 and low of 7.01. The stock is currently in the middle of its 52-week range. Market cap stands at 99.0 Cr..

Q: Is CNI Research Ltd financially healthy?

Key indicators: ROCE of 25.3 % indicates efficient capital utilization. Dividend yield is 0.00 %.

Q: Is CNI Research Ltd profitable and how is the profit trend?

CNI Research Ltd reported a net profit of -4 Cr in Mar 2025 on revenue of 4 Cr. Compared to 2 Cr in Mar 2022, the net profit shows a declining trend.

Fair Value

₹4.37Overvalued by 49.30%vs CMP ₹8.62

P/E (15.0) × ROE (25.3%) × BV (₹1.41) × DY (2.00%)

Defaults: P/E=15

₹2.61Overvalued by 69.72%vs CMP ₹8.62

MoS: -230.3% (Negative)Confidence: 53/100 (Moderate)Models: All 3: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹4.24	49%	Over (-50.8%)
Net Asset Value	Assets	₹1.41	29%	Over (-83.6%)
Revenue Multiple	Revenue	₹0.58	22%	Over (-93.3%)
Consensus (3 models)		₹2.61	100%	Overvalued

Key Drivers: Wide model spread (₹1–₹4) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -2.9% · Defaults: P/E=15

*Investments are subject to market risks

Analyst Summary

CNI Research Ltd operates in the Finance & Investments segment, NSE: CNIRESLTD | BSE: 512018, current market price is ₹8.62, market cap is 99.0 Cr.. At a glance, ROE is 25.3 %, ROCE is 25.3 %, book value is 1.41, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹2.61, around 69.7% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4 Cr versus the prior period change of -58.0%, while latest net profit is about ₹-4 Cr with a prior-period change of -569.0%. The 52-week range shown on this page is 13.2/7.01, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisTomorrow Technologies Global Innovations Ltd. is a Public Limited Listed company incorporated on 12/04/1982 and has its registered office in the State of Maharashtra, India. Company's Corporate Identi…

This summary is generated from the stock page data available for CNI Research Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

CNI Research Ltd scores 53/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health76/100 · Strong

ROCE 25.3% ExcellentROE 25.3% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent

Smart Money60/100 · Moderate

FII holding up 0.05% (6mo) Slight increasePromoter holding at 37.1% Stable

Earnings Quality30/100 · Weak

OPM contracting (6% → -40%) DecliningWorking capital: 268 days Capital intensive

Quarterly Momentum45/100 · Moderate

Revenue (4Q): -95% YoY DecliningOPM: 150.0% (up 1,950.0% YoY) Margin expansion

Industry Rank50/100 · Moderate

ROCE 25.3% vs industry 21.3% AverageROE 25.3% vs industry 13.8% Above peers3Y sales CAGR: -17% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 2:29 am

Market Cap	99.0 Cr.
Current Price	8.62
Intrinsic Value	₹2.61
High / Low	13.2/7.01
Stock P/E
Book Value	1.41
Dividend Yield	0.00 %
ROCE	25.3 %
ROE	25.3 %
Face Value	1.00
PEG Ratio	0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for CNI Research Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Modern Shares & Stockbrokers Ltd	9.74 Cr.	33.2	53.0/24.7	46.4	44.4	0.00 %	3.32 %	1.74 %	10.0
Monarch Networth Capital Ltd	2,380 Cr.	300	399/235	14.8	111	0.33 %	33.3 %	26.2 %	10.0
Monotype India Ltd	33.0 Cr.	0.47	0.82/0.37	5.28	0.03	0.00 %	286 %	%	1.00
Multipurpose Trading & Agencies Ltd	5.25 Cr.	10.6	11.5/7.58		9.25	0.00 %	3.68 %	3.38 %	10.0
Munoth Financial Services Ltd	13.7 Cr.	26.6	69.9/16.4		19.9	0.00 %	2.41 %	3.38 %	10.0
Industry Average	6,889.95 Cr	1,278.05		113.64	4,362.08	0.38%	21.34%	13.78%	7.23

All Competitor Stocks of CNI Research Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	3.04	0.93	2.43	2.56	1.86	2.78	4.00	0.33	0.05	0.03	0.28	0.02	0.02
Expenses	2.95	0.97	2.47	2.50	1.78	2.82	3.96	3.32	0.95	0.14	0.25	0.07	-0.01
Operating Profit	0.09	-0.04	-0.04	0.06	0.08	-0.04	0.04	-2.99	-0.90	-0.11	0.03	-0.05	0.03
OPM %	2.96%	-4.30%	-1.65%	2.34%	4.30%	-1.44%	1.00%	-906.06%	-1,800.00%	-366.67%	10.71%	-250.00%	150.00%
Other Income	0.47	-1.82	0.66	0.09	-0.28	0.32	0.18	-0.17	0.00	0.01	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	0.56	-1.86	0.62	0.15	-0.20	0.28	0.22	-3.16	-0.90	-0.10	0.03	-0.05	0.03
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	3.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	0.56	-1.86	0.62	0.15	-0.20	0.27	0.22	-3.16	-0.90	-0.10	0.03	-0.05	0.03
EPS in Rs	0.05	-0.16	0.05	0.01	-0.02	0.02	0.02	-0.28	-0.08	-0.01	0.00	-0.00	0.00

Last Updated: March 3, 2026, 11:18 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 2:40 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2.89	22.66	48.53	1.80	4.40	4.03	2.33	-2.31	7.86	9.59	10.58	4.44	0.35
Expenses	3.19	23.93	48.25	2.18	4.51	4.53	2.58	1.30	6.14	10.45	9.73	8.38	0.45
Operating Profit	-0.30	-1.27	0.28	-0.38	-0.11	-0.50	-0.25	-3.61	1.72	-0.86	0.85	-3.94	-0.10
OPM %	-10.38%	-5.60%	0.58%	-21.11%	-2.50%	-12.41%	-10.73%	-10.17%	21.88%	-8.97%	8.03%	-88.74%	-28.57%
Other Income	0.34	2.54	-0.71	0.52	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	0.01	1.27	-0.43	0.14	0.11	-0.50	-0.25	-3.61	1.72	-0.86	0.85	-3.94	-0.09
Tax %	-1,600.00%	20.47%	0.00%	14.29%	18.18%	0.00%	0.00%	0.00%	1.16%	0.00%	1.18%	0.00%
Net Profit	0.17	1.01	-0.43	0.11	0.09	-0.50	-0.25	-3.61	1.70	-0.86	0.84	-3.94	-0.09
EPS in Rs	0.03	0.09	-0.04	0.01	0.01	-0.04	-0.02	-0.31	0.15	-0.07	0.07	-0.34	-0.01
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	494.12%	-142.57%	125.58%	-18.18%	-655.56%	50.00%	-1344.00%	147.09%	-150.59%	197.67%	-569.05%
Change in YoY Net Profit Growth (%)	0.00%	-636.69%	268.16%	-143.76%	-637.37%	705.56%	-1394.00%	1491.09%	-297.68%	348.26%	-766.72%

CNI Research Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	-15%
5 Years:	14%
3 Years:	-17%
TTM:	-94%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-1039%

Stock Price CAGR
10 Years:	8%
5 Years:	50%
3 Years:	49%
1 Year:	-1%

Return on Equity
10 Years:	-5%
5 Years:	-11%
3 Years:	-10%
Last Year:	-25%

Last Updated: September 5, 2025, 3:01 pm

Balance Sheet

Last Updated: March 3, 2026, 12:46 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	6.48	10.94	11.48	11.48	11.48	11.48	11.48	11.48	11.48	11.48	11.48	11.48	11.48
Reserves	5.61	11.35	11.19	6.48	4.72	0.24	-5.93	-3.67	0.97	-2.02	3.43	4.77	4.76
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	0.15	0.58	0.28	0.04	0.03	0.01	0.10	0.07	0.05	0.02	0.02	0.05	0.03
Total Liabilities	12.24	22.87	22.95	18.00	16.23	11.73	5.65	7.88	12.50	9.48	14.93	16.30	16.27
Fixed Assets	0.02	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	10.55	17.33	22.40	17.53	14.47	11.42	5.32	7.51	11.09	8.65	12.44	12.81	12.81
Other Assets	1.67	5.53	0.54	0.46	1.76	0.31	0.33	0.37	1.41	0.83	2.49	3.49	3.46
Total Assets	12.24	22.87	22.95	18.00	16.23	11.73	5.65	7.88	12.50	9.48	14.93	16.30	16.27

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-0.36	-0.93	0.83	-0.15	-1.68	1.42	0.00	-0.14	0.23	0.10	0.15	-7.22
Cash from Investing Activity +	0.17	-3.79	-5.81	0.08	1.47	-1.34	0.02	0.18	0.83	-0.70	1.52	4.93
Cash from Financing Activity +	0.00	9.13	0.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash Flow	-0.19	4.41	-4.17	-0.07	-0.21	0.08	0.02	0.04	1.06	-0.59	1.67	-2.29
Free Cash Flow	-0.36	-0.93	0.83	-0.15	-1.68	1.42	0.00	-0.14	0.23	0.10	0.15	-7.22
CFO/OP	117%	65%	354%	39%	1,509%	-288%	0%	4%	14%	-14%	19%	183%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-0.30	-1.27	0.28	-0.38	-0.11	-0.50	-0.25	-3.61	1.72	-0.86	0.85	-3.94

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	1.26	13.85	0.23	6.08	128.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Days	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable
Cash Conversion Cycle	1.26	13.85	0.23	6.08	128.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Working Capital Days	190.71	8.54	0.08	-2.03	126.09	-0.91	-15.67	-11.06	-1.86	-0.38	-0.34	268.00
ROCE %	-0.83%	1.11%	1.96%	-0.54%	-0.64%	-3.58%	-2.90%	-54.04%	16.98%	-7.85%	6.98%	-25.29%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%	37.11%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.09%	0.09%
Public	62.88%	62.89%	62.89%	62.90%	62.88%	62.84%	62.84%	62.84%	62.85%	62.85%	62.81%	62.80%
No. of Shareholders	14,785	15,800	17,330	17,185	19,474	18,103	19,262	20,947	20,286	19,713	18,903	18,178

Shareholding Pattern Chart

No. of Shareholders

CNI Research Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	0.07	-0.07	0.15	-0.31	-0.02
Diluted EPS (Rs.)	0.07	-0.07	0.15	-0.31	-0.02
Cash EPS (Rs.)	0.07	-0.07	0.14	-0.31	-0.02
Book Value[Excl.RevalReserv]/Share (Rs.)	1.30	0.82	1.08	0.68	0.48
Book Value[Incl.RevalReserv]/Share (Rs.)	1.30	0.82	1.08	0.68	0.48
Revenue From Operations / Share (Rs.)	0.91	0.80	0.55	0.10	0.21
PBDIT / Share (Rs.)	0.07	-0.07	0.14	-0.31	-0.02
PBIT / Share (Rs.)	0.07	-0.07	0.14	-0.31	-0.02
PBT / Share (Rs.)	0.07	-0.07	0.14	-0.31	-0.02
Net Profit / Share (Rs.)	0.07	-0.07	0.14	-0.31	-0.02
PBDIT Margin (%)	8.12	-9.26	26.98	-304.76	-9.97
PBIT Margin (%)	8.12	-9.26	26.98	-304.76	-10.01
PBT Margin (%)	8.12	-9.26	26.98	-304.76	-10.01
Net Profit Margin (%)	7.98	-9.26	26.68	-304.82	-9.94
Return on Networth / Equity (%)	5.59	-9.05	13.66	-46.21	-4.44
Return on Capital Employeed (%)	5.69	-9.05	13.81	-46.20	-4.47
Return On Assets (%)	5.59	-9.04	13.61	-45.81	-4.36
Asset Turnover Ratio (%)	0.85	0.84	0.62	0.17	0.28
Current Ratio (X)	108.57	47.93	30.97	5.13	3.13
Quick Ratio (X)	108.57	47.93	30.97	5.13	3.13
Enterprise Value (Cr.)	42.86	19.74	23.39	19.28	19.90
EV / Net Operating Revenue (X)	4.10	2.13	3.67	16.29	8.03
EV / EBITDA (X)	50.43	-23.04	13.60	-5.35	-80.47
MarketCap / Net Operating Revenue (X)	4.34	2.22	3.89	16.58	8.15
Price / BV (X)	3.04	2.17	1.99	2.51	3.64
Price / Net Operating Revenue (X)	4.34	2.22	3.89	16.59	8.15
EarningsYield	0.01	-0.04	0.06	-0.18	-0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Tomorrow Technologies Global Innovations Ltd. is a Public Limited Listed company incorporated on 12/04/1982 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L45202MH1982PLC041643 and registration number is 041643. Currently Company is involved in the business activities of Market research and public opinion polling. Company's Total Operating Revenue is Rs. 4.42 Cr. and Equity Capital is Rs. 11.48 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	A/120, Gokul Arcade, Sahar Road, Mumbai Maharashtra 400057	Contact not found

Management
Name	Position Held
Mr. Kishor P Ostwal	Managing Director
Mrs. Sangita Ostwal	Non Exe.Non Ind.Director
Mr. Mayur Shantilal Doshi	Ind. Non-Executive Director
Mr. Arun Kumar S Jain	Ind. Non-Executive Director
Mr. Ramkripal Prashant Verma	Ind. Non-Executive Director

FAQ

What is the intrinsic value of CNI Research Ltd and is it undervalued?

As of 09 May 2026, CNI Research Ltd's intrinsic value is ₹2.61, which is 69.72% lower than the current market price of ₹8.62, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (25.3 %), book value (₹1.41), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of CNI Research Ltd?

CNI Research Ltd is trading at ₹8.62 as of 09 May 2026, with a FY2026-2027 high of ₹13.2 and low of ₹7.01. The stock is currently in the middle of its 52-week range. Market cap stands at ₹99.0 Cr..

How does CNI Research Ltd's P/E ratio compare to its industry?

CNI Research Ltd has a P/E ratio of , which is below the industry average of 113.64. This is broadly in line with or below the industry average.

Is CNI Research Ltd financially healthy?

Key indicators for CNI Research Ltd: ROCE of 25.3 % indicates efficient capital utilization; ROE of 25.3 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is CNI Research Ltd profitable and how is the profit trend?

CNI Research Ltd reported a net profit of ₹-4 Cr in Mar 2025 on revenue of ₹4 Cr. Compared to ₹2 Cr in Mar 2022, the net profit shows a declining trend.

Does CNI Research Ltd pay dividends?

CNI Research Ltd has a dividend yield of 0.00 % at the current price of ₹8.62. The company is currently not paying meaningful dividends.