Cash Ur Drive Marketing IPO: Profit looks great, Where’s the cash?

Cash Ur Drive Marketing IPO- Company Analysis Shows Profits Are Not Hitting Banks!

Cash Ur Drive Marketing IPO under the SME IPO category is a bookbuilding of Rs. 60.79 Cr by Cash Ur Drive Marketing Ltd, which was incorporated in July 2009 and is an outdoor advertising company that specializes in deploying car wraps as mobile billboards.

With a focus on effective branding using vehicle-based media in several Indian cities, the company offers a 360-degree marketing solution that includes digital wall paintings, events, and transit media.

The company is an OOH advertising provider that helps clients reach their target audience by providing a variety of solutions, including print, digital media, transit, and outdoor. The business provides outdoor media solutions, billboard campaigns, bus branding, and auto hood advertisements.

In order to capitalize on the expansion of the electric car market, the corporation also promotes EVs and charging stations.

Services:

Advertising in Transit Media: Auto Branding, In-Cab Advertising, Cab/Taxi Wraps, and Cab Branding.

Outdoor Advertising: Freestanding Panels, Digital Wall Painting, and Billboards/Hoardings

360-Degree Campaign: Full brand promotion using a combination of digital, POS, and outdoor media tactics.

Newspaper, magazine, and trade journal advertisements are examples of print media advertising.

Profit on papers, but not in the bank account? But wait, there's a catch. Although the company is expanding rapidly, it appears to be making a lot of money, but one significant cash flow figure reveals a totally different picture. Keep reading to know the unknown secret of this company.

 

Cash Ur Drive Marketing IPO Details

The Cash Ur Drive Marketing IPO date is on 31 July 2025, and its initial public offering will end on 04 Aug with IPO allotment on Aug 05, and refund initiation on Aug 06, 2025.

The Rs. 60.79 Crore new SME IPO comprises a combination of a fresh issue of 44.69 lac shares (Rs. 58.10 Cr) and an offer for sale (OFS) of 2.07 lac shares (Rs. 2.69 Cr).

The Cash Ur Drive Marketing IPO listing date (expected) might be on Thursday, Aug 07, 2025, and listing at the NSE and SME.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jul 31, 2025
IPO Closing Date	Aug 04, 2025
IPO Allotment Date	Aug 05, 2025
Refund Initiation	Aug 06, 2025
IPO Listing Date	Aug 07, 2025

 

 

Click to Open Demat Account and apply for the IPO.

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	94.39	93.36	76.33
Total Revenue	142.18	97.77	81.31
PAT	17.68	9.22	5.15
EBITDA	20.67	8.81	5.42
Net Worth	55.98	23.59	14.37
Reserves & Surplus	42.80	17.59	14.27
Borrowings	0.18	0.45	5.06

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(1439.30)	2402.66	(35.37)
Net Cash Flow Investing Activities	(642.92)	(597)	(651.24)
Net Cash Flow Financing Activities	1430.11	(514.67)	345.35

 

Negative Cash Flows Despite High PAT

Despite the Cash Ur Drive Marketing IPO's outstanding profit figures, robust revenue growth, and 9.18x P/E, it appears profitable, but where is the money?

The company recorded a PAT of Rs. 17.68 Cr for FY 2025, which is fantastic, but the net cash flow from operations is a negative Rs. -14.39 Cr. It's a significant disconnect. That indicates:

• The company can aggressively book income (invoices raised but unpaid).

• There is no real financial flow, thus profits are not coming into the banks.

• Stress on working capital and ineffective collection are brought up by this.

Retail Investors Need to Know

• Profitable balance sheets can be manipulated, but cash flows cannot.

• A profitable year with a negative operating cash flow frequently suggests:

• Ineffective management of receivables

• Exaggerated profits

• Issues with future liquidity

 

Revenue Bifurcation

Revenue from Operations Bifurcation

 

Client-wise Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Investing in Technology.

• Investing capital.

• Fulfill working capital needs.

• General corporate purposes.
  
  

Listed Peers of Cash Ur Drive Marketing Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
DAPS Advertising Limited	10	2.29	10.48
Bright Outdoor Media Limited	10	13.11	29.74

 

Valuation

Metric	Value
ROE	44.43%
ROCE	21.57%
RoNW	44.43%
P/E	9.18x
EBITDA	14.84%
Price to Book Value	6.61

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 14.16 from the last year, the resulting P/E ratio is 9.18x (taking the upper price). When compared with the industry’s average P/E of 23.80x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the B.D Industries IPO.

IPO's Strengths 

• Accredited by the Indian Newspaper Services (INS) and the Directorate of Advertising & Visual Publicity (DAVP).

• Knowledgeable and skilled management group.

• A client-centered approach and a comprehensive service provider.
  
  

 

 

IPO’s Weaknesses

• A significant amount of income is generated by a select group of clients, particularly from corporate advertising partners and marketing agencies. Revenue can drop sharply if one key client ceases doing business.

• The cars, taxis, and buses that Cash Ur Drive uses for advertising are not its property. Rather, it depends on short-term agreements with aggregators or car owners. This means:

• No formation of long-term assets.

• No command over the availability of ad space.

• There are many local, low-cost companies and digital disruptors in the outdoor advertising market. Due to no strong technical moat and fierce pricing competition, the company is under margin pressure.

• The majority of advertising campaigns are project-based and short-term. Because there are no multi-year contracts guaranteeing income visibility, the business is more susceptible to market slowdowns or client ad budget cuts.

Cash Ur Drive Marketing IPO GMP

Cash Ur Drive Marketing IPO GMP (grey market premium) is Rs. 25 as of 29 Jul 2025 at the time of writing this information. Hence, the Cash Ur Drive Marketing IPO listing price (estimated) might be Rs. 155 (upper price + current GMP).

Cash Ur Drive Marketing IPO Summary

The Cash Ur Drive IPO has a market maker portion size of 2,59,000 Shares (Rs. 3.37 Cr).

IPO Opening & Closing Date	31 Jul, 2025 to 04 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 123 to Rs. 130 per Share.
Lot Size	1000 Shares
Issue Size	46,76,000 Shares (Rs. 60.79 Cr)
Offer for Sale	2,07,000 Shares (Rs. 2.69 Cr)
Fresh Issue	42,10,000 Shares (Rs. 54.73 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding Issue
Registrar	Bigshare Services Pvt Ltd.

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,60,000 and in multiples thereof, while for HNI investors, the minimum Lot is 3 (3000 Shares) for Rs. 3,90,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	47.13%
Retail’s Portion	33.15%
Non-Institutional Portion	14.18%

 

Cash Ur Drive Marketing IPO Allotment Status

To check the IPO Allotment Status of Cash Ur Drive, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website- Bigshare Services IPO Allotment Status

Using BSE Website- ​BSE IPO Allotment Status

Promoters And Management of Cash Ur Drive Marketing Ltd.

• Mr. Raghu Khanna

• Ms. Parveen K Khanna

• Mr. Bhupinder Kumar Khanna.
  
  

Pre-Issue Promoter Shareholding	78.21%
Post-Issue Promoter Shareholding	57.23%

 

Cash Ur Drive Marketing IPO Lead Managers

• Narnolia Financial Services Ltd.

 

 

Dividend Policy

The company has not paid a dividend in any year.

 

Conclusion

The Cash Ur Drive Marketing IPO provides access to India's expanding transit and outdoor media industries, which are seeing robust revenue growth and sound profitability. The IPO looks to be reasonably priced when compared to its listed counterparts, with a P/E ratio of 9.18x. The main risks are a lack of asset ownership and client concentration.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.