543831
Bright Outdoor financials
- Market cap
- ₹764 Cr
- Calls analysed
- 2
Bright Outdoor Q4 FY25
What went well
- Revenue from operations grew 18.8% YoY to INR126 crores, driven by new ad campaigns and higher LED display share.
- PAT grew 18.9% YoY to INR19 crores, showcasing efficient resource management with a 15% PAT margin.
- Secured a prestigious INR60 crore, 7-year contract for Western Railways Bulk Advertising Rights, adding 17,555 sq ft of prime advertising real estate.
What to watch
- BMC hoarding permission was stopped for approximately one year due to an incident, impacting new installations, though it is expected to resume post-monsoon.
- Management declined to provide specific FY25 rental cost details during the call, deferring it to an offline discussion with the IR team.
What Bright Outdoor does
Bright Outdoor Media Limited provides Out-of-Home (OOH) and Digital Out-of-Home (DOOH) advertising services spanning static hoardings, LED billboards, railway/metro transit media, airports, malls and mobile/cab advertising, concentrated mainly in Mumbai. It earns revenue by selling and leasing hoarding/display inventory to corporate clients directly and through agency and vendor channels, and also trades hoardings sourced from government and private parties. The company additionally runs a real estate business (sale, purchase and rental/leave-license of properties) and is diversifying into 360-degree media services such as celebrity/talent management, event production, ad-film production, PR and digital/social media marketing.
Segments
- Out-of-Home (OOH) & Digital Out-of-Home (DOOH) advertising
- Real estate
- 360-degree media & branding services
- Total OOH displays (static + LED)
- 1,352
- LED / DOOH hoardings
- 400 (276 owned, 124 via JV partners)
- Static hoardings
- 952 (87 front-lit, 623 back-lit, 242 non-lit)
- Mumbai large-hoarding inventory held
- 464 of ~3,000 large hoardings citywide (~4 lakh sq ft of ad space)
- Cumulative hoarding space sold (till 2025)
- 1,600 lakh+ sq. ft.
- Corporate clients served
- 5,000+
Guidance record · Q4 FY25
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Additional revenue from diversification services open said Q4 FY25 Promised: INR35-45 crores Q4 FY25: Target set for FY26 with a new team starting July 5th.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 40.0%, net profit up 16.7% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 47 | 41 | 65 | 57 +27% | 70 +49% | 63 +54% | 91 +40% |
| EBITDA | 7 | 5 | 5 | 17 | 13 +86% | 13 +160% | 14 +180% | 19 +12% |
| Net profit | 4 | 3 | 4 | 12 | 9 +125% | 10 +233% | 10 +150% | 14 +17% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +5.8% 1Y
1Y: ₹329 on 10 Sept 2025 → ₹348. High ₹440 (17 Feb 2026), low ₹327 (17 Sept 2025).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹10 Cr | ₹14 Cr | ₹15 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹29 Cr | ₹27 Cr | ₹85 Cr | ₹132 Cr | ₹151 Cr | ₹164 Cr |
| Borrowings | ₹48 Cr | ₹41 Cr | ₹34 Cr | ₹13 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹15 Cr | ₹17 Cr | ₹22 Cr | ₹28 Cr | ₹29 Cr | ₹36 Cr |
| Total liabilities | ₹97 Cr | ₹94 Cr | ₹155 Cr | ₹187 Cr | ₹201 Cr | ₹221 Cr |
| Fixed assets | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹15 Cr | ₹18 Cr | ₹17 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹92 Cr | ₹90 Cr | ₹151 Cr | ₹172 Cr | ₹183 Cr | ₹204 Cr |
| Total assets | ₹97 Cr | ₹94 Cr | ₹155 Cr | ₹187 Cr | ₹201 Cr | ₹221 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs added +1.02 pp while FIIs trimmed −0.95 pp. The shareholder count shrank 17% to 535.
- Promoters
- 69.8%
- FIIs
- 7.0%
- DIIs
- 1.0%
- Public
- 22.2%
Since Mar 2025
- DIIs +1.02 pp
- FIIs −0.95 pp
- Public −0.06 pp
How it drifted, 7 quarters
Over this window FIIs went from 0.0% to 7.0% — +7.0 pp.
Ownership split by quarter, oldest first. Mar '23: Promoters 72.7%, Public 27.3%.Sep '23: Promoters 72.7%, FIIs 7.0%, Public 20.2%.Mar '24: Promoters 72.7%, FIIs 7.2%, Public 20.1%.Sep '24: Promoters 69.8%, FIIs 7.9%, Public 22.4%.Mar '25: Promoters 69.8%, FIIs 8.0%, Public 22.2%.Sep '25: Promoters 69.8%, FIIs 9.8%, DIIs 0.7%, Public 19.8%.Mar '26: Promoters 69.8%, FIIs 7.0%, DIIs 1.0%, Public 22.2%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Niveza Small Cap Fund AIF newly disclosed 1.02% held
- Mukul Rohatgi +0.16 pp 1.89% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Bright Outdoor above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Yogesh Jiwanlal Lakhani | 69.73% | unchanged |
| Aegis Investment Fund, Pcc - Niveza FPI fund | 7.03% | −2.73 pp |
| Sanjana Gupta Nanda | 2.27% | unchanged |
| Mukul Rohatgi | 1.89% | +0.16 pp |
| Kuber Equity Services Llp | 1.33% | −0.10 pp |
| New Era Impex ( India ) Private Limited | 1.29% | unchanged |
| Belmondo Trading Private Limited | 1.15% | unchanged |
| Niveza Small Cap Fund AIF | 1.02% | newly disclosed |
| Yogesh J Lakhani Huf | 0.03% | unchanged |
| Dipakkumar Ramniklal Shah | 0.00% | unchanged |
| Jagruti Yogesh Lakhani | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 10.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Bright Outdoor
Guides on how to read this kind of business and the numbers that matter.