Bright Outdoor Media Limited

Operates as an out-of-home (OOH) advertising company with a Mumbai-centric footprint, monetising hoarding sites and digital LED billboards rented to brand advertisers. Multi-year public-infrastructure contracts are the main revenue backbone: a 7-year Western Railway contract worth INR60 cr covering 17,555 sq ft across 11 sites, and a 10-year CIDCO Navi Mumbai Metro Line 1 contract covering ~85,000 sq ft across 11 stations. The company also runs a small real estate segment. Beyond core OOH, it is diversifying into events, celebrity management, ad film, digital, cinema, PR and radio, targeting INR35-45 cr (20-25% of incremental FY26 revenue) from these new services, with a maximum INR5-10 cr investment. FY26 revenue from operations was INR153.03 cr, up 20.7% year-on-year, with reported ROCE of 17.49%. The biggest cost line is other operating expenses at 75% of revenue — primarily rental/lease on hoarding sites — guided to rise 10-15% in FY26 and FY27 on the new Western Railway and Metro wins. Employees cost 3.6% of revenue.