NSE: BCG · BSE: 532368
BRIGHTCOM GROUP LIMITED
Earns the bulk of its revenue from a digital marketing and ad-technology business, with a much smaller software development arm. The Digital Market segment is the only meaningfully profitable line, while the Software Development segment is essentially break-even. Through its OMS subsidiary, it runs programmatic advertising infrastructure using its own data centres and AI systems, and recently scaled one partner's publisher network from about 11 to over 100 domains in six months. The company is now organised into four divisions — AdTech, Software Services, Brightcom Defence and NextGen Tech — with the defence arm engaged in roughly six programmes across the Middle East, Latin America and Europe, built around a MaestroOS platform. Materials at 61.9% of revenue are the largest cost line, well ahead of employee costs at 4.9% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital Market segment (94%), Software development segment (6%). Ad-tech-led digital marketing business with a small software development arm and a new defence-tech division
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,020 | 7,397 | 4,662 | 5,147 | 6,928 |
| EBITDA (ex other income) | 1,507 | 2,173 | 1,239 | 1,322 | 1,752 |
| margin % | 30.0 | 29.4 | 26.6 | 25.7 | 25.3 |
| Owners' profit | 912 | 1,371 | 0 | 710 | 962 |
| EPS, as reported (₹) | 4.52 | 6.79 | 3.41 | 3.52 | 9.52 |
| ROE % · ROCE % | 17.2 · 23.7 | 19.6 · 27.1 | 8.8 · 12.2 | 8.2 · 11.7 | 9.1 · 13.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1) | 703 | 133 | 178 | 103 |
| Capex | (26) | (11) | (10) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,303 | 1,674 | 987 | 1,455 | 3,099 | 2,232 | 1,597 | 1,752 |
| Profit before tax | 266 | 351 | 174 | 300 | 646 | 447 | 339 | 377 |
| Net profit | 186 | 244 | 121 | 211 | 444 | 311 | 208 | 262 |
| EPS (₹) | 0.92 | 1.21 | 0.60 | 1.04 | 2.20 | 1.54 | 2.04 | 1.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Digital Market segment | 3,616 | 43.1 |
| Software development segment | 213 | 2.5 |
| Digital Marketing Segment | 4,237 | 50.5 |
| Software Development Segment | 317 | 3.8 |
| Total, before eliminations | 8,384 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.2 | 17.9 | 4 of 76 | 96% |
| P/B | 0.2 | 2.2 | 2 of 70 | 97% |
| ROCE | 13.5 | 9.6 | 30 of 86 | 66% |
| ROE | 9.1 | 9.2 | 36 of 70 | 49% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 26.8 | 13.0 | 16 of 69 | 78% |
| Revenue growth | 20.4 | 20.8 | 35 of 67 | 49% |
| Profit growth | 24.1 | 14.6 | 27 of 64 | 59% |
| Market cap | 1698 | 325 | 17 of 87 | 81% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Brightcom Group appoints new Company Secretary and Compliance Officer | management changes | medium | — | — |
| 4 Oct 2026 · All 6 resolutions passed at Brightcom Group's 27th AGM | board shareholder meetings | medium | — | — |
| 3 Oct 2026 · Brightcom Group 27th AGM held; 6 resolutions considered, voting results awaited | board shareholder meetings | low | — | — |
| 3 Oct 2026 · Brightcom Group 27th AGM held; voting results awaited | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Brightcom Group gets ROC nod for 1-month AGM extension, 27th AGM now on 3 Oct 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 FY2027 results | compliance | minimal | — | — |
| 28 Sept 2026 · Revised Annual Report filed with new AGM date of 3 October | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Revised Annual Report filed with new AGM date of 3 October | investor communications | medium | — | — |
| 25 Sept 2026 · Brightcom Group postpones 27th AGM to 3 October 2026 | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Brightcom Group FY26 Annual Report: Revenue up 34.6 percent to Rs 6,928 Cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.