Bright Outdoor Media Limited

Communication Services — Advertising Agencies · BSE

₹340.00₹0.00 (0.00%)

DalalBaazaar Score

81 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Bright Outdoor Media Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bright Outdoor Media Limited provides out of home advertisement services in India.

IndustryAdvertising Agencies

SectorCommunication Services

Employees93

Annual revenue₹152 Cr

How does it make money?

Turns over ₹152 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 93 employees supports ₹1.63 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.63 Cr

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE20.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +68% while net margin moved +101% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+68%

Margin effect+101%

DalalBaazaar Score

81/ 100

Strong

Weighted across six categories. Every point is explained below.

✓ Beta of 0.71 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

85/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

78/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.6x

3Y Median

46.0x

40 monthly readings · mean 50.4x · range 36.9x–71.3x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 68% below its 3y median of 46.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 33% below the peer median of 21.7x.

vs. its own history

Cheap

46.0x median over 40 months · -68%

vs. sector peers

Cheap

21.7x median of 2 peers · -33%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

20.5x

PEG

0.29

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 14.0% to 23.3% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 7.2% to 13.0%.
Return on capital is rising
ROCE has improved from 12.4% to 17.4%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 14.0% to 23.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 68% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 33% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 18.9% CAGR
Latest reported year was 30.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 23.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 14%✓ 17.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 46.0x✓ 14.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 5 neutral · 0 weak

Market Cap

₹742 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.6x

Cheap

Cheap against the generic band

P/B Ratio

4.34x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹23.23

Profitable

Profitable on a per-share basis

ROE

13.8%

Moderate

Moderate capital efficiency

ROCE

17.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

30.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

40.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.15%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

9.4%

Good

Assets are working hard

Operating Margin

19.8%

Good

Healthy core-business profitability

Net Margin

15.7%

Good

Strong bottom-line conversion

Current Ratio

5.58

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

345.1 / 349.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

32.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹90 Cr	₹106 Cr	₹126 Cr	₹152 Cr	+18.9%
EBITDA	₹13 Cr	₹24 Cr	₹28 Cr	₹35 Cr	+40.9%
EBITDA Margin	14.0%	22.3%	22.2%	23.3%	—
PAT (Net Profit)	₹7 Cr	₹16 Cr	₹19 Cr	₹24 Cr	+50.1%
EPS	₹4.63	₹7.63	₹8.74	—	—
ROE	7.2%	11.0%	11.6%	13.0%	—
ROCE	12.4%	15.0%	15.6%	17.4%	—
Total Debt	₹34 Cr	₹13 Cr	—	—	—
Free Cash Flow	-₹12 Cr	-₹31 Cr	-₹1 Cr	₹3 Cr	—

🟢 Revenue has grown at 18.9% a year over 3 years.

🟢 EBITDA has grown at 40.9% a year over 3 years.

🟢 EBITDA Margin has risen from 14.0% to 23.3% over 3 years (+9.3 pts).

🟢 PAT (Net Profit) has grown at 50.1% a year over 3 years.

🟢 ROE has risen from 7.2% to 13.0% over 3 years (+5.8 pts).

🟢 ROCE has risen from 12.4% to 17.4% over 3 years (+4.9 pts).

🟢 Free Cash Flow has turned positive, from -₹12 Cr to ₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹221 Cr

Total Liabilities

₹36 Cr

Cash & Equivalents

₹19 Cr

Operating Cash Flow

₹4 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

86.1%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

21 Sept 2026

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 positive1 mixed4 general

Bright Outdoor Media H1FY27 Results: Net profit rises 9.4% YoY to ₹1,102.71 lakh

scanx.trade, 18 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Bright Outdoor Media Adds 22 High-Visibility Sites in Mumbai Region

Whalesbook, 17 Oct

Praveg (NSEI:PRAVEG) - Stock Analysis

Simply Wall Street, 18 Oct

Bright Outdoor Media adds 22 sites, 104 displays in Mumbai MMR

scanx.trade, 17 Oct

YAAP Digital Share Price Rise: Price Action & Valuation

Univest, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Bright Outdoor Media Eyes Next Phase of Growth as CMD Yogesh Lakhani Turns 63

Business Standard, 26 Sept

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑