Financial Highlights - FY26 Performance

Revenue & Profitability:

  • Revenue from operations: ₹575.9 crore (FY25: ₹453.2 crore), up 27% YoY
  • Operating EBITDA: ₹146.6 crore (FY25: ₹88.9 crore), up 65% YoY
  • EBITDA margin: 25.5% (FY25: 19.6%), expansion of 590 basis points
  • Net profit: ₹70.2 crore (FY25: ₹33.9 crore), up 107% YoY
  • Net profit margin: 12.2% (FY25: 7.5%)
  • EPS: ₹13.14 (FY25: ₹6.34)

Q4 FY26 Performance:

  • Revenue from operations: ₹161.9 crore (Q4FY25: ₹110.8 crore), up 46% YoY
  • Operating EBITDA: ₹42.5 crore (Q4FY25: ₹12.4 crore), up 244% YoY
  • EBITDA margin: 26.3% (Q4FY25: 11.2%)
  • Net profit: ₹21.1 crore (Q4FY25: ₹1.0 crore), up 2095% YoY
  • Net profit margin: 13.0% (Q4FY25: 0.9%)
  • EPS: ₹3.95 (Q4FY25: ₹0.18)

Management Commentary

Mr. Shripad Ashtekar, Managing Director stated that FY26 was a defining year where the company translated scale into profitability and consolidated leadership across India's out-of-home advertising landscape. Key highlights include:

  • Operating leverage inherent in asset-led model and evolution of revenue mix
  • Transit Media and Digital OOH portfolio now contribute over half of total revenue
  • Strategic focus for FY27 shifts from footprint expansion to yield optimization through data-led pricing, higher occupancy, and direct corporate relationships
  • Balance sheet well positioned to support growth ambitions

Strategic Developments & Operational Highlights

Expansion & Inventory Addition:

  • Added 866,000+ square feet of premium media inventory
  • Activated 9 new cities: Ayodhya, Lucknow, Agra, Chandigarh, Guwahati, Kolkata, Chennai, and others
  • Now present in 32+ cities across India
  • Anchor-client contribution rose to 29% of revenue

Key Projects Added:

  • BMRCL Bangalore Metro: 67 new stations with over 100,000 sq ft digital-ready media transit inventory
  • Kolkata Streetscape Renaissance: 18,000 sq ft interactive and experiential transit landscape
  • Premium Commuter Green Fleets: Operating on 300 Switch AC buses, 680 Mumbai Olectra, and 74 Goa electric transit fleets

Credit Rating & Liquidity:

  • CRISIL upgraded long-term rating to 'A-' and short-term to 'A2+' (effective April 21, 2026)
  • Released over ₹45 crore of previously blocked fixed deposit receipts

Balance Sheet Position (as of March 31, 2026)

Assets: ₹687.7 crore (FY25: ₹555.0 crore)

  • Non-current assets: ₹302.8 crore
  • Plant and property equipments: ₹205.8 crore
  • Capital work-in-progress: ₹20.2 crore
  • Current assets: ₹384.9 crore
  • Trade receivables: ₹317.3 crore
  • Cash & cash equivalents: ₹20.1 crore

Liabilities & Equity:

  • Borrowings (non-current): ₹82.7 crore
  • Borrowings (current): ₹113.4 crore
  • Trade payables: ₹145.7 crore
  • Total equity: ₹277.0 crore

Cash Flow Statement

  • Net cash from operating activities: ₹22.0 crore
  • Net cash used in investing activities: ₹(23.6) crore
  • Net cash from financing activities: ₹8.5 crore
  • Net change in cash: ₹7.0 crore

Business Overview & Competitive Positioning

Company Profile:

  • One of India's top 3 OOH players
  • 15,000+ assets managed across transit platforms, DOOH & OOH
  • 32+ cities across India with 14 years average remaining contract tenure
  • 1,700+ advertisers served
  • 66% direct client relationships
  • 80,000+ sq ft premium digital panels

Proprietary Technology:

  • Captura platform: AI-powered media planning platform with video analytics and image-learning engine
  • Tracks traffic patterns, vehicle and pedestrian flow, and audience behavior in real time

Growth Strategy Pillars:

1. Orchestration Over Ownership: Shifting to software-driven asset orchestration

2. 100-City Network Effect: Localized MSME scalability

3. Generational Infrastructure: Deploying capital into essential civic utilities

Industry Context & Outlook

Market Size & Growth:

  • India's OOH segment reached ₹66.9 billion in 2025
  • OOH projected to grow at 8.3% CAGR to ₹85 billion by 2028
  • DOOH projected to grow at 20.5% CAGR
  • Transit projected to grow at 11.0% CAGR

Market Share Evolution:

  • 2025 composition: 52% Traditional OOH, 30% Transit OOH, 18% DOOH
  • 2028 projected: 43% Traditional OOH, 32% Transit OOH, 25% DOOH

FY27 Guidance

  • More than 20% revenue growth
  • EBITDA margins in the range of 25% to 27%
  • Planned strategic capex of ₹60-70 crore across infrastructure, capacity and technology

Board & Management Team

Board of Directors:

  • Mr. Girish Kulkarni (Non-Executive Chairman and Independent Director)
  • Mr. Shripad Ashtekar (Managing Director)
  • Mr. Dipankar Chatterjee (Executive Director)
  • Mr. Rajesh Awasthi (Executive Director)
  • Mr. Sanidhya Mittal (Director)
  • Ms. Sayantika Mitra (Independent Director)
  • Mr. Prashant Sanghavi (Independent Director)

Key Management Personnel:

  • Mr. Syed Haseeb Arfath (Chief Business Officer)
  • Mrs. Swati Sinha (Head – Human Resources)
  • Mr. Nalin Kumar Somani (Chief Financial Officer)
  • Ms. Kinjal Mistry (Company Secretary & Compliance Officer)

Investor Relations

Investor Relations Advisor: Strategic Growth Advisors

Contacts: Mr. Parin Narichania / Ms. Drashti Shah