Signpost India Limited filed a press release pursuant to Regulation 30 of SEBI Listing Regulations disclosing its unaudited consolidated financial results for Q2 and H1 FY27 ended September 30, 2026.

Financial Performance Highlights

H1 FY27 (April-September 2026) Performance:

  • Revenue from Operations: ₹286.8 crore, up 5.6% YoY from ₹271.7 crore in H1 FY26
  • Gross Profit: ₹110.4 crore, up 2.0% YoY from ₹108.2 crore
  • Gross Profit Margin: 38.5% vs 39.8% in H1 FY26
  • Operating EBITDA: ₹62.8 crore, down 5.1% YoY from ₹66.2 crore
  • EBITDA Margin: 21.9% vs 24.4% in H1 FY26
  • Profit After Tax (PAT): ₹34.5 crore, up 11.3% YoY from ₹31.0 crore
  • PAT Margin: 12.0% vs 11.4% in H1 FY26
  • Earnings Per Share (EPS): ₹6.45 vs ₹5.79 in H1 FY26

Q2 FY27 (July-September 2026) Performance:

  • Revenue from Operations: ₹134.5 crore, up 0.4% YoY from ₹134.0 crore in Q2 FY26
  • Gross Profit: ₹51.6 crore, down 7.0% YoY from ₹55.5 crore
  • Gross Profit Margin: 38.3% vs 41.4% in Q2 FY26
  • Operating EBITDA: ₹28.4 crore, down 17.4% YoY from ₹34.4 crore
  • EBITDA Margin: 21.1% vs 25.7% in Q2 FY26
  • Profit After Tax (PAT): ₹15.8 crore, up 0.6% YoY from ₹15.7 crore
  • PAT Margin: 11.7% (unchanged from Q2 FY26)

Operational and Business Metrics

  • Digital revenue increased 38% YoY in Q2 FY27
  • Direct-client revenue increased 44% YoY in Q2 FY27
  • Digital revenue now constitutes 34% of quarterly revenue
  • Direct clients now constitute 73% of quarterly revenue
  • Cost of services rose 6% to ₹83.0 crore in Q2 FY27 due to new transit assets
  • Employee costs increased to ₹13.9 crore from ₹11.2 crore in Q2 FY26 due to annual increments and new hires
  • Other expenses fell 7% to ₹9.2 crore in Q2 FY27

Cash Flow and Balance Sheet Position

  • Operating cash flow: ₹61.4 crore in H1 FY27, tripled from ₹20.1 crore in H1 FY26
  • Trade receivables reduced by ₹44.2 crore to ₹273.1 crore
  • Investment in new transit media assets: ₹48.0 crore
  • Cash and bank balances: ₹35.3 crore as of September 30, 2026 (vs ₹24.0 crore on March 31, 2026)
  • Fund-based debt: ₹195.0 crore, broadly unchanged from ₹196.1 crore on March 31, 2026
  • Debt-to-equity ratio: 0.61x as of September 30, 2026 (improved from 0.68x on March 31, 2026)
  • Net worth: ₹321.7 crore as of September 30, 2026 (vs ₹250.9 crore a year earlier)

Accounting Policy Change

The Company changed its method of depreciation on property, plant and equipment from the written down value (WDV) method to the straight-line method (SLM) effective April 1, 2026, making depreciation charges not directly comparable with corresponding periods of FY26.

Business Developments and Updates

  • Majestic Canvas Installation: Opened a 16,000 sq ft projection installation at Nadaprabhu Kempegowda (Majestic) Metro station in Bengaluru. Bangalore Metro Rail Corporation Limited has allowed projected advertising on the same platforms, creating a new premium format within the Company's metro concession that runs to 2034.
  • Transit Network Progress:
  • Bengaluru Metro network and Mumbai premium bus fleet are ramping up
  • In Kolkata, 40-45% of the Streetscape media is live and earning, with strong Durga Puja bookings
  • Kolkata project due for completion by March 2027
  • Campaigns and Awards:
  • Ran campaigns for Maharashtra Tourism in Mumbai and London
  • Won Silver for Tech Led Innovation and two Bronzes at the OOH Advertising Awards 2026
  • Recognized at the IOAA Media Owners Awards 2026 and the FICCI BAF Awards 2026

Management Commentary

Shripad Ashtekar, Managing Director, stated that Q2 was shaped by the timing of the festive calendar, with Navratri beginning nearly three weeks later than last year (October 11 vs September 22), moving festive campaigns into Q3. Large corporates were careful with second-quarter budgets. He highlighted improving revenue quality with digital now representing a third of revenue and direct client relationships nearly three-quarters. Gross margin narrowed because revenue moved into the next quarter while long-term media rights are largely fixed. Higher employee costs reflect annual increments and deliberate hiring ahead of the next growth phase.

He expressed confidence in double-digit revenue growth in FY27 with a stronger second half in both revenue and profitability, driven by: the full festive season in Q3; ramp-up of Bengaluru Metro, Mumbai premium bus fleet and Kolkata Streetscape; and marquee event-led projects in Nashik from February carrying into Q1 FY28.

Credit Rating Update

Crisil Ratings upgraded the Company's long-term rating to A−/Stable in April 2026.

Company Overview

Signpost India Limited operates approximately 10,850 media nodes across 32 cities with 31 lakh sq ft of display area and a monthly reach of around 70 million people. The company works with civic authorities on long-term concessions, including the Bengaluru Metro network through 2034. Its in-house adtech platform Captura provides campaign planning, scheduling and proof-of-play reporting.