Management Commentary

Mr. Shripad Ashtekar, Managing Director, stated that Q2 was affected by the later timing of Navratri (nearly three weeks later than last year), causing festive campaigns to shift to Q3. Large corporates were careful with Q2 budgets. Despite this, H1 delivered 11% profit growth and operating cash flow tripled.

Digital revenue now constitutes one-third of total revenue, and direct client relationships account for nearly three-quarters, making the business more measurable and durable with less dependency on intermediaries.

Gross margin narrowed mainly because revenue moved to next quarter while long-term media rights are largely fixed. Higher employee costs reflect annual increments and deliberate hiring ahead of next growth phase.

Q3 drivers include: full festive season, ramp-up of Bengaluru Metro, Mumbai premium bus fleet, Kolkata Streetscape, and marquee event-led projects in Nashik from February carrying into Q1 FY28.

Management remains confident of double-digit revenue growth in FY27 with stronger second half in both revenue and profitability.

Financial Performance Highlights

Accounting Policy Change: Effective April 1, 2026, the company changed depreciation method from Written Down Value (WDV) to Straight-Line Method (SLM) for Property, Plant and Equipment, reducing depreciation charge by ₹6.9 crore for Q2 and ₹12.9 crore for H1.

Q2 FY27 Consolidated Performance:

  • Revenue from Operations: ₹134.5 Cr (flat YoY)
  • Gross Profit: ₹51.6 Cr (-7% YoY)
  • Gross Profit Margin: 38.3% (vs 41.4% YoY)
  • Operating EBITDA: ₹28.4 Cr (-17% YoY)
  • EBITDA Margin: 21.1% (vs 25.7% YoY)
  • EBIT: ₹23.7 Cr (-8% YoY)
  • EBIT Margin: 17.6% (vs 19.3% YoY)
  • Profit Before Tax: ₹19.7 Cr (-13% YoY)
  • PBT Margin: 14.6% (vs 16.8% YoY)
  • Net Profit: ₹15.8 Cr (+1% YoY)
  • Net Profit Margin: 11.7% (flat YoY)
  • EPS: ₹2.96 (vs ₹2.94 YoY)

H1 FY27 Consolidated Performance:

  • Revenue from Operations: ₹286.8 Cr (+6% YoY)
  • Gross Profit: ₹110.4 Cr (+2% YoY)
  • Gross Profit Margin: 38.5% (vs 39.8% YoY)
  • Operating EBITDA: ₹62.8 Cr (-5% YoY)
  • EBITDA Margin: 21.9% (vs 24.4% YoY)
  • EBIT: ₹53.3 Cr (+8% YoY)
  • EBIT Margin: 18.6% (vs 18.2% YoY)
  • Profit Before Tax: ₹45.3 Cr (+6% YoY)
  • PBT Margin: 15.8% (flat YoY)
  • Net Profit: ₹34.5 Cr (+11% YoY)
  • Net Profit Margin: 12.0% (vs 11.4% YoY)
  • EPS: ₹6.45 (vs ₹5.79 YoY)

Balance Sheet Position (Consolidated as of September 30, 2026)

Assets: Total assets increased to ₹719.2 Cr from ₹687.7 Cr in March 2026

  • Non-current Assets: ₹337.3 Cr (including Plant and Property Equipment: ₹237.3 Cr, Capital WIP: ₹19.2 Cr)
  • Current Assets: ₹381.9 Cr (including Trade Receivables: ₹273.1 Cr, Cash & Cash Equivalents: ₹20.2 Cr, Other Bank Balances: ₹15.1 Cr)

Liabilities and Equity:

  • Equity: ₹325.0 Cr (Equity Share Capital: ₹10.7 Cr, Other Equity: ₹311.0 Cr, Non-controlling interests: ₹3.3 Cr)
  • Non-current Liabilities: ₹77.6 Cr (Borrowings: ₹69.8 Cr, Lease Liabilities: ₹4.0 Cr)
  • Current Liabilities: ₹316.7 Cr (Borrowings: ₹125.2 Cr, Trade Payables: ₹98.8 Cr, Current Tax Liabilities: ₹20.2 Cr)

Cash Flow Statement (H1 FY27 Consolidated)

  • Net Profit Before Tax: ₹45.3 Cr
  • Cash generated from Operations: ₹61.4 Cr
  • Net Cash from Operating Activities: ₹58.1 Cr (tripled from ₹13.6 Cr YoY)
  • Net Cash from Investing Activities: -₹48.0 Cr
  • Net Cash from Financing Activities: -₹10.0 Cr
  • Net Change in Cash: ₹0.2 Cr
  • Cash & Cash equivalents at period end: ₹20.2 Cr

Operational Metrics

  • Employee count: 523 team members
  • Shareholder base: 16,000+ shareholders
  • Business description: India's largest Transit & DOOH Media Company specializing in digital-out-of-home media and transit-art infrastructure across major Indian cities including metro stations, bus shelters, premium bus fleets, airports, and digital billboards

Investor Relations

Strategic Growth Advisors serves as Investor Relations Advisor with contacts Mr. Parin Narichania and Ms. Drashti Shah.