Mumbai (Maharashtra) [India], September 25: Bright Outdoor Media Limited, India’s first listed out-of-home advertising company, is preparing to migrate from the BSE SME platform to the main board of BSE, alongside a proposed direct listing on the National Stock Exchange. The move comes after three years of investment in digital screens, premium advertising locations and transit properties.
On 12th June 2026, the Company’s Board approved the proposed migration, which is subject to shareholder and regulatory approvals. For the management, the proposed move reflects the progress made by the Company since its listing in 2023.
For the year ended 31st March 2026, Bright Outdoor Media reported Revenue from Operations of ₹153 Cr, Total Income of ₹155 Cr, EBITDA of ₹35 Cr and PAT of ₹24 Cr on a standalone basis. Revenue from Operations has increased from ₹92 Cr in FY23, the year of its listing. The Company had nil debt-to-equity at the end of FY26, with Return on Equity at 12.96% and Return on Capital Employed at 17.58%.
Increasing Focus on Digital Outdoor Advertising
A key change in the Company’s business has been the growing contribution from digital LED screens. In FY26, static hoardings contributed ₹103 Cr, representing 67.34% of Revenue from Operations, while digital LED hoardings contributed ₹44.97 Cr, accounting for 29.39%.
Unlike traditional static hoardings, digital screens can display advertisements from multiple brands at the same location. A typical digital screen runs a one-minute cycle with six ten-second advertising slots, giving advertisers greater flexibility and allowing the Company to generate higher revenue from selected locations.
During FY26, Bright added 18 digital LED billboards, taking its total portfolio to 1,352 outdoor displays, comprising 952 static and 400 LED displays. In Mumbai, the Company owns more than 60 of the city’s 150-plus large-format LED billboards.
The Company’s strong presence in Mumbai remains an important part of its strategy, supported by continued activity in real estate, redevelopment and entertainment, which are among the major categories of advertisers using outdoor media.
Mr. Mukesh Sharma, Chief Executive Officer, Bright Outdoor Media Limited, said:
“When we listed in 2023, our focus was clear — to invest in better locations and expand our digital screen network. We have stayed focused on that plan over the last three years. The proposed move to the main board is an important step for the Company, but our priority remains building a stronger business, improving our presence in key markets and creating long-term value for our stakeholders.”
Building a Presence in Transit Advertising
Transit advertising is another important area of expansion for Bright Outdoor Media.
CIDCO Ltd awarded the Company exclusive 10-year advertising rights for Navi Mumbai Metro Line 1, covering all 11 stations and more than 85,000 sq. ft. of station premises. The Company has also installed road-facing digital screens on the metro pillars.
While passenger traffic on the Navi Mumbai Metro is still developing, the Company expects the growth of the upcoming international airport and redevelopment activity around the metro corridor to support the long-term potential of the property.
Bright also has premium advertising inventory across railway over-bridges in Mumbai, including both static and digital formats.
Expanding Beyond Outdoor Advertising
The Company has also expanded its offering through Bright 360°, which enables brands to access multiple advertising channels through a single platform.
The business covers radio, print, television, public relations, influencer marketing and on-ground activities, along with the Company’s own event properties. This allows Bright to work with clients across different media formats while building on its existing relationships with advertisers.
India’s Outdoor Advertising Market Continues to Grow
The Indian out-of-home advertising market was valued at ₹4,835 Cr in 2025, compared with ₹4,650 Cr in 2024, registering 4% growth, according to the Pitch Madison Advertising Report 2026. The report identified out-of-home advertising as the only traditional advertising medium to grow in both absolute and relative terms during the period.
The broader Indian advertising market is projected at ₹1,74,605 Cr for 2026, highlighting the continued role of outdoor advertising within the country’s overall media industry.
The industry is also seeing a gradual shift towards better measurement of outdoor advertising. As more digital screens are installed, advertisers are increasingly looking for clearer information on audience reach and engagement. This could support the growth of digital outdoor advertising, particularly at locations with high traffic and longer customer dwell time.
At the same time, the pace of digital screen expansion depends on permissions from different municipal authorities, with regulations and approval timelines varying across locations.
Focused Expansion Ahead
Going forward, Bright Outdoor Media plans to continue expanding its digital screen network, participate in new transit and airport advertising opportunities as contracts come up for bidding, and explore markets beyond the Mumbai Metropolitan Region where the business opportunity is attractive.
With nil debt at the end of FY26, the Company has financial flexibility to pursue these opportunities while maintaining a disciplined approach to expansion.
Mr. Mukesh Sharma, Chief Executive Officer, Bright Outdoor Media Limited, added:
“Our approach to expansion is selective. We do not want to add screens simply to increase the number of assets. We look at the location, traffic and the advertising opportunity before making an investment. Going forward, we will continue to focus on locations where we see sustainable demand and attractive long-term potential.”
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