Brightcom Group Limited (BCG) AI Stock Analysis

• Market Cap: ₹18.56B
• Dividend Yield: N/A
• Average Volume (3M): 1.80M
• Price to Earnings (P/E): 2.3
• Beta (1Y): -0.22
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 463
• Sector: Technology
• Sector Strength: 88
• Industry: Advertising Agencies
• EPS (TTM): 1.15
• Shares Outstanding: 2,017,921,900
• 10 Day Avg. Volume: 1,559,545
• 30 Day Avg. Volume: 1,804,649
• PEG Ratio: 0.90
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 0.40
• P/FCF Ratio: -10.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹9.50 ▼(-9.87% Downside)

The score is driven mainly by strong financial stability from a debt-free balance sheet, offset by weak and recently negative free cash flow. Technicals also weigh on the rating given the downtrend and negative momentum signals, while the very low P/E provides meaningful valuation support.

Positive Factors

Debt-free balance sheet

Zero reported debt provides durable financial resilience and optionality. Low leverage reduces bankruptcy risk, supports investment or M&A funding without pressuring cash flow, and helps the company withstand ad‑spend cyclicality over the next 2–6 months.

Healthy operating margins

Sustained high gross and operating margins indicate a scalable adtech/services mix and pricing power. Strong margin structure supports profitability through modest revenue swings and funds reinvestment into product and client servicing over the medium term.

Recent revenue growth rebound

A substantial reported revenue rebound signals the company can regain top‑line after disruptions, reflecting demand for digital advertising services. This suggests the business can recover share and scale platform usage over a multi‑quarter horizon.

Negative Factors

Negative free cash flow

Consecutive negative free cash flow undermines earnings quality and limits internal funding for growth or dividends. Persistent cash conversion gaps increase reliance on external financing or equity and reduce the durability of reported profits.

Volatile revenue trajectory

Material top‑line volatility indicates exposure to cyclical ad budgets and potential client concentration or campaign timing effects. That makes multi‑period planning, retention, and margin predictability weaker for investors and management.

Moderation in returns on equity

A downshift in ROE signals declining capital efficiency, possibly from margin pressure or reinvestment drag. Lower returns reduce the company’s ability to convert equity growth into shareholder value over the medium term unless efficiency or margin trends reverse.

Brightcom Group Limited Business Overview & Revenue Model

Company Description

Brightcom Group Limited provides digital marketing solutions to businesses, agencies, and online publishers worldwide. It operates through two segments, Digital Marketing and Software Development. The company connects advertisers with their audience across various forms of digital media to deliver messages to the right audience. The company was formerly known as Lycos Internet Limited and changed its name to Brightcom Group Limited in September 2018. Brightcom Group Limited was incorporated in 1999 and is based in Hyderabad, India.

How the Company Makes Money

Brightcom Group Limited Financial Statement Overview

Summary

Strong balance sheet strength (no debt) supports stability, and reported profitability is solid, but cash-flow quality is a major concern with recent negative free cash flow and weak cash conversion. Revenue and margins have also been uneven versus earlier peaks.

Income Statement

Profitability is solid for the sector, with gross margin holding in the high-30s to low-40s and EBIT/EBITDA margins generally around the mid-20% range. Revenue grew in the latest annual period (FY2025) but the top line has been volatile (a sharp drop in FY2024 versus FY2023, followed by a modest rebound), and net margin has softened versus earlier years. Overall: good margins, but uneven growth trajectory and some pressure on profitability versus peak levels.

Balance Sheet

The balance sheet is a clear strength: reported total debt is zero in recent annual periods and leverage is effectively absent. Equity has grown over time and returns on equity are positive, though they’ve moderated materially versus FY2022 (when returns were notably higher). Overall: very strong financial stability from low leverage, with the main watch-item being the downshift in returns.

Cash Flow

Cash generation is the weak spot. Operating cash flow is low relative to reported earnings in recent periods, and free cash flow is negative in FY2024 and FY2025 after being strongly positive in FY2023. This gap between accounting profit and cash flow raises questions around cash conversion and the durability of earnings quality, even though the business can absorb volatility given low leverage.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	54.20B	51.47B	46.62B	73.97B	50.20B	28.56B
Gross Profit	19.26B	19.77B	19.37B	30.52B	21.05B	12.49B
EBITDA	13.97B	13.22B	12.39B	21.66B	15.05B	8.86B
Net Income	7.61B	7.10B	6.88B	13.71B	9.12B	4.83B
Balance Sheet
Total Assets	0.00	98.00B	87.64B	78.96B	59.40B	36.91B
Cash, Cash Equivalents and Short-Term Investments	11.53B	11.54B	12.09B	14.12B	7.45B	1.26B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	-86.89B	11.11B	9.80B	8.95B	6.46B	4.31B
Stockholders Equity	86.89B	86.89B	77.85B	70.01B	52.94B	32.60B
Cash Flow
Free Cash Flow	0.00	-2.04B	-2.77B	4.37B	816.04M	1.34B
Operating Cash Flow	0.00	1.75B	1.34B	7.03B	2.87B	4.60B
Investing Cash Flow	0.00	-3.79B	-4.10B	-2.66B	-2.17B	-4.31B
Financing Cash Flow	0.00	1.49B	732.01M	2.30B	5.48B	-216.42M

Brightcom Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DOLATALGO	72 Outperform	₹13.89B	11.40	―	0.40%	-25.49%	-51.44%
VERTOZ	63 Neutral	₹4.76B	17.36	―	―	21.99%	-14.27%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AFFLE	61 Neutral	₹217.70B	49.56	―	―	19.55%	20.85%
BCG	59 Neutral	₹18.56B	2.30	―	―	―	―
KELLTONTEC	58 Neutral	₹8.22B	8.87	―	―	13.11%	19.26%
SUBEXLTD	46 Neutral	₹5.25B	-100.00	―	―	-9.53%	96.99%

Brightcom Group Limited Corporate Events

Brightcom Extends Educational Series on Digital Advertising Market Structure

Brightcom Group Limited has released another installment in its ongoing series of explanatory presentations, this time focusing on the structure, operating mechanisms and broader context of the digital advertising market. Positioned as reference material rather than guidance, the presentation deliberately avoids forward-looking statements, financial projections or commentary on market conditions, underscoring that its purpose is to clarify industry dynamics for stakeholders rather than signal any change in the company’s strategy or performance outlook, with further educational materials to follow in due course.

Brightcom Subsidiary OMS Named ‘Needle-Moving Player’ in Jounce Media 2025 Ad-Tech Report

Brightcom Group Limited has disclosed that its wholly owned subsidiary, Online Media Solutions (OMS), has been highlighted in Jounce Media’s 2025 industry report as a “needle-moving player” in programmatic supply access growth. The report credits OMS with an estimated 4.9% increase in supply coverage in December 2025, reflecting its efforts to expand and optimize direct integrations across web and mobile app inventory. As Jounce Media’s research is widely used by major participants in the digital advertising ecosystem to track programmatic trends and benchmark performance, this recognition underscores OMS’s growing relevance in supply-side dynamics and offers shareholders an independent indication of Brightcom’s operational traction in a competitive ad-tech landscape.

Brightcom Group Files December 2025 Monthly Update with Stock Exchanges

Brightcom Group Limited has notified the stock exchanges that it has submitted its monthly update for December 2025 to both BSE Limited and the National Stock Exchange of India. The communication, signed by Executive Director Raghunath Allamsetty, is a formal regulatory filing indicating ongoing compliance and periodic disclosure to shareholders, though the company has not disclosed the contents of the update in this announcement.

Brightcom Group Reports Completion of SEBI Regulation 76 Compliance for Two Quarters

Brightcom Group Limited has notified the stock exchanges that it has fully complied with Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018 for the quarters ended June 30 and September 30, 2025, following earlier notices about potential shifting of its equity shares to the ‘Z/MT’ group due to non-compliance. The company states that reconciliation and validation of depository-level data have been completed in coordination with its registrar and transfer agent and the depositories, the requisite filings for both quarters have been submitted, and it will now request the exchanges to formally record this compliance, a step aimed at averting any adverse classification of its shares and reassuring investors about regulatory adherence.

Brightcom Seeks to Avert Shift of Shares to ‘Z / MT’ Category After SEBI Compliance Lapse

Brightcom Group Limited has issued a clarification to the stock exchanges regarding a proposed shift of its equity shares to the ‘Z / MT’ group, triggered by non-compliance with certain depository reporting and reconciliation requirements under Regulation 76 of the SEBI (Depositories and Participants) Regulations for the June and September 2025 quarters. The company characterises the issue as a procedural lapse arising during a period of multiple legacy compliance and system-level alignments, and says it has coordinated with depositories and its registrar to regularise pending submissions, strengthened internal compliance monitoring and escalation processes, and expects to complete and file the remaining compliances before 30 December 2025. Brightcom states it is confident that, once these remedial steps are completed, the reclassification of its shares into the more restrictive ‘Z / MT’ category will not be necessary, underscoring the board’s commitment to timely regulatory compliance and transparent communication with investors, which is aimed at limiting potential reputational and trading-impact risks for shareholders.

Brightcom Signals Operational Upswing, Tighter Financial Discipline and New Shareholder Updates

Brightcom Group Limited has issued a status update asserting that its core business fundamentals remain strong, with the 2025–26 financial year starting on an upswing marked by improved operating metrics, tighter financial discipline and growing digital advertising demand across North America, APAC and Europe. The company reports 6–8% growth in key segments such as video, CTV and programmatic advertising, healthier cash flows and working capital through better receivables management, more efficient capital allocation via centralised subsidiary funds, and is in the final stages of appointing a full-time CFO to enhance financial controls and regulatory compliance. Management highlights steady, long-term focused progress in its defence division, positive early traction in its collaboration with Dailymotion, and plans to participate in CES 2026 to deepen industry relationships and drive programmatic innovation. To bolster transparency and investor confidence amid speculative external commentary, Brightcom will begin issuing structured monthly updates to shareholders on key actions, execution milestones and material business developments, positioning the company as more communicative and disciplined in its engagement with the market.

Brightcom Group Unveils Growth Strategy in AdTech and Defence AI

Brightcom Group Limited has released an investor presentation highlighting its dual engines of growth in AdTech and Defence AI. The company projects a significant global opportunity in digital marketing, with an expected market size of approximately $650 billion by 2025, driven by advancements in AI/ML, connected TV and video, eCommerce, and privacy-first initiatives. This strategic positioning aims to enhance Brightcom’s market presence and value creation.

Brightcom Group Schedules 26th AGM and Confirms Auditor Appointments

Brightcom Group Limited has announced the outcomes of its recent Board meeting, which includes the scheduling of its 26th Annual General Meeting (AGM) on December 28, 2025, through virtual means. The Board has approved the Annual Report, the Notice of the AGM, and the book closure dates from December 21 to December 28, 2025. Additionally, the company ratified the appointment of M/s. PR Chandra & Co. as Statutory Auditors for FY 2024-25 and approved their reappointment for another year. Mr. Raghunath Allamsetty has been reappointed as a director, following his retirement by rotation.

Brightcom Group Reports Strong Q2 Financials and Advances in Defence Division

Brightcom Group Limited announced its financial results for the quarter ended September 30, 2025, reporting a consolidated quarterly revenue of ₹1644 crores and a profit after tax of ₹233 crores. The company also highlighted significant progress in its Brightcom Defence division, which focuses on UAV intelligence systems and other advanced technologies, and reported on global business engagements that have strengthened partner relationships and opened new opportunities across major markets.

Brightcom Group Reports Strong Financials and Expands Global Reach

Brightcom Group Limited announced its financial results for the quarter and half-year ending September 30, 2025, highlighting a consolidated quarterly revenue of ₹1644 crores and a profit after tax of ₹233 crores. The company is making significant strides in its Brightcom Defence division, focusing on UAV intelligence systems and other technologies, and has incorporated it as a wholly owned subsidiary. Additionally, the company has been active globally, participating in major industry events to strengthen partner relationships and explore new business opportunities, reinforcing its position as a key player in the digital advertising ecosystem.