1. At a Glance
Some companies run ads. Some run from SEBI. Brightcom Group Ltd decided to do both — and now it’s also building drones. Founded in 2010 as Lycos Internet Ltd, the Hyderabad-based Ad-Tech survivor has turned into one of India’s most bizarrely diversified digital groups: part Google, part HAL, and part courtroom drama.
With a market cap of ₹2,621 crore, a stock price of ₹13, and a P/E of 3.24, it’s that rare Indian tech stock that’s cheap but complicated. The firm posted a quarterly revenue of ₹1,644 crore and PAT of ₹233 crore for Q2 FY26 — marking a solid 26.2% jump in sales and 25.1% jump in profits YoY.
But investors aren’t celebrating yet. Why? Because even with ROE of 8.6% and zero debt, the share’s 18.4% promoter holding and past SEBI fraud allegations make it a masterclass in “mixed signals.”
While competitors chase AI in advertising, Brightcom went “full sci-fi” with its Brightcom Defence Pvt Ltd, entering AI-driven warfare systems and drone OS development. From “Programmatic Ads” to “Programmatic Airstrikes,” this pivot might be the wildest corporate plot twist since Vijay Mallya’s aviation dreams.
2. Introduction
Let’s start with the irony: a company that once tracked user clicks now wants to track enemy aircrafts.
Brightcom’s journey reads like a Netflix limited series — The Rise, Fall, and Rebrand of India’s Ad-Tech Phoenix. Once a global player under the Lycos banner, it owned online advertising platforms, served 50,000 publishers, and counted clients like Coca-Cola, Toyota, and HBO. Then came the SEBI storm of 2023 — with allegations of ₹1,280 crore accounting fraud and dodgy preferential allotments worth ₹836 crore.
Most firms would’ve gone silent after that. Brightcom? It went “defence-tech.”
In FY25, as its shares were suspended on the BSE for non-compliance, management coolly launched Trenova — a London and Hong Kong-based Ad-Tech platform. Simultaneously, they unveiled Brightcom Defence Pvt Ltd in Hyderabad, signing MoUs with CQT Weapon Systems (USA) and Project DYNAMO to build AI warfare systems.
The company now claims to be “revolutionizing” both digital advertising and digital warfare. Somewhere between YouTube ads and missile guidance algorithms, Brightcom found its mojo.
Can a firm accused of cooking books successfully cook code for quantum AI drones? That’s the billion-rupee question.
3. Business Model – WTF Do They Even Do?
Short answer: everything digital. Long answer: everything that sounds futuristic enough to impress a PowerPoint.
Ad-Tech & Digital Marketing (91% of revenue) – This is the core. Brightcom runs campaigns in video, mobile, display, CTV, and email for clients across 24 countries. It’s the “invisible layer” behind the ads you skip. Its proprietary platforms like Brightcom, Onetag, Pangea, and Volomp handle programmatic buying and
selling of ad inventory.
Software Development (9%) – Here they dive into AI, machine learning, and IoT, building custom software for media analytics and monetization. Basically, this is where they justify the “tech” in Ad-Tech.
Defence & AI Warfare Systems (Launched FY26) – The wildcard entry. Through Brightcom Defence Pvt Ltd, the company plans to develop AI operating systems for drones, autonomous battlefield software, and weapon integration tools. Partnered with CQT Weapon Systems (USA), they’re aiming for the $25 billion global AI-defence pie.
What’s next? An IPO for Brightcom Space Ltd, maybe? Because when you’re already in advertising, AI, defence, and quantum computing — space is just the next logical delusion.
4. Financials Overview
Quarterly Comparison (₹ crore)
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,644 | 1,303 | 1,455 | +26.2% | +13.0% |
| EBITDA | 422 | 338 | 380 | +24.8% | +11.0% |
| PAT | 233 | 186 | 211 | +25.1% | +10.4% |
| EPS (₹) | 1.15 | 0.92 | 1.04 | +25.0% | +10.5% |
Annualized EPS: ₹1.15 × 4 = ₹4.6 → P/E ~ 2.8x at CMP ₹13.
But as every seasoned investor knows: cheap can also mean “under investigation.”
Commentary:
Brightcom’s Q2 FY26 numbers look like an ad campaign gone right — strong margins, healthy topline, and zero debt. But before you pop the champagne, remember the debtor days: 278. That’s roughly nine months — the time it takes for a human to be born or for your ad invoice to be paid.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s keep the math clean (and the disclaimers cleaner).
Method 1: P/E Method
EPS (FY26E): ₹4.6
Industry Avg P/E: 34.1
Given controversies, apply steep discount: 25–35%
Fair Value Range = ₹4.6 × (20x – 25x) = ₹92 – ₹115
Method 2: EV/EBITDA Method
EV = ₹1,393 Cr; EBITDA (TTM) = ₹1,485 Cr
EV/EBITDA = 0.94x (absurdly low; likely market distrust)
Industry Avg: 15x
Even a 5x re-rating would yield EV = ₹7,425 Cr → Implied Share Price ~ ₹68–₹80
Method 3:
