🧠 At a glance
Brightcom Group Ltd (BCG) just declared its FY25 results: ₹5,146 Cr in revenue and ₹710 Cr in profit. But the stock’s at ₹10.2 — down 91% from its ₹118 peak. Why? Because the auditor basically said: “We don’t believe any of this until SEBI tells us it’s okay.” The SEBI show-cause notices, the confirmatory orders, the ghost subsidiaries, the mystery assets — it’s all there.
If this was a movie, it would be called:
“Fake It Till You Get Investigated.”
🏢 About the Company
Brightcom Group Ltd (formerly Lycos Internet) is allegedly in the digital advertising and software development business — but spends more time in courtrooms than client meetings. The company says it operates across 25+ countries, yet fails to submit audited numbers for half of them.
Let’s break down the FY25 results, but more importantly — the red flags taped all over them.
💸 FY25 Consolidated Financials
| Metric | FY25 (₹ Cr) | FY24 (₹ Cr) |
|---|---|---|
| Revenue | ₹5,146.67 | ₹4,662.24 |
| EBITDA (approx) | ₹1,012.47 | ₹954.32 |
| Net Profit (PAT) | ₹710.03 | ₹686.75 |
| EPS | ₹3.52 | ₹3.41 |
| Total Assets | ₹9,800.13 Cr | ₹8,764.43 Cr |
| Equity Capital | ₹403.70 Cr | ₹403.70 Cr |
On paper, this looks like a profitable tech giant.
In reality, it’s what happens when fiction meets filings.
📉 The Fall from Glory
| Date | CMP (₹) | Comment |
|---|---|---|
| Jan 2022 | ₹118 | Retail frenzy, big bull talk |
| Apr 2023 | ₹64 | SEBI investigation begins |
| Feb 2024 | ₹28 | Confirmatory order hits |
| May 2025 | ₹10.20 | Stock officially on life support |
From unicorn to unlisted-in-spirit. This is what a 91% fall looks like when corporate governance dies.
🧠 EduInvesting Take
“If your auditor uses phrases like ‘we don’t know’, ‘not confirmed’, and ‘SEBI has ordered a redo’ — you’re not investing. You’re gambling on karma.”
Brightcom isn’t a bad company — it’s a financial crime thriller disguised as one.
🧾 Audit Report: A Masterclass in Disclaimers
Both standalone and consolidated audit reports were issued with a Qualified Opinion by PR Chandra & Co. Here’s what they said:
🚨 Qualified Opinion Reasons:
- SEBI ordered re-audit of FY15–FY22
→ Opening balances not reliable. Closing balances likely wrong too. - 14 foreign subsidiaries unaudited
→ BCG just assumed their data is correct. - SEBI Show Cause Notice (SCN) on fake financials
→ Ongoing legal battle. Promoter shareholding under scrutiny. - Investment in Vuchi Media still not impaired
→ ₹168.86 Cr stuck in
