Revenue and Profit Trends
Brightcom Group’s net sales have exhibited notable volatility, peaking at ₹7,396.77 crores in March 2023 before retreating to ₹5,146.67 crores in March 2025. The fiscal year 2021 marked a significant growth phase, with sales more than doubling from ₹2,580.24 crores in 2019 to ₹2,855.80 crores, and continuing an upward trajectory through 2022. However, the sharp spike in 2023 was followed by a correction in subsequent years, reflecting possible market or operational adjustments.
Operating profit (PBDIT) excluding other income mirrored this pattern, reaching a high of ₹2,172.54 crores in 2023 before declining to ₹1,321.61 crores in 2025. Despite this, the company maintained a robust operating profit margin, consistently above 25%, with a peak margin of 30.3% in 2021. Profit after tax (PAT) followed a similar course, surging to ₹1,370.99 crores in 2023 and settling at ₹710.04 crores in 2025, maintaining a PAT margin near 14% in the latest fiscal year.
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Cost Structure and Expenditure
The company’s expenditure profile reveals that manufacturing expenses constitute the largest cost component, rising from ₹1,309 crores in 2019 to ₹3,169.89 crores in 2025. Employee costs have also increased steadily, reflecting workforce expansion or wage inflation, reaching ₹261.85 crores in the latest year. Other expenses have grown moderately, supporting operational activities. Notably, Brightcom Group has maintained negligible interest expenses in recent years, indicating a low debt burden.
Balance Sheet Strength and Asset Growth
Brightcom Group’s balance sheet has strengthened considerably, with shareholder’s funds expanding from ₹2,826.46 crores in 2020 to ₹8,689.25 crores in 2025. This growth is supported by rising reserves, which more than doubled from ₹3,158.08 crores in 2021 to ₹8,285.55 crores in 2025. The company has maintained a debt-free status since 2021, enhancing its financial stability.
On the asset side, total assets have nearly tripled over six years, reaching ₹9,781.57 crores in 2025. Net block assets have grown steadily, reflecting ongoing capital investments, while current assets have surged to ₹7,677.88 crores, driven by increases in sundry debtors and short-term loans and advances. Cash and bank balances remain healthy, supporting liquidity.
Cash Flow and Liquidity
Cash flow from operating activities has fluctuated, peaking at ₹702 crores in 2023 but moderating to ₹174 crores in 2025. Investing activities consistently show cash outflows, indicative of ongoing capital expenditure and asset development. Financing activities have varied, with positive inflows in recent years supporting growth initiatives. Despite some net cash outflows in the latest fiscal year, the company maintains a strong cash position, closing with ₹1,153 crores in cash and equivalents.
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Key Financial Ratios and Shareholder Returns
Brightcom Group’s earnings per share (EPS) have reflected the company’s profit volatility, peaking at 6.79 in 2023 before settling at 3.52 in 2025. The book value per share has shown consistent growth, rising from ₹28.53 in 2020 to ₹43.05 in 2025, signalling enhanced net asset value for shareholders. Operating profit margins have remained resilient, consistently above 25%, while PAT margins have hovered around 14% in recent years, underscoring steady profitability despite revenue fluctuations.
The absence of pledged promoter holdings and public shareholding data suggests a concentrated ownership structure, which may influence corporate governance and strategic decisions.
Outlook and Considerations
Brightcom Group’s historical performance reveals a company that has experienced significant growth phases interspersed with corrections, maintaining strong profitability and a robust balance sheet. The company’s low debt levels and growing reserves provide a solid foundation for future expansion. However, investors should consider the volatility in revenue and profit figures when assessing the stock’s risk profile. The steady increase in capital assets and current assets indicates ongoing investment in business capabilities and working capital management.
Overall, Brightcom Group’s financial history reflects a resilient mid-cap enterprise with a capacity to generate consistent operating profits and maintain liquidity, positioning it well for sustained growth in a competitive market environment.
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