Graphisads Limited (GRAPHISAD)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Graphisads' revenue was ₹81.0 Cr (+6.6% year on year, +35.0% on the previous half-year), and net profit ₹2.0 Cr (-50.0% year on year); the operating margin was 3.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹81.0 | +6.6% | +35.0% |
| Operating profit | ₹3.0 | +50.0% | -40.0% |
| Net profit | ₹2.0 | -50.0% | -33.3% |
| EPS (₹) | 0.85 | -62.6% | -43.0% |
| Operating margin | 3.7% | — | — |
GRAPHISAD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the GRAPHISAD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 86.7%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Graphisads Limited has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter ended September 30, 2026. The report confirmed that the company's total issued and listed capital on the NSE SME platform stands at 1,82,76,500 equity shares with a face value of Rs 10 each. CDSL holds 61,07,000 shares in dematerialized form, representing 33.41% of the issued capital. This is a periodic compliance submission showing no capital structure anomalies.
- Reconciliation of Share Capital Audit completed for quarter ended September 30, 2026
- Total issued and listed capital stands at 1,82,76,500 equity shares at Rs 10 face value
- Shares held in dematerialized form with CDSL total 61,07,000, representing 33.41% of total issued capital
- Audit conducted and certified by BAS & Company LLP, Chartered Accountants
Graphisads Limited declared the voting results and scrutinizer's report for its 39th Annual General Meeting held on September 29, 2026. Shareholders approved the adoption of FY26 audited standalone and consolidated financial statements with 99.91% of polled votes in favour. Additionally, the re-appointment of director Mr. Deepak Bahuguna, retiring by rotation, was passed with 99.90% approval. Overall voter turnout stood at 74.33% of outstanding shares, heavily driven by 100% promoter participation.
- Adoption of FY26 audited financial statements passed with 99.9117% votes in favour (13,573,700 votes)
- Re-appointment of director Deepak Bahuguna passed with 99.9028% votes in favour (13,572,500 votes)
- Total voter turnout was 74.3343% (13,585,700 shares polled out of 18,276,500 total shares)
- Promoter group polled 100% of their 13,464,300 shares in favour of all resolutions
- Public non-institutional voter participation was low at 2.5228% (121,400 votes polled out of 4,812,200 shares)
Graphisads Limited has announced the reappointment of Mr. Deepak Bahuguna (DIN-08103387) as Whole Time Director pursuant to Section 152(6) of the Companies Act, 2013. Mr. Bahuguna, who has served as a Whole Time Director since May 29, 2024, was liable to retire by rotation at the Annual General Meeting and has been re-appointed without a break in office. The company reported a market cap of Rs 47 Cr with TTM revenue of Rs 295 Cr, and this reappointment represents standard administrative board continuity.
- Reappointment of Mr. Deepak Bahuguna (DIN-08103387) as Whole Time Director upon retirement by rotation
- Original appointment date was 15-12-2022, serving as Whole Time Director since 29-05-2024
- Retirement and reappointment constitutes no break in his office
- Director confirmed as not debarred from holding office under any SEBI or statutory order
Graphisads Limited has issued the notice for its 39th Annual General Meeting (AGM) scheduled for September 29, 2026, at 02:00 PM via Video Conferencing. The cut-off date to determine shareholder voting eligibility is September 22, 2026, with the remote e-voting window open from September 25 to September 28, 2026. The agenda includes the standard adoption of audited standalone and consolidated FY26 financial statements and the re-appointment of retiring Whole Time Director Deepak Bahuguna. No non-routine or special business items were tabled in the notice.
- 39th Annual General Meeting to be held virtually on September 29, 2026, at 02:00 PM IST
- Record/cut-off date for e-voting eligibility set for September 22, 2026
- Remote e-voting period runs from September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Ordinary business includes adoption of FY26 financials and re-appointment of Whole Time Director Deepak Bahuguna
Graphisads Limited has announced that its Annual General Meeting (AGM) is scheduled to take place on Tuesday, September 29, 2026. In accordance with Regulation 42 of SEBI LODR Regulations, the Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026 (both days inclusive). The company has set Tuesday, September 22, 2026, as the cut-off date to determine eligibility for remote e-voting.
- Annual General Meeting scheduled for Tuesday, 29th September 2026
- Book closure period set from Wednesday, 23rd September 2026 to Tuesday, 29th September 2026 (both days inclusive)
- Cut-off date for remote e-voting eligibility fixed as Tuesday, 22nd September 2026
Graphisads Limited held a Board meeting on September 05, 2026, approving the Board Report and Annual Report for FY ended March 31, 2026. The company scheduled its 39th Annual General Meeting (AGM) for Tuesday, September 29, 2026, via Video Conferencing. The cut-off date for e-voting is set for September 22, 2026, with the book closure period running from September 23 to September 29, 2026. Additionally, the Board recommended the re-appointment of Whole Time Director Deepak Bahuguna, who retires by rotation.
- 39th Annual General Meeting scheduled for September 29, 2026 at 02:00 P.M.
- Cut-off date for voting eligibility fixed as Tuesday, September 22, 2026
- Book closure set from September 23, 2026 to September 29, 2026 (both days inclusive)
- Recommended re-appointment of Deepak Bahuguna as Whole Time Director (retiring by rotation)
Graphisads Limited submitted its integrated governance report for the quarter ended June 30, 2026, disclosing a 50% stake acquisition in Graphis Growthhon Event Solutions Private Limited on April 15, 2026. The company is currently appealing multiple GST penalties totaling approximately Rs 57.5 lakhs (excluding interest) for periods between FY19 and FY22. A subsidiary, Spike Advertising, is also contesting a significant demand involving Rs 15.53 lakh in penalties and Rs 20.82 lakh in interest. While the company maintains these will not have a major financial impact, the total contested amount represents over 5% of its TTM PAT of Rs 14 Cr.
- Acquired a 50.00% stake in Graphis Growthhon Event Solutions Private Limited on April 15, 2026
- Contesting a GST penalty of Rs 34,09,764 from CGST Delhi West for the period FY 2018-2021
- Subsidiary Spike Advertising facing a demand including Rs 20,82,350 in interest and Rs 15,52,628 in penalties
- Reported zero investor complaints received or pending for the quarter ended June 30, 2026
- Disclosed a stamp duty penalty of Rs 33,450 for non-payment on allotment of securities
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations for H1 FY26 was INR 60.38 Cr, representing a 22.37% decline compared to INR 77.78 Cr in H1 FY25. The company is targeting 20-25% YoY growth in its Events & Activation vertical and 3x revenue growth in the Digital Marketing vertical by FY27.
Geographic Revenue Split
The company maintains a PAN-India presence with offices in Delhi, Kolkata, and Ahmedabad. Specific percentage contribution by region is not disclosed, though 80% asset utilization is reported across its national network.
Profitability Margins
Net Profit Margin for H1 FY26 was 4.51%, a decrease from 5.98% in H1 FY25. Profit After Tax (PAT) for H1 FY26 stood at INR 2.72 Cr, down 41.5% from INR 4.65 Cr in the corresponding previous half-year.
EBITDA Margin
Profit Before Tax (PBT) margin for H1 FY26 was 6.31% (INR 3.81 Cr on INR 60.38 Cr revenue), compared to a PBT margin of 6.74% in H1 FY25. Core profitability is impacted by a 62.9% revenue allocation to advertisement costs.
Capital Expenditure
The company utilizes a high-margin, asset-light execution model for its Events & Activation vertical. Historical fixed assets (Property, Plant, and Equipment) were valued at INR 17.58 Cr as of September 30, 2025.
Credit Rating & Borrowing
Consolidated finance costs for H1 FY26 were INR 1.14 Cr, an increase of 107% from INR 0.55 Cr in H1 FY25, indicating higher borrowing levels or increased interest rates. Specific credit ratings are not disclosed.
Operational Drivers
Raw Materials
The primary operational cost is 'Cost of Advertisement' (media space and inventory), which accounts for INR 37.99 Cr or 62.9% of total revenue in H1 FY26.
Import Sources
Not specifically disclosed; however, operations are centered in major Indian hubs including Delhi, Kolkata, and Ahmedabad.
Capacity Expansion
Current operations feature 80% asset utilization in the Out-of-Home (OOH) market. The company plans to expand its Digital Marketing vertical to achieve 3x revenue growth by FY27 and scale the Film/AV Production vertical to INR 50 Cr within 3-5 years.
Raw Material Costs
Cost of advertisements decreased to INR 37.99 Cr in H1 FY26 from INR 63.75 Cr in H1 FY25, a 40.4% reduction, aligning with the overall revenue contraction during the period.
Manufacturing Efficiency
Efficiency is driven by an asset-light model in the Events segment and maintaining high (80%) utilization rates for OOH advertising assets.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be driven by cross-selling digital services to 30-40% of the existing client base, expanding into SEO and programmatic media, and leveraging long-standing empanelments with 50+ government ministries and PSUs to capture a larger share of the INR 20,000+ Cr events industry.
Products & Services
Out-of-Home (OOH) advertising, Digital Marketing (SEO, Social, Programmatic), Film and AV Production (PSAs, documentaries), and Event Management/Activation services.
Brand Portfolio
Graphisads, Spike Advertising (subsidiary).
New Products/Services
Expansion into programmatic media and data-led campaigns for OOH clients, expected to contribute to the 3x revenue growth target for the digital vertical by FY27.
Market Expansion
Targeting growth in the national market by leveraging existing networks for cultural and civic outreach and expanding digital service offerings PAN-India.
Market Share & Ranking
Positioned as one of India's key listed players in the fragmented OOH market.
Strategic Alliances
The company operates with a subsidiary, Spike Advertising Private Limited, to broaden its service portfolio.
External Factors
Industry Trends
The industry is shifting toward digital integration; the Indian digital market is valued at INR 30,000+ Cr. Graphisads is positioning itself as a full-service partner to capture this transition.
Competitive Landscape
Operates in a highly fragmented OOH and advertising market against both large agencies and local niche players.
Competitive Moat
The moat consists of long-standing empanelments with 50+ government entities and an asset-light execution model. These are sustainable due to the high barriers to entry for government contracting and the company's established PAN-India infrastructure.
Macro Economic Sensitivity
Highly sensitive to corporate and government marketing spend, which is influenced by GDP growth and fiscal budget allocations.
Consumer Behavior
Shift toward digital consumption is forcing a transition from traditional OOH to data-led and programmatic advertising.
Geopolitical Risks
Not disclosed as a primary risk factor due to the domestic nature of the advertising and events business in India.
Regulatory & Governance
Industry Regulations
Subject to SEBI (LODR) Regulations and advertising standards. As an SME-listed company, certain corporate governance provisions (Regulations 17 to 27) are currently not mandatory but the company claims voluntary alignment.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 28.6% (INR 1.09 Cr tax on INR 3.81 Cr PBT).
Legal Contingencies
The statutory auditor's limited review report for H1 FY26 was unmodified, indicating no material legal or financial discrepancies were identified during the review period.
Risk Analysis
Key Uncertainties
Market risk from changing advertising trends (high impact), credit risk from client payment defaults (medium impact), and fraud risk (monitored by top management).
Geographic Concentration Risk
Concentrated in India, with key offices in Delhi, Kolkata, and Ahmedabad.
Third Party Dependencies
Dependent on media owners and technology providers for OOH inventory and digital marketing software.
Technology Obsolescence Risk
High risk due to the permanent nature of technological changes in advertising; mitigated by continuous staff training and software updates.
Credit & Counterparty Risk
Trade receivables stood at INR 39.90 Cr as of September 30, 2025, representing approximately 66% of H1 FY26 revenue, indicating significant credit exposure.
