Century Business Media Limited: four states supplied 81% of FY26 sales

Century Business Media Limited drew 81.34% of fiscal 2026 (FY26) sales, or Rs 37.77 crore of Rs 46.43 crore, from Bihar, Jharkhand, Delhi and West Bengal. Bihar accounted for 35.56% and Jharkhand 21.19%, leaving the company’s sales dependent on four operating geographies.

How concentrated were Century Business Media’s FY26 sales in four states?

Century Business Media’s FY26 sales concentration was 81.34% across Bihar, Jharkhand, Delhi and West Bengal, compared with 82.58% in FY25 and 79.63% in FY24. The four-state sales pool rose to Rs 37.77 crore in FY26 from Rs 30.23 crore in FY25 and Rs 25.51 crore in FY24, while total sales increased to Rs 46.43 crore from Rs 36.65 crore and Rs 32.03 crore, respectively.

The concentration arises because Century Business Media’s Out-of-Home (OOH) advertising assets are predominantly located in these regions. OOH advertising means advertising displayed outside the home, including at airports, railway stations, metro stations and city sites. The company states that it does not own or operate media assets outside Bihar, Jharkhand, West Bengal and some North Eastern States, although it serves clients from other parts of India through campaigns in these geographies.

Which states drove Century Business Media’s FY26 sales growth?

Jharkhand and Delhi drove the increase in Century Business Media’s four-state sales between FY25 and FY26. Jharkhand sales rose by Rs 3.72 crore to Rs 9.84 crore, lifting its share to 21.19% from 16.69%. Delhi sales increased by Rs 4.79 crore to Rs 7.16 crore, and its share rose to 15.43% from 6.48%.

Bihar remained Century Business Media’s largest state by sales despite changing little in rupee terms. Bihar produced Rs 16.51 crore in FY26, compared with Rs 16.41 crore in FY25, but its share declined to 35.56% from 44.77% because total sales expanded faster elsewhere. West Bengal moved in the other direction, with FY26 sales falling to Rs 4.25 crore from Rs 5.33 crore, reducing its share to 9.16% from 9.64%.

The shift means the company’s dependence became less Bihar-centric but remained geographically concentrated. Bihar and Jharkhand alone accounted for 56.75% of FY26 sales, or Rs 26.35 crore. Adding Delhi took the cumulative share to 72.18%, or Rs 33.51 crore, before West Bengal added a further Rs 4.25 crore.

What can disrupt Century Business Media’s concentrated operations?

Century Business Media identifies state-specific economic, political and regulatory developments as risks because its advertising assets are concentrated in a few regions. The disclosed events include changes in laws and regulations, political or economic instability, natural disasters, public-health emergencies, infrastructure disruption, civil unrest and labour issues. A disruption in Bihar, Jharkhand, Delhi or West Bengal could affect a revenue base that represented Rs 37.77 crore in FY26.

Government and regulatory decisions are particularly relevant because the company operates assets at public locations. Century Business Media says cancellation, modification or non-renewal of advertising rights, limits on awarding new projects, removal or relocation of existing assets, and revised compliance requirements may affect operations and expansion. Its concession, licensing and marketing agreements with government and quasi-government authorities are typically awarded through competitive bidding for fixed terms of three to 10 years.

Operational execution also depends on approvals, installations and skilled manpower in the relevant states. The prospectus says slower approvals, delayed installations or manpower shortages may prevent delivery of campaigns within client timelines. Since the company cannot offset an interruption with owned media assets in most other Indian states, the concentration risk persists if the four-state asset base remains the principal delivery network.

How do contracts and fixed obligations add to the four-state risk?

Century Business Media’s location exposure is linked to concession contracts that can require security deposits and fixed Minimum Monthly Guarantees (MMGs). An MMG is a payment owed to a granting authority regardless of actual advertising revenue from a site. If an airport agreement is terminated before 50% of its tenure is completed, certain agreements allow forfeiture equal to six months of the MMG; after 50% of tenure, the security deposit is refundable without forfeiture.

The company reported no security-deposit forfeiture during the three years preceding the prospectus date and no MMG default that resulted in penalties, forfeiture or termination during those three financial years. That record does not remove the exposure: lower passenger traffic, seasonal changes, pandemics or infrastructure disruptions can leave actual site revenue below the fixed MMG, requiring the shortfall to be funded from internal resources or borrowings.

The asset pipeline disclosed for Bihar and Jharkhand may reinforce the importance of those two states if implemented. Century Business Media has received third-party quotations for static and digital OOH assets at railway stations, airports and city locations in Bihar and Jharkhand, but had not placed orders as of the prospectus date. The proposed expenditure is intended to be funded from issue net proceeds, while quotation prices may change and vendor delivery delays could postpone deployment.

Conclusion

Century Business Media’s FY26 sales mix shows that growth in Jharkhand and Delhi reduced Bihar’s share of revenue but did not materially broaden the geographic base. Four states still supplied 81.34% of sales, compared with 82.58% in FY25, while the company’s owned and operated media footprint remained concentrated in Bihar, Jharkhand, West Bengal and some North Eastern States.

The next point to watch is whether Century Business Media’s stated expansion footprint becomes operational without extending its existing state reliance. The disclosed plan concerns proposed static and digital assets in Bihar and Jharkhand, for which orders had not yet been placed; the unresolved matters are procurement timing, quotation revisions, delivery and the company’s ability to diversify in a timely, successful and cost-effective way.