Praveg: Abhik H1 sales rise while Bidhan returns to profit

Praveg reported H1FY27 net sales of Rs 29.63 crore at Abhik Advertising Private Limited, up from Rs 19.16 crore in H1FY26, while Bidhan Advertising and Marketing Private Limited recorded Rs 24 lakh profit after tax following a Rs 0.30 lakh loss. The two advertising subsidiaries therefore delivered sales growth at markedly different scales and margin movements.

What did Praveg’s advertising subsidiaries report in H1FY27?

Praveg’s two advertising subsidiaries both increased H1FY27 net sales, with Abhik contributing Rs 29.63 crore and Bidhan contributing Rs 3.68 crore. Abhik’s net sales increased by Rs 10.47 crore from Rs 19.16 crore in H1FY26, while Bidhan’s rose by Rs 0.34 crore from Rs 3.34 crore. H1 denotes the first half of the financial year.

Praveg states that its integrated platform includes 51% stakes in Abhik and Bidhan, alongside in-house creative, reservations and quality-control capabilities. Abhik was founded in 2008 and acquired Bidhan in 2016-17, according to the presentation. Bidhan is described as an advertising and marketing firm established more than 50 years ago, with Indian Newspaper Society and Indian Broadcasting Foundation accreditations.

How did Abhik’s revenue and margins change?

Abhik increased reported H1FY27 earnings before interest, tax, depreciation and amortisation, or EBITDA, to Rs 9.54 crore from Rs 6.32 crore in H1FY26, but its EBITDA margin declined to 31.64% from 32.49%. Its profit after tax, or PAT, was Rs 1.49 crore, below Rs 1.57 crore a year earlier, and net profit margin declined to 4.95% from 8.19%.

Abhik’s Q2FY27 net sales of Rs 14.22 crore were lower than Rs 15.41 crore in Q1FY27 but higher than Rs 9.76 crore in Q2FY26. Q2FY27 EBITDA was Rs 6.34 crore, with a 43.26% margin, compared with Rs 3.44 crore and a 34.48% margin in Q2FY26. Q2FY27 PAT was Rs 80 lakh, compared with Rs 69 lakh in Q1FY27 and Rs 82 lakh in Q2FY26.

The presentation separately adjusts Abhik’s EBITDA for Indian Accounting Standard 116, or Ind AS 116, lease effects and actual rent. On that basis, it gives revised EBITDA of Rs 2.9619 crore for Q2FY27 and Rs 6.0557 crore for H1FY27. These disclosed adjusted measures differ from reported EBITDA of Rs 6.34 crore and Rs 9.54 crore for the respective periods.

Why did Bidhan return to H1 profitability?

Bidhan reported H1FY27 PAT of Rs 24 lakh after a Rs 0.30 lakh loss in H1FY26, while net profit margin moved to 6.68% from negative 0.09%. Its H1FY27 EBITDA rose to Rs 63 lakh from Rs 44 lakh, and EBITDA margin increased to 17.15% from 13.28%. This improvement occurred on H1FY27 net sales of Rs 3.68 crore, compared with Abhik’s Rs 29.63 crore.

Bidhan’s Q2FY27 performance was materially ahead of Q1FY27. Net sales rose to Rs 2.48 crore from Rs 1.20 crore, EBITDA increased to Rs 55 lakh from Rs 8 lakh, and PAT changed from a Rs 11 lakh loss to a Rs 35 lakh profit. Its EBITDA margin reached 21.91% in Q2FY27, compared with 7.25% in Q1FY27 and 16.59% in Q2FY26.

Bidhan also has separately disclosed lease-adjusted EBITDA figures. After removing the stated Ind AS 116 lease effect and considering actual rent, the presentation reports revised EBITDA of Rs 38.05 lakh in Q2FY27 and Rs 30.23 lakh in H1FY27. Those figures should be distinguished from its reported EBITDA of Rs 55 lakh and Rs 63 lakh in the same respective periods.

What advertising assets and expansion items does Praveg disclose?

Praveg lists private hoardings in Gujarat, Hindustan Petroleum Corporation Limited hoarding-media rights, smart toilets with advertising rights, and government advertising through UFO theatres as advertising and media mechanisms. It also identifies an Adani Airports partnership and media procurement across channels. The presentation does not disclose sales, EBITDA or PAT contributions from any of these individual mechanisms.

The stated expansion items include Rajasthan and the Ayodhya development project, but no launch date, investment amount, expected sales or earnings target is provided. This contrasts with the hospitality disclosures of 18 properties across three states and two Union Territories, plus more than 207 rooms in the pipeline across four new resorts. The source does not allocate that room pipeline to either advertising subsidiary.

Praveg also cites more than 1,200 events delivered, more than 2,000 exhibitions managed and more than 900 rooms of inventory across its broader platform. These operating figures provide context for the integrated hospitality and advertising model, but the presentation does not quantify shared clients, cross-selling or advertising revenue arising from events and hospitality. The subsidiary financial tables remain the direct measure of Abhik and Bidhan’s performance.

Conclusion

The H1FY27 disclosures show Abhik as the larger advertising operation, adding Rs 10.47 crore of net sales from H1FY26, while Bidhan recorded the more pronounced bottom-line change by moving from a Rs 0.30 lakh loss to Rs 24 lakh PAT. Abhik’s reported EBITDA margin declined year on year, whereas Bidhan’s increased, showing different profitability profiles despite sales growth at both businesses.

What to watch next is whether Praveg provides financial targets, project timing or subsidiary-level contributions for its Rajasthan expansion, Ayodhya development project, smart-toilet advertising rights and Adani Airports partnership. The presentation identifies these items without investment or revenue estimates, while its separate Ind AS 116-adjusted EBITDA disclosures provide an additional comparison point for future reported results.