Century Business Media Ltd. IPO

Century Business Media

• Century Business Media is coming out with an initial public offering (IPO) of 23,12,000 shares in a price band of Rs 70-74 per equity share.
• The issue will open for subscription on September 11, 2026 and will close on September 16 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.00 times of its face value on the lower side and 7.40 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance officer for the issue is Shashank Poddar.

Profile of the company

Century Business Media provides advertising services with a primary focus on Out-of-Home (OOH) media formats, including both digital and non-digital solutions. It operates primarily in the Airport Out-of-Home (AOOH) and Railway Out-of-Home (ROOH) segments by offering advertising spaces within and outside airport terminal buildings and through digital and static hoardings across railway stations and railway land. It has recently commenced Metro Out-of-Home (MOOH) advertising, including advertisements on Platform Screen Doors (PSDs), and have also started offering in-shop branding services. Additionally, it provides a variety of traditional city media formats, including hoardings, billboards, unipole, multipoles, pole kiosks, wall wraps, wall paintings, lollipops, gantries, in-shop branding, and other related media assets.

The company has an operational presence across Bihar, Jharkhand, West Bengal, and the North Eastern states such as Tripura, Arunachal Pradesh, Assam, Nagaland, managing outdoor media assets and executing advertising campaigns. Beyond these regions, it provides OOH advertising services across India through a mix of exclusive and non-exclusive media rights, catering to a client base in multiple states and industry sectors. It holds exclusive advertising rights at the airports in Patna, Ranchi, Deoghar, Darbhanga, and Jorhat, and non-exclusive rights at Dimapur and Lilabari airports. Additionally, it has marketing rights at Gaya, Agartala, and Silchar airports. In the railway segment, it holds exclusive advertising rights outside station campuses under the East Central Railway (ECR) zone, covering the divisions of Danapur, Dhanbad, Mughalsarai, Samastipur, and Sonepur, encompassing a total of 714 railway stations. In the metro segment, it holds Platform Screen Door (PSD) advertising rights at Howrah and Esplanade metro stations. Further, for specific client campaigns, it also procures temporary advertising assets from third-party hoarding owners based on campaign requirements.

The company operates a store-cum-workshop facility located at Patna, Bihar, where inventory including advertising material and equipment are stored and prepared. The company follows internal procedures intended to ensure quality control, timely delivery, and cost management. It aims to align its media offerings with client requirements in the area of communication and brand visibility.

Proceed is being used for:

• Funding capital expenditure towards purchase of media assets
• Payment of Security deposit for advertising rights at Patna Airport 
• Repayment of certain borrowing availed by the company
• Meeting working capital requirements
• General corporate purposes

Industry overview

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). This significantly aided the country’s industry and made India leading in terms of digital adoption and provided companies with uninterrupted rich data to understand their customers better. India has also experienced growing opportunities in the VFX sector as the focus shifted globally to India as a preferred content creator. As of 2025, India has 2–2.5 million active digital creators influencing over Rs 29,60,300 crore ($350 billion) in annual consumer spending, which is projected to exceed Rs 84,58,000 crore ($1 trillion) by 2030.

The Indian advertising market was expected to grow 11.8% to reach $14.75 billion (Rs 1,22,155 crore) in 2024, primarily driven by digital media, which is poised to grow faster at almost 16% to reach $6.98 billion (Rs 57,757 crore). Despite this, traditional media, including TV, print, radio, and outdoor, is expected to grow 8.4% to $7.78 billion (Rs 64,398 crore) and maintain a 53% share of the total ad spend, with digital media taking up the remaining 47%. The Magna Global Advertising Forecast 2024 report notes that India's traditional media market share is twice that of the global (29%) and APAC (24%) size, and digital's share of total ad spends could reach 50% by 2026.

India, the fastest-growing ad market globally, was projected to move into the top 10 markets in 2025 and is expected to be in the 11th spot in 2024, behind South Korea. Magna estimates the Indian ad market to grow at a CAGR of 10% to reach $20.53 billion (Rs. 1,70,000 crore) by 2028. The report cites the good performance of listed companies, double-digit growth in the FMCG sector, and the auto industry's expected boost in marketing activities as driving factors. Additionally, a normal monsoon and increased government spending are expected to boost rural demand, prompting corporates to increase their ad spending. While digital continues to grow rapidly, traditional media, particularly TV and print, are also expected to see strong growth, with TV ad revenues projected to grow by 8.7% to reach an estimated $4.75 billion (Rs 39,333 crore) and print media growing at 6.1% to $2.27 billion (Rs 18,771 crore).

Pros and strengths

Diversified revenue from clients at multiple locations and geographies in India: The company serves clients of Bihar, Delhi, Jharkhand, West Bengal, Maharashtra, Uttar Pradesh, Karnataka and other states. While its operations are concentrated in eastern and some north-eastern India, it also undertakes assignments in other parts of the country through direct rights and third-party arrangements. The company’s ability to offer multiple OOH formats enables it to address market-specific demands.

Access to strategic advertising rights across multiple media assets: It holds exclusive advertising rights at five airports -- Patna, Ranchi, Deoghar, Darbhanga, and Jorhat -- and non-exclusive advertising rights at Dimapur and Lilabari airports. Additionally, it has marketing rights at Gaya, Agartala, and Silchar airports. In the Railway OOH segment, it has exclusive advertising rights outside station campuses under the Eastern Central Railway zone, covering five divisions -- Danapur, Dhanbad, Mughalsarai, Samastipur, and Sonepur encompassing 714 railway stations. In the Metro OOH segment, it has advertising rights on PSDs at Howrah and Esplanade metro stations.

Focus on customer satisfaction and execution capabilities: The company places emphasis on meeting client-specific advertising requirements through effective media planning, timely execution, and creative support. Its services include assisting clients in identifying appropriate advertising locations aligned with their budgets and regional priorities, developing artwork through in-house or third-party resources, and coordinating the display of advertisements. Its ability to deliver advertising campaigns as per client expectations has supported client satisfaction and contributed to long-term relationships.

Risks and concerns

Dependence on third-party media sites: A portion of the company’s OOH advertising business, particularly in city-based formats, is dependent on its ability to procure appropriate media sites such as hoardings, billboards, unipole, pole kiosks, gantries, wall wraps, and other display formats. These sites are typically sourced from third-party media owners, municipal bodies, or other private lessors, through lease arrangements or rental contracts. The availability of such sites in high-traffic or strategically relevant locations is critical to meeting client expectations and campaign specifications. There can be no assurance that such sites will be consistently available in the desired locations, at commercially viable terms, or within required timelines. In certain cases, local authorities may impose restrictions, deny renewal of existing sites, or initiate demolition drives in specific zones, thereby reducing the total inventory of usable OOH media sites. Additionally, fluctuations in site rentals due to increased demand, limited supply, or changes in municipal guidelines may impact its cost structure and margins.

Revenue dependence on key advertising contracts: A significant portion of its revenue is derived from a limited number of high-value advertising rights and concession contracts at key airports and railway zones, including those awarded by the Airports Authority of India (AAI) and Indian Railways (through IRCTC and other zonal authorities). These contracts are predominantly medium- to long-term in nature, typically ranging between 3 to 10 years, depending on the issuing authority. Over the past three financial years, such contracts have been consistently renewed upon expiry, subject to satisfactory performance and compliance with applicable terms. There is no assurance, however, that these contracts will continue to be renewed in its favour upon expiry, or that any renewals will occur on terms comparable to those currently in force.

High working capital requirements: The company’s business requires a significant amount of working capital, with a major portion deployed towards trade receivables and inventories. Its trade receivables, as per the Restated Standalone Financial Statements, as at March 31, 2026, March 31, 2025 and March 31, 2024 were Rs 1415.80 lakh, Rs 1071.35 lakh and Rs 877.06 lakh, respectively, while its inventories March 31, 2026, March 31, 2025 and March 31, 2024 were Rs 0.51 lakh, Rs 0.56 lakh and Rs 0.64 lakh, respectively. The results of its operations are dependent on its ability to effectively manage trade receivables and inventory. Any delays in receivables or inability to secure adequate financing could adversely affect its liquidity and operations.

Outlook

Century Business Media primarily operates across the Airport Out-of-Home (AOOH) and Railway Out-of-Home (ROOH) segments, providing advertising spaces within and outside airport terminal buildings and through digital and static hoardings across railway stations and railway land. The company has established presence across multiple OOH advertising formats. It has strong execution capabilities and focusses on customer satisfaction. On the concern side, the company’s business is significantly dependent on concession, licensing, and marketing agreements granted by government and quasi-government authorities, and failure to renew or retain such rights could materially and adversely affect its revenues and market position. Moreover, the company is required to provide substantial security deposits under its concession agreements, the forfeiture or invocation of which could materially affect its liquidity.

The company is coming out with a maiden IPO of 23,12,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 70-74 per equity share. The aggregate size of the offer is around Rs 16.18 crore to Rs 17.11 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2025-26 stood at Rs 4675.64 lakh whereas in financial year 2024-25 the same stood at Rs 3691.28 lakh representing an increase of 26.67%. The main reason of increase was due to increase in the revenue from operations and other income of the company. Moreover, the company has reported 18.09% rise in net profit at Rs 555.56 lakh in FY26 as compared to Rs 470.47 crore in FY25.

Meanwhile, the company intends to expand its operational coverage to cater to the requirements of a diverse client base. To support this, it may selectively acquire advertising assets from smaller asset holders, which is expected to enable it to consolidate fragmented media inventory and improve operational efficiency. In addition, it plans to expand into relatively untapped regions, including parts of the north-eastern states, to increase its market presence. Such regional expansion will enable the company to serve a wider customer base, subject to demand conditions and operational feasibility.

BLS Polymers

• BLS Polymers is coming out with a 100% book building; initial public offering (IPO) of 1,70,00,000 shares of face value Rs 10 each in a price band Rs 142-150 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 14.20 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance officer for the issue is Neha Kumar Sunit. 

Profile of the company

BLS Polymers is a polymer compounding firm in India with over two decades of market experience, specializing in a wide range of high-performance compounds tailored for various industrial applications. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. With expertise in producing co-polymers such as High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), Cross Linked Polyethylene (XLPE), Polyvinyl Chloride (PVC), Cable Filling Compounds, and Masterbatches, the company demonstrates technical excellence, operational efficiency, and innovation-driven growth. The company was established in 1991 and has grown to become one of India's largest polymer compounders. BLS Polymers has a head office in Delhi and manufacturing facilities in Goa, with more than 35,000 MTPA installed capacity.

The company’s product portfolio is well diversified to offer varied solutions in the wire and cables and infrastructure industry, and included products such as, HDPE, MDPE, Linear Low-Density Polyethylene (LLDPE), XLPE, Halogen-Free Flame Retardant (HFFR), PVC, CFC and adhesive coating compounds which are utilized in power, control, data, instrumentation, and telecom cables and advanced pipeline coating systems widely used in water and oil & gas pipelines for corrosion protection and mechanical damage resistance. The company also produce specialty additive masterbatches, as well as black and white masterbatches to meet diverse client requirements. The company offers a range of additives designed to enhance the surface and bulk properties of polymers, such as scratch resistance, surface smoothness, and flame retardancy. These compounds and masterbatches are classified based on different functionalities and end-uses.

Proceed is being used for:

• Financing the capital expenditure requirement towards expansion of its existing manufacturing facility at Goa (Manufacturing Facility) by increasing the manufacturing capacity of certain of its existing products
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The polymer industry in India stands as one of the most significant sectors in the country's manufacturing landscape, playing a crucial role in economic development. India's polymer industry has demonstrated consistent growth over the years, primarily driven by increasing demand across various sectors. The industry is broadly categorized into two main segments: commodity polymers and engineering polymers. Commodity polymers, including HDPE, MDPE, XLPE, LDPE, LLDPE, HFFR and PVC, which are commonly known as co-polymers, form the backbone of the industry and find widespread use in everyday applications. Engineering polymers, such as Acrylonitrile Butadiene Styrene (ABS), Nylon, Polycarbonate, and Polyethylene Terephthalate (PET), cater to more specialized and technical applications, commanding higher value in the market.

Polymer compounding in India represents a crucial segment of the polymer industry, serving as a vital link between raw polymer manufacturers and end-product manufacturers. This specialized sector involves the process of combining base polymers with additives, fillers, and reinforcements to create customized materials that meet specific performance requirements for various applications. The Indian polymer compounding market has experienced consistent growth over the past few years, driven by increasing demand across various end-use industries. The market expanded from $5,967 million in 2019 to $9,934 million in 2025. This growth was fueled by rapid industrialization, rising demand from the automotive, construction and infrastructure, packaging, telecommunications, electrical & electronics, wires & cables, and an increasing shift toward lightweight and high-performance polymer materials.

The global polymer compounding market stood at $75,526 million in 2025, growing with a CAGR of 6.5% from 2019. The market is expected to grow with a CAGR of 6.7% till 2031, reaching a value of $109,801 million. The growth is driven by technological advancements, rising demand for polymers in key end use sectors including automotive, construction, electrical appliances, wire & cables and electrical & electronics. Because of their great performance, light weight, cost effectiveness, polymers are frequently employed as alternatives to items made of metal and mineral material. 

Pros and strengths 

Enlisted with prominent government agencies with pre-approved product portfolio: The company is engaged in the manufacturing of multiple grades of polymer compounds, serving a wide range of critical industries including telecommunications, power, railways, water supply, and oil and gas distribution. Consequently, entry into the polymer compound industry requires a measured approach, significant resources, and deep expertise to successfully overcome these multifaceted obstacles. In industries such as power transmission, telecommunications, and coatings, polymer compounders must have their products, manufacturing processes, and standard operating procedures rigorously tested and approved by regulatory bodies or public sector enterprises. Accordingly, it has enlisted its products with a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunication company and Government of Gujarat. The company have also applied to various other government and private agencies for enlisting its product finding application in the oil and gas industry.

Diversified industry applications with differentiated product portfolio: Its business model is diversified by a mix of products, end use industries and customer base. As on August 31, 2026, the company has manufactured 06 products in 127 grades across its product segments. The bouquet of products offered by it serves various end-user industries including but not limited to railways, telecommunication, among others. In addition to its diversified product categories, it has also developed multiple grades depending on application and customer requirements. Its constant efforts are focused towards continuously identifying market demands and introducing relevant products with high quality. It diversifies its product portfolio in such a manner that its products are customised for its customers and are commensurate with the scale for each of the geographies it serves. Its diversified product portfolio helps it retains its customers and strengthen its cross-selling efforts across product portfolios.

PAN-India market presence: The company is a manufacturer of various grades of polymer compounds primarily used in manufacturing of wire and cables and coating of industrial pipelines. It primarily derives majority of its revenue from its domestic operations and as of June 30, 2026, 94.68% of its revenue from operations was generated from the domestic operations undertaken by the company. In the three months period ended June 30, 2026 and the last 3 fiscals, it sold its products in 23 states/union territories. Through its strategic geographic presence, it can effectively serve a broad customer base, encompass manufacturers of all sizes, and pursue growth opportunities in various markets. This expansive reach allows it to establish a market presence, nurture customer relationships, and drive sustainable growth.

Integrated product development capabilities: The company has invested in an in-house product development team for developing new polymer compositions to suit its customer needs and market demand. As on August 31, 2026, its product development team comprised 7 employees. It has in the past, strategically diversified its product portfolio to either offer additional product applications or inculcate enhanced properties such as, smoke-free flame retardance, anti-tracking, etc. For instance, it has in the recent past developed pipe coating adhesive which is primarily applied on underground pipelines used for distribution of oil, gas and water. Its product development team in consultation with third party consultants developed pipe coating adhesives by developing the composition of the product, modifying the manufacturing infrastructure, undertaking in-house and third party quality tests and obtaining a certification in respect of the efficacy of the product. These third party consultants offer advisory services to public sector units engaged in the oil and gas industry and hold extensive experience in the field of pipeline coating, field joint coating and cathodic protection.

Risks and concerns

High revenue concentration in wire and cable polymer compounds: The company relies heavily on revenue generated from the sale of polymer compounds used in the wire and cable industries. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, it derived 73.20%, 80.93%, 81.59% and 80.49% of its revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant dependence on the top 10 customers: Its business largely depends upon its top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason including, due to loss of business or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Fluctuations in average selling prices and raw material: The average selling prices of its products may be subject to fluctuations depending on the market conditions. The average selling prices of its products are affected by the general market conditions, such as pricing by competition and raw material costs, which could have an impact on the businesses of its distributors and, in turn, their demand for its products. Further, it also sells its raw materials to take advantage of arbitrage opportunities, without affecting its normal operations. During the three months period ended June 30, 2026 and the Fiscal 2026, Fiscal 2025 and Fiscal 2024, revenue from procurement and supply of various grades of HDPE resin and LLDPE resin accounted for Rs 1,885.49 lakh, Rs 11,132.00 lakh, Rs 8,572.30 lakh and Rs 4,100.00 lakh, representing 17.62%, 31.86%, 26.10% and 13.83% of its total revenue from operations. A decline in the average selling prices for its products could adversely affect its business and financial condition, operating results, and cash flows.

Dependence on raw material suppliers: The company highly depends on a few key suppliers who help it procures raw materials for manufacturing its products. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, the expenses incurred from the top 10 suppliers stood at Rs 26,100.16 lakh, Rs 22,210.65 lakh and Rs 18,901.79 lakh, accounting for 93.52%, 83.52% and 75.34% of the total procurement cost, respectively. The company has not entered into long-term agreements with most of its suppliers for supply of raw materials. In the event it is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected. Any fluctuation in prices of its raw materials, may have a material adverse effect on its business, results of operations, prospects and financial condition.

Outlook

BLS Polymers is engaged in compounding of Polyethylene and PVC compounds. The company is also engaged in the Trading of polymers. Further the company operates as a Del Credere Associate (DCA) cum Consignment Stockist (CS) of Indian Oil Corporation (IOCL) for the Polymer Business. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. On the concern side, it does not enter into formal agreements or arrangements with its customers and typically relies on blanket purchase orders issued by its customers from time to time that set out the price per unit of the products that are to be supplied to/ purchased by them from the company. If its customers choose not to source their requirements from the company, there may be a material adverse effect on its business, financial condition, cash flows and results of operations. Further, if there are any fluctuations in the demand for its products, it could affect its inventory levels, operations, financial condition and cash flow.

The issue has been offering 1,70,00,000 shares in a price band of Rs 142-150 per equity share. The aggregate size of the offer is around Rs 241.40 crore to Rs 255.00 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 6.39% to Rs 34,942.83 lakh in the financial year 2025-26 from Rs 32,843.59 lakh in financial year 2024-25. The Profit After Tax (PAT) for the financial year 2025-26 reached Rs 2,700.94 lakh, marking an increase from Rs 2,113.60 lakh in the financial year 2024-25.

Meanwhile, it intends to strengthen its relationships with its existing customers and explore opportunities to grow along the value chain by expanding the array of its existing products and solutions that it supplies to its customers across geographies, and to add new customers by developing products and solutions aligned with their needs. As part of its growth strategy, it seeks to pursue emerging opportunities in its existing product categories. Currently, its portfolio caters to wire & cables and infrastructure industries. It intends to diversify its product base to cater to other end-use industries as well. The company has already manufactured and tested some new products which will help it to cater to wider end-applications.

CarTrade Tech has informed that the Company’s conference call with Analysts and Investors to discuss the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026 is scheduled to be held on Wednesday, October 28, 2026 at 12.30 pm (IST). The company has enclosed the link to access Dial in details and other details. 

The above information is a part of company’s filings submitted to BSE.