Simca Advertising IPO

Simca Advertising sells outdoor advertising space in Mumbai. It operates a portfolio of over 100 out-of-home media assets — static hoardings, gantries and digital LED displays — on arterial roads, major junctions, commercial hubs and market areas, and resells that inventory to advertisers alongside media planning, site selection and campaign execution. Formats include hoardings, gantries, bus panels, bus shelters, kiosks, utilities and vinyl signage. The company counts each LED board as six media assets, because every board carries six advertising slots. Buyers are advertising agencies and brands in entertainment, real estate, fashion and lifestyle and insurance, plus government bodies, which were 5.62% of revenue in the nine months to 31 December 2025. Simca owns no advertising structures of its own; sites are leased or sub-leased from third parties and from a proprietorship firm of promoter Fahim Batliwala. Headcount was 31 at 31 December 2025.

Revenue is space selling: 99.58% of the ₹7,777.68 lakh earned in the nine months to 31 December 2025 came from selling advertisement space, the remainder from vinyl mounting and dismounting. Traditional OOH was 63.42% of that revenue and digital OOH 36.01%, up from 14.50% in FY24. The dominant cost is hoarding expense — media space procurement, hoarding and LED rent, government fees, insurance, site commission and electricity — at ₹5,405.03 lakh, or 69.16% of total income in the nine-month period and 77.45% in FY24. EBITDA margin was 18.48%. The structural constraint is that Simca owns no sites: inventory is leased, including from the promoter's proprietorship firm, so margins turn on lease renewal terms, and trade receivables ran 118 days.