Consolidated Financial Performance

  • Total revenue: ₹497 crore, representing 15% year-on-year growth
  • EBITDA: ₹90 crore, nearly 3x increase year-on-year
  • EBITDA margin: Expanded by 12 percentage points
  • PAT: ₹47 crore with PAT margin of 9%
  • Net cash position: ₹922 crore (consolidated level)

Business Segment Performance

Print Segment:

  • Advertising revenue: ₹295 crore (15% YoY growth)
  • Circulation revenue: ₹52 crore (virtually flat YoY)
  • Total operating revenue: ₹376 crore (16% increase)
  • Operating EBITDA: ₹50 crore
  • EBITDA margin: 13%

English Print Sub-segment:

  • Advertising revenue: ₹156 crore (12% YoY growth)
  • Circulation revenue: ₹13 crore (14% growth)

Hindi Print Sub-segment:

  • Advertising revenue: ₹139 crore (increase YoY)
  • Circulation revenue: Remained flat

Radio Segment:

  • Topline: Flat year-on-year
  • Operating EBITDA: Negative ₹3 crore

Digital Segment:

  • Operating revenue: Down 28% year-on-year
  • Operating EBITDA: Negative ₹3 crore
  • EBITDA margin: Negative 12%

Key Operational Highlights

  • Print remained the anchor business with advertising revenue growth
  • Circulation revenue remained resilient both annually and sequentially
  • Profitability improvement achieved through steady advertising revenue and disciplined cost management
  • Company shut down loss-making verticals (specifically mentioning OTTplay decision circa 31st March 2026)
  • Employee costs reduced to ₹99 crore from ₹111 crore year-on-year through right-sizing and efficiency measures

Cost Pressures and Concerns

  • Elevated newsprint prices cited as primary concern (currently $650-700 per metric ton)
  • Weaker rupee creating additional cost pressure as newsprint priced in US dollars
  • Global supply chain uncertainties affecting operations
  • Newsprint represents 25-40% of entire bill of material for Print business

Preferential Issue Details

  • Board approved preferential issue for HT Media Limited and Digicontent Limited (not for HMVL)
  • Pricing: ₹24.7 per share based on SEBI formula (higher of 10-day or 90-day VWAP)
  • Purpose: Strengthen capital structure, streamline debt profile, provide capital for general business requirements
  • Expected to retire 30-50% of debt
  • Subject to regulatory and shareholder approval

Shareholder Concerns Raised

  • Significant dilution concerns (15% dilution to existing public shareholders)
  • Pricing considered low compared to book value of approximately ₹70 per share
  • Questions about why rights issue wasn't preferred over preferential issue
  • Concerns about moral and ethical dimensions of pricing at current levels
  • Management response: Pricing follows SEBI formula, process is quicker than rights issue, provides certainty of fundraising

Treasury and Other Income

  • HMVL showed spike in other operating income to ₹20 crore (from ₹10 crore year-on-year)
  • Includes treasury gains (mutual fund NAV-based) and profit on sale of assets
  • Job work income and scrap sales also contributed to increase
  • Treasury gains attributed to yield curve movement at quarter end

Management Commentary and Outlook

  • No specific guidance on revenue or earnings projections provided
  • Management "very hopeful" about maintaining performance going forward
  • Newsprint prices believed to have peaked and should plateau at current levels
  • Expect Print EBITDA margins around 13% to be maintainable baseline
  • Yield improvement program driving pricing gains in advertising
  • Government advertising rates increased in November 2025 (after 7 years), providing tailwind

Corporate Structure Clarification

  • ₹922 crore net cash position is consolidated (includes HMVL's cash)
  • HT Media Limited and Digicontent Limited have net debt positions
  • HMVL has separate board and will make separate decisions about cash deployment
  • Debt in HT Media has been building for 4-5 years post-COVID