Consolidated Financial Summary (Continuing Operations)

Revenue Performance:

  • Total Revenue: ₹502 crore in Q2 FY27, increased by 5% Year-on-Year (YoY) from ₹478 crore in Q2 FY26
  • Operating Revenue: ₹442 crore in Q2 FY27, increased by 2% YoY from ₹431 crore in Q2 FY26
  • Other Income: ₹60 crore in Q2 FY27, increased by 28% YoY from ₹47 crore in Q2 FY26

Expense Breakdown:

  • Raw Material Expense: ₹125 crore in Q2 FY27, increased by 15% YoY from ₹108 crore in Q2 FY26
  • Employee Cost: ₹95 crore in Q2 FY27, decreased by 9% YoY from ₹105 crore in Q2 FY26
  • Other Expenses: ₹195 crore in Q2 FY27, remained flat YoY from ₹195 crore in Q2 FY26

Profitability Metrics:

  • EBITDA (before exceptional items and share of JVs): ₹88 crore in Q2 FY27, increased by 26% YoY from ₹70 crore in Q2 FY26
  • EBITDA Margin: 17% in Q2 FY27, expanded from 15% in Q2 FY26
  • PAT (before exceptional items and share of JVs): ₹39 crore in Q2 FY27, increased by 102% YoY from ₹20 crore in Q2 FY26
  • PAT Margin: 8% in Q2 FY27, expanded from 4% in Q2 FY26

Balance Sheet Position (as of 30th September, 2026):

  • Total Assets: ₹3,889 crore (decreased from ₹3,969 crore as of 31st March, 2026)
  • Total Equity: ₹2,114 crore (increased from ₹2,009 crore as of 31st March, 2026)
  • Total Liabilities: ₹1,776 crore (decreased from ₹1,960 crore as of 31st March, 2026)
  • Net Cash Position: ₹930 crore as of Q2 FY27 (computed as per latest Ind AS 109 amendment), decreased by 2% from ₹947 crore in Q2 FY26

Business Segment Performance

Print Business:

  • Operating Revenue: ₹386 crore in Q2 FY27, increased by 8% YoY from ₹357 crore in Q2 FY26
  • Print English Revenue: ₹192 crore in Q2 FY27, increased by 5% YoY from ₹182 crore in Q2 FY26
  • Print Hindi Revenue: ₹194 crore in Q2 FY27, increased by 11% YoY from ₹174 crore in Q2 FY26
  • Operating EBITDA: ₹35 crore in Q2 FY27, decreased by 6% YoY from ₹38 crore in Q2 FY26
  • Operating EBITDA Margin: 9% in Q2 FY27, declined from 11% in Q2 FY26

Radio Business:

  • Operating Revenue: ₹25 crore in Q2 FY27, decreased by 23% YoY from ₹32 crore in Q2 FY26
  • Operating EBITDA: ₹2 crore in Q2 FY27 (turned positive from negative ₹4 crore in Q2 FY26)
  • Operating EBITDA Margin: 9% in Q2 FY27 (improved from -12% in Q2 FY26)
  • The rationalization of station network contributed to improved profitability despite revenue decline

Digital Business:

  • Operating Revenue: ₹28 crore in Q2 FY27, decreased by 30% YoY from ₹40 crore in Q2 FY26
  • Operating EBITDA: ₹1 crore in Q2 FY27 (turned positive from negative ₹1 crore in Q2 FY26)
  • Operating EBITDA Margin: 3% in Q2 FY27 (improved from -3% in Q2 FY26)
  • The segment returned to profitability through deliberate reset of operations and focus on sustainable growth

Management Commentary

Chairperson Shobhana Bhartia stated that the company consolidated gains from the first quarter and grew consolidated revenue year-on-year with improved profitability, despite the shift in the festive season to the third quarter. Print continued to anchor the company's performance with advertising revenue growing across both English and Hindi titles. Higher newsprint costs, compounded by rupee depreciation amid global uncertainty, exerted pressure on margins. The radio business rationalization strengthened profitability, while digital operations showed modest sequential improvement in both revenue and profitability.

HMVL Standalone Financials (Consolidated)

Profit & Loss:

  • Operating Revenue: ₹197 crore in Q2 FY27, increased by 12% YoY from ₹176 crore in Q2 FY26
  • Other Income: ₹52 crore in Q2 FY27, increased by 90% YoY from ₹27 crore in Q2 FY26
  • Total Revenue: ₹248 crore in Q2 FY27, increased by 22% YoY from ₹204 crore in Q2 FY26
  • Raw Material Expense: ₹67 crore in Q2 FY27, increased by 19% YoY from ₹56 crore in Q2 FY26
  • Employee Cost: ₹37 crore in Q2 FY27, increased by 9% YoY from ₹34 crore in Q2 FY26
  • Other Expenses: ₹70 crore in Q2 FY27, increased by 3% YoY from ₹68 crore in Q2 FY26
  • EBITDA: ₹74 crore in Q2 FY27, increased by 65% YoY from ₹45 crore in Q2 FY26
  • EBITDA Margin: 30% in Q2 FY27, expanded from 22% in Q2 FY26
  • PAT: ₹56 crore in Q2 FY27, increased by 63% YoY from ₹34 crore in Q2 FY26
  • PAT Margin: 22% in Q2 FY27, expanded from 17% in Q2 FY26

Balance Sheet (as of 30th September, 2026):

  • Total Assets: ₹2,476 crore (increased from ₹2,466 crore as of 31st March, 2026)
  • Total Equity: ₹1,689 crore (increased from ₹1,587 crore as of 31st March, 2026)
  • Total Liabilities: ₹787 crore (decreased from ₹879 crore as of 31st March, 2026)

Forward-Looking Statements

The document contains cautionary statements noting that forward-looking statements are subject to risks and uncertainties including regulatory changes, local political and economic developments, technological risks, geopolitical macro changes, and other factors that could cause actual results to differ materially. The presentation is intended for quarterly performance discussion and not for trading, financial, or legal advice.