HT Media Limited

This document is the transcript of an earnings conference call held on 5th November 2026, discussing the unaudited financial results of HT Media Limited for Q2 FY27 (quarter ended 30th September 2026). The call was hosted by management including Mr. Piyush Gupta (Group CFO), Ms. Anna Abraham (Deputy Group CFO, CFO - Hindustan Media Ventures Ltd., Head Investor Relations), and Mr. Pervez Bajan (Head Financial Controllership & Taxation).

Consolidated Financial Performance

  • Total Revenue: INR 502 crore, representing a 5% year-on-year (YoY) growth.
  • EBITDA: INR 88 crore, showing a 26% YoY growth.
  • EBITDA Margin: Improved to 17% from 15% in the same period last year.
  • PAT: INR 39 crore.
  • PAT Margin: Increased to 8% from 4% YoY.
  • Net Cash: Remained healthy at INR 930 crore.
  • The performance was achieved despite a shift in the festive season by approximately 20 days into Q3 FY27.

Segment-Wise Performance

Print Business:

  • Operating Revenue: INR 386 crore, an 8% YoY growth.
  • English Print: Advertising revenue grew by 5% YoY.
  • Hindi Print (HMVL): Advertising revenue grew by 11% YoY.
  • Operating EBITDA: Declined by 6% YoY, primarily due to increased newsprint costs industry-wide and the impact of rupee depreciation.
  • Circulation Revenue: Remained flat YoY at INR 54 crore for the consolidated print business and INR 39 crore specifically for HMVL. Circulation copies also remained flat.

Radio Business:

  • Operating Revenue: INR 25 crore, a decline of 23% YoY.
  • The decline is attributed to the rationalization of the station network, where unprofitable stations were surrendered. This action is stated to have strengthened profitability and established a more sustainable operating base.
  • The business continues to operate under the old GOPA license fee framework, and profitability is expected to improve significantly if the government agrees to industry lobbying for a revised fee structure aligned with new licenses.

Digital Operations:

  • Recorded a modest sequential improvement in both revenue and profitability.
  • The focus remains on a leaner portfolio, quality of earnings, and sustainable, profitable growth.

Cost Structure and Other Details

  • Employee Expenses: Consolidated employee expense was INR 95 crore, down from INR 99 crore in the previous quarter and INR 105 crore YoY, reflecting a Group-wide cost rationalization program on all indirect costs.
  • Unallocated Costs: A segment loss of INR 12.37 crore was reported under "Unallocated." This includes corporate costs such as auditor fees, KMP remuneration, and mark-to-market valuations on investments. This is described as a consistent quarterly charge.

Q&A Highlights

  • Newsprint Costs: Management indicated that newsprint costs have peaked and flattened but see no immediate downward impetus. The future trajectory depends on currency exchange rates and global freight rates.
  • Capital Allocation & Significant Shareholder: Management confirmed they are in communication with Matthew Cyriac, whose investment firms hold close to 10% of the company. The nature of the conversations regarding business and capital allocation was described as "good conversations" but no specific details on influence or future plans were disclosed.
  • Ad-for-Equity (AFE) Investments: In HMVL, new AFE investments of INR 25 cr, INR 13.51 cr, and INR 50 cr were approved by the board. These are described as investments for future advertisers. A related INR 555 crore entry in "Other Financial Liabilities" (sundry deposits) is linked to these AFE arrangements, with the corresponding asset sitting in non-current investments.
  • Radio Outlook: With the rationalization complete, the radio business is not expected to slip back into significant losses or suck in more cash, though a major jump in profitability is contingent on government action regarding license fees.

The call concluded with season's greetings from the management.