Nature of Disclosure: This is a regulatory filing submitted to the National Stock Exchange of India Limited and BSE Limited, enclosing the transcript of an earnings conference call held on July 23, 2026. The call was held to discuss the company's un-audited financial results for the first quarter ended June 30, 2026 (Q1 FY27), pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Management Participants: The call was led by Mr. Abraham Thomas, Chief Executive Officer, and Mr. Rajiv Shah, Chief Financial Officer.

Financial Performance for Q1 FY27

  • Revenue: Stood at INR 44.5 crores, a decline of 10% year-on-year (YoY) from INR 49.3 crores in Q1 FY26. Sequentially, revenue increased by 9% from Q4 FY26.
  • Revenue Breakdown: Core radio business revenue was INR 35.5 crores (up from INR 34 crores in Q4 FY26). Creative business ("Radio Plus") revenue rebounded strongly to INR 9.8 crores. Digital revenue contributed 4% of total revenue.
  • Operating Expenses: Total operating expenses declined by 26% YoY to INR 35.6 crores, attributed to structural cost optimization initiatives.
  • Operating EBITDA: Improved significantly to INR 8.9 crores from INR 0.9 crores in Q1 FY26. EBITDA margin expanded to 20% from 1.9% in the year-ago quarter.
  • Operating Profit/(Loss) before tax: Stood at a profit of INR 4.1 crores, compared to an operating loss of INR 6.9 crores in Q1 FY26.
  • Other Income: Was INR 8.2 crores for the quarter.
  • Profit Before Tax (PBT): Reported PBT was INR 12.3 crores.
  • Profit After Tax (PAT): Stood at INR 9.2 crores, compared to a loss of INR 2.2 crores in the corresponding period last year. PAT margin was 20.7%.

Operational and Strategic Highlights

  • Client Mix: The share of top 25 radio spenders increased to 21.8% in Q1 FY27 from 15.6% in Q4 FY26.
  • New Business: Approximately 20% of business each quarter comes from new advertisers (those who haven't advertised in the last year), while 80% is from recurring advertisers.
  • Market Share: The company's market share for the quarter was 25%.
  • Cost Optimization: Management stated that most cost savings have been achieved and the current cost level is considered optimal. Manpower was reduced by approximately 20% in prior initiatives with no further reductions planned.
  • Industry Context: The management acknowledged that pure radio advertising is subdued and highlighted a strategic shift towards selling integrated "Radio Plus" solutions, which include creative business and on-ground activations. The industry continues to lobby the government for permission to broadcast news and current affairs.

Balance Sheet & Capital Allocation

  • Cash Balance: The company reported a net cash balance of INR 270 crores as of June 30, 2026.
  • Impairment: Reference was made to an INR 49 crores impairment taken in the previous financial year due to lower revenue performance and a depressed share price (INR 4.5 per share). The share price had recovered to INR 6.4 per share as of the call date. Management indicated that if the company's performance continues satisfactorily, no further impairment may be required at year-end, but this will be assessed based on market conditions and performance over the next nine months.
  • Buyback: In response to an investor question, management stated there are currently no plans for a buyback of shares, despite the market capitalization being below the book value.

Outlook and Commentary

  • Q2 FY27 Outlook: The second quarter has begun on a softer note and is historically a weaker period for the business.
  • Seasonality: The business exhibits seasonality, with the first half (H1) typically contributing 45% of annual revenue and the second half (H2) contributing 55%.
  • Government Spending: Government is an important contributor, but spends are difficult to predict as they depend on elections and topicality.
  • Strategic Priorities: Management's focus remains on accelerating revenue growth, enhancing monetization across platforms, expanding client relationships, and unlocking opportunities in digital and adjacent businesses.