Key Financial Figures (₹ in lakhs, except per share data)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹4,095.83
  • Other income: ₹747.30
  • Total income: ₹4,843.13
  • Total expenses: ₹3,949.48
  • Profit before tax: ₹893.65
  • Tax expense: ₹225.21 (Current tax: ₹92.69, Deferred tax: ₹132.52)
  • Profit for the period: ₹668.44
  • Earnings per share (basic and diluted): ₹0.19

Quarter Ended June 30, 2026 (Comparative):

  • Revenue from operations: ₹4,454.32
  • Other income: ₹820.09
  • Profit for the period: ₹922.25
  • EPS: ₹0.27

Quarter Ended September 30, 2025 (Comparative):

  • Revenue from operations: ₹3,784.13
  • Other income: ₹684.09
  • Loss for the period: ₹(687.78)
  • EPS: ₹(0.20)

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹8,550.15
  • Other income: ₹1,567.39
  • Total income: ₹10,117.54
  • Profit before tax: ₹2,126.00
  • Tax expense: ₹535.31
  • Profit for the period: ₹1,590.69

Year Ended March 31, 2026 (Audited):

  • Total income: ₹20,118.69
  • Loss for the year: ₹(5,332.41)
  • EPS: ₹(1.54)

Expense Breakdown (Q2 FY27):

  • License fees: ₹471.93
  • Employee benefit expense: ₹1,284.20
  • Depreciation and amortization: ₹405.75
  • Net impairment losses on financial assets: ₹0.00 (₹25.00 in previous quarter)
  • Other expenses: ₹1,725.16
  • Finance costs: ₹62.44

Significant Accounting Matter

Pursuant to the enactment of the Finance Act, 2026 amending the Income-tax Act, 2025, the Company reassessed the recoverability of deferred tax assets, including MAT credit entitlement. Based on this reassessment, the Company derecognised MAT credit entitlement of ₹1,032 lakhs to the extent considered no longer recoverable.

Legal and Regulatory Proceedings

Promoter Dispute (Holding Company Level):

  • A petition under Sections 241, 242 and 244 of the Companies Act, 2013 was filed with NCLT Allahabad Bench on July 10, 2023 by Mr. Mahendra Mohan Gupta (Non-Executive Chairman and Promoter of Jagran Prakashan Limited) and Mr. Shailesh Gupta (Whole-Time Director of Holding Company and Non-Executive Director of Music Broadcast Limited) against other promoters.
  • The Holding Company received requisitions from Jagran Media Network Investment Private Limited seeking an EGM to consider resolutions for removal of certain directors of the Holding Company.
  • Resolutions were passed at the EGM held on May 29, 2026, but NCLAT directed that implementation remain in abeyance.
  • On July 18, 2026, Jagran Media Network Investment Pvt. Ltd. filed Civil Appeal No. 9185 of 2026 in the Supreme Court against NCLAT's May 26, 2026 order.
  • Management assessment indicates no material adverse impact on the Company's financial results.

PPL Copyright Matter:

  • Regarding the matter of Company vs Phonographic Performance Limited and other music providers, the Madras High Court partly allowed PPL's appeal by providing a 'minimum floor rate' of ₹660 per needle hour payable for use of sound recordings from 2010-2020.
  • Company has filed a Special Leave Petition before the Supreme Court challenging the High Court judgement.
  • A contempt petition was filed by PPL against the Company and its directors/KMPs, which was disposed of vide order dated December 12, 2025.
  • Hearing of SLP before Supreme Court is still pending.
  • Company believes it has a good case on merits based on external legal counsel opinion.

Asset Impairment

The Company computed the value in use of its net assets as of March 31, 2026, and identified that the value was lower than the carrying value by ₹4,900 lakhs, which was recognized as impairment of non-current assets in the annual financial statements.

Authorization and Compliance

  • Mr. Shailesh Gupta (DIN: 00192466), Non-Executive Director, was authorized to sign the financial results on behalf of the Board.
  • M/s. S.N. Dhawan & Co. LLP, Statutory Auditors, issued a Limited Review Report with an unmodified conclusion but included an Emphasis of Matter regarding the promoter dispute proceedings.
  • The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS).
  • The Company operates in a single reportable segment of private FM radio stations.

Financial Position (As at September 30, 2026)

  • Total assets: ₹51,016.37 lakhs
  • Total equity: ₹46,125.00 lakhs
  • Paid-up equity share capital: ₹6,913.71 lakhs (face value ₹2 each)
  • Cash and cash equivalents: ₹209.28 lakhs

Cash Flow Highlights (Half Year Ended September 30, 2026)

  • Net cash inflow from operating activities: ₹1,781.05 lakhs
  • Net cash outflow from investing activities: ₹(1,717.78) lakhs
  • Net cash outflow from financing activities: ₹(267.51) lakhs
  • Net decrease in cash and cash equivalents: ₹(204.24) lakhs