Hindustan Media

Hindustan Media Ventures Limited reported a Q4 FY26 revenue of INR 558 crore, a 2% decline YoY, but saw a 5% increase in EBITDA to INR 131 crore, with margins expanding by 100 basis points to 23%. For the full year FY26, revenue remained flat, while EBITDA grew 8% to INR 298 crore, also with a 100 basis point margin improvement. The company emphasized a period of 'decisive transformation' focused on improving profitability and streamlining operations, maintaining a robust net cash position north of INR 1,000 crore.

The Print business demonstrated strong performance, with advertising revenues growing 10% to INR 313 crore in Q4 FY26, primarily driven by improved yields rather than volume growth. Circulation revenue also saw a 4% increase to INR 51 crore, mainly due to higher copies. Operating EBITDA for the Print segment reached INR 97 crore with a 23% margin in Q4 FY26, reflecting healthy margin expansion despite concerns over rising newsprint costs and geopolitical volatility. Both English and Hindi Print advertising revenues grew significantly, by 9% and 12% respectively in Q4 FY26.

The Radio business faced a challenging year, with revenue declining and operating EBITDA turning negative at INR 7 crore in Q4 FY26 and INR 22 crore for the full year. In response, the company surrendered six non-viable licenses to improve profitability and sharpen its network footprint. The Digital segment, primarily Shine and Mosaic, maintained steady operating revenue at INR 39 crore in Q4 FY26 but reported a negative operating EBITDA of INR 2 crore, reflecting a 'deliberate and value-accretive reset' including the discontinuation of the OTTplay business.

Management confirmed the discontinuation of the OTTplay business, citing an 'increasingly challenging' market and unviable unit economics despite best efforts. While marginal losses from servicing existing subscriptions might occur in FY2027, these are expected to be minimal. The company's future digital strategy involves prioritizing investments in other Digital businesses, such as Digicontent Ltd, alongside continued investment in the core Print business, aiming for profitable growth.

The company maintains a robust net cash position of over INR 1,000 crore. Management clarified that the INR 22 crore investment in Assetvault Limited (Aasaan Will) is a non-cash AFE (Advertising for Equity) investment, leveraging marketing properties rather than direct cash. A significant drop of INR 50 crore in other income for FY26 was attributed to mark-to-market losses on treasury investments, resulting from high yield curves, which management hopes will stabilize. The Board's policy is to invest cash in 'businesses of tomorrow' to create long-term shareholder value, with no current plans for shareholder returns.

The company reported substantial exceptional losses totaling INR 215 crore for FY26, comprising INR 114 crore from continuing operations (partly due to new labor codes) and INR 101 crore from discontinued operations (OTTplay and Radio license surrenders). Management reassured investors that no further significant closure-related exceptional losses are anticipated from the exited businesses. The focus remains on profitable growth across Print and new Digital ventures, with a cautious but optimistic outlook on maintaining ad yields amidst competitive pressures.