H T Media

HT Media delivered a solid Q2 FY26, with total revenue growing 4% year-on-year to INR 499 crore. The company achieved a 33% YoY increase in EBITDA, reaching INR 44 crore, and expanded its EBITDA margin by 200 basis points to 9%. Despite a PAT margin near break-even at -1%, the net cash position remained healthy at INR 947 crore. Sequentially, revenue grew 11% from INR 451 crore in the previous quarter.

The Print segment demonstrated strong performance, with ad revenues growing 10% YoY to INR 278 crore from INR 252 crore in the same period last year. Total operating revenue for Print increased by 7%. Operating EBITDA for the segment nearly doubled YoY to INR 40 crore, with margins expanding by 500 basis points. English revenues grew 8% YoY to INR 154 crore, while Hindi revenues saw a 13% YoY growth.

The Digital business, primarily OTTplay, reported a 10% YoY growth in revenues and an 8% sequential growth. However, operating EBITDA remained negative at INR 30 crore. Management attributed the increased sequential losses to a timing difference, where costs incurred in the current quarter are expected to yield benefits and reduce losses in the next quarter, aligning with a growth-oriented strategy. Subscriber acquisition costs for OTTplay saw a significant reduction in September, with good subscriber additions and renewal rates.

The Radio segment continued to face challenges, with revenue at INR 32 crore, marginally lower than the previous year. The segment reported a negative operating EBITDA of INR 4 crore, although this represented a 43% improvement sequentially. Management acknowledged the ongoing stress in the core radio proposition across the industry and highlighted efforts to enhance varied offerings within the segment.

HT Media reported a standalone exceptional item^📎 loss of INR 37.76 crore. Approximately 90% of this impairment was attributed to the underperformance of the Radio business, specifically investments in Next Radio Limited and Next Media Works Limited. A minor impairment was also taken on the Mosaic Digital business. This impairment is tested at every balance sheet date, with September being a balance sheet time.

English circulation revenue experienced a 15% YoY decline, though it grew 20% sequentially. Management clarified that while copy growth was positive both YoY and sequentially, pricing actions and the relatively small proportion of English circulation revenue amplified the percentage decline. Hindi circulation revenue remained flat both YoY and QoQ. The company is optimizing circulation by recruiting more readers and taking pricing actions in various markets.