H T Media — Q3 FY26 earnings call

Call held 28 Jan 2026

Management summary

HT Media reported a resilient Q3 FY26 with stable consolidated revenue and a 9% YoY improvement in EBITDA, driven by strong performance in its Print and Digital segments. The Print business demonstrated growth in both English advertising and overall operating revenue, while the Digital segment saw significant revenue growth and margin improvement. However, the Radio business faced challenges with declining revenue and operating losses, and the company acknowledged potential future increases in newsprint costs.

Highlights

  • Consolidated revenue of ₹532 crores, stable YoY and 7% sequential growth.

  • Consolidated EBITDA at ₹51 crores, 10% margin, showing 9% YoY improvement.

  • PAT before exceptional items at ₹17 crores, with a 3% margin.

  • Net cash position remained robust at ₹945 crores.

  • Print segment operating revenue of ₹395 crores, up 2% YoY.

  • Print segment operating EBITDA at ₹60 crores, with margin expanding to 15% from 11% last year.

  • English Print advertising revenue of ₹179 crores, showing 16% sequential growth.

  • Digital business operating revenue of ₹67 crores, marking 30% YoY and 9% sequential growth, with significantly improved margins.

Concerns

  • Radio business revenue dropped to ₹34 crores YoY due to a high base effect from previous year's event-led business, resulting in an operating EBITDA loss of ₹5 crores.

  • Digital segment reported losses of ₹23 crores, despite margin improvements.

  • Potential for newsprint prices to see an upward move after Q1 next year.

Key financials

  1. Consolidated Revenue ₹532 Cr 0%YoY
  2. Consolidated EBITDA ₹51 Cr +9%YoY
  3. Consolidated EBITDA Margin 10%
  4. PAT before Exceptional ₹17 Cr
  5. PAT Margin 3%
  6. Net Cash ₹945 Cr

What they filed

Q1 FY27: revenue up 6.0%, net profit up 36.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue240 286 302 222 244 +2%278 −3%288 −5%236 +6%
EBITDA-6 5 22 -15 9 +260%19 +259%23 +5%1 +107%
Net profit-10 7 -48 -13 -51 −436%-18 −374%-40 +17%-8 +37%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Print
    ₹395 Cr Operating Revenue₹60 Cr Operating EBITDA15% EBITDA Margin₹301 Cr Ad Revenue₹53 Cr Circulation Revenue
  • Print English
    ₹179 Cr Advertising Revenue8% Circulation Revenue Growth
  • Print Hindi
    -4% Advertising Revenue YOY Growth₹38 Cr Circulation Revenue
  • Radio
    ₹34 Cr Revenue₹-5 Cr Operating EBITDA
  • Digital
    ₹67 Cr Operating Revenue₹-23 Cr Losses

Capital allocation

high confidence
  • Liquidity Cash ₹945 Cr Net cash position remains robust.
    net cash remains robust at INR 945 cr a similar number as was reported last quarter.

Guidance & targets

Business Strategy

  • Radio Business Recalibration Business Strategy · Ongoing · Directional confidence Ensure segment is better aligned with current industry dynamics
    We are proactively recalibrating our business operations within Radio to ensure the segment is better aligned with current industry dynamics.

    — Anna Abraham

  • Sustaining Momentum Business Strategy · Future · Directional confidence Sustaining the momentum seen this quarter across our business portfolio
    Looking ahead, we remain focused on sustaining the momentum seen this quarter across our business portfolio.

    — Anna Abraham

Input Costs

  • Newsprint Price Outlook Input Costs · Q1 FY27 onwards · Medium confidence Reasonable cover till Q1 next year, potential upward move thereafter
    And we have reasonable cover till the first quarter of next year. Thereafter, we might see some upward move.

    — Anna Abraham

What to watch in Q4 FY26

Radio business operational recalibration impact

next quarter
Current Operating EBITDA loss of ₹5 crores in Q3 FY26
Target Improved alignment with industry dynamics and reduced losses/break-even

Why it matters

The Radio segment is under pressure, and management is actively recalibrating operations; its effectiveness will be key to improving overall profitability.

We are proactively recalibrating our business operations within Radio to ensure the segment is better aligned with current industry dynamics.

Risks & concerns

  • Radio business market challenges

    medium

    Radio business navigating a challenging market environment with revenues and margins under pressure, leading to an operating EBITDA loss of ₹5 crores.

    Management acknowledged

  • Potential increase in newsprint prices

    medium

    Market indicates a potential gradual increase in newsprint prices after Q1 next year, though currently below last year's levels.

    Management acknowledged

  • Digital segment operating losses

    medium

    Despite strong revenue growth and margin improvement, the Digital segment is still reporting losses of ₹23 crores.

    Management acknowledged

Q&A highlights

6 direct, 1 evasive
Sources of uptick in other operating income for Print segment Direct
Yes. We have other operating revenue as there has seen some uptick while the ad revenues and circulation revenues remained flat. This is, I mean, of course, there's quite a few components of that like job work, scrap sale and all that, which comes in there. Additionally, there's also a forfeiture that we get from our AFE business as well.

Clarified the components contributing to 'other operating revenue' in the Print segment, indicating it's a mix of recurring items like job work, scrap sales, and forfeiture, not a one-time event.

Asked by Yash R.

Drivers of HT English profitability increase Direct
For English, there's pricing growth, and therefore, that automatically improves margins. Newsprint continues to be lower than last year. That also helps in margins. And we've been very tight on our discretionary spends as well.

Provided specific reasons for the significant increase in operating profit for HT English, attributing it to pricing growth, lower newsprint costs, and disciplined discretionary spending.

Asked by Yash R.

Reasons for HMVL staff cost reduction Direct
There is some reversal, which was there with regard to variable payout, that is partially the reason, and some savings in certain other lines of business apart from Print, which has come.

Explained the decrease in HMVL staff costs, linking it to a reversal in variable payouts and cost savings in non-Print business lines.

Asked by Yash R.

Company's strategy and perspective on AI usage and its financial impact Partial
While on the content side, it can be a tool for our editorial setup, which we are utilizing very strongly. From an impact perspective, we've seen there's a lot of Al being used and one view is that could also put a high importance on credibility and trustworthiness of the content, which puts us in a good position. If that is the case because in that we are a trusted source of news and content. So that's one perspective that's emerging. There's also a certain regulatory framework that's been proposed by the government, which suggests that partners using Al will have to remunerate the original content providers in some manner, which also seems to be on the positive side.

Management outlined a strategic view of AI as an enabler for editorial efficiency, a potential differentiator through content credibility, and a possible source of revenue through regulatory frameworks requiring compensation for content usage by AI.

Asked by Mehul Pathak

Analyst's view on AI leading to massive people cost reduction vs. management's view Evasive
Yes. That is subjective. It is then about what differentiates you. So, you have to stand on a differentiated proposition; otherwise, there is nothing.

Highlighted a divergence in perspective, with the analyst suggesting AI could massively reduce editorial costs, while management emphasized differentiation and value proposition over pure cost cutting.

Asked by Mehul Pathak

Nature and future impact of the ₹41.4 crore exceptional item for gratuity Direct
There's an exceptional item of about INR 41.4 cr which has been booked, and there is a note given in the results also to that extent, which is an impact of the new labour code. This is not an annual cost. This is an aggregated cost across the years. So, this is nowhere indicative of the future cost increase for any business.

Clarified that the significant gratuity booking is a one-time exceptional item due to a new labor code, representing an aggregated cost, and not a recurring annual expense that would impact future CTC or profitability.

Asked by Mehul Pathak

Trends in advertising pricing (YoY and sequentially) Direct
Yes, both yoy and sequentially, we are seeing an uptick.

Confirmed positive pricing trends in advertising, indicating strength in the core revenue driver for the Print segment.

Asked by Yash R.

Outlook on newsprint rates and mitigation strategies Direct
Yes. So, the market is indicating that there could be a potential shift in newsprint, you know there could be a gradual increase. This commodity does moves in cycles, and we've been at the bottom of the cycle for some time. Currently, we are still below last year for the quarter as well as on a YTD basis. And I think pretty much next quarter also, we are not expecting any major shift. And we have reasonable cover till the first quarter of next year. Thereafter, we might see some upward move.

Addressed a key input cost risk, providing an outlook on newsprint prices and outlining management's strategy to mitigate potential increases through optimized buying and mix.

Asked by Yash R.

3 min read 7 chapters

Detailed narrative

Consolidated Performance Overview

HT Media reported a stable consolidated revenue of ₹532 crores for Q3 FY26 on an annual basis, while demonstrating a 7% sequential growth. The company achieved a consolidated EBITDA of ₹51 crores, representing a 10% margin and a 9% year-on-year improvement. PAT before exceptional items stood at ₹17 crores, with a 3% margin, and the net cash position remained robust at ₹945 crores.

Print Segment Resilience and Profitability Drivers

The core Print segment continued its resilient performance, posting an overall operating revenue of ₹395 crores, a 2% year-on-year growth. Operating EBITDA for Print came in at ₹60 crores, with its margin expanding significantly to 15% from 11% in the previous year. This improvement was driven by strong advertising growth in English language titles, which saw a 16% sequential increase to ₹179 crores, coupled with pricing growth, lower newsprint costs compared to last year, and tight control over discretionary spends.

Radio Business Challenges

The Radio business faced a challenging market environment, with revenues and margins remaining under pressure. Revenue for the segment dropped to ₹34 crores, primarily due to a high base effect from a large event in the previous year, although it saw a 5% sequential growth. The segment reported an operating EBITDA loss of ₹5 crores, and management indicated ongoing recalibration of business operations to better align with current industry dynamics.

Digital Segment Growth and Margin Improvement

The Digital business delivered a strong performance, with operating revenue rising to ₹67 crores, marking a 30% year-on-year growth and a 9% sequential increase. Despite reporting losses of ₹23 crores, the segment showed significant margin improvement on both a sequential and annual basis, validating the company's commitment to scaling digital-first offerings while progressing towards profitability.

Cost Management and Operational Efficiency

The company's disciplined approach to costs, including tight control over discretionary spends like marketing and administrative expenses, contributed to meaningful growth in profitability. Additionally, a reduction in HMVL staff costs was noted, attributed to a reversal in variable payouts and savings in other non-Print business lines. An exceptional item of ₹41.4 crores was booked due to the new labor code, clarified as an aggregated carrying liability true-up rather than a recurring annual cost.

AI Strategy and Regulatory Landscape

HT Media views AI as a tool for editorial setup, enhancing efficiency and productivity, and sees its trusted source of news and content as a differentiator. Management highlighted a proposed regulatory framework where platforms using AI might need to remunerate original content providers, which could be a positive development. The company is exploring AI as an enabler for better offerings and potential revenue opportunities, though specific details on active pursuit of deals with AI companies were not disclosed.

Newsprint Price Outlook and Mitigation

Management acknowledged market indications of a potential gradual increase in newsprint prices after the first quarter of next year, noting that current prices are still below last year's levels. The company has reasonable cover for newsprint till Q1 FY27. Mitigation strategies include optimizing buying, newsprint mix, and consumption, with cover pricing being a tougher option, especially in Hindi markets.

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