HT Media Navigates Evolving Media Landscape with Strong Q2 FY26 Performance

HT Media Limited, a prominent player in the Indian media sector, has reported a robust performance for the second quarter of the financial year 2025-26. The company's consolidated financial summary reveals a strategic balancing act between its traditional print stronghold and its burgeoning digital ventures, alongside efforts to revitalize its radio segment. The results underscore a period of sustained growth in operating revenue and profitability, both on an annual and sequential basis.

For Q2 FY26, HT Media's consolidated total revenue climbed to INR 499 crore, marking a 4% increase year-on-year and an 11% sequential growth from the previous quarter. This revenue expansion was complemented by a significant improvement in profitability, with consolidated EBITDA surging by 33% year-on-year to INR 44 crore. This translated into an impressive 200 basis point expansion in EBITDA margins, reaching 9%. While the PAT margin remained around break-even at -1%, the company maintained a healthy net cash position of INR 947 crore, reflecting strong liquidity.

Segmental Performance: A Detailed Look

The company's performance was largely propelled by its Print business, which continues to be a cornerstone of its operations. The Print segment's operating revenue grew by a healthy 7% year-on-year to INR 358 crore. This growth was predominantly fueled by a 10% increase in advertising revenue, reaching INR 278 crore. The focus on cost management, combined with revenue growth, led to a substantial expansion of operating margins, with operating EBITDA nearly doubling to INR 40 crore, marking a 500 basis point improvement.

In the Print - English sub-segment, advertisement revenue demonstrated strong growth, up 8% year-on-year and 10% sequentially, reaching INR 154 crore. However, circulation revenue for English Print saw a 15% year-on-year decline, though it improved sequentially by 20%. The Print - Hindi (HMVL) segment also showed consistent growth in advertisement revenue, up 13% year-on-year and 7% sequentially, totaling INR 124 crore, with circulation revenue holding steady.

The Digital business, primarily driven by the OTTplay platform, continued its growth trajectory. It posted strong revenue numbers, with operating revenue increasing by 10% year-on-year to INR 61 crore. This growth was consistent on both an annual and sequential basis. However, the segment's margins remained suppressed, resulting in a negative operating EBITDA of INR 30 crore. Management clarified that this is a strategic outcome of scaling the business, with the benefits expected to materialize in the next quarter. A significant reduction in subscriber acquisition costs in September, coupled with good subscriber additions and healthy renewal rates, was highlighted as a positive development.

Conversely, the Radio business continued to face challenges. While it showed a sequential improvement in revenue and segment profitability, the core radio proposition across the industry remains under duress. Operating revenue for Radio stood at INR 32 crore, an 8% decline year-on-year, and it reported a negative operating EBITDA of INR 4 crore. The company is actively deploying focused efforts to improve this business by enhancing its varied offerings and sharpening its focus on integrated formats and immersive audience experiences.

Strategic Adaptations and Future Outlook

HT Media's Chairperson and Editorial Director, Mrs. Shobhana Bhartia, emphasized the company's strategic adaptation across all business verticals to navigate the emerging media landscape. This includes driving the Digital business through targeted content initiatives, reinforcing the core Print portfolio, and enhancing the Radio business with integrated formats. The company's strategy for Print involves optimizing circulation market-by-market, which may include short-term pricing adjustments to build long-term reader stickiness.

An impairment loss of INR 37.76 crore was recorded in the standalone results of HT Media, primarily attributed to investments in the Radio business (Next Radio Limited and Next Media Works Limited) and Mosaic Digital. This reflects the company's ongoing assessment of its asset valuations in light of segment performance.

Looking ahead, management anticipates a continued drop in Digital business losses, with benefits from scaling up expected in the next quarter. They also noted that newsprint prices are currently in their lowest quartile, which is favorable for the Print business, although a gradual, slight rise is projected. The company expressed confidence in its ability to repeat the strong performance in the upcoming quarter, signaling a positive outlook despite the ongoing challenges in certain segments.

HT Media's Q2 FY26 results demonstrate a company strategically positioning itself for future growth by leveraging its Print strengths, investing in Digital expansion, and adapting its Radio offerings. The focus on operational efficiency and targeted initiatives aims to ensure sustained performance in a dynamic media environment.