Hindustan Media Ventures Q2 profit rises 63% as income jumps

Hindustan Media Ventures Ltd. reported profit after tax, before exceptional items and share of joint ventures, of Rs 56 crore in Q2FY27, up 63% year-on-year, as total revenue rose 22% to Rs 248 crore and other income increased 90% to Rs 52 crore.

How did HMVL perform in Q2FY27?

HMVL increased operating revenue by 12% year-on-year to Rs 197 crore in Q2FY27, while total revenue rose 22% to Rs 248 crore. The faster increase in total revenue reflected other income rising to Rs 52 crore from Rs 27 crore in Q2FY26. Sequentially, operating revenue was unchanged from Rs 197 crore in Q1FY27, while total revenue increased from Rs 244 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, before exceptional items and share of joint ventures, rose 65% year-on-year to Rs 74 crore from Rs 45 crore. EBITDA margin increased to 30% from 22% a year earlier, but was below the 31% reported in Q1FY27. PAT margin rose to 22% from 17% in Q2FY26 and was one percentage point below the 23% recorded in Q1FY27.

HMVL’s quarter-on-quarter profit was unchanged despite a Rs 4 crore increase in total revenue. Other income rose by Rs 5 crore from Q1FY27, while EBITDA declined by Rs 1 crore to Rs 74 crore. The presentation does not provide a line-item explanation for the change in other income or for the sequential EBITDA movement.

What drove HMVL’s revenue growth in Q2FY27?

HMVL’s operating-revenue growth coincided with higher advertising in the group’s Hindi print business. The presentation reported Print Hindi advertising growth of 10% year-on-year in Q2FY27, while Hindi print revenue increased 11% to Rs 194 crore from Rs 174 crore. The HMVL financial page carries the Hindustan brand, although the presentation does not separately reconcile the group’s Print Hindi figures to HMVL’s operating revenue.

Print Hindi grew faster than Print English during the quarter. Print English advertising rose 5% year-on-year, and its revenue increased 5% to Rs 192 crore from Rs 182 crore. Across the group’s print segment, operating revenue rose 8% to Rs 386 crore, with the Rs 194 crore Hindi print revenue marginally exceeding the Rs 192 crore English print revenue.

Other income was also a substantial contributor to HMVL’s reported revenue movement. Other income increased by Rs 25 crore year-on-year, close to the Rs 21 crore increase in operating revenue, and helped lift total revenue by Rs 44 crore from Q2FY26. The presentation reports the amount of other income but does not disclose its components or state whether the increase is recurring.

How did HMVL’s costs and margins change in Q2FY27?

HMVL’s reported costs rose by less than total revenue in Q2FY27, contributing to EBITDA of Rs 74 crore and a 30% margin. Raw-material expense increased 19% to Rs 67 crore, employee cost rose 9% to Rs 37 crore, and other expenses increased 3% to Rs 70 crore. The combined increase in these three reported cost lines was Rs 16 crore, compared with a Rs 44 crore increase in total revenue.

Raw-material expense was the largest reported cost increase, rising Rs 11 crore from Rs 56 crore in Q2FY26. The group print presentation reported a 15% year-on-year increase in material cost and said industry-wide newsprint-cost increases softened print margins. It also cited rupee depreciation amid global uncertainty as a factor exerting pressure on margins in the coming quarters.

The group print segment’s margin trend differed from HMVL’s reported margin outcome. Group print operating EBITDA declined 6% to Rs 35 crore from Rs 38 crore, while its operating EBITDA margin fell to 9% from 11%. HMVL’s EBITDA increased from Rs 45 crore to Rs 74 crore and its margin rose from 22% to 30%, with the 90% rise in other income forming part of the wider earnings result.

Sequentially, HMVL’s EBITDA declined by Rs 1 crore from Rs 75 crore in Q1FY27, while PAT remained Rs 56 crore in both quarters. Operating revenue held at Rs 197 crore, but raw-material expense rose from Rs 65 crore to Rs 67 crore and other expenses rose from Rs 69 crore to Rs 70 crore. Employee cost fell from Rs 35 crore in Q1FY27 to Rs 37 crore? The presentation reports Rs 35 crore in Q1FY27 and Rs 37 crore in Q2FY27, an increase of Rs 2 crore.

What does HMVL’s balance sheet show at September 2026?

HMVL reported total assets of Rs 2,476 crore at 30 September 2026, compared with Rs 2,466 crore at 31 March 2026. Current assets increased by Rs 125 crore to Rs 1,384 crore, while non-current assets decreased by Rs 115 crore to Rs 1,092 crore. The two movements left total assets Rs 10 crore higher over the six-month period.

Total equity increased to Rs 1,689 crore at 30 September 2026 from Rs 1,587 crore at 31 March 2026. Current liabilities fell by Rs 91 crore to Rs 742 crore, while non-current liabilities were unchanged at Rs 45 crore. The presentation does not include a cash-flow statement or an explanation of the individual balance-sheet movements.

The balance sheet showed a shift between current and non-current assets rather than a material change in total assets. The Rs 125 crore increase in current assets was larger than the Rs 115 crore decline in non-current assets by Rs 10 crore. Equity rose by Rs 102 crore over the same period, while total liabilities decreased by Rs 91 crore.

Conclusion

HMVL’s Q2FY27 result combined 12% operating-revenue growth with a substantial rise in other income. Hindi print advertising grew 10% in the group presentation, compared with 5% for English print advertising, while HMVL’s other income increased 90% to Rs 52 crore. These movements accompanied a 22% increase in total revenue, a 65% rise in EBITDA and a 63% increase in PAT, despite raw-material expense rising 19%.

Management said it was entering the festive third quarter focused on strengthening core businesses and maintaining financial discipline. The next quarter will show whether operating revenue moves above the Rs 197 crore reported in both Q1FY27 and Q2FY27, and how higher newsprint costs and rupee depreciation affect margins, which management identified as considerations for coming quarters.