HMVL EBITDA rises 65% as Q2FY27 revenue reaches Rs 248 crore

Hindustan Media Ventures (HMVL) reported consolidated Q2FY27 EBITDA of Rs 74 crore, up 65% year on year, as total revenue rose 22% to Rs 248 crore and EBITDA margin expanded to 30% from 22%. The continuing-operations figures are before exceptional items and share of joint ventures.

What drove HMVL’s Q2FY27 EBITDA growth?

HMVL’s EBITDA rose by Rs 29 crore year on year to Rs 74 crore in Q2FY27, supported by a Rs 44 crore increase in total revenue from Rs 204 crore in Q2FY26 to Rs 248 crore. Operating revenue increased by Rs 21 crore, or 12%, to Rs 197 crore, while other income rose by Rs 25 crore, or 90%, to Rs 52 crore.

The three reported expense lines increased by a combined Rs 16 crore, less than the Rs 44 crore increase in total revenue. Raw-material expense rose 19% to Rs 67 crore from Rs 56 crore, employee cost increased 9% to Rs 37 crore from Rs 34 crore, and other expenses rose 3% to Rs 70 crore from Rs 68 crore.

The presentation reports other income separately but does not identify the components behind its Rs 25 crore year-on-year increase in Q2FY27. The reported operating-revenue gain of Rs 21 crore and the other-income rise were both part of the movement in total revenue to Rs 248 crore, with figures subject to rounding.

How did HMVL’s revenue, costs and margins change year on year?

HMVL’s EBITDA margin increased by 8 percentage points to 30% in Q2FY27 from 22% in Q2FY26. Profit after tax (PAT), before exceptional items and share of joint ventures, rose 63% to Rs 56 crore from Rs 34 crore, while PAT margin increased by 5 percentage points to 22% from 17%.

Revenue rose faster than each of the three reported cost lines in Q2FY27. Total revenue grew 22%, compared with 19% for raw-material expense, 9% for employee cost and 3% for other expenses; the presentation does not provide further expense categories or an explanation for the differing growth rates.

How did HMVL perform against HT Media Group in Q2FY27?

HMVL reported faster year-on-year growth than HT Media Group on the presentation’s reported revenue and profit measures in Q2FY27. HMVL total revenue rose 22% to Rs 248 crore, compared with a 5% increase to Rs 502 crore for HT Media Group, while HMVL EBITDA rose 65% to Rs 74 crore against 26% growth to Rs 88 crore for the group.

Operating revenue at HMVL increased 12% to Rs 197 crore, while HT Media Group operating revenue increased 2% to Rs 442 crore. HMVL’s Q2FY27 EBITDA margin was 30%, compared with 17% for HT Media Group, and HMVL’s PAT margin was 22%, compared with 8% for the group.

Employee-cost trends differed between the two reported entities. HMVL employee cost rose 9% year on year to Rs 37 crore, whereas HT Media Group employee cost declined 9% to Rs 95 crore; the presentation does not disclose the reasons for these different cost movements. Both entities state that EBITDA and PAT are before exceptional items and share of joint ventures.

What changed in HMVL’s balance sheet by September 2026?

HMVL’s total assets increased by Rs 10 crore to Rs 2,476 crore at 30 September 2026 from Rs 2,466 crore at 31 March 2026. Current assets increased by Rs 125 crore to Rs 1,384 crore, while non-current assets declined by Rs 115 crore to Rs 1,092 crore over the six-month period.

Total equity rose by Rs 102 crore to Rs 1,689 crore at 30 September 2026 from Rs 1,587 crore at 31 March 2026. Non-current liabilities were unchanged at Rs 45 crore, while current liabilities declined by Rs 91 crore to Rs 742 crore from Rs 833 crore.

The shift in asset composition left total assets only Rs 10 crore higher at 30 September 2026. The presentation provides totals for current and non-current assets and liabilities, but does not disclose individual balance-sheet items that caused the Rs 125 crore rise in current assets or the Rs 115 crore fall in non-current assets.

What does HMVL’s sequential quarter comparison show?

HMVL’s total revenue was Rs 248 crore in Q2FY27, Rs 4 crore above Rs 244 crore in Q1FY27. Operating revenue was unchanged at Rs 197 crore in both quarters, while other income increased by Rs 5 crore to Rs 52 crore in Q2FY27 from Rs 47 crore in Q1FY27.

EBITDA was Rs 74 crore in Q2FY27, compared with Rs 75 crore in Q1FY27, and EBITDA margin declined by 1 percentage point to 30% from 31%. PAT was Rs 56 crore in both quarters, while PAT margin decreased to 22% from 23%.

The sequential figures differ from the year-on-year comparison: Q2FY27 EBITDA was Rs 29 crore above Q2FY26, but Rs 1 crore below Q1FY27. The presentation therefore shows year-on-year margin expansion from 22% to 30%, alongside a one-percentage-point decline from the 31% margin reported in Q1FY27.

Conclusion

HMVL’s Q2FY27 consolidated results combined a Rs 44 crore year-on-year increase in total revenue with a Rs 16 crore combined increase in raw-material, employee and other expenses. EBITDA consequently increased by Rs 29 crore to Rs 74 crore and margin rose to 30%, while PAT increased by Rs 22 crore to Rs 56 crore.

The disclosed unresolved matter is the composition of other income, which rose to Rs 52 crore in Q2FY27 from Rs 27 crore a year earlier and supported the increase in total revenue. The presentation provides no management target, operating plan or scheduled update, so subsequent disclosures would need to clarify whether operating revenue moves above the Rs 197 crore reported in both Q1FY27 and Q2FY27 and whether other income remains at similar levels.