HT Media cuts borrowings as current ratio remains 0.79

HT Media Limited reduced standalone current borrowings by Rs 66.68 crore to Rs 545.58 crore at September 30, 2026, but current assets covered only 0.79 times current liabilities and commercial paper outstanding totalled Rs 300 crore. The figures are from the company’s unaudited standalone results for the quarter and six months ended September 30, 2026.

How much did HT Media reduce its borrowings?

HT Media reduced current borrowings to Rs 545.58 crore at September 30, 2026 from Rs 612.26 crore at March 31, 2026. Total liabilities also declined by Rs 82.53 crore to Rs 987.48 crore, while non-current liabilities fell to Rs 77.69 crore from Rs 83.76 crore over the same six months.

Reported leverage ratios declined across the latest comparisons. HT Media’s debt-equity ratio was 1.04 times at September 30, compared with 1.25 times at June 30, 2026, 1.11 times at September 30, 2025 and 1.18 times at March 31, 2026. Its total-debt-to-total-assets ratio was 0.36 times, against 0.41 times in the preceding quarter and 0.38 times at the March year-end.

Total equity increased by Rs 2.26 crore to Rs 523.31 crore despite a Rs 23.89 crore net loss in the six months ended September 30, 2026. Other equity rose to Rs 477.05 crore from Rs 474.79 crore, while non-current lease liabilities decreased to Rs 53.69 crore from Rs 59.83 crore.

What does HT Media’s 0.79 current ratio show?

HT Media’s 0.79 current ratio means its Rs 719.55 crore of current assets were below its Rs 909.79 crore of current liabilities at September 30, 2026. The ratio improved from 0.76 times at June 30, 2026, 0.71 times a year earlier and 0.74 times at March 31, 2026.

The improvement followed a Rs 76.46 crore reduction in current liabilities, which was larger than the Rs 14.41 crore fall in current assets. The current-liability ratio, calculated as current liabilities divided by total liabilities, remained 0.92 times at both September 30 and March 31, indicating that current liabilities accounted for the same proportion of total liabilities at each date.

HT Media separately disclosed commercial papers outstanding with a face value of Rs 300 crore at September 30, 2026. The filing presents this alongside Rs 545.58 crore of current borrowings but does not provide the papers’ maturity dates, interest rates or refinancing arrangements.

Working-capital components changed in different directions during the half year. Inventories rose to Rs 92.05 crore from Rs 72.11 crore and trade receivables increased to Rs 272.60 crore from Rs 261.66 crore, while current investments fell to Rs 208.70 crore from Rs 256.98 crore and cash and cash equivalents dropped by Rs 11.28 crore.

How did cash flows affect HT Media’s liquidity?

HT Media used Rs 15.90 crore in operating activities in the six months ended September 30, 2026, compared with Rs 20.66 crore used in the corresponding 2025 period. The smaller operating outflow coincided with a pre-tax loss of Rs 26.17 crore, compared with Rs 75.90 crore a year earlier, although increases in trade receivables and inventories used Rs 8.92 crore and Rs 19.94 crore respectively.

Investing activities generated net cash of Rs 89.15 crore in the 2026 half year, compared with an outflow of Rs 7.52 crore a year earlier. The statement included Rs 54.35 crore of investment-sale proceeds, Rs 28.56 crore of inter-corporate deposit refunds and Rs 24.60 crore of finance income and interest received, partly offset by Rs 8.55 crore spent on investments and Rs 7 crore invested in Mosaic Media Ventures Private Limited.

Financing activities used Rs 73.87 crore, versus net financing cash of Rs 8.68 crore in the prior-year period. HT Media reported Rs 1,759.65 crore of borrowing proceeds and Rs 1,826.90 crore of repayments, as well as Rs 23.82 crore received against share warrants and Rs 21.09 crore of interest paid on debt and borrowings.

Balance-sheet cash and cash equivalents ended at Rs 13.47 crore, down from Rs 24.75 crore at March 31, 2026. The cash-flow statement reported Rs 13.20 crore after a Rs 0.27 crore bank overdraft, following an April 1, 2026 adjustment related to amendments to Indian Accounting Standard 109 on financial instruments.

Did HT Media’s operating results improve with lower borrowings?

HT Media’s six-month net loss narrowed to Rs 23.89 crore from Rs 63.72 crore in the comparable 2025 period, while revenue from operations increased to Rs 479.05 crore from Rs 466.52 crore. Earnings before finance costs, tax, depreciation and amortisation, or EBITDA, increased to Rs 26.73 crore from Rs 22.01 crore.

The operating margin was 1.19% for the six months, compared with negative 1.22% a year earlier, and the net loss margin narrowed to negative 4.78% from negative 12.89%. Finance costs declined to Rs 24.36 crore from Rs 25.96 crore, while depreciation and amortisation fell to Rs 29.13 crore from Rs 34.19 crore.

The September 2026 quarter recorded a net loss of Rs 15.93 crore, narrower than the Rs 51.11 crore loss in the September 2025 quarter but wider than the Rs 7.96 crore loss in the June 2026 quarter. Quarterly EBITDA was Rs 12.73 crore, compared with Rs 14 crore in June 2026 and Rs 23.44 crore a year earlier.

Coverage measures remained below zero in the six-month period. The interest-service-coverage ratio was negative 0.10 times, improving from negative 0.47 times a year earlier, while the debt-service-coverage ratio was negative 0.00 times compared with negative 0.02 times; HT Media stated that these measures are not annualised except for the year ended March 31, 2026.

Conclusion

HT Media’s standalone disclosures show a Rs 66.68 crore reduction in current borrowings, lower total liabilities and a 1.04-times debt-equity ratio at September 30, 2026. However, Rs 300 crore of outstanding commercial paper, Rs 909.79 crore of current liabilities and a 0.79 current ratio show that short-term balance-sheet coverage remained below one times.

The disclosed developments to watch are HT Media’s continuing plan to sell the balance of investment property classified as held for sale and potential warrant exercise. The company reported Rs 17.67 crore of non-current assets held for sale, while the Rs 95.30 crore warrant issue had received Rs 23.82 crore, representing 25% of the issue price, with the remaining 75% payable under the stated warrant terms.