HT Media print revenue rises 8% as margin falls to 9% in Q2FY27

HT Media Limited’s print operating revenue rose 8% year on year to Rs 386 crore in Q2FY27, but operating earnings before interest, tax, depreciation and amortisation (EBITDA) fell 6% to Rs 35 crore and margin reached 9%. A 15% increase in material cost accompanied advertising-led growth in English and Hindi print.

How did HT Media's print business perform in Q2FY27?

HT Media’s print division increased operating revenue to Rs 386 crore in Q2FY27 from Rs 357 crore in Q2FY26, an 8% year-on-year increase. Revenue also rose from Rs 376 crore in Q1FY27, making Q2FY27 revenue Rs 10 crore higher sequentially. The presentation identifies advertising as the driver of annual growth in both English and Hindi print.

The revenue movement differed from operating EBITDA. Print operating EBITDA was Rs 35 crore in Q2FY27, compared with Rs 38 crore a year earlier and Rs 50 crore in Q1FY27. Revenue therefore rose by Rs 29 crore from Q2FY26 while operating EBITDA declined by Rs 3 crore, showing that higher segment sales did not produce higher print earnings during the quarter.

Why did HT Media's print margin fall in Q2FY27?

HT Media’s print operating EBITDA margin fell to 9% in Q2FY27 from 11% in Q2FY26 and 13% in Q1FY27 because material cost rose 15% year on year. The company said margins softened as newsprint costs rose across the industry. This represented a decline of 2 percentage points from a year earlier and 4 percentage points from the preceding quarter.

The chairperson’s message said higher newsprint costs were compounded by rupee depreciation amid global uncertainty. That was the mechanism disclosed alongside the decline in print operating EBITDA to Rs 35 crore from Rs 38 crore in Q2FY26. The presentation does not disclose an absolute rupee amount for material or newsprint expense, so it does not quantify each contributor to the Rs 3 crore EBITDA decline.

The quarter-on-quarter comparison further shows the cost pressure. Print revenue increased to Rs 386 crore in Q2FY27 from Rs 376 crore in Q1FY27, while operating EBITDA fell to Rs 35 crore from Rs 50 crore. The margin movement from 13% to 9% indicates that the disclosed cost burden outweighed the Rs 10 crore sequential revenue increase.

Which print business drove HT Media's revenue growth?

HT Media’s Hindi print operation generated Rs 194 crore of operating revenue in Q2FY27, slightly above the English print operation’s Rs 192 crore. Hindi revenue increased 11% from Rs 174 crore in Q2FY26, while English revenue increased 5% from Rs 182 crore. Both operations added revenue year on year, with Hindi reporting the larger quarterly revenue figure.

Advertising was the stated growth driver in both operations, although the presentation separately reports advertising growth and operating-revenue growth. English print advertising grew 5% year on year, matching the 5% increase in English operating revenue. Hindi print advertising grew 10%, while Hindi operating revenue increased 11%.

The Q2FY27 revenue mix was closely balanced between the two language operations. Hindi print revenue of Rs 194 crore was Rs 2 crore above English print’s Rs 192 crore, whereas English was Rs 8 crore ahead in Q2FY26, at Rs 182 crore versus Rs 174 crore. The shift followed the faster 11% revenue growth reported for Hindi print.

What did print contribute to HT Media's consolidated results?

HT Media’s consolidated revenue rose 5% year on year to Rs 502 crore in Q2FY27, and the company said the increase was mainly driven by print. Print operating revenue of Rs 386 crore was the largest disclosed segment figure, compared with Rs 25 crore for radio and Rs 28 crore for digital. Print’s Rs 29 crore year-on-year revenue increase occurred while radio and digital revenue declined.

Consolidated EBITDA increased 26% to Rs 88 crore in Q2FY27 from Rs 70 crore in Q2FY26, and consolidated EBITDA margin rose to 17% from 15%. This group-level improvement came despite the 6% decline in print operating EBITDA to Rs 35 crore. Radio reported Rs 2 crore of operating EBITDA against a Rs 4 crore loss a year earlier, while digital recorded Rs 1 crore against a Rs 1 crore loss.

The segment comparison shows that print supplied revenue growth but did not provide the same direction of profit movement. HT Media attributed radio’s improved profitability to station-network rationalisation and described digital’s result as reflecting a deliberate reset of operations. For print, advertising grew in both language categories, while the disclosed margin pressure came from the 15% rise in material cost and industry-wide newsprint costs.

Conclusion

HT Media’s Q2FY27 print result combined revenue recovery with lower segment earnings. Operating revenue rose 8% to Rs 386 crore, supported by 5% English and 10% Hindi advertising growth, while operating EBITDA declined 6% to Rs 35 crore. The 9% print margin, down from 11% a year earlier and 13% in Q1FY27, shows that higher material costs outweighed the benefit of revenue growth.

The next period to watch is the festive third quarter, which management said had shifted from the second quarter this year. The chairperson identified higher newsprint costs and rupee depreciation as considerations for coming quarters, while stating that HT Media remains focused on core businesses and financial discipline. Future print results will indicate whether seasonal advertising activity can offset those disclosed cost pressures.