HT Media Q2 PAT rises 102% as employee costs decline 9%

HT Media Limited reported Q2FY27 profit after tax, or PAT, of Rs 39 crore, up 102% year on year from Rs 20 crore, as total revenue rose 5% to Rs 502 crore and employee cost declined 9% to Rs 95 crore. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 26% to Rs 88 crore.

How did HT Media's consolidated profit change in Q2FY27?

HT Media's PAT before exceptional items and share of joint ventures increased from Rs 20 crore in Q2FY26 to Rs 39 crore in Q2FY27. PAT margin rose to 8% from 4%, while EBITDA increased from Rs 70 crore to Rs 88 crore and its margin expanded from 15% to 17%.

Sequentially, Q2FY27 total revenue of Rs 502 crore exceeded Rs 497 crore in Q1FY27, while EBITDA declined from Rs 90 crore to Rs 88 crore and PAT declined from Rs 47 crore to Rs 39 crore. The presentation states that the profit-and-loss figures cover continuing operations.

What drove HT Media's Q2FY27 EBITDA increase?

HT Media's EBITDA increased by Rs 18 crore year on year as total revenue rose by Rs 24 crore and employee cost declined by Rs 10 crore, partly offset by a Rs 17 crore increase in raw-material expense. Other expenses were unchanged at Rs 195 crore, based on the reported consolidated Q2FY26 and Q2FY27 figures.

Operating revenue rose 2%, or Rs 11 crore, to Rs 442 crore from Rs 431 crore, while other income increased 28%, or Rs 13 crore, to Rs 60 crore from Rs 47 crore. The rise in other income was therefore larger than the increase in operating revenue, and together they lifted total revenue to Rs 502 crore.

On a sequential basis, operating revenue increased from Rs 437 crore in Q1FY27 to Rs 442 crore in Q2FY27, while raw-material expense rose from Rs 117 crore to Rs 125 crore. Employee cost fell from Rs 99 crore to Rs 95 crore, but other expenses increased from Rs 192 crore to Rs 195 crore and EBITDA decreased from Rs 90 crore to Rs 88 crore.

Raw-material expense rose 15% year on year to Rs 125 crore, compared with Rs 108 crore a year earlier. Management identified print as the main driver of consolidated revenue growth, but said higher newsprint costs, compounded by rupee depreciation amid global uncertainty, put pressure on margins; the presentation does not quantify the rupee-related component.

Which HT Media businesses grew and which returned to profit?

HT Media's print business delivered the largest operating-revenue increase, rising 8% year on year to Rs 386 crore in Q2FY27 from Rs 357 crore. English print operating revenue rose 5% to Rs 192 crore, while Hindi print operating revenue increased 11% to Rs 194 crore.

The presentation attributes annual growth in both print titles to advertising, with English print advertising up 5% and Hindi print advertising up 10%. Print operating revenue in Q2FY27 was also above Rs 376 crore in Q1FY27, although the presentation does not provide separate quarterly advertising revenue amounts.

Print profitability declined despite the revenue increase. Operating EBITDA fell 6% to Rs 35 crore from Rs 38 crore, and the operating EBITDA margin decreased to 9% from 11%; material cost grew 15% year on year. In Q1FY27, print operating EBITDA was Rs 50 crore on operating revenue of Rs 376 crore, compared with Rs 35 crore on Rs 386 crore in Q2FY27.

HT Media's radio and digital businesses both returned to positive operating EBITDA despite lower revenue. Radio operating revenue fell 23% from Rs 32 crore to Rs 25 crore, but operating EBITDA moved from a Rs 4 crore loss to a Rs 2 crore profit; digital operating revenue declined 30% from Rs 40 crore to Rs 28 crore, while operating EBITDA moved from a Rs 1 crore loss to a Rs 1 crore profit.

Management linked radio's revenue decline to rationalisation of the station network, while saying that process established a more sustainable operating base. It described digital's result as reflecting a deliberate reset toward a leaner portfolio and quality of earnings: radio's operating EBITDA margin reached 9% from negative 12%, while digital's reached 3% from negative 3%.

What does HT Media's balance sheet show at September 2026?

HT Media reported net cash of Rs 930 crore at the end of Q2FY27, compared with Rs 947 crore in Q2FY26 and Rs 922 crore in Q1FY27. The company said Q2FY27 net cash was calculated under the latest Indian Accounting Standard 109 amendment, while prior periods were not restated, limiting direct comparability.

Total assets were Rs 3,889 crore at 30 September 2026, down from Rs 3,969 crore at 31 March 2026. Non-current assets decreased by Rs 193 crore to Rs 1,755 crore, while current assets increased by Rs 112 crore to Rs 2,134 crore over the six-month period.

Total equity rose from Rs 2,009 crore at 31 March 2026 to Rs 2,114 crore at 30 September 2026. Non-current liabilities declined from Rs 144 crore to Rs 128 crore, and current liabilities fell from Rs 1,816 crore to Rs 1,648 crore; total assets and total equity plus liabilities both stood at Rs 3,889 crore.

Conclusion

HT Media's Q2FY27 result combined 5% total-revenue growth with a 102% rise in reported PAT as EBITDA increased 26% and margins widened. The segment picture was mixed: print added Rs 29 crore of operating revenue but lost Rs 3 crore of operating EBITDA, while radio and digital returned to positive operating EBITDA after revenue declines of 23% and 30%, respectively.

The next disclosed factor to watch is the festive third quarter, which management said follows the shift of the festive season out of Q2FY27. Management also identified higher newsprint costs and rupee depreciation as considerations for coming quarters, while outlining plans to strengthen core businesses, maintain financial discipline and continue the leaner digital portfolio focused on profitable growth.