HT Media Q2 profit doubles as revenue rises 5% and margins widen

HT Media Group (HT Media) reported Q2FY27 profit after tax (PAT) before exceptional items and joint-venture share of Rs 39 crore, up 102% year on year, as consolidated revenue rose 5% to Rs 502 crore and earnings before interest, tax, depreciation and amortisation (EBITDA) margin increased to 17% from 15%.

How did HT Media's Q2FY27 consolidated earnings change?

HT Media's Q2FY27 revenue was Rs 502 crore, EBITDA was Rs 88 crore and PAT before exceptional items and share of joint ventures was Rs 39 crore. Revenue increased from Rs 478 crore in Q2FY26, while EBITDA rose from Rs 70 crore and PAT rose from Rs 20 crore. The presentation identifies Print as the main driver of year-on-year revenue growth and says consolidated profit margins expanded.

HT Media's EBITDA margin increased by 2 percentage points to 17% in Q2FY27 from 15% a year earlier. Its PAT margin increased by 4 percentage points to 8% from 4%. These margin measures and the PAT figure exclude exceptional items and the share of joint ventures, while the profit-and-loss data cover continuing operations.

Which businesses drove HT Media's revenue change?

HT Media's Print business generated Q2FY27 operating revenue of Rs 386 crore, up 8% from Rs 357 crore in Q2FY26. Print English revenue increased 5% to Rs 192 crore, while Print Hindi revenue increased 11% to Rs 194 crore. Management said both print businesses grew annually on advertising, disclosing advertising growth of 5% in Print English and 10% in Print Hindi.

Print growth offset lower revenue in Radio and Digital. Radio operating revenue fell 23% to Rs 25 crore from Rs 32 crore after the rationalisation of the station network. Digital operating revenue declined 30% to Rs 28 crore from Rs 40 crore, which management described as reflecting a deliberate reset of digital operations.

HT Media's Q2FY27 Print operating revenue of Rs 386 crore represented the largest disclosed segment contribution to the group's Rs 502 crore consolidated revenue. Radio and Digital together reported Rs 53 crore of operating revenue, compared with Rs 72 crore a year earlier. The segment figures may not add up to consolidated revenue because the presentation separately reports consolidated and segment operating measures.

Why did HT Media's consolidated margin improve despite Print costs?

HT Media's consolidated EBITDA margin rose to 17% in Q2FY27, while its Print operating EBITDA margin fell to 9% from 11% in Q2FY26. Print operating EBITDA declined 6% to Rs 35 crore from Rs 38 crore even as Print operating revenue grew 8%. The presentation attributes the Print-margin movement to higher newsprint costs, and management said rupee depreciation amid global uncertainty added pressure.

Print material cost increased 15% year on year, exceeding the segment's 8% operating-revenue growth. Radio moved to operating EBITDA of Rs 2 crore from a loss of Rs 4 crore, while Digital moved to operating EBITDA of Rs 1 crore from a loss of Rs 1 crore. The presentation marks the percentage changes in Radio and Digital EBITDA as not meaningful because both prior-period results were losses.

Radio's operating EBITDA margin changed to 9% in Q2FY27 from negative 12% in Q2FY26. Digital's operating EBITDA margin changed to 3% from negative 3%. Management linked Radio's revenue decline and profitability recovery to station-network rationalisation, while it linked Digital's move to positive EBITDA to a leaner portfolio and a focus on quality of earnings.

What changed in HT Media's cash and sequential performance?

HT Media ended Q2FY27 with net cash of Rs 930 crore, compared with Rs 947 crore at the end of Q2FY26 and Rs 922 crore at the end of Q1FY27. The year-on-year change was a 2% reduction, while the Q2FY27 balance was Rs 8 crore above Q1FY27. HT Media said Q2FY27 net cash was computed under the latest amendment to Indian Accounting Standard 109, or Ind AS 109, and prior periods were not restated.

Sequentially, consolidated revenue increased to Rs 502 crore in Q2FY27 from Rs 497 crore in Q1FY27, while EBITDA declined to Rs 88 crore from Rs 90 crore and PAT declined to Rs 39 crore from Rs 47 crore. Print revenue increased to Rs 386 crore from Rs 376 crore, whereas Radio revenue declined to Rs 25 crore from Rs 32 crore and Digital revenue increased to Rs 28 crore from Rs 27 crore.

The chairperson said the festive season had shifted to the third quarter in FY2026-27. She said HT Media entered that quarter focused on strengthening core businesses and maintaining financial discipline. The chairperson also said Digital recorded modest sequential improvement in revenue and profitability, while Radio's rationalised network had established a more sustainable operating base.

Conclusion

HT Media's Q2FY27 figures show that a 5% increase in consolidated revenue coincided with a 102% increase in PAT before exceptional items and joint-venture share. Print supplied the revenue growth, but its operating EBITDA fell 6% as material cost rose 15%; meanwhile, Radio and Digital returned to positive operating EBITDA after reporting losses in Q2FY26.

The next disclosed operating test is the shifted festive third quarter, when Print advertising growth will be measured against newsprint costs and rupee-related pressure. Management's stated leaner Digital portfolio and streamlined Radio station network also remain relevant to future revenue and EBITDA trends, while net cash reporting will continue under the revised Ind AS 109 treatment.