HT Media returns to Q2 profit as continuing earnings double

HT Media Limited reported consolidated profit of Rs 35.94 crore for the quarter ended September 30, 2026, against a Rs 4.34 crore loss a year earlier, as profit after tax from continuing operations more than doubled to Rs 39.41 crore from Rs 19.12 crore. A Rs 3.47 crore discontinued-operations loss reduced the final result.

How did HT Media return to consolidated profit in Q2?

HT Media returned to consolidated profit because its Rs 39.41 crore profit from continuing operations exceeded the Rs 3.47 crore after-tax loss from discontinued operations. The resulting Rs 35.94 crore profit for the September 2026 quarter was Rs 40.28 crore higher than the Rs 4.34 crore loss reported in the corresponding quarter of 2025.

Income from continuing operations increased while expenses were marginally lower year on year. Total income rose to Rs 501.71 crore from Rs 477.76 crore, and total expenses declined to Rs 447.33 crore from Rs 448.49 crore. Profit before tax from continuing operations consequently rose to Rs 54.38 crore from Rs 28.88 crore.

The results were approved by HT Media's board on November 5, 2026 after review and recommendation by its audit committee. S.R. Batliboi & Co. LLP issued an unmodified limited-review conclusion on the unaudited consolidated financial results for the quarter and six months ended September 30, 2026.

What changed in HT Media's continuing operations?

HT Media's continuing-operations profit after tax increased by Rs 20.29 crore year on year, supported by a Rs 10.73 crore rise in revenue from operations and a Rs 13.22 crore increase in other income. Revenue from operations reached Rs 441.59 crore in the September 2026 quarter, compared with Rs 430.86 crore in the September 2025 quarter.

The expense pattern was mixed. Cost of materials consumed increased to Rs 125.45 crore from Rs 107.78 crore, but employee-benefit expense fell to Rs 94.89 crore from Rs 104.61 crore. Other expenses edged down to Rs 194.54 crore from Rs 195.34 crore, while finance costs decreased to Rs 13.72 crore from Rs 15.45 crore.

Earnings before finance costs, tax, depreciation and amortisation expense, or EBITDA, from continuing operations rose to Rs 87.58 crore from Rs 69.58 crore. Depreciation and amortisation expense declined to Rs 19.48 crore from Rs 24.86 crore, contributing to the increase in profit before tax to Rs 54.38 crore from Rs 28.88 crore.

Tax expense from continuing operations was Rs 14.97 crore in the September 2026 quarter, compared with Rs 9.76 crore a year earlier. The latest charge comprised Rs 2.31 crore of current tax and Rs 12.66 crore of deferred tax, whereas the comparative-quarter tax charge consisted of Rs 9.76 crore of deferred tax.

How much did discontinued operations reduce HT Media's Q2 profit?

Discontinued operations reduced HT Media's September-quarter profit by Rs 3.47 crore after tax, although this was substantially below the Rs 23.46 crore loss after tax recorded a year earlier. The discontinued operation posted a pre-tax loss of Rs 4.27 crore, compared with a Rs 26.01 crore pre-tax loss in the September 2025 quarter.

The discontinued operation had total income of Rs 2.83 crore and total expenses of Rs 7.10 crore during the quarter ended September 30, 2026. In the prior-year quarter, it reported Rs 21.42 crore of income and Rs 47.43 crore of expenses, producing the larger Rs 26.01 crore loss before tax.

The discontinued business is OTTplay, operated by subsidiary Hindustan Media Ventures Limited. Its board decided on March 26, 2026 to discontinue OTTplay with effect from March 31, 2026, and new subscription packs were not offered from that date. HT Media has presented the comparative periods as discontinued operations under Indian Accounting Standard 105.

For the six months ended September 30, 2026, discontinued operations used Rs 70.52 crore in operating cash flows, compared with Rs 33.24 crore in the corresponding 2025 period. Their pre-tax loss narrowed to Rs 9.82 crore from Rs 44.06 crore, while total income declined to Rs 9.90 crore from Rs 39.81 crore.

What do HT Media's six-month results show?

HT Media reported consolidated profit of Rs 79.45 crore for the six months ended September 30, 2026, compared with a Rs 15.71 crore loss in the corresponding prior-year period. Continuing-operations profit after tax increased to Rs 87.38 crore from Rs 23.41 crore, while the discontinued-operations loss after tax narrowed to Rs 7.93 crore from Rs 39.12 crore.

Revenue from continuing operations for the six-month period rose to Rs 878.89 crore from Rs 824.62 crore, and total income increased to Rs 998.67 crore from Rs 910.82 crore. Continuing-operations EBITDA rose to Rs 177.54 crore from Rs 97.37 crore, while profit before tax reached Rs 110.98 crore, compared with Rs 18.76 crore a year earlier.

Profit attributable to HT Media's owners, including continuing and discontinued operations, was Rs 23.24 crore in the September 2026 quarter, against a Rs 4.03 crore loss a year earlier. Basic earnings per share, including both categories of operations, was Rs 1.00, compared with a loss per share of Rs 0.17; the quarterly earnings-per-share figures were not annualised.

The group disclosed Rs 300 crore of commercial papers outstanding at September 30, 2026. Its debt-equity ratio was 0.28 times, compared with 0.34 times at September 30, 2025, while net worth excluding non-controlling interest was Rs 1,654.65 crore, compared with Rs 1,635.02 crore a year earlier.

What asset sales and funding actions has HT Media disclosed?

HT Media said it had disposed of substantial land and buildings that had been classified as non-current assets held for sale in September 2020 and had entered into an agreement to sell the balance. During the September 2026 quarter, it also classified additional property, plant and equipment as held for sale following the outsourcing of printing work at certain units.

The group also reported the disposal of part of investment property that had been classified as held for sale at March 31, 2026. HT Media said it remains committed to selling the balance, and reclassified certain additional investment property as held for sale during the six months ended September 30, 2026.

On August 20, 2026, HT Media allotted 3,87,87,137 preferential warrants at Rs 24.57 each, aggregating to Rs 95.30 crore. The company had received Rs 23.82 crore, representing 25% of the warrant issue price, from proposed allottees; each warrant entitles its holder to subscribe to one equity share after payment of the remaining 75%, under the disclosed terms.

The allotment included 1,34,31,013 warrants to promoters and 2,53,56,124 warrants to non-promoters. The company’s filing states that the warrant allotment followed member approval and in-principle approvals from BSE Limited and the National Stock Exchange of India Limited.

Conclusion

HT Media's return to consolidated profit in the September 2026 quarter reflected higher continuing-operations income, slightly lower total continuing-operations expenses and a reduced loss from OTTplay. The Rs 39.41 crore continuing-operations profit was more than double the prior-year level and was sufficient to offset the Rs 3.47 crore loss from discontinued operations.

The next disclosures to watch are progress on the planned sales of remaining land, buildings and investment property, as well as the effects of printing-work outsourcing and OTTplay’s discontinuation. HT Media also has Rs 71.48 crore remaining to be paid on the warrants allotted in August 2026 if holders exercise them under the issue terms.