HT Media radio and digital return to positive EBITDA in Q2FY27

HT Media Limited’s radio and digital units returned to positive operating earnings before interest, tax, depreciation and amortisation (EBITDA) in Q2FY27, reporting Rs 2 crore and Rs 1 crore respectively after year-earlier losses. The turnaround came as radio operating revenue declined 23% to Rs 25 crore and digital revenue fell 30% to Rs 28 crore.

Why did HT Media’s radio revenue decline in Q2FY27?

HT Media’s radio operating revenue fell because of the streamlining of its overall station network, declining to Rs 25 crore in Q2FY27 from Rs 32 crore in Q2FY26. The presentation identifies the network change as the cause of the revenue dip and lists fever HAPPENING HERE, PUNJABI and NASHAA as the segment’s key brands.

The Rs 7 crore year-on-year reduction was also reflected sequentially, as radio revenue was Rs 32 crore in Q1FY27 before falling to Rs 25 crore in Q2FY27. The revenue decline therefore occurred against both the prior-year quarter and the preceding quarter, while the presentation gave no station count or revenue split by brand.

How did HT Media’s radio business return to positive EBITDA?

HT Media’s radio business returned to positive EBITDA with Rs 2 crore of operating EBITDA in Q2FY27, compared with a Rs 4 crore operating EBITDA loss in Q2FY26. Its operating EBITDA margin moved from negative 12% to 9%, while management described the segment as back to positive EBITDA for the quarter.

The year-on-year EBITDA movement was Rs 6 crore despite the Rs 7 crore revenue decline. Radio also improved from a Rs 3 crore operating EBITDA loss in Q1FY27, making the Q2FY27 result a Rs 5 crore sequential improvement even as quarterly revenue decreased by Rs 7 crore.

Why did HT Media’s digital revenue fall while EBITDA improved?

HT Media’s digital operating revenue declined 30% to Rs 28 crore in Q2FY27 from Rs 40 crore in Q2FY26, while operating EBITDA moved to a positive Rs 1 crore from a Rs 1 crore loss. Management said the result reflected a deliberate reset of digital business operations, and the presentation identifies shine.com as the key brand.

Digital revenue was Rs 12 crore lower year on year but Rs 1 crore above Q1FY27 revenue of Rs 27 crore. The operating EBITDA margin improved from negative 3% in Q2FY26 to 3% in Q2FY27, although the presentation does not disclose customer, product, marketing or other cost components behind the reset.

How do HT Media’s radio and digital results compare with print?

HT Media’s print business remained substantially larger, generating Rs 386 crore of operating revenue and Rs 35 crore of operating EBITDA in Q2FY27, compared with Rs 25 crore and Rs 2 crore for radio and Rs 28 crore and Rs 1 crore for digital. Print revenue rose 8% from Rs 357 crore in Q2FY26, unlike radio’s 23% decline and digital’s 30% decline.

Print English revenue increased 5% to Rs 192 crore and print Hindi revenue rose 11% to Rs 194 crore, with the presentation attributing both gains to advertising. However, print operating EBITDA declined 6% from Rs 38 crore to Rs 35 crore and its margin fell from 11% to 9%, as material costs increased 15% year on year amid industry-wide newsprint-cost pressure.

At the consolidated level, HT Media reported total revenue of Rs 502 crore in Q2FY27, up 5% from Rs 478 crore a year earlier. Consolidated EBITDA increased 26% to Rs 88 crore from Rs 70 crore, and the EBITDA margin rose from 15% to 17%; the company said print mainly drove revenue growth.

What does Q2FY27 show about HT Media’s business reset?

HT Media’s Q2FY27 figures show a trade-off between lower revenue and positive operating EBITDA in radio and digital. Together, the two businesses generated Rs 53 crore of operating revenue and Rs 3 crore of operating EBITDA, compared with Rs 72 crore of revenue and combined operating EBITDA losses of Rs 5 crore in Q2FY26.

The presentation establishes a one-quarter return to positive EBITDA but gives no revenue, margin or EBITDA target for either business. Consolidated profit after tax, before exceptional items and share of joint ventures, was Rs 39 crore in Q2FY27 versus Rs 20 crore in Q2FY26, while net cash stood at Rs 930 crore compared with Rs 947 crore a year earlier.

Conclusion

HT Media’s radio and digital restructuring actions coincided with a move from operating EBITDA losses to positive results in Q2FY27, despite lower revenue in both segments. Print remained the portfolio’s main operating contributor, with Rs 386 crore of revenue and Rs 35 crore of operating EBITDA, while its higher material costs moderated margin performance.

The next reported quarters will indicate whether radio can sustain positive EBITDA after station-network streamlining and whether digital can extend its Rs 1 crore EBITDA outcome following its operational reset. Management has disclosed the mechanisms behind both changes but has not provided segment revenue, margin or EBITDA targets.