HT Media’s underlying loss widens as exceptional charge fades

HT Media Limited reported a standalone net loss of Rs 15.93 crore for the quarter ended September 30, 2026, against Rs 51.11 crore a year earlier, but its loss before exceptional items and tax widened to Rs 13.68 crore from Rs 7.28 crore as revenue from operations slipped to Rs 243.54 crore.

Why did HT Media’s reported September-quarter loss narrow?

HT Media’s reported loss narrowed mainly because the September 2025 quarter included a Rs 37.76 crore exceptional loss, whereas the September 2026 quarterly statement recorded no exceptional item. Before exceptional items and tax, the loss increased by Rs 6.40 crore year on year, indicating that the lower reported net loss did not reflect an improvement in the underlying quarterly result.

Loss before tax was Rs 13.68 crore in the September 2026 quarter, compared with Rs 45.04 crore in September 2025. A deferred-tax charge of Rs 2.25 crore, against Rs 6.07 crore a year earlier, resulted in a loss after tax of Rs 15.93 crore, or Rs 0.69 per basic and diluted share, compared with Rs 2.21 per share a year earlier.

For the six months ended September 30, 2026, HT Media recorded a net exceptional gain of Rs 59 lakh related to the surrender of a specific radio licence filed with the Ministry of Information and Broadcasting. The gain comprised lease-termination income, impairment of radio-business assets and contractual obligations, while the prior-year six-month period included a Rs 37.76 crore exceptional loss.

What changed in HT Media’s underlying profitability?

HT Media’s underlying profitability weakened in the September quarter because total income fell faster than total expenses. Revenue from operations declined by Rs 88 lakh to Rs 243.54 crore, while other income declined by Rs 6.43 crore to Rs 8.05 crore, taking total income to Rs 251.59 crore from Rs 258.90 crore.

EBITDA, or earnings before finance costs, tax, depreciation and amortisation, and exceptional items, declined to Rs 12.73 crore from Rs 23.44 crore. HT Media’s disclosed adjusted operating margin, calculated as adjusted EBITDA divided by revenue from operations and excluding other income, fell to 1.92% from 3.67% in the year-earlier quarter.

The sequential comparison also showed a weaker second quarter on the pre-exceptional measure. Loss before exceptional items and tax was Rs 13.68 crore after a Rs 13.08 crore loss in the quarter ended June 30, 2026, while EBITDA declined from Rs 14.00 crore to Rs 12.73 crore and the net loss increased from Rs 7.96 crore.

HT Media identifies three reportable operating segments under Indian Accounting Standard 108: printing and publishing of newspapers and periodicals, radio broadcast and entertainment, and digital. The standalone filing does not provide revenue or profit figures for these segments, stating that segment financial information appears in the unaudited consolidated results.

Which income and expense lines changed year on year?

HT Media reduced total expenses by Rs 91 lakh to Rs 265.27 crore in the September 2026 quarter, but this was smaller than the Rs 7.31 crore fall in total income. The difference widened the pre-exceptional loss despite reductions in employee costs, depreciation and finance costs.

Employee-benefit expense declined by Rs 5.41 crore to Rs 55.58 crore, depreciation and amortisation fell by Rs 3.11 crore to Rs 14.57 crore, and finance costs decreased by Rs 1.20 crore to Rs 11.84 crore. In contrast, cost of materials consumed rose by Rs 7.18 crore to Rs 58.71 crore and other expenses increased by Rs 2.82 crore to Rs 125.26 crore.

The six-month trend differed from the second-quarter result. Revenue from operations increased to Rs 479.05 crore for the six months ended September 30, 2026 from Rs 466.52 crore a year earlier, while total expenses decreased to Rs 526.83 crore from Rs 532.35 crore; loss before exceptional items and tax consequently narrowed to Rs 26.76 crore from Rs 38.14 crore.

Other expenses for the six-month period included Rs 1.98 crore arising from fair-value movement in financial instruments. HT Media also invested Rs 7 crore in subsidiary Mosaic Media Ventures Private Limited and provided a net inter-corporate deposit of Rs 29 lakh, recognising a net Rs 3.73 crore impairment in other expenses relating to the subsidiary investment and deposit.

How did HT Media’s financial position change by September 2026?

HT Media’s total assets stood at Rs 1,510.79 crore at September 30, 2026, down from Rs 1,591.06 crore at March 31, 2026, while total equity was Rs 523.31 crore against Rs 521.05 crore. Current borrowings declined to Rs 545.58 crore from Rs 612.26 crore over the six-month period.

Cash and cash equivalents on the standalone balance sheet fell to Rs 13.47 crore from Rs 24.75 crore at March 31, 2026. HT Media separately disclosed commercial papers with a face value of Rs 300 crore outstanding at September 30, 2026, while its current ratio rose to 0.79 from 0.74 at March 31, 2026.

Inventories increased to Rs 92.05 crore at September 30, 2026 from Rs 72.11 crore at March 31, while trade receivables rose to Rs 272.60 crore from Rs 261.66 crore. Current assets were Rs 719.55 crore, compared with current liabilities of Rs 909.79 crore, consistent with the disclosed current ratio of 0.79.

What disclosed actions could affect HT Media next?

HT Media remains committed to selling the balance of its investment property classified as non-current assets held for sale after disposing of part of that property. It also reclassified additional investment property into the held-for-sale category during the six months ended September 30, 2026, and such assets totalled Rs 17.67 crore at the reporting date.

HT Media approved the preferential allotment of 3.88 crore warrants at Rs 24.57 each, aggregating to Rs 95.30 crore, after receiving Rs 23.82 crore, or 25% of the warrant issue price, from proposed allottees. The allotment comprised 1.34 crore promoter warrants and 2.54 crore non-promoter warrants, with each warrant carrying the right to one equity share on payment of the remaining 75% under the applicable terms.

The company’s investment in Mosaic Media Ventures Private Limited and the associated Rs 3.73 crore impairment are also relevant to subsequent results. The filing does not state a timetable or financial target for the subsidiary, but it records both the Rs 7 crore equity investment and the net Rs 29 lakh inter-corporate deposit during the half year.

Conclusion

HT Media’s lower September-quarter net loss primarily reflects the absence of the Rs 37.76 crore exceptional loss recorded a year earlier. Revenue from operations and other income declined, EBITDA fell by Rs 10.71 crore, and the loss before exceptional items and tax widened by Rs 6.40 crore, despite lower employee, depreciation and finance costs.

Next, readers can watch progress on the sale of the remaining held-for-sale investment property, payment of the remaining 75% on the Rs 95.30 crore warrant issue, and whether the six-month improvement in pre-exceptional loss can continue in subsequent quarters. Future other-expense movements may also reflect the disclosed investment and impairment related to Mosaic Media Ventures Private Limited.