HT Media FY26: Stable revenue, stronger margins, and a sharper portfolio

HT Media Group closed Q4 FY26 with a familiar top-line picture and a different profitability story. Consolidated total revenue was INR 558 crore, down 2% year on year, but EBITDA rose 5% to INR 131 crore and PAT increased 15% to INR 96 crore. The margin improvement was visible even at a quarterly level, with EBITDA margin moving up to 23% and PAT margin to 17%, both before exceptional items and share of JVs.

For the full year FY26, consolidated revenue stayed broadly flat at INR 1,971 crore. But EBITDA grew 8% to INR 298 crore and PAT rose 44% to INR 153 crore. The company ended the year with a net cash balance of INR 1,001 crore, which management described as robust.

The quarter’s narrative was shaped by two things. First, a strong performance in Print driven by advertising yield improvement. Second, a deliberate reset in Digital through the discontinuation of OTTplay, alongside continued restructuring in Radio through surrender of non-viable licenses.

Consolidated performance: flat top line, better operating leverage

A closer look at the consolidated P&L shows the direction of travel. Operating revenue for Q4 FY26 increased 3% to INR 511 crore, but total revenue declined because other income fell sharply from INR 74 crore to INR 47 crore. For FY26, operating revenue rose 3% to INR 1,803 crore, while other income declined 23% to INR 168 crore.

Management attributed a large part of the other income decline to mark-to-market losses in the treasury portfolio as of 31 March, linked to yield curve movement. They also emphasized that this treasury capital is patient and does not need near-term liquidation.

Print: advertising yields did the heavy lifting

Print was the standout segment in FY26, both for growth and for margin expansion. Segment advertising revenue remained strong in Q4 and for the full year. The company credited yield improvement rather than volume growth. In response to an investor question, management stated that print ad revenue growth was primarily pricing-led, while volumes were largely flat and tracked the industry.

In Q4 FY26, Print advertising revenue rose 10% to INR 313 crore and circulation revenue grew 4% to INR 51 crore. Segment operating revenue increased 15% to INR 427 crore. Operating EBITDA surged to INR 97 crore, lifting the segment margin to 23%.

On a full year basis, Print advertising revenue grew 8% to INR 1,148 crore. Circulation revenue was slightly lower at INR 208 crore. Print operating revenue increased 8% to INR 1,500 crore and operating EBITDA rose to INR 208 crore, taking the full-year margin to 14%.

Management also clarified the mechanics behind circulation. Realisation per copy was described as broadly flat, with only marginal improvement due to competitive constraints. Copy growth was partly a conscious choice to protect copy share in key markets. For the English print business, the CFO said the quarter-on-quarter circulation improvement was primarily driven by higher copies.

Radio and Digital: a cleaner perimeter, but profitability still uneven

Radio remained a weak spot. Q4 FY26 operating revenue declined 48% to INR 43 crore, with operating EBITDA at negative INR 7 crore. FY26 revenue declined 32% to INR 140 crore and EBITDA was negative INR 22 crore. The company attributed part of the decline to a high base from last year’s event-led revenue, and also noted broader industry pressure.

The more structural action was the surrender of non-viable radio licenses. Management said it conducted a full portfolio review and surrendered six loss-making frequencies. They stated that all remaining frequencies are profitable and that the company intends to improve profitability further, while continuing to review the sector given ongoing pressure.

Digital, restated for continuing operations, stayed stable on revenue but remained loss-making. Q4 operating revenue was flat at INR 39 crore with EBITDA at negative INR 2 crore. FY26 revenue was INR 155 crore with EBITDA at negative INR 8 crore. Management described Digital as primarily Shine and Mosaic at the segment level.

The key strategic decision in the year was the discontinuation of OTTplay. Management said OTTplay was stopped after multiple quarters of attempts to improve the unit economics and proposition, citing an increasingly challenging environment and competitive intensity, including the role of large telcos. Subscriptions were sold up to 31 March 2026 and stopped from 1 April 2026.

Investors pressed for clarity on additional losses from the shutdown. Management said no further major one-time losses are expected. They did note that there could be a small residual impact in FY27 because subscriptions sold up to 31 March must be serviced for their remaining life, which could range from one to six months.

Capital allocation: cash remains, but returns to shareholders are not on the table

HT Media ended FY26 with net cash of about INR 1,001 crore. On the call, investors asked whether the board has a policy for the cash pile and whether any shareholder returns are planned. Management said the board regularly discusses the cash position and prefers to invest in businesses of tomorrow alongside the core print franchise. They also confirmed there are no plans so far to return cash to shareholders.

A separate capital allocation lever discussed in the call was the company’s approach to AFE assets. Management stated that these are acquired via non-cash transactions, typically by providing advertising space rather than paying cash. They also said the company actively looks to monetize AFE assets when it can maximize value, while not being a desperate seller.

Takeaways

FY26 marked a cleaner and more disciplined operating posture for HT Media. Print delivered strong advertising-led growth with clear evidence of yield improvement translating into margins. Radio and Digital remain challenged, but the company has taken visible steps to reduce drag by surrendering loss-making radio frequencies and discontinuing OTTplay.

The near-term risk, as highlighted by the Chairperson, is the cost environment. Rising newsprint costs, a weakening rupee, and geopolitical and supply chain volatility can pressure print economics. Against that, the company is leaning on cost discipline and pricing action.

Overall, the quarter reinforced a theme of strategic clarity: protect and monetise the print franchise better, exit loss-making experiments when the unit economics do not work, and keep a strong cash buffer while pursuing selective future-facing investments.