HT Media Group in Q4 FY26: Print pricing does the heavy lifting, while OTTplay is shut

HT Media Group closed Q4 FY26 with stable revenue but meaningfully better profitability, driven largely by print advertising pricing gains. On a consolidated basis, total revenue for Q4 FY26 was INR 558 crore, down 2% year on year. EBITDA (before exceptional items and share of JVs) rose 5% to INR 131 crore and EBITDA margin improved to 23%. PAT (before exceptional items and share of JVs) increased 15% to INR 96 crore.

For the full year, the pattern was clearer. FY26 total revenue was flat at INR 1,971 crore, but EBITDA rose 8% to INR 298 crore and PAT rose 44% to INR 153 crore. Net cash remained robust at around INR 1,001 crore as of March 31, 2026.

Management positioned the year as a reset focused on profitability and portfolio clean-up. The Chairperson highlighted that print performed well for both the quarter and the year, while cautioning that rising newsprint costs, amplified by a weakening rupee and broader global uncertainty, remained a near-term concern.

Consolidated performance: margins up, topline steady

The key consolidated takeaway is that revenue stability was used to expand margins. In Q4 FY26, operating revenue rose to INR 511 crore (up 3%), but total revenue declined because other income fell to INR 47 crore from INR 74 crore. On the call, management attributed the decline in other income largely to mark-to-market losses on the group’s treasury portfolio as yield curves remained high at year end.

For FY26, operating revenue grew 3% to INR 1,803 crore while other income fell 23% to INR 168 crore. Even with lower other income, cost discipline was visible, especially in other expenses, supporting EBITDA growth.

Print: yield-led ad growth lifts profitability

Print delivered the strongest operating improvement. Segment advertising revenue grew 10% in Q4 FY26 to INR 313 crore and 8% for FY26 to INR 1,148 crore. Circulation revenue was steadier, with a 4% rise in Q4 FY26 to INR 51 crore and a 2% decline for the year to INR 208 crore.

That translated into strong operating leverage. Print segment operating revenue rose 15% in Q4 FY26 to INR 427 crore and 8% in FY26 to INR 1,500 crore. Operating EBITDA jumped 63% in Q4 FY26 to INR 97 crore, while full year print EBITDA rose 82% to INR 208 crore. Segment margin improved to 23% in Q4 FY26 and 14% for FY26.

In the Q and A, management was explicit about the driver of ad growth. Volumes were described as broadly flat and tracking the industry, with the lever being yield improvements, meaning pricing. Management also described a focused effort on pricing that flowed into results, while acknowledging that competitive reactions can follow.

Within print, both English and Hindi contributed.

English print advertising revenue increased 9% in Q4 FY26 to INR 172 crore and 8% in FY26 to INR 644 crore. English circulation revenue rose 13% in Q4 FY26 to INR 13 crore, but declined 5% for the year to INR 53 crore. When asked whether English circulation gains were pricing-led, management clarified the Q4 improvement was primarily due to higher copies.

Hindi print, under Hindustan Media Ventures Limited, saw advertising revenue rise 12% in Q4 FY26 to INR 142 crore and 8% in FY26 to INR 504 crore. Circulation revenue was stable, at INR 38 crore in Q4 and INR 155 crore for the year.

Radio and Digital: pressure continues, with portfolio actions

Radio remained challenged. Q4 FY26 operating revenue declined 48% to INR 43 crore, with operating EBITDA at negative INR 7 crore. For FY26, operating revenue declined 32% to INR 140 crore and operating EBITDA was negative INR 22 crore. The company attributed the decline to a high base from prior year events-led revenue and broader industry issues.

Management’s response has been to streamline the radio footprint. The Chairperson stated that non-viable licenses were surrendered to sharpen the network footprint and improve profitability. On the call, management said six loss-making frequencies had been surrendered and that all remaining frequencies are profitable, while also noting that the radio sector remains under pressure.

Digital segment performance was steady on revenue but still loss-making. Segment operating revenue was flat in Q4 FY26 at INR 39 crore and up 2% for FY26 to INR 155 crore (restated for continuing operations). Operating EBITDA was negative INR 2 crore in Q4 FY26 and negative INR 8 crore for FY26.

The notable strategic change was the discontinuation of OTTplay. Management said it had tried multiple levers across content, subscriber acquisition and retention, and had set a timeframe to make the unit economics work. It also said the space became increasingly challenging, including because large telcos have significant presence. After strategic discussions with potential partners did not lead to an outcome, management decided to shut the business.

On the mechanics and financial impact, management stated that OTTplay subscriptions were sold until March 31, 2026, and no subscriptions would be sold from April 1, 2026. Subscriptions sold on or before March 31 will still need to be serviced for their remaining life, typically one to six months. Management said there could be marginal losses while servicing residual subscribers, but described the expected impact as very small.

Capital allocation and AFE: monetisation focus, no shareholder payouts signalled

Despite a net cash balance of about INR 1,001 crore, management did not indicate any plan to return cash to shareholders. When asked directly, management said there were no such plans so far, and that the board’s intent is to invest behind the core business and digital businesses of tomorrow.

Another recurring topic was AFE assets. Management clarified that AFE acquisitions are non-cash and paid through ad space rather than cash. It also stated that the company does not intend to hold these assets for the very long term and aims to sell at the earliest opportunity when value can be maximized, while not being a desperate seller. The call also referenced contractual forfeiture income in the AFE business when counterparties do not meet obligations within specified timelines.

Assetvault Limited, associated with the brand name AasaanWill, was described by management as an AFE investment rather than a cash investment, with plans to support marketing in India using the group’s media properties.

Key takeaways

Q4 FY26 reinforced that HT Media Group’s near-term earnings power is being rebuilt through print advertising pricing and cost discipline rather than topline expansion. The decisive moves to exit OTTplay and surrender loss-making radio frequencies reduce complexity, even though radio and parts of digital remain structurally pressured.

The next phase hinges on two execution tests that management itself highlighted implicitly. First, whether higher print ad yields can be sustained in the face of competitive responses. Second, whether the portfolio clean-up translates into a structurally lower drag from loss-making segments, while the company continues to deploy its substantial cash balance into initiatives that can become profitable at scale.