Music Broadcast Ltd

RADIOCITY

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Market Cap

₹ 226 Cr

P/E

—

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Music Broadcast Limited operates private FM radio stations under the 'Radio City' brand, one of India's pioneering private FM broadcasters.

Recently, the company adopted an asset-light business model with 13 live stations and 26 virtual stations, strategically realigning operations to enhance efficiency.

The company reported moderate financial performance for Q2 FY '26, with revenue at Rs. 37.8 crores, impacted by cautious advertising spend and market conditions due to GST transitions.

There is a strategic focus on diversifying revenue streams, with 34% of total income from alternate channels like branded properties, digital ventures, and sponsorships.

Strategic manpower and operational adjustments are expected to yield cost savings of Rs. 6-7 crores per quarter, without compromising on content delivery or client relationships.

Sector

Entertainment

Industry

Entertainment - Electronic Media

Market Cap

226 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

14.0

PEG Ratio

—

P/B Ratio

0.5

52W High

13.73

52W Low

6.00

Sales CAGR

30.27%

11.66%

-1.10%

10Y

0.44%

Profit CAGR

89.58%

—

10Y

—

ROE

TTM

-8.88%

-1.52%

-1.93%

10Y

2.84%

ROCE

TTM

-6.88%

0.15%

-1.05%

10Y

5.68%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BAGDIGITAL	124.50	264 Cr	28.10	3.72	0.00	26.76	32.99	15.81
CUDML	145.45	257 Cr	15.42	2.25	0.00	17.09	22.82	12.56
RADIOCITY	6.54	226 Cr	—	0.46	0.00	-8.88	-6.88	-6.61
LANDMARC	2.28	225 Cr	—	4.65	0.00	-0.53	-0.34	-0.32
DIKSAT	120.00	211 Cr	203.39	8.72	0.00	7.51	7.37	5.26
RAJTV	39.55	206 Cr	—	2.58	0.00	-2.98	-0.98	-2.13
SAMBHAAV	9.97	191 Cr	498.50	2.29	0.00	0.34	1.79	-0.49

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	53	52	60	63	60	55	65	55	49	38
Expenses	46	46	51	52	50	52	55	100	48	43
Operating Profit	7.07	6.37	9.50	10	9.24	3.03	11	-45	0.94	-5.49
OPM %	13.33	12.15	15.72	16.30	15.50	5.53	16.56	-83.03	1.91	-14.51
Other Income	5.65	5.71	5.81	5.91	6.62	6.49	6.74	7.01	7.02	6.84
Interest	2.40	2.47	2.44	2.58	2.83	2.86	2.87	3.03	3.06	3.06
Depreciation	8.23	8.28	8.42	8.50	8.53	8.63	8.77	8.69	7.08	7.05
Profit Before Tax	2.08	1.33	4.44	5.04	4.50	-1.97	5.94	-50	-2.18	-8.75
Tax %	55.29	72.93	42.12	41.07	42.89	-1.02	39.39	24.11	0.46	21.49
Net Profit	0.94	0.37	2.57	2.97	2.58	-1.99	3.60	-38	-2.17	-6.88
EPS in Rs	0.03	0.01	0.07	0.09	0.07	-0.06	0.10	-1.10	-0.06	-0.20

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015
Sales	154	201
Expenses	112	139
Operating Profit	42	62
OPM %	27.46	30.95
Other Income	3.57	6.67
Interest	5.66	6.21
Depreciation	15	16
Profit Before Tax	25	47
Tax %	0.00	0.00
Net Profit	25	47
EPS in Rs	—	—
Dividend Payout %	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015
Equity Capital	39	39
Reserves	-29	18
Borrowings	103	285
Other Liabilities	53	51
Total Liabilities	167	393
Fixed Assets	32	19
CWIP	0.28	0.29
Investments	0.70	0.70
Other Assets	134	374
Total Assets	167	393

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015
Cash from Operating Activity	45	61
Cash from Investing Activity	-13	-197
Cash from Financing Activity	-26	160
Net Cash Flow	5.91	24

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%
FIIs	0.09%	0.00%	0.00%	0.00%	0.04%	0.28%	0.03%	0.03%	0.02%	0.01%	0.00%	0.00%
DIIs	5.49%	5.08%	4.92%	1.41%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	3.75%	3.75%
Public	20.37%	20.87%	21.03%	24.53%	25.89%	25.66%	25.91%	25.91%	25.92%	25.93%	22.19%	22.20%
Total Shareholders	30,116	32,646	32,933	34,806	43,742	53,698	52,267	51,881	51,641	51,329	51,168	50,460

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 25, 2025	Lrsd securities private limited	Bulk	Buy	10.01	1.83 Cr	18,31,788	0.52
Jan 10, 2024	Hrti private limited	Bulk	Buy	20.60	3.52 Cr	17,06,441	0.49
Jan 10, 2024	Hrti private limited	Bulk	Sell	20.49	4.03 Cr	19,65,157	0.56
Jan 04, 2023	Mirabilis investment trust	Bulk	Sell	26.37	5.33 Cr	20,22,500	0.58

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Litigation Update

5 days ago

Litigation Update from Music Broadcast Limited

The Madras High Court has set aside previous contempt orders against Music Broadcast Limited, ending obligations regarding royalty dues and historical music play logs.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 38

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

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Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BAGDIGITAL	124.50	264 Cr	28.10	3.72	0.00	26.76	32.99	15.81
CUDML	145.45	257 Cr	15.42	2.25	0.00	17.09	22.82	12.56
RADIOCITY	6.54	226 Cr	—	0.46	0.00	-8.88	-6.88	-6.61
LANDMARC	2.28	225 Cr	—	4.65	0.00	-0.53	-0.34	-0.32
DIKSAT	120.00	211 Cr	203.39	8.72	0.00	7.51	7.37	5.26
RAJTV	39.55	206 Cr	—	2.58	0.00	-2.98	-0.98	-2.13
SAMBHAAV	9.97	191 Cr	498.50	2.29	0.00	0.34	1.79	-0.49

Overview

Detailed Summary

Music Broadcast Limited operates private FM radio stations under the 'Radio City' brand, one of India's pioneering private FM broadcasters.

Recently, the company adopted an asset-light business model with 13 live stations and 26 virtual stations, strategically realigning operations to enhance efficiency.

The company reported moderate financial performance for Q2 FY '26, with revenue at Rs. 37.8 crores, impacted by cautious advertising spend and market conditions due to GST transitions.

There is a strategic focus on diversifying revenue streams, with 34% of total income from alternate channels like branded properties, digital ventures, and sponsorships.

Strategic manpower and operational adjustments are expected to yield cost savings of Rs. 6-7 crores per quarter, without compromising on content delivery or client relationships.

Sector

Entertainment

Industry

Entertainment - Electronic Media

Market Cap

226 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

14.0

PEG Ratio

—

P/B Ratio

0.5

52W High

13.73

52W Low

6.00

Sales CAGR

30.27%

11.66%

-1.10%

10Y

0.44%

Profit CAGR

89.58%

—

10Y

—

ROE

TTM

-8.88%

-1.52%

-1.93%

10Y

2.84%

ROCE

TTM

-6.88%

0.15%

-1.05%

10Y

5.68%