HT Media Limited Q3 FY26 Earnings Call Summary

Summary

HT Media Limited - Q3 FY2026 Earnings Call Summary Wednesday, January 28, 2026, 4:00 PM IST

Event Participants

Executives 2 Anna Abraham (Group Deputy CFO), Pervez Bajan (Head Financial Controllership & Taxation)

Analysts 3 Kirit Shah, Mehul Pathak, Shubham Jajodia, Yash R.

Financials & KPIs

Geographic & Segment Commentary

• Print (English): Revenue reached ₹179 crores with advertising nearly flat YoY despite a high festive base. The segment saw a 16% sequential growth in advertising and an 8% YoY increase in circulation revenue. Profitability improved significantly due to yield growth, lower newsprint costs, and tight control over discretionary marketing and administrative spends.
• Print (Hindi): Advertising revenue declined 4% YoY due to the high base effect of the previous year’s festive season. Circulation revenue remained steady at ₹38 crores. Management noted that copy volumes are holding at reasonable levels despite past competitive pricing pressures.
• Radio: Operating revenue stood at ₹34 crores, representing a significant YoY contraction. This decline was attributed to a high base effect from a large event-led business in the previous year, though the segment saw a 5% sequential recovery. The unit reported an operating EBITDA loss of ₹5 crores.
• Digital: Delivered strong performance with operating revenue of ₹67 crores, reflecting 30% YoY growth. While the segment still reports a loss of ₹23 crores, margins improved significantly both YoY and QoQ as the business scales toward profitability.

Company-Specific & Strategic Commentary

• Operational Recalibration: The company is proactively restructuring Radio operations to align with current industry dynamics and reduce margin pressure.
• Cost Management: A disciplined approach to “discretionary spends,” including marketing, events, and administrative costs, contributed to a 400 bps margin expansion in the Print segment (to 15%).
• Digital-First Strategy: Strategic focus on scaling new-age digital platforms led to a 30% revenue increase, validating the path toward segment break-even.
• AI Integration: Management is exploring AI for editorial efficiency and content credibility; they are also monitoring potential revenue opportunities from regulatory frameworks requiring platforms to compensate original content providers.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

Print Profitability & Other Income

• Question: What drove the uptick in other operating income and English Print profitability despite flat ad revenue? (Yash R.)
• Answer: Growth was driven by outside job work and forfeiture income from the Ad-for-Equity (AFE) business. Profitability in English Print improved due to better ad pricing yields, lower newsprint prices, and reduced discretionary spends on marketing (Anna Abraham).

Technological Impact (AI)

• Question: How is AI impacting the business financially and from a productivity standpoint? (Mehul Pathak)
• Answer: AI is being used as an editorial enabler for content productivity. Management views it as a “revenue opportunity” through potential government-mandated compensation from tech platforms rather than just a cost-saving tool (Anna Abraham).

Labour Code & Exceptional Items

• Question: Will the ₹41.4 crore exceptional charge for the new labour code be adjusted in employee CTC next year? (Mehul Pathak)
• Answer: The charge is a “true-up” of historical carrying liability, not an annual recurring cost. Management will evaluate how to absorb future nominal increases while balancing stakeholder interests (Anna Abraham).

Newsprint & Mitigation

• Question: How will the company mitigate the expected rise in newsprint prices? (Yash R.)
• Answer: Mitigation strategies include optimizing the newsprint mix, controlling consumption, and potentially adjusting ad pricing. Cover pricing in Hindi markets remains difficult to move due to competitive dynamics (Anna Abraham).

Key Takeaway

HT Media Limited reported a stable Q3 FY26 with total revenue of ₹532 crores and a 9% YoY increase in EBITDA, driven by a resilient Print business and rapid growth in Digital. The Print segment achieved a 15% EBITDA margin, supported by lower newsprint costs and reduced discretionary spending, while the Digital segment expanded revenues by 30% YoY. However, the Radio business remains a laggard, struggling with event-led high bases and market headwinds. Strategically, the company is navigating a transition toward “digital-first” offerings while managing a significant ₹41.4 crore one-time hit from new labour code liabilities. Looking ahead, HT Media maintains a robust cash reserve of ₹945 crores and has newsprint inventory cover until Q1 FY27, though management remains cautious regarding cyclical commodity price increases and the need for structural recalibration in the Radio division.