Summary
Hindustan Media Ventures Limited - Q3 FY26 Earnings Call Summary Wednesday, January 28, 2026 4:00 PM IST
Event Participants
Executives 2 Anna Abraham (Group Deputy CFO - HT Media Group, CFO - HMVL), Pervez Bajan (Head Financial Controllership & Taxation - HT Media Group)
Analysts 4 Aaditya Mulani (HT Media Group - Moderator), Mehul Pathak, Shubham Jajodia, Yash R.
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Total Revenue | ₹532 crores | Flat YoY, +7% QoQ; sequential growth driven by festive season uptick in ad revenue. |
| Ad Revenue (Print) | ₹301 crores | Marginal decline YoY due to festive shift (split between Q2/Q3 vs all in Q3 last year); +8% QoQ. |
| Circulation Revenue | ₹53 crores | Holding steady; English saw +8% YoY growth while Hindi remained flat. |
| Digital Revenue | ₹67 crores | +30% YoY, +9% QoQ; validated by scaling digital-first offerings and improving margins. |
| EBITDA | ₹51 crores | +9% YoY; margin at 10% vs 9% in the previous year. |
| Print Operating EBITDA | ₹60 crores | Margin expanded to 15% from 11% YoY due to lower newsprint costs and tight discretionary spends. |
| PAT (Before Exceptional) | ₹17 crores | 3% margin; impacted by operational initiatives and cost discipline. |
| Net Cash | ₹945 crores | Remains robust and stable compared to the previous quarter. |
| Newsprint Costs | [Not Disclosed] | Remained lower than last year; management expects stable prices through Q1 FY27. |
Geographic & Segment Commentary
- Print English: Advertising revenue reached ₹179 crores, showing resilience with 16% sequential growth despite a shifted festive calendar. Circulation revenue grew 8% YoY, supported by steady pricing and disciplined marketing spends.
- Print Hindi: Ad revenue saw a marginal 4% YoY decline due to a high base effect and festive timing; however, it remained flat sequentially. Circulation revenue was stable at ₹38 crores as competitive pressures on copy volumes eased compared to the previous year.
- Digital: Reported strong revenue growth of 30% YoY, reaching ₹67 crores. While the segment remains loss-making (INR 23 cr), margins have significantly improved as the company scales its platforms toward a path of profitability.
- Radio: Performance remained under pressure with revenue at ₹34 crores, a sharp YoY drop attributed to a high base from a one-time large event last year. Sequentially, revenue grew 5%, though the segment reported an operating EBITDA loss of ₹5 crores.
Company-Specific & Strategic Commentary
- Cost Discipline: Management focused on tightening discretionary overheads, including marketing, administrative, and event costs, to protect margins.
- Labor Code Impact: The company recorded an exceptional item of ₹41.4 crores related to a true-up of carrying liability for the new labor code/gratuity requirements.
- AI Integration: Editorial teams are utilizing AI as a content tool for productivity; management views AI as a potential revenue opportunity rather than just a cost-saving measure.
- Revenue Diversification: Noted an uptick in “Other Operating Revenue” driven by outside printing (job work), scrap sales, and consistent forfeiture income from the AFE business.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Newsprint Pricing | Gradual increase post-Q1 FY27 | Management has reasonable clover through Q1 FY27 but anticipates the commodity cycle shifting upward thereafter. |
| Profitability | Improving trajectory | Focus remains on scaling digital offerings and recalibrating Radio to align with industry dynamics. |
| Ad Pricing | Targeted increases | Management noted recent upticks in ad pricing both YoY and QoQ; intent to use pricing to mitigate future cost cycles. |
Risks & Constraints
| Risk | Context |
|---|---|
| Newsprint Cycles | Potential upward shift in newsprint prices post-Q1 FY27 due to geopolitical factors and historical commodity cycles. |
| Radio Market Pressure | Continued pressure on revenues and margins in the radio segment due to changing industry dynamics and high base effects. |
| Regulatory Changes | The transition to the new labor code resulted in significant one-time exceptional expenses and remains an evolving compliance area. |
| Digital Losses | While revenue is growing, the digital segment continues to report losses, requiring sustained scaling to reach break-even. |
Q&A Highlights
Print Profitability & Costs
- Question: What led to the reduction in costs and higher profitability in HT English despite flat ad revenue? (Yash R.)
- Answer: Margins improved due to growth in ad pricing, lower newsprint costs compared to the previous year, and very tight control over discretionary spends such as marketing and events (Anna Abraham).
Labor Code & Gratuity
- Question: Will the ₹41.4 crore exceptional item be adjusted in employee CTC next year? (Mehul Pathak)
- Answer: This is an aggregated historical cost true-up, not an annual recurring cost. Management is currently grappling with the evolving regulation and will look to absorb future impacts while balancing stakeholder interests (Anna Abraham).
AI & Content Monetization
- Question: Is the company pursuing deals with Meta or AI firms to compensate for content? (Shubham Jajodia)
- Answer: The government has proposed a framework for platforms to remunerate original content providers. While the company has ongoing conversations, specific deal details cannot be shared at this time (Anna Abraham).
Newsprint Inflation
- Question: How will the company mitigate the expected rise in newsprint prices? (Yash R.)
- Answer: Mitigation strategies include optimizing the newsprint buying mix, controlling consumption, and leveraging recent gains in ad pricing. Cover price increases in Hindi markets remain difficult due to competition (Anna Abraham).
Key Takeaway
Hindustan Media Ventures reported a stable quarter with a total revenue of ₹532 crores and a 9% YoY improvement in EBITDA, led by resilient performance in the core Print segment and high growth in Digital. The Print business expanded operating margins to 15% through a combination of lower newsprint prices and disciplined discretionary spend management. While the Radio segment faced challenges due to high base effects from previous events, the Digital segment grew 30% YoY, signaling a successful scaling of new-age platforms. Management addressed a one-time ₹41.4 crore charge related to the new labor code and noted that current newsprint stock covers requirements through Q1 FY27. Looking forward, the company remains focused on mitigating potential commodity inflation through pricing power and expects continued momentum in digital monetization.
Want more insights like this?
Subscribe to get deep dives delivered to your inbox.
More Earnings Summaries
Explore more Q3 FY26 earnings call analyses: