NSE: HTMEDIA · BSE: 532662
HT MEDIA LIMITED
Publishes the Hindustan Times and Mint newspapers and operates digital news properties and radio stations in India. Printing and publishing of newspapers and periodicals is the dominant segment, contributing 83.1% of segment revenue for the year ended March 2026, with digital at 8.6% and radio broadcast and entertainment at 7.7%. The print business earns from advertising and circulation, and its operating EBITDA margin reached 23% in Q4 FY26, up from 16% a year earlier, driven by an 8% rise in advertising revenue for the full year. The radio segment shrank, with revenue down 32% in FY26, an impairment of radio assets of Rs. 3,306 lakh and a Rs. 3,316 lakh loss on surrender of radio licences. Digital revenue was flat year-on-year and the company discontinued its OTTplay business as part of a profitability reset. Newsprint is the biggest variable input at 23.9% of revenue, followed by employee costs at 23.2%. The group ended FY26 with a net cash position of Rs. 1,001 crore and is raising Rs. 95.30 crore through warrant issuance to cut debt servicing costs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Printing & publishing of newspapers & periodicals (83%), Digital (9%), Radio broadcast & entertainment (8%). Print-heavy legacy media business with loss-making digital and radio extensions
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,500 | 1,711 | 1,695 | 1,806 | 1,803 |
| EBITDA (ex other income) | 27 | (138) | (135) | (38) | 16 |
| margin % | 1.8 | (8.1) | (8.0) | (2.1) | 0.9 |
| Owners' profit | 18 | (227) | (81) | 2 | (54) |
| EPS, as reported (₹) | 0.77 | (9.83) | (3.49) | 0.08 | (2.35) |
| ROE % · ROCE % | 0.8 · 2.5 | (11.7) · (5.0) | (4.4) · (2.7) | 0.7 · 3.7 | (2.4) · 4.2 |
| Debt / equity (x) | 0.32 | 0.33 | 0.36 | 0.28 | 0.33 |
| Cash from operations | 14 | (47) | (53) | 57 | 99 |
| Capex | (24) | (27) | (42) | (23) | (31) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 424 | 490 | 514 | 412 | 452 | 497 | 511 | 437 |
| Profit before tax | (9) | 6 | 55 | (28) | 3 | (27) | 19 | 57 |
| Net profit | (6) | (3) | 51 | (11) | (4) | (24) | (10) | 44 |
| EPS (₹) | (0.33) | (0.26) | 1.77 | (0.58) | (0.17) | (1.01) | (0.59) | 1.34 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Printing & publishing of newspapers & periodicals | 1,504 | 80.2 |
| Radio broadcast & entertainment | 140 | 7.4 |
| Digital | 223 | 11.9 |
| Unallocated | 10 | 0.5 |
| Total, before eliminations | 1,877 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| D.B.CORP LTD | 2,674 | 7.6 | 1.10 | 4.5 | 13.7 | 16.2 | 9.3 | 27.3 |
| JAGRAN PRAKASHAN LIMITED | 1,347 | 7.1 | 0.63 | 3.6 | 8.7 | 11.7 | 7.8 | 20.4 |
| SANDESH LTD | 780 | 7.3 | 0.55 | 7.4 | 4.6 | 6.5 | 9.9 | 24.4 |
| HINDUSTAN MEDIA VENT LTD | 560 | 6.2 | 0.35 | 3.3 | 3.1 | 10.0 | 6.3 | 38.1 |
| HT MEDIA LIMITED ◆ | 524 | — | 0.26 | 6.2 | (2.4) | 1.4 | 10.0 | 20.8 |
| ENCODE PACKAGING INDIA LIMITED | — | — | — | — | (0.0) | (0.0) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 0.9 | 2 of 17 | 94% |
| ROCE | 1.4 | 9.8 | 17 of 24 | 30% |
| ROE | (2.4) | 3.8 | 18 of 18 | 0% |
| Debt / Equity | 0.3 | 0.0 | 16 of 18 | 12% |
| EBITDA margin | 20.8 | 20.6 | 8 of 16 | 53% |
| Revenue growth | 6.1 | 9.6 | 13 of 16 | 20% |
| Profit growth | 482.7 | 19.4 | 2 of 16 | 93% |
| Market cap | 524 | 143 | 8 of 24 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · HT Media board to approve quarter and half-year results on 5 November 2026 | compliance | minimal | — | — |
| 15 Oct 2026 · Routine compliance certificate for demat requests in Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure for Q2 and half year FY2026 financial results | compliance | minimal | — | — |
| 25 Sept 2026 · HT Media 24th AGM: All 4 resolutions approved, results filed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Summary of 24th AGM proceedings held on September 25, 2026 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · HT Media files newspaper ad for 24th AGM on Sept 25, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · HT Media informs 24th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 31 Aug 2026 · HT Media AGM notice on Sep 25; seeks approval for Shobhana Bhartia remuneration | board shareholder meetings | low | — | — |
| 31 Aug 2026 · HT Media 24th AGM on Sept 25; seeks nod for Chairperson pay, director re-appointment | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Notice of 24th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.