MUSIC BROADCAST LIMITED

Operates the Radio City FM radio brand in India, earning primarily from selling airtime to advertisers for spot commercials on its stations. Apart from traditional radio advertising (FCT), it generates non-FCT revenue from events, activations and branded content, which contributed 22% of total revenue in FY26, plus a smaller digital revenue stream (8% of mix in Q4 FY26, 4% in Q1 FY27) and a creative solutions business (Radio Plus) that rebounded to INR 9.8 cr in Q1 FY27. The full-year FY26 revenue was INR 174.4 cr, but costs are dominated by employee costs (34.6% of revenue) and other operating expenses (90.9% of revenue), with depreciation further taking 15.8%. During FY26 the company underwent a structural restructuring, cutting headcount by 20% YoY to 458 employees and deploying a hybrid hub-spoke station model, which lifted operating EBITDA margin to 18% in FY26 and 20% in Q1 FY27. The company sits in an industry experiencing roughly 2% ad-spend degrowth, and it gained market share to 17.5% in 15 air-check markets by Q4 FY26 and reportedly 25% overall in Q1 FY27, while raising its share of top-25 radio advertisers from 15.6% to 21.8%. It ended Q1 FY27 with net cash of INR 270 cr after fully redeeming its Rs 120 cr NCRPS in January 2026 and eliminating short-term borrowings.