NSE: RADIOCITY · BSE: 540366
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Core radio advertising (FCT), Non-FCT (events, activations, branded content) (22%), Digital revenue (8%), Creative business (Radio Plus). Asset-heavy, cyclical advertising-dependent radio broadcasting business undergoing a cost-led turnaround
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 168 | 199 | 229 | 234 | 174 |
| EBITDA (ex other income) | 11 | 23 | 33 | (22) | (44) |
| margin % | 6.5 | 11.6 | 14.5 | (9.5) | (25.5) |
| Owners' profit | (6) | 3 | 7 | (34) | (53) |
| EPS, as reported (₹) | (0.16) | 0.10 | 0.20 | (0.98) | (1.54) |
| ROE % · ROCE % | (0.9) · (0.8) | 0.7 · 1.6 | 1.3 · — | (6.8) · (5.7) | (12.0) · (9.6) |
| Debt / equity (x) | 0.00 | 0.16 | — | 0.20 | 0.00 |
| Cash from operations | 23 | 30 | 27 | 17 | 22 |
| Capex | (3) | (9) | (9) | (12) | (5) |
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 | 55 | 65 | 55 | 49 | 38 | 46 | 41 | 45 |
| Profit before tax | (2) | 6 | (50) | (2) | (9) | 6 | (51) | 12 |
| Net profit | (2) | 4 | (38) | (2) | (7) | 4 | (48) | 9 |
| EPS (₹) | (0.06) | 0.10 | (1.10) | (0.06) | (0.20) | 0.11 | (1.39) | 0.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TIPS MUSIC LIMITED | 10,163 | 47.4 | 39.10 | — | 83.4 | 110.1 | — | 55.7 |
| SAREGAMA INDIA LIMITED | 10,110 | 45.6 | 5.96 | 27.4 | 12.2 | 15.7 | 17.4 | 37.0 |
| NETWORK18 MEDIA & INV LTD | 3,722 | — | 0.75 | 35.9 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. | 1,036 | — | 1.67 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. | 391 | — | 0.52 | 5.2 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 282 | — | 1.05 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED ◆ | 183 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 59 | 12.7 | 0.19 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.4 | 0.9 | 3 of 11 | 80% |
| ROCE | (11.8) | (3.1) | 9 of 12 | 27% |
| ROE | (12.0) | (1.2) | 8 of 11 | 30% |
| Debt / Equity | 0.0 | 0.0 | 1 of 11 | 70% |
| EBITDA margin | 38.4 | 12.4 | 3 of 13 | 83% |
| Revenue growth | (9.7) | (2.8) | 8 of 11 | 30% |
| Profit growth | 524.2 | 56.4 | 2 of 12 | 91% |
| Market cap | 183 | 183 | 7 of 13 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Audio recording available for September 2026 quarter results call | investor communications | low | — | — |
| 27 Oct 2026 · Newspaper publication of September quarter and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 profit turnaround as margins recover despite softer revenue | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 profit Rs 6.68 crore; H1 profit Rs 15.91 crore as losses turn to gains | results | high | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 profit turnaround despite a slight H1 revenue decline | results | medium | — | — |
| 21 Oct 2026 · Q2 FY27 earnings call scheduled for October 27, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on Oct 26 to consider Q2 and H1 FY27 unaudited results | results | low | — | — |
| 12 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) filed | compliance | minimal | — | — |
| 12 Oct 2026 · Newspaper Ad for Special Window to Convert Physical Shares to Demat | compliance | minimal | — | — |
| 22 Sept 2026 · GST show cause notice of about Rs 11.58 crore from UP tax authority | regulatory legal | medium | — | — |
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.