Music Broadcast Q2 FY27 results: net profit ₹6.68 crore vs ₹6.88 crore loss, revenue up 8.2%

How did Music Broadcast perform in Q2 FY27?

Music Broadcast’s standalone Q2 FY27 revenue was ₹40.96 crore, up 8.2% from ₹37.84 crore in Q2 FY26. Other income rose to ₹7.47 crore from ₹6.84 crore, taking total income to ₹48.43 crore against ₹44.68 crore. EBITDA turned to ₹6.15 crore from a loss of ₹5.49 crore, while the margin improved to 15.0% from negative 14.5%.

Profit before tax was ₹8.94 crore, compared with a loss of ₹8.75 crore in Q2 FY26, and net profit was ₹6.68 crore after a net loss of ₹6.88 crore. Basic EPS was ₹0.19 versus negative ₹0.20. Sequentially, revenue fell 8.0% from ₹44.54 crore in Q1 FY27, EBITDA declined to ₹6.15 crore from ₹8.92 crore, and net profit fell to ₹6.68 crore from ₹9.22 crore. These are standalone figures; no consolidated figures were provided.

The year-on-year improvement in profit was accompanied by a 29.5 percentage-point rise in the EBITDA margin. Against Q1 FY27, the EBITDA margin fell 5.0 percentage points, while the PAT margin fell 4.4 percentage points to 16.3%. The company reported no exceptional item for the quarter.

What changed in Music Broadcast's costs and profit?

Total expenses fell ₹13.95 crore, or 26.1%, year on year to ₹39.49 crore. Employee benefit expense declined ₹2.89 crore to ₹12.84 crore, finance costs fell ₹2.44 crore to ₹0.62 crore, depreciation and amortisation fell ₹2.99 crore to ₹4.06 crore, and other expenses declined ₹5.64 crore to ₹21.97 crore. The cost of materials was unchanged.

Other income increased ₹0.63 crore to ₹7.47 crore. Tax moved from a credit of ₹1.88 crore to an expense of ₹2.25 crore, a difference of ₹4.13 crore, while there was no exceptional item. These figures show lower expenses and higher other income accompanying the year-on-year profit turnaround.

Sequentially, total expenses were ₹0.93 crore lower than Q1 FY27, with other expenses down ₹1.40 crore and finance costs down ₹0.10 crore. Employee cost was ₹0.59 crore higher, depreciation was ₹0.02 crore lower, and other income was ₹0.73 crore lower. The filing did not provide reasons for the year-on-year changes in individual cost lines.

How did the first half of FY27 go?

In H1 FY27, standalone revenue was ₹85.5 crore, down ₹1.67 crore or 1.9% from ₹87.17 crore in H1 FY26. Total income was ₹101.18 crore, up ₹0.16 crore or 0.2% from ₹101.02 crore. Profit before tax turned to ₹21.26 crore from a loss of ₹10.93 crore.

PAT for the first half was ₹15.91 crore, compared with a loss of ₹9.05 crore, a difference of ₹24.96 crore. Basic EPS was ₹0.46 against negative ₹0.26 in H1 FY26. The company’s investor presentation described lower expenses and improved operating leverage as factors behind the first-half profit improvement.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹510.16 crore, compared with ₹495.92 crore at 31 March 2026. Total equity rose to ₹461.25 crore from ₹445.34 crore, while trade receivables increased to ₹61.98 crore from ₹53.6 crore and trade payables rose to ₹21.62 crore from ₹17.05 crore.

The company had no borrowings at either balance-sheet date. Cash was ₹2.09 crore at 30 September 2026, compared with ₹4.14 crore at 31 March 2026. H1 FY27 operating cash flow was ₹17.81 crore, compared with ₹7.37 crore in H1 FY26; investing cash flow was negative ₹17.18 crore against negative ₹9.07 crore, and financing cash flow was negative ₹2.68 crore against negative ₹3.7 crore. Capital expenditure was ₹0.29 crore, compared with ₹4.04 crore.

How has Music Broadcast done over the last 8 quarters?

Revenue reached its highest level in the reported series at ₹65.38 crore in Q3 FY25 and its lowest at ₹37.84 crore in Q2 FY26. It then moved to ₹46.48 crore in Q3 FY26, fell to ₹40.79 crore in Q4 FY26 and rose to ₹44.54 crore in Q1 FY27 before easing to ₹40.96 crore in Q2 FY27.

PAT was highest at ₹9.22 crore in Q1 FY27 and bottomed at negative ₹47.96 crore in Q4 FY26. It improved to ₹6.68 crore in Q2 FY27 from a loss of ₹6.88 crore in Q2 FY26. The EBITDA margin peaked at 20.0% in Q1 FY27 and bottomed at negative 116.4% in Q4 FY26, before easing to 15.0% in Q2 FY27.

What else did the company announce?

The board approved the un-audited standalone financial results for the quarter and half year ended 30 September 2026 on 26 October 2026, following review by the audit committee. The statutory auditors, S.N. Dhawan & Co. LLP, issued a limited review report on the results.

The same-day filings included an investor presentation and the board meeting outcome. The filing authorised Shailesh Gupta, Non-Executive Director, to sign the financial results on behalf of the board. The available same-day excerpts did not announce a dividend, fund raise or appointment.

What did Music Broadcast's management say?

Management said it expected the current profitability run rate to continue, while revenue recovery remained dependent on advertising-market performance and the festive season. It said quarterly costs should remain around INR39 crore to INR40 crore. The company also said advertising conditions required a measured, client-focused approach and that priorities included core radio monetisation, advertiser engagement, non-FCT revenue, branded content, events, sponsorships and digital integrations.

CEO Abraham Thomas said the company was exploring concerts and other events in Tier 2 and Tier 3 markets and aimed to increase the current 18% to 20% non-FCT revenue contribution, provided the events remained profitable. Management identified advertising-market conditions and geopolitical uncertainty as constraints on revenue growth and said no quantitative FY27 or two-year guidance was possible because visibility was limited.

CFO Rajiv Shah said the company’s market share was 24% and that the total cost was around INR39 crore to INR40 crore per quarter. Management said it had no buyback plan and declined to comment on dividends. No analyst concerns were recorded in the available earnings-call material.

How did Music Broadcast shares react?

After the filing appeared after market hours, the stock rose 1.3% in the first five minutes, 2.9% in the first 15 minutes and 4.0% in the first 30 minutes. On the reaction day, it closed 2.3% above its pre-results close. By the next day’s close, it was up 1.9% from that close, and by the fifth session it was up 3.3%.

The Media & Entertainment industry median rose 1.7% on the reaction day and 1.4% by the next day, leaving Music Broadcast ahead by 0.6 percentage points and 0.5 percentage points, respectively. By five sessions, the industry median had fallen 0.7%, while the stock was ahead by 3.9 percentage points. Earlier reaction-day moves included 10.1% on 22 July 2026, 0.3% on 21 May 2026 and negative 3.1% on 29 October 2025.

How did other Media & Entertainment companies do?

Five other Media & Entertainment companies that had filed for the quarter were compared with Music Broadcast. Their median revenue growth was 9.4%, while Music Broadcast’s revenue grew 8.2%. Two peers grew more slowly than the company and three grew faster.

Among the peers with comparable profit data, four reported higher profit. The peer comparison was as of 4 November 2026.