HT Media Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript HT Media Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
HT Media Group reported flat consolidated revenue for FY26 with margin expansion, as Print advertising revenue grew on the back of yield improvement while Radio revenue declined on a high events-led base. The company discontinued its OTTplay digital business and surrendered non-viable Radio licenses during the year. Management stated other income declined due to mark-to-market impacts from rising bond yields on its treasury holdings.
Numbers mentioned
Total revenue: INR 558 crore (Q4 FY26)
p. 3
“if you see the total revenue came in at INR 558 crore, which is down 2%”
Piyush Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR 131 crore (Q4 FY26)
p. 3
“EBITDA at INR 131 crore, which is up 5%.”
Piyush Gupta, page 3 of the filed PDF · View the filing
EBITDA margin: 23% (Q4 FY26)
p. 3
“Margins expanded by 100-basis points to 23%.”
Piyush Gupta, page 3 of the filed PDF · View the filing
PAT: INR 96 crore (Q4 FY26)
p. 3
“PAT came at INR 96 crore with a PAT margin at 17%.”
Piyush Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR 298 crore, 8% growth (FY26)
p. 3
“On a full year basis, it was flat revenue, with EBITDA at INR 298 crore an 8% growth.”
Piyush Gupta, page 3 of the filed PDF · View the filing
PAT: INR 153 crore (FY26)
p. 3
“PAT came at INR 153 crore at a margin of 8%, and our net cash position remains robust, north of INR 1,000 crore.”
Piyush Gupta, page 3 of the filed PDF · View the filing
Print advertising revenue: INR 313 crore, 10% growth (Q4 FY26)
p. 3
“advertising revenue growth of 10% at INR 313 crore, circulation revenue growth of 4% at INR 51 crore, operating revenue at INR 427 crore and operating EBITDA coming at INR 97 crore with a 23% margin.”
Piyush Gupta, page 3 of the filed PDF · View the filing
Print advertising revenue: INR 1,148 crore, 8% growth (FY26)
p. 4
“For the full year, advertising revenue at INR 1,148 crore, which is an 8% growth.”
Piyush Gupta, page 4 of the filed PDF · View the filing
Radio operating revenue: INR 43 crore (Q4 FY26)
p. 4
“Diving into the quarterly numbers, operating revenue came at INR 43 crore with operating EBITDA at a negative INR 7 crore.”
Piyush Gupta, page 4 of the filed PDF · View the filing
Radio operating revenue: INR 140 crore (FY26)
p. 4
“And on a full year basis, the revenue came at INR 140 crore with operating EBITDA of negative INR 22 crore.”
Piyush Gupta, page 4 of the filed PDF · View the filing
Digital operating revenue: INR 39 crore (Q4 FY26)
p. 4
“For the quarter, it is a flat operating revenue of INR 39 crore with operating EBITDA at a negative INR 2 crore.”
Piyush Gupta, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Ad yields — a certain level and above, not below · coming year
stated as an aspiration by Piyush Gupta
p. 13
“our hope & prayer and even the plan that we have set out for ourselves – though we don't give forward guidance – is to keep our deals at a certain level and above not below.”
Piyush Gupta, page 13 of the filed PDF · View the filing
Exceptional/closure losses on discontinued operations — no further closure losses
stated firmly by Piyush Gupta
p. 11
“Are we going to take any further closure losses on discontinued operations or exceptional losses? The simple answer is no.”
Piyush Gupta, page 11 of the filed PDF · View the filing
OTTplay residual P&L impact — very small number · FY2027
stated conditionally by Piyush Gupta
p. 13
“If the unit economics of that is not working out, there might be marginal losses, etc., which will basically come into the P&L for FY2027, but that will be a very small number.”
Piyush Gupta, page 13 of the filed PDF · View the filing
Capital allocation — invest behind core Print and Digital businesses
stated firmly by Piyush Gupta
p. 11
“our investments will go a lot into the core business, which you've seen have gone into the circulation and copies in this quarter and some part of the investments will go in our Digital business”
Piyush Gupta, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said growth was primarily driven by yield/pricing improvements rather than volume.
Answered by Piyush Gupta
Asked by Yash R.: Is the ad revenue growth driven by volumes or pricing?
p. 6
“the lever for the growth in revenue is primarily yields, volumes have been by and large flat, which have tracked the industry.”
Piyush Gupta, page 6 of the filed PDF · View the filing
Management attributed it to forfeiture of contractual revenue from AFE counterparties who did not fulfil contracts.
Answered by Piyush Gupta
Asked by Yash R.: What drove the sharp rise in other operating income?
p. 6
“there is a certain contractual revenue, which has to come in a specified period of time. If that doesn't happen, that amount stands forfeited. So, that is on account of forfeiture.”
Piyush Gupta, page 6 of the filed PDF · View the filing
Management said despite efforts on content, acquisition and retention, the unit economics did not work given competition from large telcos.
Answered by Piyush Gupta
Asked by Rohan Agarwal: Why was the OTTplay business discontinued?
p. 8
“in spite of our best effort, the space became increasingly challenging, especially since all the big telcos also have a significant presence.”
Piyush Gupta, page 8 of the filed PDF · View the filing
Management said they actively look to sell AFE assets at the right time to maximize value, without being desperate sellers.
Answered by Piyush Gupta
Asked by Rohan Agarwal: What is the company's policy on monetizing AFE assets?
p. 8
“we are not holding these assets for the very long term. Of course, it doesn't mean that we will flip the assets within months. But at the earliest opportunity, when we think we can maximize the value for the organization, we will sell these assets.”
Piyush Gupta, page 8 of the filed PDF · View the filing
Management explained the drop was due to mark-to-market losses linked to rising bond yields, and that the Assetvault investment was a non-cash AFE deal.
Answered by Piyush Gupta
Asked by Ranga Prasad: Why did other income drop and what is the rationale for the Assetvault investment?
p. 10
“there are quite a few mark-to-market losses that have impacted us as on 31st March. This is patient capital, right.”
Piyush Gupta, page 10 of the filed PDF · View the filing
Management said yields could largely hold but flagged competitive reaction as a limiting factor.
Answered by Piyush Gupta
Asked by Raman KV: Are current ad yields sustainable into the coming year?
p. 13
“to an extent, yes, but I won't do a carte blanche on that because there's an immediate reaction, which always comes from the competition.”
Piyush Gupta, page 13 of the filed PDF · View the filing
Management said only marginal residual P&L impact is expected from servicing existing subscriptions, alongside some cash impact from exiting contracts.
Answered by Piyush Gupta
Asked by Rohan Agarwal: Will there be further one-time losses from discontinuing OTTplay?
p. 15
“there will be a very marginal impact of some residual subscribers, who purchased their subscriptions in March and might go up until September, but that will be a very small number rounding off.”
Piyush Gupta, page 15 of the filed PDF · View the filing
Management said there is currently no such plan; cash is being directed toward core and digital business investments.
Answered by Piyush Gupta
Asked by Rohan Agarwal: Does the Board have any plan to return the large cash pile to shareholders?
p. 15
“Well, there is none so far.”
Piyush Gupta, page 15 of the filed PDF · View the filing
Risks flagged
Rising newsprint costs amplified by a weakening rupee and global supply chain and trade disruptions
p. 3
“rising newsprint costs, amplified by a weakening rupee and the prevailing global environment of supply chain disruptions, trade policy uncertainty and geopolitical volatility, remains a concern that we are managing with cost discipline.”
From the transcript, page 3 of the filed PDF · View the filing
Radio business under pressure from high base effect and industry-wide issues
p. 3
“Business was impacted by a high base from prior year's event-led revenue, and was compounded by larger industry-wide issues.”
From the transcript, page 3 of the filed PDF · View the filing
Radio sector remains under pressure going forward
p. 11
“Radio as a sector is under a lot of pressure, but we will keep on reviewing this on a very close basis.”
Piyush Gupta, page 11 of the filed PDF · View the filing
Mark-to-market losses on treasury holdings from elevated bond yields
p. 10
“The 10Y, is close to about 7% and so on and so forth. So, there are quite a few mark-to-market losses that have impacted us as on 31st March.”
Piyush Gupta, page 10 of the filed PDF · View the filing
Potential future impact from new labour codes announced by the Government of India
p. 11
“one of the big items which is sitting is consequent to the new labour codes, which are announced by the Government of India. That, of course, if anything of statutory nature does come that obviously will impact the financials.”
Piyush Gupta, page 11 of the filed PDF · View the filing
Competitive pressure could limit sustainability of ad yield gains
p. 13
“there's an immediate reaction, which always comes from the competition.”
Piyush Gupta, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.