Music Broadcast Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Music Broadcast Ltd filed with BSE on 28 Jul 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
Music Broadcast reported sequential revenue growth of 9-11% quarter-on-quarter to Rs 44.5 crore in Q1 FY27, though revenue declined 10% year-on-year from Rs 49.3 crore in Q1 FY26. Operating EBITDA improved to Rs 8.9 crore from Rs 0.9 crore a year earlier, with EBITDA margin expanding to 20% from 1.9%, which management attributed to structural cost optimization including a shift to a hub-and-spoke studio model. Management described Q2 as having begun on a softer note, consistent with the historical seasonal pattern of a weaker second quarter.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR44.5 crores (Q1 FY27)
p. 3
“Revenue for Q1 FY27 stood at INR44.5 crores compared to INR49.3 crores in Q1 FY26, representing a decline of 10% year-on-year.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Core radio business revenue: INR35.5 crores (Q1 FY27)
p. 3
“Our core radio business increased to INR35.5 crores from INR34 crores in the previous quarter, while creative business rebounded strongly to INR9.8 crores, reflecting the effectiveness of our diversified revenue strategy and solution-led approach.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Operating expenses: INR35.6 crores (Q1 FY27)
p. 3
“total operating expenses declining by 26% year-on-year to INR35.6 crores”
Abraham Thomas, page 3 of the filed PDF · View the filing
Operating EBITDA: INR8.9 crores (Q1 FY27)
p. 3
“operating EBITDA improved significantly to INR8.9 crores in Q1 FY27 from INR0.9 crores in the corresponding quarter last year”
Abraham Thomas, page 3 of the filed PDF · View the filing
EBITDA margin: 20% (Q1 FY27)
p. 3
“EBITDA margins expanded to 20% compared to 1.9% in Q1 FY26, reflecting the benefits of structural cost optimization, disciplined expense management and improved operating leverage.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Operating profit before tax: INR4.1 crores (Q1 FY27)
p. 4
“Operating profit before tax stood at INR4.1 crores compared to -- with an operating loss of INR6.9 crores in the corresponding quarter last year.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Other income: INR8.2 crores (Q1 FY27)
p. 4
“Other income for the quarter stood at INR8.2 crores, resulting in a reported profit before tax of INR12.3 crores.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Profit after tax: INR9.2 crores (Q1 FY27)
p. 4
“Profit after tax stood at INR9.2 crores compared with a loss of INR2.2 crores in the corresponding period.”
Abraham Thomas, page 4 of the filed PDF · View the filing
PAT margin: 20.7% (Q1 FY27)
p. 4
“PAT margin improved to 20.7%, reflecting the strength of the company's operating leverage and disciplined execution.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Share of top 25 radio spenders: 21.8% (Q1 FY27)
p. 3
“our share of top 25 radio spenders increased to 21.8% from 15.6% in quarter 4”
Abraham Thomas, page 3 of the filed PDF · View the filing
FCT and Non-FCT split: 78 and 22 (Q1 FY27)
p. 5
“78 and 22.”
Rajiv Shah, page 5 of the filed PDF · View the filing
Digital revenue share: 4% of revenue (Q1 FY27)
p. 6
“the second question on the digital share, it is 4% of the revenue as of now”
Rajiv Shah, page 6 of the filed PDF · View the filing
New clients share of radio business: 29% (Q1 FY27)
p. 6
“the new -- and the new clients, we have 29% share of the new clients coming on to the radio business.”
Rajiv Shah, page 6 of the filed PDF · View the filing
Net cash balance: INR270 crores (as of June 2026)
p. 7
“So the INR270 crores.”
Rajiv Shah, page 7 of the filed PDF · View the filing
New business share per quarter: 20%
p. 4
“Typically, we -- every quarter, we get about 20% of new business.”
Abraham Thomas, 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.
Revenue growth
stated as an aspiration by Abraham Thomas
p. 3
“Revenue growth remains our foremost priority.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Cost per quarter
stated firmly by Rajiv Shah
p. 4
“So I think we have done most of the cost savings, and this should be an optimum level of cost per quarter that you are looking at.”
Rajiv Shah, page 4 of the filed PDF · View the filing
Manpower levels
stated firmly by Abraham Thomas
p. 6
“We believe we're at optimal level right now. Now all energies are focused on improving efficiencies and increasing revenues.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Buyback plans
stated firmly by Rajiv Shah
p. 6
“Currently, no plans are there.”
Rajiv Shah, page 6 of the filed PDF · View the filing
Impairment provisions — year-end
stated conditionally by Rajiv Shah
p. 7
“Going forward, if this continues, we don't see any further impairment, but that will be, again, will be checked at the year-end when the year-end performances are done.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Full year results — next 9 months
stated conditionally by Rajiv Shah
p. 7
“That is the endeavor. But again, depends on how the market performs. And yes. If the market is good, we may be giving good results.”
Rajiv Shah, page 7 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 most cost savings have already been achieved and current cost per quarter represents an optimum level.
Answered by Rajiv Shah
Asked by Divyansh Jaju: Is there further scope to improve operating leverage through cost reduction rather than revenue growth?
p. 4
“So I think we have done most of the cost savings, and this should be an optimum level of cost per quarter that you are looking at.”
Rajiv Shah, page 4 of the filed PDF · View the filing
Management said pure radio advertising is subdued while the creative Radio Plus business is showing traction, with the mix shifting slightly.
Answered by Abraham Thomas
Asked by Divyansh Jaju: Is there a meaningful shift in advertiser spend mix towards new sectors like quick commerce or fintech?
p. 4
“The pure radio advertising is subdued. And the created business, which is the Radio Plus business is where we are seeing traction.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Management said about 20% of business each quarter is new and 80% is recurring.
Answered by Abraham Thomas
Asked by Divyansh Jaju: What proportion of advertisement contracts are recurring?
p. 4
“Typically, we -- every quarter, we get about 20% of new business. Which are new businesses are businesses who haven't advertised with us in the last 1 year, but 80% seems to be recurring advertisers.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Management attributed savings to shifting studios to a hub-and-spoke model and controlling marketing expenses.
Answered by Rajiv Shah
Asked by Tanushi: What drove the significant reduction in other expenses?
p. 5
“So major expenses reduction has come from the savings from the studios, which we have shifted to hub and spoke model.”
Rajiv Shah, page 5 of the filed PDF · View the filing
Management said the industry has been lobbying government for relief and the company has focused on cost rationalization and solution selling to stay profitable.
Answered by Abraham Thomas
Asked by Ronak Shah: How is the company positioned given restrictions on news broadcasting and digital medium competition?
p. 5
“we've been lobbying with the government for some relief in terms of allowing news and current affairs. But till that happened, we have engineered our business so that we are able to stay profitable.”
Abraham Thomas, page 5 of the filed PDF · View the filing
Management said government spend is hard to predict as it depends on elections and topicality, and it is treated as a separate vertical to maximize share.
Answered by Abraham Thomas
Asked by Ronak Shah: How will government advertising spend and margins trend over the next few quarters?
p. 6
“it's difficult to predict government spends because it depends on elections and it depends on all the other factors. So we go -- we treat the government business as an independent vertical that we are actually trying to maximize our share in.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Management said there are currently no buyback plans and cash is being held.
Answered by Rajiv Shah
Asked by Chandramouli: Does the company have plans for a share buyback given cash balance close to market cap?
p. 7
“Right now, we are holding on to our cash. Right now, there are no further plans on this.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Management explained last year's impairment was linked to the share price falling to Rs 4.5, and with the price now recovered to Rs 6.4 and satisfactory performance, further impairment is not currently expected, subject to year-end review.
Answered by Rajiv Shah
Asked by Chandramouli: Will prior year impairment charges recur given the recovery in share price?
p. 7
“the last year INR49 crores impairment which took place combines a lot of factors. Our performance revenue-wise was less. The share prices due to the market condition had come down drastically to INR4.5, INR4.5 per share, and that has affected the impairment provisions which we need to take.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Management confirmed net cash of Rs 270 crore as of June 2026.
Answered by Rajiv Shah
Asked by Chandramouli: What is the current net cash balance?
p. 7
“So the INR270 crores.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Risks flagged
Government restrictions on news and current affairs broadcasting on radio
p. 5
“as an industry, we've been lobbying with the government for some relief in terms of allowing news and current affairs.”
Abraham Thomas, page 5 of the filed PDF · View the filing
Unpredictability of government advertising spend tied to elections and topicality
p. 6
“it's difficult to project how the government spends will behave because it's also related to the topicality of the government activity.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Seasonally weaker second quarter
p. 3
“While Q2 is historically a weaker quarter and it has begun on a softer note.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Prior impairment provisions linked to share price decline
p. 7
“The share prices due to the market condition had come down drastically to INR4.5, INR4.5 per share, and that has affected the impairment provisions which we need to take.”
Rajiv Shah, page 7 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.