Music Broadcast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Music Broadcast Ltd filed with BSE on 25 May 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 Limited reported Q4 FY26 revenue of INR40.8 crores, down from INR54 crores in Q4 FY25, with operating EBITDA improving to INR6.1 crores from a negative INR3.5 crores a year earlier. For the full year FY26, revenue stood at INR174 crores compared to INR234 crores in FY25, while EBITDA margins improved to 18% from 17%. Management attributed the margin improvement to cost optimization initiatives including organizational restructuring and a shift to a hybrid hub-station operating model.
3 statements from this call are not shown because their supporting quotes 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: INR40.8 crores (Q4 FY26)
p. 3
“For quarter 4 FY '26, the company reported a revenue of INR40.8 crores as compared to INR54 crores in quarter 4 '25, impacted by the subdued advertising spend across certain categories.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Total income: INR45.4 crores (Q4 FY26)
p. 4
“Total income stood at INR45.4 crores during the quarter.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Operating EBITDA: INR6.1 crores (Q4 FY26)
p. 4
“On the profitability front, operating EBITDA for the quarter stood at INR6.1 crores as against a negative EBITDA of INR3.5 crores in quarter 4 FY '25.”
Abraham Thomas, page 4 of the filed PDF · View the filing
EBITDA margin: 15% (Q4 FY26)
p. 4
“EBITDA margin improved significantly to 15%, reflecting the impact of continued cost optimization initiatives and operating efficiencies.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Operating EBIT: loss of INR0.6 crores (Q4 FY26)
p. 4
“Operating EBIT stood at a loss of INR0.6 crores compared to a loss of INR12.1 crores in the corresponding quarter last year, demonstrating substantial improvement in operating performance.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Adjusted PAT after interest on NCRPS: loss of INR47.4 crores (Q4 FY26)
p. 4
“After accounting for finance costs and taxes, adjusted profit after tax, after interest on NCRPS stood at a loss of INR47.4 crores compared to a loss of INR35.8 crores in Q4 FY '25.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Reported PAT: loss of INR48 crores (Q4 FY26)
p. 4
“Reported PAT for the quarter stood at INR48 crores as against a loss of INR38 crores in the corresponding quarter last year.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Revenue: INR174 crores (FY26)
p. 4
“For the full year FY '26, revenue stood at INR174 crores compared to INR234 crores in FY '25.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Total income: INR201.2 crores (FY26)
p. 4
“Total income stood at INR201.2 crores, operating EBITDA was INR31.3 crores with EBITDA margins improving to 18% from 17% in FY '25.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Operating EBIT: INR3.8 crores (FY26)
p. 4
“Operating EBIT stood at INR3.8 crores.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Reported PAT: loss of INR53 crores (FY26)
p. 4
“Reported PAT stood at a loss of INR53 crores compared to the loss of INR33.8 crores in FY '25.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Headcount: 458 (FY26 end)
p. 4
“Headcount is 358 at the end of the -- 458 at the end of the year.”
Rajiv Shah, page 4 of the filed PDF · View the filing
Effective rate: 107 (Q4 FY26)
p. 5
“Effective rate in Q4 was 107.”
Rajiv Shah, page 5 of the filed PDF · View the filing
Effective rate: 115 (Q4 FY25)
p. 5
“Last year, it was 115, this year it's 107 for Q4.”
Rajiv Shah, page 5 of the filed PDF · View the filing
New clients: 1,600 (Q4 FY26)
p. 6
“1,600 clients are new in Q4.”
Rajiv Shah, page 6 of the filed PDF · View the filing
New clients: 6,600 (FY26)
p. 6
“And for the -- basically, for the year, it is 6,600 clients new to the industry.”
Rajiv Shah, page 6 of the filed PDF · View the filing
New clients as % of client base: 32% (Q4 FY26)
p. 6
“32% of our clients are new.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Total clientele count (industry): 15,680 (FY26)
p. 6
“Total count will be 15,000 -- sorry, 15, 680.”
Rajiv Shah, page 6 of the filed PDF · View the filing
Total clientele count (company): 7,000 (FY26)
p. 6
“It is 7,000.”
Rajiv Shah, page 6 of the filed PDF · View the filing
Digital revenue share: 8%
p. 7
“So digital share right now is 8%.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Non-FCT (events/activations) share of revenue: 22%
p. 6
“So it's about 22% of our revenue is coming from events, activations and on ground.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Radio industry degrowth rate: 2%
p. 7
“Basically, for the radio, the degrowth rate is 2%.”
Rajiv Shah, page 7 of the filed PDF · View the filing
Company market share: 17.5% (FY26 end)
p. 8
“So we ended the year at about 17.5% of the 15 markets, which are monitored by air check.”
Abraham Thomas, page 8 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.
Advertising demand
stated as an aspiration by Abraham Thomas
p. 3
“We remain optimistic about gradual improvement in advertising demand, supported by economic recovery, festive spending and increased traction from local advertisers.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Cash deployment
stated firmly by Rajiv Shah
p. 5
“So currently, there is no plan of deploying. We are basically holding on to the cash.”
Rajiv Shah, page 5 of the filed PDF · View the filing
Events/activations business focus — next 2 to 3 years
stated conditionally by Abraham Thomas
p. 6
“So depending on that, so we are not looking at just top line, but we are looking at profitable incremental revenues.”
Abraham Thomas, page 6 of the filed PDF · View the filing
Cost efficiency program
stated firmly by Abraham Thomas
p. 7
“So most of the cost efficiencies have already been actioned and have been implemented, and we are actually seeing that effect from quarter 4 and this year going forward.”
Abraham Thomas, 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.
Cost savings from an organizational restructuring done in Q2, with impact visible in Q3 and Q4.
Answered by Rajiv Shah
Asked by Tanushi: Why has employee cost decreased?
p. 4
“So we had basically restructuring of our organization in Q2, where we had gone through the processes and wherever we found duplication of employees, they were -- so basically restructuring happened.”
Rajiv Shah, page 4 of the filed PDF · View the filing
Adoption of a hybrid hub-station model using technology to manage operations centrally while keeping stations live to listeners.
Answered by Abraham Thomas
Asked by Tanushi: What caused the reduction in other expenses this quarter?
p. 5
“But the operations are now managed from hub stations in every region.”
Abraham Thomas, page 5 of the filed PDF · View the filing
No current plan to deploy the cash; the company is holding onto it.
Answered by Rajiv Shah
Asked by Ronak Shah: How does management plan to deploy the cash reserves on the books?
p. 5
“So currently, there is no plan of deploying. We are basically holding on to the cash.”
Rajiv Shah, page 5 of the filed PDF · View the filing
Management described integrating AI into workflows and influencer marketing partnerships rather than addressing M&A directly.
Answered by Abraham Thomas
Asked by Ronak Shah: Are there any plans for M&A or inorganic opportunities, similar to peers divesting into digital?
p. 7
“So we are integrating AI into our work processes. So there is a fair amount of AI that we're using to create -- to write jingles, to create jingles, to clean up quality of our -- some of our content, like interviews and stuff.”
Abraham Thomas, page 7 of the filed PDF · View the filing
Most cost efficiencies have already been actioned, with continuous efforts on technology-driven efficiency improvements.
Answered by Abraham Thomas
Asked by Ronak Shah: Is the cost takeout program largely complete or is there more margin expansion headroom?
p. 7
“But there is a continuous effort to look at technology to improve efficiencies.”
Abraham Thomas, page 7 of the filed PDF · View the filing
Management said market share has grown consistently quarter-on-quarter, ending the year around 17.5% across monitored markets.
Answered by Abraham Thomas
Asked by Ronak Shah: How does the company's flattish volume compare to the industry's negative volume growth, implying market share gains?
p. 8
“So the growth in our market share has improved from quarter-on-quarter, right?”
Abraham Thomas, page 8 of the filed PDF · View the filing
Risks flagged
Subdued advertising spend and softer industry conditions affecting revenue
p. 3
“While revenue performance continued to remain subdued due to softer industry conditions, our efforts towards optimizing expenses and enhancing operational efficiencies supported in improving our margins and profitability during the quarter.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Cautious advertiser sentiment in the radio industry
p. 3
“The radio industry continued to witness cautious advertiser sentiment during the quarter.”
Abraham Thomas, page 3 of the filed PDF · View the filing
Seasonal moderation in advertiser activity reducing quarterly revenue
p. 4
“While quarter 4 revenues were lower compared to quarter 3 due to seasonal moderation in advertiser activity, the company maintained positive profitability supported by sustained cost controls.”
Abraham Thomas, page 4 of the filed PDF · View the filing
Industry-wide softness in advertising spend impacting full-year revenue
p. 4
“While the overall year remained challenging from a revenue perspective due to industry-wide softness in advertising spend, the company successfully improved operational efficiencies and maintained profitability through disciplined execution and cost optimization.”
Abraham Thomas, page 4 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.