HT Media Limited (HTMEDIA) Q2 25/26 earnings summary

Executive summary

• Achieved solid annual and sequential growth in operating revenue and profitability across all business units, with consolidated revenue for Q2 FY26 at INR 45,150 lakhs, up from INR 41,215 lakhs in Q1 FY26 and INR 42,375 lakhs in Q2 FY25.

• Print business led revenue growth and margin expansion, supported by cost focus and early festive ads, while radio showed sequential improvement despite industry challenges.

• Digital business continued strong revenue growth, though margins remain under pressure due to ongoing investments and timing mismatch between costs and revenue recognition.

• EBITDA for Q2 FY26 stood at INR 4,358 lakhs, a significant improvement from INR 975 lakhs in Q1 FY26 and INR 3,273 lakhs in Q2 FY25.

• Consolidated net loss after tax for Q2 FY26 was INR 434 lakhs, compared to INR 1,137 lakhs in Q1 FY26 and INR 633 lakhs in Q2 FY25.

Financial highlights

• Total revenue up 4% year-over-year and 11% sequentially to INR 499 crore (INR 49,918 lakhs total income for Q2 FY26).

• EBITDA increased 33% year-over-year and 347% sequentially to INR 44 crore (INR 4,358 lakhs for Q2 FY26); EBITDA margin expanded to 9%.

• PAT margin at -1%, with net loss margin for Q2 FY26 at -0.81%, improving from -2.95% in Q1 FY26.

• Net cash position strong at INR 947 crore, up 3% year-over-year.

Outlook and guidance

• Strategic adaptation across all business verticals to navigate the evolving media landscape, with continued focus on scaling digital and reinforcing print and radio offerings.

• Commitment to disposing of non-core assets and improving operational efficiency and cost control.