Hindustan Media Ventures Ltd

Financial Performance

• Consolidated revenue rose 15% YoY to INR 497 crore.
• EBITDA increased to INR 90 crore with 12ppt margin expansion.
• PAT rose to INR 47 crore; PAT margin 9%.
• Net cash position stood at INR 922 crore.

Segment Trends

• Print revenue INR 376 crore, up 16%; ad INR 295 crore; circulation INR 52 crore flat.
• English Print: ad revenue INR 156 crore; circulation INR 13 crore.
• Hindi Print: ad revenue INR 139 crore; circulation flat.
• Radio topline flat; EBITDA negative INR 3 crore.
• Digital revenue down ~28%; EBITDA negative INR 3 crore; margin -12%.

Liquidity and Capital Structure

• Consolidated net cash position at HT Media level INR 922 crore; no split HMVL vs HT Media.
• Preferential issue discussed; pricing governed by SEBI formula; faster fundraising.
• Debt expected to retire 30%-50% after infusion; EPS and coverage likely to improve.
• HMVL cash to be deployed per its Board; HT Media and DCL to pursue debt reduction.

Q&A Highlights

• Profitability improved after shutting down loss-making verticals; trend likely to sustain.
• Preferential issue valued for faster funding and debt retirement; raises certainty of capital.
• Other income jumped to about INR 20 crore due to treasury gains and asset sales.
• Newsprint costs remain the main driver; prices may peak/plateau with USD impact.
• Print margins depend on yield and pricing; circulation volumes held steady.
• Cost efficiency and right-sizing cited as drivers of lower expenses across the group.

Outlook and Guidance

• Management stated no formal revenue or earnings guidance for now.
• Board-approved preferential issue expected to strengthen capital structure and reduce debt.

Risks and Watchpoints

• High newsprint prices and USD volatility could pressure Print margins.
• Government vs commercial revenue mix; government rates impact cycles.
• Capital-structure changes via preferential issue introduce execution and dilution considerations.

Target and deal overview

• RD Retail India Private Limited, a Delhi-based B2B FMCG marketplace serving retailers in Delhi-NCR.
• Last 3 years' turnover: FY25 Rs 77.28 crore; FY24 Rs 59.04 crore; FY23 Rs 68.19 crore.
• Acquisition is not a related-party transaction; no promoter or group interest.
• Industry: FMCG.
• Purpose: invest for capital return and leverage acquirer's media assets.
• Regulatory approvals: Not Applicable.
• Indicative timeline: conversion of warrants into equity shares.
• Consideration: cash; Rs 32.5 crore.
• Shareholding acquired: approximately 3.8% of RD Retail.
• Target background: incorporated 2012; HQ Delhi; B2B FMCG marketplace serving Delhi-NCR.

Meeting Details

• 04 Aug 2026 board meeting to consider unaudited Q1 results (standalone & consolidated).
• 05 Aug 2026 at 02:30 PM IST: conference call / virtual results webinar for analysts and investors.
• Organisers: HT Media Group; co-host Hindustan Media Ventures Limited.

Participants

• Key company participants: HT Media Group senior management; Hindustan Media Ventures Limited representatives.

Purpose

• Discuss Q1 FY2026-27 unaudited results with analysts and investors.

Additional Notes

• Registration in advance required for the webinar.
• No recording or transcript information provided.

Meeting Details

• Board meeting on 4 August 2026; time and venue not disclosed.

Key Agenda Items

• Un-audited standalone and consolidated financial results for quarter ended 30 June 2026 to be considered and approved.

Other Notes

• Trading window will remain closed until 6 August 2026.

Dematerialisation status

• No dematerialisation requests were received during 1 April 2026 to 30 June 2026.
• RTA certificate confirms certification to depositories and stock exchanges for the period.

Trading Window Closure

• Trading window for HMVL shares closed from 30 June 2026 for 48 hours after UFRs.
• Board meeting to approve UFRs for the quarter ended 30 June 2026 will be intimated in due course.

Business overview

• HT Media Group combines listed HT Media and Hindustan Media Ventures for consolidated quarterly reporting.
• Core businesses are print, radio, and digital, with focus shifting toward profitable growth.

Operational highlights

• Print advertising grew on yield improvement and stronger government and commercial demand.
• Radio revenue fell sharply as event-led base effects and industry weakness hurt performance.
• The company surrendered non-viable radio licenses to streamline the network.
• Digital results reflected discontinuation of OTTplay business.

Financial performance

• Consolidated FY26 revenue was flat at INR 1,971 crore.
• FY26 EBITDA rose 8% to INR 298 crore; margin improved to 15%.
• FY26 PAT increased 44% to INR 153 crore; PAT margin rose to 8%.
• Q4 FY26 revenue fell 2% to INR 558 crore, while PAT rose 15% to INR 96 crore.
• Print operating revenue rose 8% in FY26 to INR 1,500 crore; EBITDA jumped 82% to INR 208 crore.
• Radio operating revenue declined 32% in FY26 to INR 140 crore; EBITDA loss widened to INR 22 crore.
• Digital operating revenue was broadly stable at INR 155 crore in FY26; EBITDA loss widened to INR 8 crore.

Liquidity

• Net cash remained robust at INR 1,001 crore as of 31 March 2026.
• Consolidated total assets were INR 3,969 crore, with equity of INR 2,009 crore.

Outlook

• Management expects cost discipline to offset rising newsprint costs and rupee weakness.
• Strategy emphasizes profitable growth, print profitability, and a leaner radio footprint.

Risks

• Key risks include higher newsprint costs, supply chain disruptions, trade uncertainty, and geopolitical volatility.
• Radio remains under pressure from weak industry conditions and a high prior-year event base.