Music Broadcast Ltd

Financial Performance

• Q1 FY27 revenue at INR 44.5 crores, down 10% YoY.
• Core radio revenue INR 35.5 crores; creative revenue INR 9.8 crores.
• Sequential revenue rose 9% versus Q4 FY26 to 44.5 crores.
• Operating expenses declined 26% YoY to INR 35.6 crores.
• EBITDA stood at INR 8.9 crores; EBITDA margin 20%.
• PBT INR 12.3 crores; other income INR 8.2 crores.
• PAT INR 9.2 crores; PAT margin 20.7%.
• Impairment last year INR 49 crores; no further impairment expected.
• Net cash balance INR 270 crores as of June 2026.
• FCT/Non-FCT split 78/22.
• Digital revenue share 4% of total.
• New client onboarding share 29%.
• Manpower reduced about 20%; now at optimal level.
• H1 revenue ~45%; H2 ~55% of annual.
• Buyback plan: none currently.
• Market share this quarter: 25%.

Operations and Mix

• Radio plus revenue mix improving; pure radio advertising subdued.
• Hub-and-spoke studios reduce premises costs; marketing expenses controlled.
• On-ground activations and events supporting creative business.
• Government spends uncertain due to elections; aim to maximize share.
• Transition to Radio Plus drives growth; solution-selling emphasis.
• Currently nothing in pipeline for new ventures.
• Seasonality drives revenue split; H1 ~45%, H2 ~55%.

Balance Sheet and Cash Position

• Net cash around INR 270 crores as of June 2026.
• No immediate buyback plan.
• Impairment risk: last year INR 49 crores; no further impairment expected.

Guidance and Outlook

• Q2 historically weaker; began on a softer note.
• Focus on accelerating revenue growth and monetization, with disciplined execution.
• Pursue digital and adjacent opportunities to improve profitability.
• We remain cautiously optimistic about sustainable profitable growth.
• Government spend uncertainty remains; not publishable for precise guidance.

Q&A Highlights

• Further cost savings unlikely; management says most savings already achieved.
• Radio Plus traction; pure radio advertising subdued.
• New advertisers constitute about 20%; 80% recurring.
• Digital revenue share 4%; 29% of new clients onboarded.
• Currently nothing in pipeline for expansion.
• Manpower down ~20%; deemed at optimal level; no further cuts planned.
• Run-rate discussion: seasonality implies H1 45%, H2 55% split.
• Government spend outlook remains uncertain.
• No current pipeline for new ventures.

Meeting Details

• Date and time: July 23, 2026 at 3:30 PM IST.
• Type and mode: Virtual conference call.
• Event: Music Broadcast Limited — Q1 FY27 Earnings Call.
• Key participants: CEO and CFO.
• Purpose: Discuss Q1 FY27 results for quarter ended June 30, 2026.

Meeting Details

• Board meeting on July 22, 2026 to consider unaudited financial results for quarter ended June 30, 2026.

Key Agenda Items

• Consider and approve unaudited financial results for the quarter ended June 30, 2026.

Other Notes

• Trading window remains closed till 48 hours after conclusion of the meeting on July 22, 2026.

Stamp duty demand on lease deed

• Receipt of demand notice from Deputy Collector, Stamp Duty Valuation Organization, Ahmedabad.
• Demand amount ₹19,94,930, including ₹2,84,990 stamp duty and ₹17,09,940 penalties.
• Date of receipt: July 08, 2026; actions being evaluated with advisors.
• Impact limited to the demanded amount; company will update on next steps.
• No governance changes reported.
• Company to provide updates in due course.

Dematerialisation/rematerialisation reporting status

• Details of dematerialised/rematerialised securities for quarter ended June 30, 2026 have been furnished to all stock exchanges.

Bank facilities

• Bank facilities rated: Rs 135 crore; Long-term AA/Stable; Short-term A1+.

NCRPS

• NCRPS rating withdrawn; all outstanding NCRPS redeemed on 19 January 2026.

Preference shares

• Rs 120 crore preference shares rating withdrawn due to full redemption.