Music Broadcast Ltd

GST SCN details

• Authority: Office of the Deputy Commissioner, UP State GST, Lucknow.
• SCN alleges short payment of tax and ineligible ITC for FY2022-23.
• Total demand alleged at approximately ₹11.58 crore (tax ₹10.52 crore; penalty ₹1.05 crore).
• Breakdown includes ITC disallowances and reverse-charge shortfalls.
• Company disputes the allegations and will file a detailed reply within the prescribed timeline.
• No material financial impact expected at this stage; will disclose material changes as progress.
• Receipt date of SCN: September 21, 2026.

Music Broadcast Ltd: Trading window closed from Oct 01, 2026 until 48 hours after the declaration of the Un-audited Financial Results for the quarter and half year ended Sep 30, 2026

AGM Details

• Date and time: 02 September 2026, 1:00 p.m. IST, via VC/OAVM.
• Record date for voting: 27 August 2026.

Resolutions and outcomes

• Adoption of Audited Financial Statements, Directors' Report and Statutory Auditors' Report: ordinary resolution passed.
• Interim dividend payment to NCRPS holders: ordinary resolution passed.
• Appointment of Rahul Gupta as director (reappointment): ordinary resolution passed.
• Ratification of Cost Auditor remuneration for FY ending 31 March 2027: ordinary resolution passed.

Voting results

• All resolutions passed with ~99.9995% in favour and 0.0005% against.

Dividend

• Interim NCRPS dividend approved; per-share amount not disclosed.

Director changes

• Director changes: Rahul Gupta reappointed to the board.

Auditors

• Cost auditor remuneration for FY ending 31 March 2027 ratified.

Material related party transactions

• No material related-party transactions disclosed.

Other material approvals

• No ESOPs or major corporate actions disclosed.

Financial performance

• FY26 revenue from operations ₹174.43 cr, down from ₹234.48 cr FY25.
• Total income FY26 ₹201.19 cr.
• Net loss ₹53.32 cr in FY26 vs ₹33.84 cr in FY25.
• Impairment on non-financial assets ₹49.00 cr; on financial assets ₹9.01 cr.
• CGU impairment recognized as market cap fell below carrying value.
• Cash and cash equivalents ₹4.14 cr.

Capital structure & liquidity

• NCRPS redeemed in Jan 2026; redemption value ₹120 per NCRPS; total ₹107.63 cr.
• Debt/equity ratio improved to 0.05x from 0.25x.
• Equity share capital ₹69.14 cr; 34,56,85,625 shares unchanged.
• No borrowings outstanding; liquidity position remains healthy.

Governance & management

• CEO Abraham Thomas appointed 1 Sept 2025; CFO Rajiv Shah 20 Aug 2025.
• Ashit Kukian (CEO) resigned 20 Aug 2025; Prashant Domadia (CFO) resigned 15 Aug 2025.
• Divya Karani appointed Independent Director from 24 Jul 2025; Madhukar Kamath became Chairman 20 May 2025.
• Vijay Tandon resigned 19 May 2025; board now 7 directors, 5 independent.

Operational performance & reach

• 39 stations across 12 states; 62% of FM population reached.
• 69 million listeners across India.
• Volume market share 18%; inventory utilization 71%.
• IP revenue 11%; digital revenue 7%; digital revenue declined 53% YoY.

Digital & multi-platform growth

• CKB property: 300+ sponsors; 700K+ digital reach.
• Business Titans 2025: 26 winners; 1 mn+ digital reach.
• Pickleball Season 4: 40+ content pieces; 8.5 mn+ digital reach.
• Music Fest Season 4: 50+ content pieces; 1 mn+ digital reach.
• Total social media reach: 153.8 mn; Facebook 4.4 mn; YouTube 1.55 mn.

CSR & governance

• CSR spend FY26 ₹12.58 lakh; 2% of average net profit.
• CSR policy on website; CSR Committee of 3; 2 meetings.
• CSR focuses on education, healthcare for visually impaired and underprivileged.

Audit & risk governance

• Emphasis of Matter in the independent report regarding NCLT petition; management expects no material impact.
• Internal controls robust; KPMG FY26; EY FY27 for internal audit.
• Risk Management Committee (RMC) with ERM exercises; cyber security focus.

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.