Hindustan Media Q2 FY27 Results (NSE: HMVL)
Signal: Growth decelerated
The read
The operating inflection remains material: EBITDA margin expanded 1,230bps YoY to 37.8% and EBITDA grew 65.3% against 11.5% revenue growth, but the margin gain coexists with a 200bps gross-margin compression and ₹5,183 lakh of other income equal to 75.9% of continuing PBT; negative H1 operating cash flow of ₹6,875 lakh is the main quality check on the trajectory.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹196.58 Cr | +11.5% | -0.3% |
| EBIT | ₹70.24 Cr | +75.9% | |
| Net profit | ₹52.04 Cr | +416.3% | |
| EPS | ₹7.06 | +415.3% | |
| EBIT margin | 37.8% |
P&L walk
Revenue rose 11.5% YoY, but raw-material intensity increased 200bps; EBITDA nevertheless grew 65.3% as employee cost rose only 9.1%, depreciation fell 19.5% and other expenses rose 2.9%, while PAT was further lifted by ₹5,183 lakh of other income and the discontinued-operations loss narrowed to ₹347 lakh.
Segments
The group is effectively a single operating segment, Printing & Publishing of Newspaper & Periodicals; consolidated PAT of ₹5,204 lakh was only ₹31 lakh above standalone PAT of ₹5,173 lakh, so the subsidiary did not materially drive the quarter.
Key positives
- Revenue increased 11.5% YoY to ₹19,658 lakh, extending growth despite being broadly flat sequentially at -0.3%.
- EBITDA grew 65.3% YoY to ₹7,424 lakh versus revenue growth of 11.5%, while EBITDA margin expanded 1,230bps to 37.8%.
- Employee benefits expense grew 9.1% YoY and depreciation declined 19.5% to ₹400 lakh, supporting the margin expansion.
- Discontinued-operations loss after tax narrowed 85.5% YoY to ₹347 lakh, reducing the drag from the discontinued OTTplay business.
Key concerns
- Gross margin compressed 200bps YoY to 66.1% as raw-material intensity rose to 33.9% of revenue from 31.9%; the filing does not disclose the cause.
- H1 operating cash flow was negative ₹6,875 lakh despite ₹10,321 lakh of consolidated profit for the period, with trade receivables rising to ₹1,05,412 lakh from ₹95,916 lakh.
- Property, plant and equipment declined to ₹5,837 lakh from ₹6,937 lakh at March 31, 2026, while the filing also disclosed additional assets classified as held for sale following outsourcing of printing work at certain units.
- H1 revenue from operations was ₹39,376 lakh, up 15.5% YoY, but H1 operating cash flow deteriorated from positive ₹1,916 lakh to negative ₹6,875 lakh.
Research and educational content only. Not investment advice.