H T Media Q1 FY27 Results (NSE: HTMEDIA)
Signal: Loss reversed
The read
The earnings inflection is real at the consolidated operating level—EBITDA rose to ₹8,996 lakh from ₹2,779 lakh YoY and adjusted operating margin improved to 5.57% from -7.17%—but the ₹3,089 lakh PAT attributable to owners was substantially aided by ₹5,966 lakh of other income, while standalone PAT remained a ₹796 lakh loss; recurring margin progress needs confirmation without non-operating support.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹437.3 Cr | +11.1% | -14.4% |
| EBIT | ₹70.39 Cr | N/A | |
| Net profit | ₹30.89 Cr | N/M from -1,333 to 3,089 | |
| EPS | ₹1.34 | N/M from -0.58 to 1.34 | |
| EBIT margin | 20.6% |
P&L walk
Consolidated revenue rose to ₹43,730 lakh, up 11.1% YoY but down 14.4% QoQ; EBITDA increased to ₹8,996 lakh with margin at 20.6%, supported by employee-cost reduction and ₹5,966 lakh of other income, while PAT attributable to owners turned positive at ₹3,089 lakh from a ₹1,333 lakh loss.
Segments
Printing and publishing drove the group with ₹37,611 lakh of revenue and ₹3,650 lakh of segment result, while radio lost ₹802 lakh, digital lost ₹339 lakh and unallocated costs lost ₹1,436 lakh; the consolidated profit is therefore concentrated in the core print segment and subsidiaries.
Key positives
- Consolidated revenue reached ₹43,730 lakh, up 11.1% YoY, accelerating from the 1.4% YoY growth in Q3FY26 and the -0.6% decline in Q4FY26.
- Adjusted operating margin expanded to 5.57% from -7.17% YoY, while employee benefits expense declined 10.8% YoY to ₹9,879 lakh against 11.1% revenue growth.
- Printing and publishing generated ₹3,650 lakh of segment result on ₹37,611 lakh revenue, offsetting losses in radio and digital.
- Discontinued-operations loss narrowed to ₹446 lakh from ₹1,566 lakh YoY following the OTTplay discontinuation.
Key concerns
- Other income of ₹5,966 lakh was 105.4% of PBT and materially supported the ₹3,089 lakh PAT attributable to owners, weakening earnings quality.
- Standalone PAT remained negative at ₹796 lakh despite consolidated PAT turning positive at ₹3,089 lakh, highlighting dependence on subsidiary earnings.
- Radio broadcast and entertainment reported a ₹802 lakh segment loss and digital reported a ₹339 lakh loss, while unallocated items were a ₹1,436 lakh loss.
- Revenue declined 14.4% QoQ to ₹43,730 lakh and EBITDA margin fell 500bps QoQ to 20.6%, indicating sequential volatility despite YoY improvement.
Earnings quality: includes non-operating other income
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