H T Media Q2 FY27 Results (NSE: HTMEDIA)
Signal: Loss reversed
The read
The operating inflection continues, with adjusted EBITDA margin at 5.22% versus -0.91% YoY and owner PAT at 2,324 lakh versus a 403-lakh loss, but the sequential margin dip to 5.22% from 5.57%, 340bps gross-margin compression and other income of 6,012 lakh temper the quality of the recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹441.59 Cr | +2.5% | +1.0% |
| EBIT | ₹68.1 Cr | +52.3% | |
| Net profit | ₹23.24 Cr | N/M from -403 lakh | |
| EPS | ₹1 | N/M from negative base | |
| EBIT margin | 5.22% |
P&L walk
Revenue increased to 44,159 lakh (+2.5% YoY, +1.0% QoQ), adjusted EBITDA rose to 8,758 lakh (+25.9% YoY) on sharply lower employee, finance and depreciation costs, while gross margin compressed to about 71.6% from 75.0% and PAT attributable to owners improved to 2,324 lakh from a 403-lakh loss.
Segments
Printing & publishing drove the group, with revenue of 38,575 lakh (+8.2% YoY) and segment result of 2,184 lakh broadly flat versus 2,186 lakh; Radio dragged with a 210-lakh loss versus a 1,115-lakh loss, while Digital turned profitable at 61 lakh from a 133-lakh loss.
Key positives
- Printing & publishing revenue reached 38,575 lakh, up 8.2% YoY, and remained the only major segment delivering a positive result at 2,184 lakh.
- Adjusted EBITDA grew 25.9% YoY to 8,758 lakh versus revenue growth of 2.5%, a 23.4pp growth gap; employee costs fell 9.3%, depreciation 21.6% and finance costs 11.2%, while adjusted operating margin expanded 614bps to 5.22%.
- Owner PAT turned positive at 2,324 lakh from a 403-lakh loss and basic EPS improved to ₹1.00 from -₹0.17.
- Borrowings declined to 58,286 lakh from 66,166 lakh at March 31, 2026, and the debt-equity ratio improved to 0.28x from 0.33x.
Key concerns
- Gross margin compressed 340bps YoY to about 71.6% as material costs rose to 28.4% of revenue from 25.0%; the filing does not disclose the cause or the extent of pass-through.
- Radio revenue fell 22.7% YoY to 2,488 lakh and the segment remained loss-making at -210 lakh, while Digital revenue fell 29.9% YoY despite a small 61-lakh segment profit.
- Standalone loss after tax was 1,593 lakh, versus consolidated owner PAT of 2,324 lakh, highlighting the group's dependence on subsidiary earnings.
- Other income of 6,012 lakh rose 28.2% YoY and exceeded profit before tax before exceptional items of 5,438 lakh, weakening the quality of reported operating profit.
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