Hindustan Media Ventures Limited (HMVL), a subsidiary of the HT Media Group, is a significant entity in India's media and entertainment landscape. The group's operations are diversified across three primary business segments: Print, Radio, and Digital. The Print division is the cornerstone of the business, encompassing established English and Hindi language publications that command a resilient circulation base and attract substantial advertising revenue. HMVL specifically anchors the Hindi print operations. The Radio business operates in a competitive market, focusing on broadcast entertainment and advertising. Complementing these traditional media arms is a rapidly growing Digital business, which is strategically focused on scaling new-age digital-first platforms and content offerings, including properties like OTTplay, with a clear objective of achieving profitability. The company is led by Chairperson and Editorial Director, Mrs. Shobhana Bhartia, who oversees the strategic direction of both HT Media Ltd. and HMVL. The group's overarching mission is to deliver trusted journalism and high-quality content to a diverse audience by leveraging the strength of its established brands while simultaneously investing in its digital future.

Official Website: http://www.hmvl.in/

HT Media Ltd. (Consolidated Parent Company)

• Total Revenue: Stood at ₹532 crore for Q3 FY26, remaining stable on a year-over-year (YoY) basis but showing a 7% sequential growth over Q2 FY26.

• Profitability: The company demonstrated a significant turnaround in profitability.

• EBITDA: Grew to ₹51 crore, a 9% YoY increase and a 16% quarter-over-quarter (QoQ) increase.

• Profit After Tax (PAT): Recorded a profit of ₹17 crore, a notable improvement from a loss of ₹3 crore in the same quarter last year (Q3 FY25) and a loss of ₹4 crore in the preceding quarter (Q2 FY26).

• Balance Sheet: The company maintains a robust financial position with a Net Cash balance of ₹945 crore as of the end of the quarter.

Hindustan Media Ventures Ltd. (Consolidated Subsidiary)

• Total Revenue: Grew to ₹236 crore in Q3 FY26, marking a 7% increase YoY and a 5% increase QoQ.

• Profitability: The subsidiary showed a mixed profitability profile.

• EBITDA: Stood at ₹23 crore, which is a 9% decline YoY, primarily due to a 24% YoY increase in "Other Expenses". However, it reflects a strong sequential recovery with a 27% increase over Q2 FY26.

• PAT: Reached ₹17 crore, a 6% decline YoY. Sequentially, PAT demonstrated very strong growth of 68% from ₹10 crore in Q2 FY26.

Summary: The consolidated parent entity shows stable revenue with strong improvement in profitability and a solid cash position, while the HMVL subsidiary reports revenue growth with a sequential recovery in profits despite annual margin pressure.

Segment-Wise Performance

• Digital: This segment is the primary growth engine, with operating revenue climbing to ₹67 crore, a substantial 30% increase YoY and a 9% increase QoQ. The performance is driven by key digital properties, including OTTplay.

• Print: The core segment demonstrates resilience and positive momentum.

• Overall Print: Operating revenue grew 2% YoY and 10% QoQ to ₹395 crore, led by an uptick in advertising revenue.

• Print - English: Showed strong sequential growth in advertising revenue, which increased by 16% QoQ to ₹179 crore. Circulation revenue also improved by 8% YoY.

• Print - Hindi (HMVL): Experienced a marginal decline, with advertising revenue at ₹123 crore (-4% YoY) and circulation revenue at ₹38 crore (-1% YoY). This was attributed to a shift in festive days compared to the base period.

• Radio: This segment is facing significant headwinds. Operating revenue dropped 34% YoY to ₹34 crore. The company attributes this to a high base effect from non-FCT (Free Commercial Time) operations in the previous year. Sequentially, revenue was stable with a 5% increase.

Summary: Growth is primarily fueled by the strong performance of the Digital business and the sequential recovery in the Print segment, which is offsetting the significant revenue contraction in the Radio business.

Consolidated and Segment-Wise Profitability

• HT Media (Consolidated): EBITDA margin improved to 10% in Q3 FY26 from 9% in Q3 FY25. PAT margin turned positive to 3%, a significant recovery from -1% in the prior year.

• Print: This segment saw healthy margin expansion. Operating EBITDA margin increased to 15% from 11% YoY, a 43% growth in absolute Operating EBITDA to ₹60 crore. This indicates effective cost management and operational leverage.

• Digital: The path to profitability is improving. Although still negative, the Operating EBITDA margin improved significantly to -35% from -50% YoY. The absolute cash burn also reduced, with Operating EBITDA loss narrowing to ₹23 crore from ₹26 crore a year ago.

• Radio: Margins remain under severe pressure. The Operating EBITDA margin deteriorated to -14% in Q3 FY26 from -1% in Q3 FY25, reflecting the challenging market environment and revenue decline.

• HMVL (Consolidated): EBITDA margin contracted to 10% from 12% YoY, driven by higher operating expenses. However, margins showed a sequential improvement from 8% in Q2 FY26, indicating better cost control in the near term.

Summary: Overall group profitability is enhanced by significant margin expansion in the core Print business and narrowing losses in the Digital segment, which helps to mitigate the severe margin pressure from the Radio business.

• Chairperson's Commentary: The management has highlighted consistent operational progress characterized by stable topline performance and steady growth in overall profitability. This reinforces the effectiveness of ongoing operational initiatives.

• Print Business Strength: The core Print segment is demonstrating resilience. Growth is driven by strong advertising performance in English titles and a steady circulation revenue base, combined with a disciplined approach to costs.

• Radio Business Recalibration: The management acknowledges the challenging market environment for the Radio business. The company is proactively recalibrating its radio operations to better align the segment with current industry dynamics.

• Digital Strategy Validation: The strong revenue growth and improving margins in the Digital business are seen as a validation of the company's commitment to scaling its digital offerings while maintaining a clear path toward profitability.

• Festive Season Impact: The marginal decline in the Print-Hindi advertising revenue was primarily attributed to a shift in the timing of festive days compared to the base period last year, rather than a fundamental demand slowdown.

Summary: The company is executing its strategy of strengthening its core Print business and scaling its Digital platforms, while actively addressing the structural challenges within its Radio segment.