New Delhi: HT Media Group reported improved profitability in FY26, led by strong growth in its print advertising business across English and Hindi publications, even as the company faced pressure from rising newsprint costs, weakness in radio operations and losses from discontinued digital businesses.
The media company said its print business remained the key driver of performance during the financial year, with total print advertising revenue rising 8% to Rs 1,148 crore in FY26 from Rs 1,065 crore in FY25.
Circulation revenue, however, declined 2% to Rs 208 crore from Rs 211 crore a year earlier.
For the January-March quarter, print advertising revenue increased 10% to Rs 313 crore from Rs 285 crore in the corresponding quarter last year, while circulation revenue rose 4% to Rs 51 crore from Rs 49 crore.
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The company said advertising revenue growth was supported by improved yields, while circulation revenue remained stable with higher copies contributing to quarterly growth.
Print Business Boosts Profitability
HT Media’s print operating revenue rose 8% to Rs 1,500 crore in FY26 from Rs 1,386 crore in FY25. In the fourth quarter, print operating revenue grew 15% to Rs 427 crore from Rs 373 crore.
Operating EBITDA for the print segment jumped 82% to Rs 208 crore in FY26 from Rs 114 crore in the previous year. The operating EBITDA margin improved to 14% from 8%.
For Q4 FY26, print operating EBITDA rose 63% to Rs 97 crore from Rs 60 crore, while margins improved to 23% from 16%.
Shobhana Bhartia, Chairperson and Editorial Director of HT Media and Hindustan Media Ventures, said the company witnessed “meaningful improvement in profitability” during the year despite broadly stable consolidated revenue.
“The fourth quarter of 2025-26 and the full year marked a period of decisive transformation for your Company, one characterised by meaningful improvement in profitability, even as consolidated revenue remained broadly stable on an annual basis,” Bhartia said.
She added that the print business performed strongly across both English and Hindi publications.
“Our Print business performed well, both for the quarter and the full year. Advertising-led revenue growth, across our English and Hindi mastheads, translated into higher Profitability,” she said.
However, Bhartia flagged rising newsprint costs as a challenge.
“In the near term, though, rising newsprint costs, amplified by a weakening rupee and the prevailing global environment of supply chain disruptions, trade policy uncertainty, and geopolitical volatility, remain a concern that we are managing with cost discipline,” she said.
English and Hindi Print Segments See Ad Growth
The English print business, which includes Hindustan Times and Mint, reported advertisement revenue of Rs 644 crore in FY26, up 8% from Rs 599 crore in FY25.
For Q4, English print advertising revenue rose 9% to Rs 172 crore from Rs 158 crore.
The company said the growth was driven by both government and commercial advertising revenue.
English print circulation revenue declined 5% to Rs 53 crore in FY26 from Rs 56 crore in the previous year. However, Q4 circulation revenue improved 13% to Rs 13 crore from Rs 12 crore.
The Hindi print business under the Hindustan brand also recorded growth.
Hindi print advertisement revenue increased 8% to Rs 504 crore in FY26 from Rs 466 crore in FY25.
For the fourth quarter, Hindi advertising revenue rose 12% to Rs 142 crore from Rs 127 crore.
HT Media said improved government advertising and strong performance from key commercial sectors supported growth in the Hindi segment.
Hindi circulation revenue remained flat at Rs 155 crore for the full year. In Q4, it increased 2% to Rs 38 crore from Rs 37 crore.
Consolidated Revenue Stable, Margins Improve
At the consolidated level, HT Media Group’s total revenue remained largely unchanged at Rs 1,971 crore in FY26 compared with Rs 1,964 crore in FY25.
Fourth-quarter consolidated revenue declined 2% to Rs 558 crore from Rs 568 crore a year ago.
EBITDA before exceptional items and share of joint ventures increased 8% to Rs 298 crore in FY26 from Rs 275 crore in FY25.
For the quarter, EBITDA rose 5% to Rs 131 crore from Rs 124 crore.
The consolidated EBITDA margin improved to 15% in FY26 from 14% in FY25. In Q4, the margin rose to 23% from 22%.
Profit after tax before exceptional items and share of joint ventures increased 44% to Rs 153 crore in FY26 from Rs 106 crore in the previous year.
For the fourth quarter, PAT before exceptional items rose 15% to Rs 96 crore from Rs 83 crore.
Operating revenue grew 3% to Rs 1,803 crore during the year, while other income declined 23% to Rs 168 crore.
Raw material expenses increased 4% to Rs 430 crore and employee costs rose 3% to Rs 419 crore. Other expenses declined 5% to Rs 824 crore.
HT Media’s net cash position stood at Rs 1,001 crore at the end of FY26, compared with Rs 1,008 crore a year earlier.
Radio Business Under Pressure
The company’s radio business continued to face challenges during the year.
Radio operating revenue fell 32% to Rs 140 crore in FY26 from Rs 204 crore in FY25. In Q4, revenue declined 48% to Rs 43 crore from Rs 82 crore.
HT Media said the decline was mainly due to a high base created by event-led revenue in the previous year.
The radio segment reported an operating EBITDA loss of Rs 22 crore in FY26, compared with a loss of Rs 6 crore in FY25.
For Q4, the EBITDA loss widened to Rs 7 crore from Rs 3 crore a year ago.
The radio EBITDA margin stood at minus 16% in FY26 compared with minus 3% in the previous year.
Bhartia said the radio business faced a difficult year due to both internal and broader industry challenges.
“The Radio business faced a tough year with revenue declining on a full-year basis. Business was impacted by a high base from prior year’s event-led revenue, and was compounded by larger industry-wide issues,” she said.
She added that the company had surrendered non-viable radio licences to streamline operations and improve profitability.
Digital Business Faces Margin Pressure
HT Media’s digital business remained broadly stable in terms of revenue but continued to report losses.
Digital operating revenue rose 2% to Rs 155 crore in FY26 from Rs 152 crore in FY25.
For Q4, digital revenue remained flat at Rs 39 crore.
The digital segment reported an operating EBITDA loss of Rs 8 crore in FY26, compared with a loss of Rs 4 crore in FY25.
Quarterly EBITDA loss widened to Rs 2 crore from Rs 1 crore in the year-ago period.
The digital EBITDA margin stood at minus 5% in FY26 compared with minus 3% last year.
Bhartia said the company had taken a “value-accretive reset” approach in the digital business.
“In Digital, our results reflect a deliberate and value-accretive reset. The discontinuation of ‘OTTplay’ business is in line with our focus on profitable growth,” she said.
The company’s audited results noted that the board of Hindustan Media Ventures Ltd decided on March 26, 2026, to discontinue the OTTplay business from March 31, 2026. No new OTTplay subscription packs were offered after that date.
Discontinued operations reported total income of Rs 96.64 crore and total expenses of Rs 187.44 crore during FY26, resulting in a loss before tax of Rs 100.96 crore.
Exceptional Losses Impact Bottom Line
HT Media reported profit after tax from continuing operations at Rs 38.62 crore in FY26, down from Rs 100 crore in FY25.
After accounting for discontinued operations, the company posted a net loss of Rs 49.07 crore for FY26 compared with a profit of Rs 14.20 crore in the previous year.
The company recorded exceptional losses of Rs 114.23 crore from continuing operations during the year.
These included impairment of radio and digital business assets, the impact of new labour codes, costs related to surrendering radio licences filed with the Ministry of Information and Broadcasting, and a write-down of work-in-progress inventory.
For Q4 FY26, exceptional losses stood at Rs 74.39 crore.
Bhartia said the company remained committed to trusted journalism and long-term growth.
“As always, your trust powers our journey. We remain unwavering in our commitment to trusted journalism, quality content for our diverse audiences and sustainable long-term value for our shareholders,” she said.
