HT Media turns operationally positive as Print business drives FY26 growth

MUMBAI: HT Media has found its print footing, even as the bottom line remains in the red. The company reported an operational turnaround in FY2025-26, powered by its Print business, but exceptional charges and losses from discontinued operations pulled the group into a loss for the year.

Consolidated total income from continuing operations rose marginally to Rs 1,971.36 crore in FY26, from Rs 1,963.59 crore in FY25. Revenue from operations grew 3.3 per cent to Rs 1,803.31 crore, compared with Rs 1,745.84 crore a year earlier.

EBITDA before exceptional items also strengthened, rising 8.3 per cent to Rs 298.42 crore from Rs 275.49 crore.

The biggest improvement came from the Print business, which remains HT Media’s largest continuing revenue contributor.

Print revenue increased to Rs 1,500.43 crore in FY26 from Rs 1,385.95 crore, while segment profit before tax and finance costs nearly tripled to Rs 151.68 crore, from Rs 54.03 crore in FY25.

The company attributed the improvement to higher revenue, margin expansion, tighter costs and operational efficiencies.

The performance stands in sharp contrast to Radio, where revenue fell to Rs 139.50 crore from Rs 203.88 crore. The segment’s loss widened to Rs 50.86 crore, from Rs 36.68 crore.

Digital revenue was largely stable at Rs 154.59 crore, compared with Rs 152.01 crore, although its loss widened to Rs 8.84 crore from Rs 5.09 crore.

HT Media said its Radio business continued to face muted advertiser sentiment, weaker advertising rates and the absence of the event-led boost seen in the previous year.

The company responded by rationalising its station network and exiting non-viable operations. It is also looking beyond traditional Free Commercial Time advertising, with content production, integrated activations and branded events becoming increasingly important revenue streams.

The strategy effectively puts the Radio business on a leaner footing while seeking to squeeze more value from its remaining stations.

The Digital portfolio also underwent a significant reset. The board of subsidiary Hindustan Media Ventures Limited decided on March 26, 2026 to discontinue OTTplay from March 31, 2026.

The discontinued operation generated Rs 96.64 crore in revenue during FY26 but reported a loss after tax of Rs 87.69 crore.

At the consolidated level, profit before tax from continuing operations fell to Rs 31.12 crore, from Rs 104.35 crore in FY25, after exceptional losses surged to Rs 114.23 crore, compared with Rs 5.81 crore a year earlier.

The exceptional charge included impairments involving goodwill, the Mosaic brand, Radio One brand, radio licences, software licences, property, plant and equipment and right-of-use assets. It also included Rs 40.54 crore linked to the statutory impact of the new Labour Codes.

HT Media separately recognised a net exceptional loss of Rs 13.60 crore relating to applications to surrender certain radio licences.

Profit after tax from continuing operations stood at Rs 38.62 crore, down from Rs 100 crore in FY25.

Once discontinued operations were included, the loss attributable to owners of the company stood at Rs 54.27 crore, compared with a profit of Rs 1.95 crore in the previous year.

Basic earnings per share from continuing and discontinued operations consequently fell to a loss of Rs 2.35, against earnings of Rs 0.08 in FY25.

HT Media’s FY26 performance points to a more selective strategy: build on the strength of its Print mastheads, run a leaner Radio operation and concentrate Digital investments on businesses with stronger monetisation prospects.

Within its remaining Digital portfolio, Shine is developing AI-powered talent discovery, recruiter workflow solutions and personalised job matching. The group is also embedding AI capabilities across its operations.

So while the Print business has helped put HT Media’s operating performance back in better shape, the FY26 numbers show that turning that improvement into sustained bottom-line profitability remains the bigger task.