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Radio City Q3 FY26: Sequential Turnaround with 34% EBITDA Margin and ₹4.1 Cr PAT
Music Broadcast Limited (Radio City) reported a strong sequential recovery in Q3 FY26 with revenue growing 23% QoQ to ₹46.4 crores. Operating EBITDA surged to ₹15.9 crores from ₹1.3 crores in the previous quarter, driven by aggressive cost rationalization and festive demand. The company achieved a PAT of ₹4.1 crores, marking a turnaround from a loss-making Q2. Management expects annual cost savings of approximately ₹30 crores moving forward, bolstered by the redemption of preference shares which eliminates future interest costs.
Key Highlights
Revenue grew 23% QoQ to ₹46.4 crores, supported by festive demand and Tier 2/3 market growth
Operating EBITDA margin expanded significantly to 34%, with EBITDA rising to ₹15.9 crores
Net cash position stands at ₹261 crores as of February 2026 after redeeming ₹107 crores of NCRPS
Anticipated annual savings of ₹30 crores from cost-cutting measures and eliminated interest expenses
Inventory utilization remained high at 85-90%, with Non-FCT revenue contributing 20% to the total
💼 Action for Investors
Investors should monitor the sustainability of the 34% EBITDA margin and the potential for a buyback, given the company's significant cash reserves relative to its market cap. The elimination of interest costs on NCRPS provides a clear path to improved bottom-line stability.
Music Broadcast Q3 FY26: Adjusted PAT Grows 5% YoY to ₹6 Cr Despite 29% Revenue Decline
Music Broadcast Limited (Radio City) reported a mixed Q3 FY26, with revenue declining 29% YoY to ₹46.5 Cr, reflecting a broader 2% volume de-growth in the radio industry. Despite the revenue drop, the company achieved a 5% YoY growth in Adjusted PAT to ₹6.0 Cr, supported by aggressive cost-cutting measures that reduced employee expenses by 29%. However, the 9M FY26 performance remains weak, with Adjusted PAT down 85% YoY to ₹1.6 Cr. The company maintained an 18% market share and is increasingly pivoting toward digital and 'Created Business' segments, which now contribute 6% and 14% to revenue respectively.
Key Highlights
Q3 FY26 Revenue fell 29% YoY to ₹46.5 Cr, though Operating EBITDA margin improved to 34% from 27% YoY.
Adjusted PAT for Q3 FY26 rose 5% YoY to ₹6.0 Cr, while 9M FY26 Adjusted PAT stands at ₹1.6 Cr compared to ₹10.5 Cr last year.
Maintained a stable market share of 18% in Q3 FY26, with 37% of all radio advertisers choosing Radio City.
Digital revenue contribution reached 6% of overall ad sales, while 'Created Businesses' contributed 14% of revenue.
Total Operating Expenses for Q3 FY26 were reduced to ₹38.9 Cr from ₹54.6 Cr in the previous year's quarter.
💼 Action for Investors
Investors should exercise caution as the sharp 29% revenue decline indicates significant top-line pressure, despite successful cost-containment efforts. Monitor the scalability of digital and non-traditional revenue streams to see if they can offset the stagnation in core radio volumes.
Radio City Q3 Net Profit Flat at ₹3.68 Cr; Revenue Declines 29% YoY
Music Broadcast Limited (Radio City) reported a challenging Q3 FY26 with revenue from operations falling 29% YoY to ₹46.48 crore. Despite the revenue drop, net profit remained stable at ₹3.68 crore compared to ₹3.60 crore in the previous year, supported by a significant reduction in employee benefit expenses and higher other income. For the nine-month period ending December 2025, the company remains in a net loss position of ₹5.37 crore. A key positive development is the successful redemption of bonus preference shares on January 19, 2026.
Key Highlights
Revenue from operations decreased by 28.9% YoY to ₹4,647.53 lakhs in Q3 FY26.
Net Profit for the quarter stood at ₹368.38 lakhs, a marginal increase from ₹360.19 lakhs YoY.
Operating margin improved to 34.31% in Q3 FY26 from 26.88% in Q3 FY25 due to cost optimization.
Nine-month performance shows a net loss of ₹536.82 lakhs compared to a profit of ₹418.84 lakhs in the previous year.
Bonus Non-Convertible Redeemable Preference Shares (NCRPS) were fully redeemed on January 19, 2026.
💼 Action for Investors
Investors should exercise caution due to the significant top-line contraction and the nine-month net loss. Monitor the progress of the ongoing royalty litigation with PPL and the internal promoter dispute at NCLT, as these could impact future cash flows.
Radio City Q3 Net Profit Rises Slightly to ₹3.68 Cr Despite 24% Revenue Decline
Music Broadcast Limited (Radio City) reported a 24% YoY decline in total income to ₹54.81 crore for Q3 FY26. Despite the revenue drop, net profit saw a marginal increase to ₹3.68 crore from ₹3.60 crore in the previous year, primarily due to significant cost-cutting in employee benefits and other expenses. However, for the nine-month period ended December 2025, the company remains in a net loss of ₹5.37 crore compared to a profit in the prior year. The company also completed the redemption of its bonus preference shares in January 2026.
Key Highlights
Total income for Q3 FY26 fell to ₹5,481.21 lakhs from ₹7,212.55 lakhs in Q3 FY25.
Net profit for the quarter stood at ₹368.38 lakhs, up slightly from ₹360.19 lakhs YoY.
Employee benefit expenses were reduced by 29% YoY to ₹1,391.01 lakhs.
Operating margin improved significantly to 34.31% in Q3 FY26 from 26.88% in the same quarter last year.
Bonus Non-Convertible Redeemable Preference Shares (NCRPS) were fully redeemed on January 19, 2026.
💼 Action for Investors
Investors should be cautious as profit growth is currently driven by cost-cutting rather than top-line expansion. Monitor the resolution of ongoing legal disputes regarding music royalties and promoter-level litigation which could impact future cash flows.
Radio City Redeems NCRPS at ₹120 per Share; Pays 0.1% Interim Dividend
Music Broadcast Limited (Radio City) has completed the redemption and dividend payment process for its Non-Convertible Non-Cumulative Redeemable Preference Shares (NCRPS). The company redeemed the shares at ₹120 per unit and paid an interim dividend of ₹0.01 per share (0.1% of face value). These payments were disbursed on January 19, 2026, to shareholders who were on record as of January 9, 2026. This corporate action fulfills the obligations under the Scheme of Arrangement through which these bonus shares were issued.
Key Highlights
Redemption of NCRPS completed at ₹120 per share upon maturity.
Interim dividend of 0.1% (₹0.01 per share) paid for the Financial Year 2025-26.
Payment for both redemption and dividend was processed on January 19, 2026.
Record date for eligibility was fixed as January 9, 2026.
The NCRPS were originally issued as bonus shares under a Scheme of Arrangement.
💼 Action for Investors
Equity investors should note the cash outflow resulting from this planned redemption. NCRPS holders should verify their bank accounts for the receipt of redemption proceeds and the interim dividend.
Music Broadcast Redeems NCRPS Worth ₹107.64 Crores and Pays Interim Dividend
Music Broadcast Limited (Radio City) has completed the full redemption of 89,69,597 Non-Convertible Redeemable Preference Shares (NCRPS) on January 19, 2026. The redemption was carried out at ₹120 per share, including a premium, totaling an aggregate payout of ₹107.64 Crores from the company's reserves. Alongside the redemption, the company paid an interim dividend of ₹0.01 per NCRPS for the financial year 2025-26. This action effectively eliminates the preference share liability from the company's balance sheet.
Key Highlights
Full redemption of 89,69,597 NCRPS at a total value of ₹120 per share (Face Value ₹10 + Premium ₹110)
Aggregate redemption amount of ₹107,63,51,640 paid out of distributable reserves
Payment of interim dividend of ₹0.01 per NCRPS (0.1% of Face Value) for FY 2025-26
Zero outstanding NCRPS remaining after this transaction, simplifying the capital structure
💼 Action for Investors
Investors should view this as a routine capital structure adjustment that utilizes cash reserves to clear preference share obligations. While it reduces cash on hand, it eliminates future dividend and redemption liabilities associated with these shares.
Radio City Announces ₹120 Redemption and ₹0.01 Interim Dividend per NCRPS
Music Broadcast Limited (Radio City) has declared an interim dividend of ₹0.01 per Non-Convertible Non-Cumulative Redeemable Preference Share (NCRPS) for FY 2025-26. More significantly, the Board has approved the redemption of these NCRPS at a price of ₹120 per share upon maturity. The record date for determining eligibility for both the dividend and the redemption amount is January 9, 2026. The company has provided detailed instructions regarding TDS and withholding tax requirements for various shareholder categories.
Key Highlights
Interim dividend of ₹0.01 per NCRPS (0.1% of ₹10 face value) declared for FY 2025-26.
NCRPS redemption price fixed at ₹120 per share, providing a substantial payout to holders.
Record date for both dividend and redemption eligibility is set for January 9, 2026.
TDS of 10% applies to resident dividends over ₹10,000, while non-resident redemption is subject to capital gains tax withholding.
Shareholders must submit tax-related documents and ensure PAN-Aadhaar linking by January 13, 2026.
💼 Action for Investors
NCRPS holders should ensure their tax documents and PAN details are updated with the RTA by January 13 to avoid 20% TDS. Equity investors should monitor the impact of this cash outflow on the company's balance sheet.
Radio City to Redeem 89.7 Lakh NCRPS at ₹120 Per Share; Declares Interim Dividend
Music Broadcast Limited (Radio City) has approved the redemption of 89,69,597 Non-Convertible Redeemable Preference Shares (NCRPS) as their 36-month term concludes. Each NCRPS will be redeemed at ₹120, which includes the face value of ₹10, an issuance premium of ₹90, and a redemption premium of ₹20. Additionally, the board has declared an interim dividend of 0.1% (₹0.01 per share) on these preference shares for FY 2025-26. The record date for both the dividend and redemption proceeds is fixed as January 9, 2026.
Key Highlights
Redemption of 89,69,597 NCRPS at a total value of ₹120 per share.
Total redemption value includes a ₹20 per share premium over the issuance price.
Interim dividend of ₹0.01 per NCRPS (0.1% of face value) declared for FY 2025-26.
Record date for eligibility is January 9, 2026, with redemption scheduled for January 19, 2026.
Total estimated cash outflow for the redemption is approximately ₹107.6 crore.
💼 Action for Investors
Preference shareholders should ensure their holdings are in their demat accounts by January 9, 2026, to receive the ₹120 per share payout. Equity investors should note the impact of the ₹107.6 crore cash outflow on the company's cash reserves.
RADIOCITY: Madras HC sets aside contempt orders; no financial impact
Music Broadcast Limited (RADIOCITY) announced that the Madras High Court allowed the company's appeals and set aside prior orders related to contempt petitions. The court's decision eliminates the requirement to deposit 50% of alleged royalty dues and furnish historical music-play logs. The High Court held that contempt jurisdiction was not maintainable, as the underlying order is under consideration by the Supreme Court and the monetary liability is unquantified. Consequently, the company anticipates no financial impact from the overturned contempt orders.
Key Highlights
Madras High Court allowed letters patent appeals on December 10, 2025
Orders dated July 31, 2024 and August 26, 2025 in contempt petitions set aside
No obligation to deposit 50% of alleged royalty dues
No financial impact on the Company from the impugned contempt orders
💼 Action for Investors
The positive ruling removes a potential financial burden. Investors can view this as a favorable development, reducing uncertainty related to legal proceedings.