HTMEDIA - H T Media

📊 NSE: HTMEDIA 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/13/2025 22:45

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations increased by 6.5% to INR 1,806 Cr in FY 2024-25. Standalone revenue for Q2 FY26 was INR 244.42 Cr, representing a 1.88% YoY growth from INR 239.90 Cr. The Print business grew both annually and sequentially in Q2 FY26, while the Radio business saw sequential improvement in revenue.

Geographic Revenue Split

Not disclosed as a percentage split. However, the company holds established market positions in English print across Delhi NCR, Mumbai, Uttar Pradesh, and Punjab, and in Hindi print across Delhi NCR, Uttarakhand, Bihar, and Jharkhand.

Profitability Margins

Consolidated PAT margin improved to 0.7% in FY 2024-25 from -4.9% in FY 2023-24. Standalone net loss margin for Q2 FY26 was -19.74% compared to -5.36% in Q2 FY25, primarily impacted by an impairment of investment in subsidiaries of INR 37.76 Cr.

EBITDA Margin

Consolidated EBITDA margin increased to 9.2% in FY 2024-25 from 6.3% in FY 2023-24, a 2.9 percentage point improvement driven by newsprint cost rationalization. Standalone operating margin for Q2 FY26 was 3.67% compared to -5.93% in Q2 FY25.

Credit Rating & Borrowing

The company maintains a Negative outlook due to weaker operating performance in the digital segment. Gross liquidity was ~INR 1,612 Cr as of September 30, 2024, comfortably exceeding gross debt of ~INR 692 Cr. As of March 31, 2025, net cash position was nearly INR 970 Cr.

⚙️ Operational Drivers

Raw Materials

Newsprint is the primary raw material, representing a significant portion of the cost structure in the Print segment.

Raw Material Costs

Newsprint-led raw material costs were rationalized in FY 2024-25, which was a key driver in improving the EBITDA margin from 6.3% to 9.2%.

Manufacturing Efficiency

Operating profit of the print segment improved to INR 60 Cr in 9MFY25 from INR 26 Cr in 9MFY24 due to steady newsprint prices and ad revenue improvement.

📈 Strategic Growth

Expected Growth Rate

6.50%

Growth Strategy

Growth is targeted through the digital entertainment landscape via OTTplay, which shows robust renewal rates and rising engagement. In the Print segment, the company is focusing on cost optimization and expanding operating margins in key North Indian markets.

Products & Services

Newspapers (Hindustan Times, Mint, Hindustan), Radio broadcasts (Fever FM, Radio Nasha), and Digital entertainment subscriptions (OTTplay).

Brand Portfolio

Hindustan Times, Mint, Hindustan, Fever FM, Radio Nasha, OTTplay.

New Products/Services

OTTplay is the primary new digital platform, positioned as a frontrunner in India's evolving digital entertainment landscape.

Market Share & Ranking

Not disclosed as a percentage, but the company holds leading positions in Delhi NCR, Bihar, and Jharkhand for its print publications.

🌍 External Factors

Industry Trends

The industry is rapidly shifting from physical print to digital media. The digital entertainment landscape is growing, while core radio propositions across the industry remain under duress.

Competitive Landscape

The company competes with other major print media houses and digital-first news and entertainment platforms.

Competitive Moat

The company's moat is built on the established brand value of legacy publications like Hindustan Times and dominant market shares in specific regions like Bihar and Jharkhand, which provide a stable but maturing revenue base.

Macro Economic Sensitivity

Advertising revenues are highly sensitive to economic cycles and GDP growth, which directly impact corporate marketing spends.

Consumer Behavior

Increasing consumer preference for digital content consumption over physical newspapers is a primary trend affecting long-term demand.

Geopolitical Risks

Exposure to global newsprint prices, which are subject to international supply chain disruptions and geopolitical tensions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to SEBI (LODR) regulations and media-specific licensing. A subsidiary company surrendered its license and closed operations on November 25, 2025.

Legal Contingencies

The company faces ongoing exposure to legal liabilities related to content and operations, though specific pending court case values were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Prolonged delay in the ramp-up of the digital segment (OTTplay) could materially deplete liquidity. Newsprint price volatility remains a key uncertainty for the print business.

Geographic Concentration Risk

High revenue concentration in North India, specifically Delhi NCR, Bihar, and Jharkhand.

Third Party Dependencies

Dependency on newsprint suppliers for the primary raw material of the print segment.

Technology Obsolescence Risk

High risk of technology obsolescence as traditional print media is replaced by digital platforms, necessitating heavy investment in digital transformation.