💰 Financial Performance

Revenue Growth by Segment

Consolidated total income declined by 20.33% from INR 4,279 Lacs in FY 2023-24 to INR 3,409 Lacs in FY 2024-25, primarily due to the loss of control over its subsidiary, Next Radio Limited (NRL), effective February 7, 2025. Standalone income was INR 56 Lacs in FY 2024-25 compared to Nil in the previous year.

Geographic Revenue Split

The company operates in 7 prominent Indian cities including Delhi and Mumbai; however, the specific percentage contribution per city is not disclosed in available documents.

Profitability Margins

Net Profit After Tax (PAT) increased significantly to INR 53.9 Crore in FY 2024-25 from a loss of INR 38.7 Crore in FY 2023-24, driven by a one-time exceptional gain from the loss of control of its subsidiary. For H1 FY 2025-26, the company reported a loss before tax of INR 232 Lacs compared to a loss of INR 262 Lacs in H1 FY 2024-25.

EBITDA Margin

EBITDA margin declined to 3.6% in FY 2024-25 from 5.2% in FY 2023-24. This contraction was caused by the sharp decline in consolidated revenue following the deconsolidation of the radio broadcasting subsidiary.

Credit Rating & Borrowing

The company relies on inter-corporate borrowings of INR 3,684 Lacs from its holding company, which are due for settlement in August 2027. There are no external borrowings from banks or financial institutions as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Content acquisition and broadcasting rights (100% of operational input costs as the company does not hold physical inventory).

Import Sources

Domestic (India) for local FM programming and international for 'Radio One International' music content.

Key Suppliers

Music labels and content creators (specific company names not disclosed).

Capacity Expansion

Currently operates in 7 major cities; further expansion plans are not quantified in the documents.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company noted a decline in purchases leading to a Trade Payables Turnover ratio increase to 4.9 times in FY 2024-25 from 3.0 times in FY 2023-24.

Manufacturing Efficiency

Asset Turnover Ratio increased to 0.8 times in FY 2024-25 from 0.5 times in FY 2023-24, driven by the reduction in total assets following the subsidiary deconsolidation.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is recalibrating strategic priorities following a borrowing-led realignment in FY 2024-25. Growth is targeted through scaling digital and social media footprints, expanding live events across cities, and leveraging the HT Group's radio brand portfolio for monetization.

Products & Services

FM Radio broadcasting, audio dramas, celebrity-driven shows, live events, and digital content.

Brand Portfolio

Radio One International.

New Products/Services

Audio dramas and celebrity-driven shows; specific revenue contribution percentages are not disclosed.

Market Expansion

Scaling up events across multiple cities and genres to unlock additional monetization opportunities.

Strategic Alliances

Collaboration within the HT Group (HT Media Limited) for operational support and brand leveraging.

🌍 External Factors

Industry Trends

The industry is shifting toward a digital-first ecosystem. FM players are increasingly integrating live events and social media to maintain audience engagement as traditional radio listenership faces competition from streaming services.

Competitive Landscape

Competes with other private FM broadcasters and digital audio streaming platforms.

Competitive Moat

The company's moat is built on its 'Radio One International' brand and its presence in 7 major metro markets. Sustainability depends on the ability to transition these listeners to digital formats.

Macro Economic Sensitivity

Highly sensitive to the advertising landscape and corporate marketing budgets, which typically fluctuate with GDP growth.

Consumer Behavior

Shift toward on-demand audio content and pop-culture ecosystem engagement via live events.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations and FM broadcasting licenses. The company underwent a secretarial audit for FY 2024-25 with no qualifications.

Legal Contingencies

No qualifications, reservations, or adverse remarks were reported by the Statutory Auditors (S.R. Batliboi & Associates LLP) or the Secretarial Auditor for the fiscal year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Negative net worth and reliance on the holding company for operational support. The company's ability to continue as a going concern is dependent on a 'Letter of Support' from HT Media Limited.

Geographic Concentration Risk

Operations are concentrated in 7 major Indian cities.

Third Party Dependencies

High dependency on HT Media Limited for financial and operational support to cover operating expense shortfalls.

Technology Obsolescence Risk

Risk of traditional FM radio becoming obsolete due to rapid digital platform emergence; mitigated by expanding digital and social media footprints.

Credit & Counterparty Risk

Debtors Turnover Ratio of 4.6 times indicates improved collection efficiency, but the company faces high credit risk due to its eroded net worth.