This article first appeared on GuruFocus .
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Total Revenue (Q4):INR558 crores, down 2%.
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EBITDA (Q4):INR131 crores, up 5%.
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EBITDA Margin (Q4):Expanded by 100 basis points to 23%.
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PAT (Q4):INR96 crores with a PAT margin of 17%.
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Total Revenue (Full Year):Flat.
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EBITDA (Full Year):INR298 crores, 8% growth.
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EBITDA Margin (Full Year):Improved by 100 basis points.
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PAT (Full Year):INR153 crores with a margin of 8%.
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Net Cash Position:Robust, over INR1,000 crores.
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Print Ad Revenue (Q4):INR313 crores, up 10%.
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Print Circulation Revenue (Q4):INR51 crores, up 4%.
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Print Operating Revenue (Full Year):INR1,500 crores, 8% increase.
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Print Operating EBITDA (Full Year):INR208 crores with a 14% margin.
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Radio Revenue (Q4):INR43 crores, with negative operating EBITDA of INR7 crores.
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Radio Revenue (Full Year):INR140 crores, with negative operating EBITDA of INR22 crores.
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Digital Revenue (Q4):INR39 crores, with negative operating EBITDA of INR2 crores.
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Digital Revenue (Full Year):INR155 crores, with negative operating EBITDA of INR8 crores.
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Warning! GuruFocus has detected 3 Warning Sign with BOM:533217.
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Release Date: May 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Hindustan Media Ventures Ltd ( BOM:533217 ) reported a stable total revenue for the full year, with a notable margin expansion both for the quarter and the year.
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The Print business showed strong performance with ad revenues growing by 10% for the quarter and 8% for the full year, driven by yield improvements.
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The company maintained a robust cash position, with net cash north of INR1,000 crores.
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Circulation revenues held steady with a 4% growth in the quarter, indicating a healthy margin expansion in the Print segment.
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The company has taken decisive steps to streamline operations by discontinuing the OTTplay business and surrendering nonviable Radio licenses, focusing on profitable growth.
Negative Points
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Rising newsprint costs, a weakening rupee, and global supply chain disruptions pose ongoing challenges.
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The Radio business faced a tough year with revenue declines due to a high base from prior year's event-led revenue and larger industry-wide issues.
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Digital segment revenues remained flat with a slight dip in margins, and the segment reported negative operating EBITDA.
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The company incurred significant exceptional losses from continuing operations and discontinued operations, totaling INR215 crores.
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There is no current plan to return cash to shareholders, as the company focuses on investing in future growth areas.
Q & A Highlights
Q: Ad revenues have grown significantly in both English and Hindi segments. Is this growth due to increased volumes or pricing adjustments? A: The growth in ad revenues is primarily due to yield improvements, with volumes remaining largely flat. This pricing strategy has been applied across both English and Hindi segments. - Piyush Gupta, Group CFO
Q: What led to the decision to discontinue the OTTplay division, and what are the future growth drivers for the company? A: The decision to discontinue OTTplay was due to challenges in making the unit economics work, despite efforts in content and subscriber strategies. Future growth will focus on core Print business and Digital investments. - Piyush Gupta, Group CFO
Q: Can you explain the significant growth in other operating income for Hindi HMVL? A: The growth in other operating income is due to profits from the sale of assets and forfeiture of contractual revenues from counterparties. - Piyush Gupta, Group CFO
Q: Are there any expected further exceptional losses due to the shutdown of unviable businesses like Radio licenses and OTTplay? A: No further exceptional losses are expected from these shutdowns. The company has reviewed and cleaned up its portfolio to prevent future losses. - Piyush Gupta, Group CFO
Q: What is the company's policy on monetizing AFE assets, and are there plans to return cash to shareholders? A: The company actively seeks to monetize AFE assets at the earliest opportunity to maximize value. Currently, there are no plans to return cash to shareholders, as the focus is on investing in future growth areas. - Piyush Gupta, Group CFO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
