At a Glance
Hindustan Media Ventures Ltd (HMVL) – the publisher of the iconic Hindi daily Hindustan – dropped Q1 FY26 results with Revenue ₹183 Cr, Net Profit ₹10 Cr (down from ₹45 Cr in Q4 FY25), and OPM at -5%. The company also announced a ₹20 Cr investment in fintech player BankBazaar. Meanwhile, the stock trades at ₹90.1, barely 0.44x book value, screaming undervaluation on paper. But with profits leaning heavily on “other income”, is this a value play or just a value trap?
Introduction
Imagine a 100-year-old media house trying to reinvent itself in a world where people get news faster from memes than newspapers. HMVL, despite owning one of the largest Hindi dailies, has struggled with declining ad revenues, rising costs, and negative operating margins. Yet, it keeps throwing curveballs—like investing in fintech. Does this signal a bold pivot or a desperate side hustle?
Business Model (WTF Do They Even Do?)
- Core Business: Publishing ‘Hindustan’, a leading Hindi newspaper with strong presence in Bihar, Jharkhand, UP, Uttarakhand, and Delhi NCR.
- Digital Play: Runs OTT Play, trying to attract digital ad spend.
- Other Income: Big contributor, mainly from investments.
Translation: They print newspapers, hope ads come, and survive largely on investment income.
Financials Overview
Q1 FY26 Highlights:
- Revenue: ₹183 Cr (YoY -0.5%)
- Operating Loss: ₹9 Cr (OPM -5%)
- Other Income: ₹27 Cr (saves the P&L every quarter)
- Net Profit: ₹10 Cr (vs ₹45 Cr in Q4 FY25)
- EPS: ₹1.36
Clearly, without other income, profitability
