🎯 At a glance:
- FY25 PAT: ₹9.6 crore (vs ₹–25.7 cr loss in FY24)
- FY25 Revenue: ₹228.5 crore (+16.7% YoY)
- Q4 PAT: ₹1.9 crore (vs ₹–6.4 cr loss YoY)
- CMP: ₹10.75
📡 About the Company
Music Broadcast Ltd (Radio City) is India’s first private FM broadcaster. It operates 39 stations across India and is a subsidiary of Jagran Prakashan Ltd. Their tagline may be “Rag Rag Mein Daude City,” but investors are still wondering when the stock will run.
🎙️ Key Managerial Personnel
- CEO: Shailesh Gupta
📊 FY25 Financials
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹228.5 cr | ₹195.8 cr | +16.7% |
| PAT | ₹9.6 cr | –₹25.7 cr | Turnaround |
| EBITDA | ₹54.8 cr | ₹23.9 cr | +129% |
| EBITDA Margin | 24% | 12% | Doubled |
🔁 What Changed?
- Better ad revenue, especially from Tier 2/3 cities
- Controlled costs, efficient license fee management
- Strong recovery in Q3 & Q4, breaking even consistently
📉 Fair Value Estimate
- Let’s assume sustainable PAT of ₹15 cr
- Apply conservative P/E of 12x (media small-cap)
- FV = ₹180 cr Market Cap
- With ~18.8 cr shares → FV per share = ₹9.57
- CMP = ₹10.75 → Slightly overvalued already
📡 Sectoral View
- Radio ad spends recovering post-pandemic, but digital eats into budget
- FICCI reports suggest slower radio growth vs TV/OTT
- Still, radio dominates rural ears – MBL’s niche
🎤 EduInvesting Take
- A 16% revenue boost and ₹9.6 cr profit is no small feat
- But this is a penny stock with a frequency problem — very limited investor attention
- Verdict: “FM finally making money, but don’t tune in too late — signal strength may fade.”
