Remember when everyone declared “Print is dead”? Well, HT Media just showed up with a faint pulse, some ad money, and lots of discounts. 📉 Print ads grew, circulation limped, radio flopped, and digital still burned cash like a start-up on Series Z. The CFO tried calming nerves with “healthy cash reserves,” but PAT still managed to ghost the quarter. Stick around—this call had spicy ESOP debates, copy discounts, and even MobiKwik namedrops.
PAT -₹11 Cr (improved 59% YoY) – Losses shrank but still chilling in the balance sheet.
Print Ad Revenue ₹255 Cr (+17% YoY) – Government ads & education sector kept the presses alive.
Radio Revenue ₹31 Cr (-14% YoY) – Listeners moved on, advertisers too.
Digital Revenue ₹56 Cr (+21% YoY) – Growing, but margins still negative (-38%).
Net Cash ₹976 Cr – War chest intact; maybe that’s why discounts keep flowing.
3. Management’s Key Commentary
Chairperson: “Print remains relevant; advertising growth strong.” (Translation: Don’t bury us yet, advertisers still like ink on paper.)
CFO: “PAT loss is only ₹11 Cr, a 59% improvement.” (Read: Still bleeding, but slower. Yay?)
IR Head: “Education, BFSI, Real Estate drove Q1 print ads.” (Translation: Schools and builders bailed us out, not Gen Z readers.)
CFO: “Circulation flat, but revenue dropped due to discounts.” (Read: Copies same, but we’re basically giving them away free.)
CFO: “Radio margins -21%; industry struggling.” (Translation: Radio is now a charity service with RJ jokes as donation.)
Mgmt: “Digital business grew 21% YoY, OTTplay up 100%.” (Read: Apps shiny, profits missing, margins stuck at -38%.)
4. Numbers Decoded
Source table
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Consolidated Revenue
₹451 Cr
+6%
Ads drove growth, but not enough to save PAT.
PAT – The Escape Artist
-₹11 Cr
+59%
Losses smaller, still losses though.
Print Ad Revenue
₹255 Cr
+17%
Government & education filled the column inches.
Print Circulation Rev.
₹39 Cr
-22%
Copies flat, discounts ate realization.
Radio Revenue
₹31 Cr
-14%
Stuck in FM static, profitability a joke.
Digital Revenue
₹56 Cr
+21%
Growth nice, but -38% margin screams “burn rate.”
Net Cash
₹976 Cr
Flat
War chest strong; investors pray it’s used wisely.
5. Analyst Questions
Investor: “Digicontent ESOP dilution looks massive, why?” Mgmt: “It’s rights, not shares… yet.” (Translation: Relax, dilution is just pending doom, not current doom.)
