Hindustan Media Ventures Ltd Q2 FY2026 – From Headlines to Bottom Lines: A Printing Press That Prints Drama Instead of Profits

1.At a Glance

Ladies and gentlemen, presentingHindustan Media Ventures Ltd (HMVL)— the 100-year-old newsroom that’s still learning how to make money in the digital age. Market cap? ₹490 crore. Stock price? ₹66.6, sliding like a newspaper off a wet balcony. The P/E ratio sits at5.86, which on paper looks “cheap,” but that’s only until you notice theROE of 4.96%andROCE of 5.36%— numbers so modest they could star in a Doordarshan family drama.

Despite its₹1,211 crore worth of investments(yes, more than its entire market cap), HMVL still refuses to pay a dividend. Probably saving up to buy the courage. Quarterly revenue stood at₹197 crorewithPAT of ₹10.1 crore, down27.3% QoQ, proving that ad markets and newsrooms both shrink faster than attention spans in the TikTok era.

So here stands a company that’salmost debt-free, trading at0.32x book value, running the Hindi newspaperHindustan(India’s third-largest daily), and experimenting with digital apps likeOTTPlayto prove they can do more than deliver old-school broadsheets. But the question remains — will they ever print money again, or just nostalgia?

2.Introduction

Ah, the romance of print media — ink-stained fingers, morning tea, and headlines that already feel outdated by the time you reach page three. But in 2025, this romance is expensive. HMVL, founded back when“wireless”meant a telegraph, is now grappling with a world wherewirelessmeans everything.

As part of the illustriousHT Media Group, this company is responsible forHindustan— the Hindi daily that dominates Bihar and Uttarakhand, and holds a strong second spot in UP and Jharkhand. The company’sdigital pivot, throughLiveHindustan.comandOTTPlay, is its attempt to make Gen Z care about news longer than an Instagram story.

Despite being asubsidiary chain within a subsidiary chain(74.4% owned by HT Media, which is 69.5% owned by Hindustan Times Ltd — the Birlas basically play Russian nesting dolls with their ownership), HMVL’s independent financials have struggled to reflect that legacy.

Yet, something interesting brews here. On paper, they’ve got low debt, decent cash, and investments worth more than the market cap. But in reality, operational profit margins are negative, ad revenue swings like election season moods, and the only thing stable is the number of CFOs resigning every few months.

So, is HMVL adeep-value media relicor just amuseum piece with a share ticker? Keep reading, dear reader — this gets juicier than a Page 3 exclusive.

3.Business Model – WTF Do They Even Do?

HMVL’s bread and butter is print — or let’s say, ink and ad money. The company publishesHindustan, one of India’s top Hindi dailies, and runs the websiteLiveHindustan.com. The print business contributes the majority of revenue (around83%from newspaper sales and ads combined), while digital services and scraps — yes, literally scrap paper — make up the rest.

Here’s the fun part: HMVL’sbusiness model depends on people reading physical papers, but the audience increasingly reads memes. Still, the company tries to adapt, offeringOTTPlay,Slurrp(food content), andMintGenie(finance app) throughHT Labs, its digital innovation wing. Basically, they’re throwing spaghetti (and editorials) at the internet wall to see what sticks.

The problem? Ads. Ad revenues form 60% of total revenue, and advertisers are migrating to Instagram influencers faster than newspapers can say “exclusive interview.”

The result — a company caught between nostalgia and necessity. Their costs (printing, distribution, salaries) are real-world heavy, while their new-age income streams are digital-light.

In short, HMVL sells stories, but the real story is this:it’s trying to become a tech company without letting go of its printing press.

4.Financials Overview

Let’s open the financial pages like a juicy gossip column. The September 2025 quarter (Q2 FY26) was… well, let’s call it “print in pain.”