Hindustan Media Ventures Limited Q2 FY26 Concall Decoded: – Print refuses to die, Digital burns cash, and Radio just won’t listen
1. Opening Hook
While half the market is busy writing obituaries for print media, Hindustan Media Ventures quietly walked into Q2 FY26 and said, “Not today.”
Advertising grew, margins expanded, cash piled up, and yet—PAT stayed stubbornly allergic to positivity. Why? Because Radio is still crying in the corner, and Digital is on a cash-burning fitness regime.
Management sounded calm, almost philosophical. Print is paying the bills, OTTplay is chasing scale like a startup on caffeine, and Radio… well, Radio is still being “worked on.”
This concall wasn’t dramatic. It was brutally realistic.
Read on. The numbers look boring at first. Then the losses start making sense. Sort of.
2. At a Glance
Revenue up 4% YoY to ₹499 cr – Slow growth, but at least it’s forward.
EBITDA up 33% to ₹44 cr – Cost discipline doing heavy lifting.
EBITDA margin 9% (+200 bps) – Print still knows how to mint cash.
PAT ~ breakeven – Profits tried, tripped, and sat back down.
Net cash ₹947 cr – Balance sheet flexing quietly.
Digital EBITDA -₹30 cr – Growth strategy eating dinner first.
3. Management’s Key Commentary
“Another quarter of solid performance.” (Print nodding politely in the background 😏)
“Print revenue grew both annually and sequentially.” (Yes, that business you were told is dead.)
“Radio remains under stress.” (Translation unchanged since FY20.)
“Digital margins remain suppressed by design.” (Burn now, pray later 🔥)
“We do not provide guidance.” (But please admire our confidence.)
“OTTplay subscriptions rose sharply due to cricket.” (Nothing scales India like cricket 🏏)
4. Numbers Decoded
Source table
Segment
Q2 FY26 Performance
What It Really Means
Print
Ad revenue +10%
Festive + election tailwinds
Print EBITDA
~₹40 cr
Margin machine still alive
Radio
Revenue ₹32 cr
Still searching for relevance
Radio EBITDA
-₹4 cr
Losses shrinking, but still losses
Digital (OTTplay)
Revenue +10%
Scale improving
Digital EBITDA
-₹30 cr
Profits postponed, again
Print pays for Digital’s dreams. Radio watches silently.
5. Analyst Questions
Why ₹37.7 cr impairment? Mostly Radio + small Mosaic Digital write-down. (Radio hurting books, not hearts.)
Why Digital losses rising again? Costs hit before revenue recognition. (Accounting timing, not business collapse.)
