At a Glance
HT Media, once the emperor of ink and radio waves, is now barely scribbling its way through the digital age. Q1 FY26 was a bloodbath: ₹28.17 crore loss on revenue of ₹412 crore. Operating margins collapsed to -7%, and the only positive number came from “other income” (₹39 crore), which looks more like life support than business. At P/E 22, the stock is priced like a startup but performs like a relic.
Introduction
When your main business is newspapers in a TikTok world, you either innovate or evaporate. HT Media hasn’t exactly gone viral. Ad revenue is flat, circulation is declining, and digital ventures can’t plug the leak. The stock trades at a fraction of book value (0.33x), which might excite deep-value hunters—if they enjoy catching falling knives.
Business Model (WTF Do They Even Do?)
- Print Media: Hindustan Times, Mint, Hindustan.
- Radio: Fever FM.
- Digital: Websites and small-scale digital marketing services.
- Subsidiaries: Hindustan Media Ventures & others.
Revenue still depends on print ads, which are as outdated as pagers.
Financials Overview
Q1 FY26 Highlights:
- Revenue: ₹412 crore (-0.9% YoY)
- Operating Profit: -₹30 crore (OPM -7%)
- Net Loss: -₹28.17 crore
- Other Income: ₹39 crore (saves the day)
- EPS (Q1): -₹0.57
TTM:
- Revenue: ₹1,839 crore
- PAT: ₹30 crore (includes one-offs)
- Book Value: ₹71.6 → P/B 0.33
Commentary: Without other income, losses would have been deeper than the editorial pages.
Valuation
1. P/E Method
- EPS is inconsistent (loss in Q1, minor profit TTM)
- Applying sector avg P/E (10–12) gives
