1. At a Glance
A radio stock that’s playing the same sad song for 5 years straight. Music Broadcast Ltd — once the pioneer of private FM — is now basically a walkie-talkie in an iPhone world. Q1 FY26 net loss? ₹2.17 Cr. Q1 FY25 net loss? ₹2.58 Cr. Steady, if you’re a masochist.
2. Introduction with Hook
Imagine owning a Walkman in 2025, hoping the cassette industry makes a comeback. That’s Music Broadcast for you. The stock’s down 40% YoY. They play Radio Ga Ga, but it’s mostly just Ga Ga.
- Operating Loss in FY25: ₹22 Cr
- Market cap: ₹311 Cr — barely above the average Indian wedding budget
3. Business Model (WTF Do They Even Do?)
Basically, they play music and ads on FM radio in 39 cities, hoping people aren’t too busy with Spotify.
- B2B revenue model — 95% from ad sales
- Also runs 17 online radio streams (because… Gen Z?)
- Brand: Radio City
- Part of the Jagran Prakashan Group
In other words: They sell radio spots while the world skips ads on YouTube Premium.
4. Financials Overview
This is where things go from sad violin to broken sitar.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue | ₹234 Cr | ₹229 Cr | ₹199 Cr |
| EBITDA | -₹22 Cr | ₹33 Cr | ₹23 Cr |
| Net Profit | -₹34 Cr | ₹7 Cr | ₹3 Cr |
| OPM % | -10% | 15% | 12% |
Margins? Missing. Profits? In hiding. Sales? Barely clinging on.
“Tune in to FM… and out of profitability.”
5. Valuation
Who wants to value a radio company when everyone’s got Bluetooth?
Method 1: P/B
Book Value = ₹14.4 | CMP = ₹8.99
P/B Ratio = 0.62x → “Cheap,” said no buyer ever.
Method 2: Hopium & Restructuring
Assign 0.5x–0.9x BV (best-case recovery scenario)
Fair Value Range = ₹7.2 – ₹13
Basically, value investors’ version of collecting vintage coins that might work someday.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26: Loss widened to ₹2.17 Cr from ₹1.99 Cr
- CFO missing? No, but profits sure are.
- Appointed new Independent Director (good governance or Titanic violinist?)
- Radio ad spending stagnant, digital keeps eating the pie
More drama than a Bigg Boss elimination week, but fewer votes.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹69 Cr |
| Reserves | ₹429 Cr |
| Borrowings | ₹126 Cr |
| Total Assets | ₹665 Cr |
| Net Worth | ₹498 Cr |
Debt’s not lethal, but this ship’s already leaking from ad fatigue.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹31 Cr | -₹24 Cr | -₹8 Cr | -₹1 Cr |
| FY24 | ₹27 Cr | -₹16 Cr | -₹8 Cr | ₹3 Cr |
| FY25 | ₹17 Cr | -₹9 Cr | -₹7 Cr | -₹0 Cr |
This is less “cash flow” and more “cash float”. No wave, just splash.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | -5% |
| ROE | -6.57% |
| D/E | 0.25x |
| OPM % | -10% |
| Working Capital Days | 327 |
Working capital days longer than most Indian court cases.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹199 Cr | ₹23 Cr | ₹3 Cr |
| FY24 | ₹229 Cr | ₹33 Cr | ₹7 Cr |
| FY25 | ₹234 Cr | -₹22 Cr | -₹34 Cr |
This P&L is a real rollercoaster — except it only goes down now.
11. Peer Comparison
| Company | Rev (Cr) | PAT (Cr) | P/E |
|---|---|---|---|
| Tips Music | ₹310 | ₹161 | 49x |
| Saregama | ₹1171 | ₹200 | 47x |
| Balaji Telefilms | ₹453 | ₹84 | 14x |
| Music Broadcast | ₹224 | -₹39 | N/A |
It’s the only one in the club not allowed to order champagne. Because, well, it can’t afford it.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun 2025 |
|---|---|
| Promoters | 74.05% |
| FIIs | 0.00% |
| DIIs | 3.75% |
| Public | 22.20% |
- Jagran Group holds tight
- FIIs have ghosted harder than your last Hinge match
- No dividend since… forever
13. EduInvesting Verdict™
Music Broadcast isn’t just out of tune — it’s stuck in a dead FM loop while the world streams. Until there’s a proper digital transformation or M&A lifeline, this one’s likely to remain in the “skip” pile.
A nostalgia stock best suited for collectors. Just don’t expect chartbusters.
Metadata:
Written by EduInvesting Team | 24 July 2025
Tags: Music Broadcast Ltd, RadioCity, Media Stocks, FM Radio, EduInvesting Premium
