HT Media reports marginal revenue growth in Q3 FY26

HT Media reported a sequential improvement in operating performance in the third quarter of FY26, with consolidated revenue and EBITDA rising quarter-on-quarter, supported by growth in its core print and digital businesses, even as the company reported a wider net loss due to exceptional items.

For the quarter ended December 31, 2025, consolidated revenue from operations stood at Rs 496.6 crore, up 10 percent QoQ from Rs 451.5 crore in Q2 FY26. On a year-on-year basis, revenue was marginally higher by 1.4 percent compared with Rs 489.8 crore in Q3 FY25.

Total income increased 6.7 percent sequentially to Rs 532.3 crore from Rs 499.2 crore in the preceding quarter, while remaining largely flat YoY against Rs 530.4 crore.

EBITDA for the quarter rose 16.3 percent QoQ to Rs 50.7 crore from Rs 43.6 crore in Q2 FY26. On a YoY basis, EBITDA grew 9.3 percent compared with Rs 46.4 crore in Q3 FY25, reflecting improved operating efficiencies and cost control.

Despite the operational improvement, the company reported a loss after tax of Rs 23.7 crore in Q3 FY26, significantly wider than the Rs 4.3 crore loss reported in Q2 FY26 and higher than the Rs 3.2 crore loss in the year-ago quarter. The quarterly loss was impacted by exceptional items amounting to Rs 40.4 crore.

Profit before tax stood at a loss of Rs 27.0 crore, compared with a profit of Rs 2.9 crore in the previous quarter and a profit of Rs 6.4 crore in Q3 FY25.

Segment performance

The Print segment continued to demonstrate resilience during the quarter, with revenue rising to Rs 394.8 crore in Q3 FY26, up 10.1 percent QoQ from Rs 358.4 crore in Q2 FY26 and 2.1 percent YoY from Rs 386.8 crore in Q3 FY25. The growth was driven by stronger advertising, particularly in English language titles, along with stable circulation revenues.

Radio broadcast and entertainment revenue came in at Rs 33.7 crore, up 4.7 percent sequentially from Rs 32.2 crore in the previous quarter but declined sharply by 34.1 percent YoY from Rs 51.1 crore in Q3 FY25, reflecting a high base due to event-led revenues last year.

The Digital business delivered a strong performance, with revenue increasing 9.5 percent QoQ to Rs 66.7 crore from Rs 60.9 crore in Q2 FY26. On a YoY basis, digital revenue surged 29.5 percent from Rs 51.5 crore in the year-ago quarter, aided by growth in digital-first offerings and improving monetisation.

Nine-month performance

For the nine months ended December 31, 2025, HT Media’s consolidated revenue from operations stood at Rs 1,360.3 crore, up 5.3 percent YoY from Rs 1,292.1 crore in the corresponding period last year.

EBITDA for the nine-month period rose 20.2 percent YoY to Rs 104.0 crore, compared with Rs 86.5 crore a year ago.

The company reported a net loss of Rs 39.4 crore for the nine-month period, marginally higher than the Rs 37.2 crore loss recorded in the year-ago period, impacted by exceptional items of Rs 40.7 crore.

Commenting on the overall performance, Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd. and Hindustan Media Ventures Ltd., said the third quarter saw consistent operational progress, marked by stable topline performance and steady improvement in overall profitability.

She said the print business posted growth on both an annual and sequential basis, driven by strong advertising growth in English language titles and steady circulation revenues, supported by a disciplined approach to costs.

Bhartia noted that the radio business continues to operate in a challenging market environment, with revenues remaining under pressure on a year-on-year basis due to a high base effect, even as performance stabilised sequentially. The company is recalibrating radio operations to align with current industry dynamics.

She added that the digital business delivered strong revenue growth and margin improvement during the quarter, reinforcing the company’s focus on scaling digital-first offerings with a clear path to profitability.

Looking ahead, Bhartia said the company remains focused on sustaining momentum by leveraging the strength of its print mastheads, recalibrating radio offerings and scaling its digital platforms, while continuing to deliver trusted journalism and high-quality content