HT Media (HTMEDIA) Q2 FY27 Profit Swings to ₹36 Crore as Costs Fall and Radio Losses End
The publisher's Q2 profit reversed a year-ago loss, but a 2% revenue dip and a 17% sequential profit drop show a fragile recovery.
HT Media posted a ₹36 crore profit in Q2 FY27, a sharp swing from last year's loss. The turnaround was powered by cost cuts and the wind-down of a digital loss-maker, even as print advertising growth was offset by a shrinking radio business.
For a legacy media house, the test is whether it can earn a profit while its core markets shrink. HT Media’s September quarter shows it can, but the path is narrow. The company swung to a ₹36 crore profit from a year-ago loss, yet revenue slipped 2% as its radio business contracted.
The numbers tell a story of two halves. Profit before tax surged 16-fold year-on-year to ₹51 crore. But sequentially, profit fell 17% and revenue was nearly flat, up just 1%.
Revenue & profit
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin
| Metric | CurrentQ2 FY27 (Sep 2026) | PreviousQ1 FY27 (Jun 2026) |
|---|---|---|
| Revenue (₹ Cr) | 442.0 | 437.3 |
| Profit (₹ Cr) | 36.0 | 43.51 |
| Net Profit Margin | 8.1% | 9.9% |
Why the profit turned
Two distinct drivers powered the year-on-year swing. First, the core print, radio and digital business more than doubled its profit to ₹39.4 crore, as reported by Stockwatch. Second, the discontinued OTTplay business slashed its after-tax loss to ₹3.5 crore from ₹23.5 crore a year ago.
Cost discipline was central. Total expenses fell 9.9% year-on-year. Employee costs dropped 9%, according to ScanX, while other expenses stayed flat. This offset a 15% jump in newsprint costs that pressured print margins.
The margin squeeze that will not lift soon
Management had warned of Q2 margin pressure from higher newsprint, and it arrived. The print segment’s operating margin compressed to 5.7% from 9.7% in Q1, far below the ~13% target management said was possible if newsprint prices plateaued.
This suggests costs have not yet stabilized. With pricing power limited on circulation, the print business’s ability to defend profitability rests on newsprint trends and continued advertising yield improvements.
A leaner, quieter radio business
HT Media’s radio revenue fell 23% year-on-year to ₹25 crore, ScanX reported, after the company rationalized its station network. Yet the segment turned a small operating profit of ₹2 crore, a notable improvement from a loss.
The shift mirrors an industry-wide retreat. Radio is structurally challenged as advertising migrates digital, but HT Media’s leaner footprint is now at least EBITDA-positive.
The other income question
A significant ₹57 crore in other income, up 20% year-on-year, bolstered the bottom line. This includes treasury gains and profit on asset sales, per Quartr. While helpful, reliance on such non-operational income highlights the pressure on core business growth.
The market had little analyst consensus to measure against, as HT Media carries scant active sell-side coverage. The stock entered the results period at ₹25.87, up 14% over the prior month, suggesting some anticipation of improvement.
Key Points
- Consolidated net profit swung to ₹36 crore in Q2 FY27 from a ₹4.3 crore loss a year ago, but fell 17% sequentially.
- The turnaround was driven by a sharp reduction in the OTTplay loss and a doubling of profit from continuing operations through cost cuts.
- Print advertising grew, with Hindi up 10% and English up 5%, but a 15% rise in newsprint costs compressed print margins quarter-on-quarter.
- Radio revenue fell 23% after network rationalization, but the segment turned EBITDA-positive, reflecting a leaner, more focused operation.
Hexa Perspective
HT Media’s quarter is a clear cost-led reset. The company has stopped the bleeding from OTTplay and tightened its radio footprint to profitability. Yet the core print engine, while generating cash, faces a persistent margin squeeze from input costs it cannot fully pass on.
The sustainability of this profit hinges on newsprint prices plateauing and advertising yields holding. With revenue still declining year-on-year, the path to durable growth remains narrow. Investors are left weighing a cleaner, leaner balance sheet against a top line that has yet to find a new gear.
Also read
Want this applied to your portfolio?
Talk to a HexaWealth advisor, or sync your mutual fund data for insights tailored to your holdings.
