HT Media posts marginal revenue increase in Q3 FY26

HT Media posted a quarter-on-quarter improvement in operating performance in Q3 FY26, with consolidated revenue and EBITDA moving higher sequentially, supported by expansion in its core print and digital verticals, even though the company reported a larger net loss due to exceptional items.

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

Total income rose 6.7 percent sequentially to Rs 532.3 crore from Rs 499.2 crore in the previous quarter, while remaining broadly steady YoY versus Rs 530.4 crore.

EBITDA for the quarter grew 16.3 percent QoQ to Rs 50.7 crore from Rs 43.6 crore in Q2 FY26. On a yearly comparison, EBITDA was up 9.3 percent from Rs 46.4 crore in Q3 FY25, indicating better operating leverage and tighter cost management.

Despite improved operations, the company posted a loss after tax of Rs 23.7 crore in Q3 FY26, considerably wider than the Rs 4.3 crore loss in Q2 FY26 and above the Rs 3.2 crore loss in the same quarter last year. The quarterly loss was weighed down by exceptional items totalling 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 preceding quarter and a profit of Rs 6.4 crore in Q3 FY25.

Segment performance

The Print segment remained resilient 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. Growth was driven by stronger advertising demand, particularly in English-language publications, along with stable circulation revenues.

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

The Digital business turned in a robust performance, with revenue climbing 9.5 percent QoQ to Rs 66.7 crore from Rs 60.9 crore in Q2 FY26. On a YoY basis, digital revenue jumped 29.5 percent from Rs 51.5 crore in the year-ago quarter, supported by growth in digital-first products and improved monetisation.

Nine-month performance

For the nine months ended December 31, 2025, HT Media’s consolidated revenue from operations reached 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 increased 20.2 percent YoY to Rs 104.0 crore, compared with Rs 86.5 crore a year earlier.

The company reported a net loss of Rs 39.4 crore for the nine-month period, slightly higher than the Rs 37.2 crore loss recorded in the same period last year, impacted by exceptional items amounting to 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 reflected steady operational progress, marked by stable revenue performance and gradual improvement in overall profitability.

She noted that the print business delivered growth both sequentially and annually, driven by strong advertising traction in English-language titles and steady circulation revenues, underpinned by disciplined cost management.

Bhartia added that the radio business continues to operate in a tough market environment, with revenues under pressure on a year-on-year basis due to a high base effect, even as sequential performance stabilised. The company is realigning its radio operations to better reflect current industry conditions. She further said the digital business posted strong revenue growth and margin expansion during the quarter, reinforcing the company’s focus on scaling digital-first offerings with a clear roadmap to profitability.

Looking ahead, Bhartia said the company remains focused on maintaining momentum by leveraging the strength of its print brands, recalibrating radio strategies and expanding its digital platforms, while continuing to deliver credible journalism and quality content.