Hindustan Times – Company Research Report
Sector: Media & Entertainment
Industry: Print Media / Digital Media / Radio
Status: Listed Public Company
NSE Symbol: HTMEDIA
BSE Code: 532662
CIN: L22121DL2002PLC117874
Registered Office: Hindustan Times House, 18–20, Kasturba Gandhi Marg, New Delhi – 110001
1. Company Overview
HT Media Limited is one of India’s established media companies and the owner/publisher of some of the country’s well-known media brands.
Its principal publications and businesses include:
- Hindustan Times – English newspaper
- Hindustan – Hindi newspaper
- Mint – Business and financial newspaper
- Shine.com – Employment and recruitment platform
- Digital media properties
- FM radio businesses
- Events and brand solutions
- Digital content and advertising
The company describes its business as the generation and monetisation of content across print, digital, radio and other media platforms.
HT Media is part of the broader HT Media Group, with the group also having exposure to Hindustan Media Ventures Limited.
2. Hindustan Times – The Flagship Brand
Hindustan Times is the flagship English newspaper associated with HT Media.
The newspaper has a long history dating back to 1924 and has traditionally had a strong presence in Delhi-NCR and other major Indian markets.
The Press Registrar General of India records Hindustan Times as a daily English publication owned by HT Media Limited.
The company’s media portfolio gives it exposure to multiple audience segments:
| Brand / Business | Focus |
|---|---|
| Hindustan Times | English news |
| Hindustan | Hindi news |
| Mint | Business & financial news |
| Shine.com | Jobs / recruitment |
| Digital | Online content & advertising |
| Radio | FM broadcasting |
| Events | Consumer & corporate events |
| Brand Studio | Branded content / advertising |
3. Business Model
HT Media operates a diversified media model.
A. Advertising
Advertising remains one of the largest revenue sources.
The company monetises:
- Newspaper advertising
- Digital advertising
- Radio advertising
- Branded content
- Events
- Corporate campaigns
Print advertising remains particularly important to the economics of the business.
B. Circulation
The company earns circulation revenue from:
- Newspaper sales
- Subscriptions
- Distribution
Although print circulation faces structural pressure across the global media industry, pricing and premium readership remain important components of the business.
C. Digital
Digital is an increasingly important part of the group’s strategy.
The company has digital businesses across:
- News
- Employment
- Business information
- Content
- Digital advertising
- Syndication
- Subscription-related offerings
The FY2025 annual report describes digital offerings including Shine.com, online advertising, subscription revenue and syndication revenue.
D. Radio
HT Media has operated FM radio businesses under brands including:
- Fever
- Radio Nasha
- Radio One
Radio provides advertising and event-related revenue, although margins have remained under pressure.
E. Events & Brand Solutions
The group also monetises its audience through:
- Events
- Brand partnerships
- Branded content
- Corporate campaigns
- Experiential marketing
This allows HT Media to monetise its brands beyond conventional newspaper advertising.
4. FY2026 Financial Performance
FY2025-26 marked an improvement in operating profitability.
Consolidated Continuing Operations
₹ crore
| Particular | FY2025 | FY2026 | Change |
|---|---|---|---|
| Total Revenue | 1,964 | 1,971 | ~Flat |
| EBITDA* | 275 | 298 | +8% |
| EBITDA Margin | 14% | 15% | +1 pp |
| PAT* | 106 | 153 | +44% |
| PAT Margin | 5% | 8% | +3 pp |
| Net Cash | 1,008 | 1,001 | Slight decline |
*EBITDA and PAT before exceptional items and share of JVs, as presented by the company.
HT Media’s FY2026 presentation reported stable full-year revenue but improved margins and profitability.
The improvement is significant because the company has been working on cost optimisation and improving the profitability of its core print business.
5. Print Business – FY2026
Print remains the core economic engine.
FY2026 print performance:
| Particular | FY2025 | FY2026 | Growth |
|---|---|---|---|
| Operating Revenue | ₹1,386 Cr | ₹1,500 Cr | +8% |
| Operating EBITDA | ₹114 Cr | ₹208 Cr | +82% |
| EBITDA Margin | 8% | 14% | +6 pp |
Advertising revenue was the major driver.
The company reported strong advertising revenue and improved yields, while circulation revenue remained relatively stable.
This improvement in print profitability is particularly important because the print division has historically carried significant fixed costs.
6. English Print
The English newspaper business includes Hindustan Times and other associated print products.
FY2026 advertising revenue from the English print business was approximately:
₹644 crore
The company reported approximately 8% full-year growth in English print advertising revenue. Circulation revenue was approximately ₹53 crore.
The business has benefited from:
- Better advertising yields
- Pricing improvements
- Strong advertiser demand in key markets
- Cost rationalisation
7. Hindi Print
The Hindi print business is led by Hindustan.
FY2026 advertising revenue:
₹504 crore
Full-year advertising revenue grew approximately 8%.
Circulation revenue was approximately:
₹155 crore
This makes Hindi print another significant contributor to the group’s print economics.
8. Radio Business
Radio remains a smaller but established component of the group.
FY2026
Revenue: ~₹140 crore
Operating EBITDA: -₹22 crore
The company indicated that the radio business remained under pressure, partly because the prior-year base benefited from higher event-led revenue.
This segment is therefore an area investors need to monitor separately from the much stronger print business.
9. Digital Business
HT Media’s digital ecosystem includes businesses such as:
- Shine.com
- Mosaic
- Digital content
- Online advertising
- Syndication
- Subscription-related services
FY2026 digital segment:
Operating Revenue: ~₹155 crore
Operating EBITDA: -₹8 crore
The company described digital revenue as broadly flat for FY2026, with margins remaining negative.
This is an important distinction:
Digital is strategically important, but the company’s current profit engine remains largely print-driven.
10. FY2025 Comparison
FY2025 had already shown a meaningful recovery.
The company reported consolidated revenue of approximately ₹2,025 crore on the then-reported basis, compared with approximately ₹1,886 crore in FY2024.
Operating revenue was approximately ₹1,806 crore and EBITDA approximately ₹187 crore.
The difference between some FY2025 figures reported in FY2025 and the FY2026 presentation arises from continuing-operations presentation and restatements following corporate restructuring/changes in the group’s structure.
For comparison, the company should therefore be analysed primarily using the continuing-operations figures in its latest investor presentation.
11. Q1 FY2027 – Latest Update
The latest reported quarter is Q1 FY2026-27, ended June 2026.
Consolidated Q1 FY2027
| Particular | Q1 FY2026 | Q1 FY2027 | Change |
|---|---|---|---|
| Total Revenue | ₹451 Cr | ₹497 Cr | +10% |
| EBITDA | ₹28 Cr | ₹90 Cr | Strong increase |
| PAT | ₹4 Cr | ₹47 Cr | Significant improvement |
The group reported approximately ₹497 crore of consolidated revenue and ₹90 crore EBITDA in Q1 FY2027.
The combined print division’s advertising revenue increased approximately 15% to ₹295 crore.
This indicates that the operating improvement seen during FY2026 continued into the first quarter of FY2027.
12. Print Advertising – Key Growth Driver
Print advertising remains the most important business driver.
Q1 FY2027:
Combined print advertising revenue: ~₹295 crore
YoY growth: ~15%
The company has highlighted yield improvement as an important driver of advertising growth.
This is important because print economics can improve significantly when advertising rates increase while the underlying cost base does not increase proportionately.
13. Newsprint Cost – Major Variable
Newsprint is one of the most important raw-material costs for newspaper publishers.
Changes in:
- International pulp prices
- Newsprint prices
- Currency movements
- Freight costs
can materially affect margins.
Management has indicated that newsprint prices were around the $650–700 per tonne range and expected them to stabilise, while noting that adverse movements would affect print margins.
Therefore:
Advertising yield ↑ + Newsprint cost stable = Margin expansion
is an important part of the current operating model.
14. Cash Position
HT Media has maintained a substantial cash position.
FY2026:
Net cash: approximately ₹1,001 crore
The Q1 FY2027 presentation also showed a strong consolidated cash position, although the exact level depends on the reporting basis and group structure.
This gives the group financial flexibility for:
- Debt reduction
- Business investment
- Digital expansion
- Working capital
- Strategic initiatives
15. Shareholding Pattern
As of 30 June 2026:
| Shareholder Category | Holding |
|---|---|
| Promoters | 69.50% |
| DII | ~0.05% |
| FII/FPI | ~0.00% |
| Public & Others | ~30.45% |
The promoter holding has remained at approximately 69.5%.
The promoter holding includes The Hindustan Times Limited, which held approximately 69.50% of HT Media as of June 2026.
16. Management
Key leadership includes:
Shobhana Bhartia
Chairperson & Editorial Director
Sameer Singh
Group CEO
Priyavrat Bhartia
Non-Executive Director
The company has historically been associated with the Bhartia family and the broader HT Media Group.
17. Competitive Position
The Indian media industry is highly competitive.
Key areas of competition include:
- Times Group
- Indian Express Group
- Dainik Jagran
- Dainik Bhaskar
- Regional newspaper groups
Digital
- Meta
- YouTube
- Digital-native publishers
- News aggregators
- Independent content platforms
Employment
- Naukri
- Other recruitment platforms
HT Media therefore competes across both traditional media and rapidly changing digital channels.
18. Key Growth Drivers
1. Advertising Yield Improvement
Higher advertising rates can increase revenue without proportional increases in physical newspaper volumes.
2. Print Margin Expansion
FY2026 print EBITDA increased 82% to ₹208 crore.
3. Strong Hindi & English Brands
Hindustan Times and Hindustan provide exposure to both English and Hindi readership markets.
4. Digital Monetisation
Shine and other digital properties provide potential avenues for long-term digital revenue.
5. Events & Brand Solutions
The company can monetise its large audience through events, sponsorships and branded content.
6. Strong Cash Position
The group has maintained a substantial net-cash position, providing balance-sheet flexibility.
7. Cost Optimisation
Lower costs and improved operating efficiency have contributed to margin expansion.
19. Key Risks
1. Structural Print Decline
Long-term newspaper readership faces competition from digital platforms.
2. Advertising Cyclicality
Advertising spending is closely linked to economic and corporate conditions.
3. Newsprint Prices
Sharp increases in newsprint prices can compress margins.
4. Digital Competition
Digital advertising is dominated by large technology platforms, creating intense competition for advertising budgets.
5. Radio Losses
Radio continues to operate at negative segment EBITDA based on FY2026 figures.
6. Digital Profitability
The digital segment also remained EBITDA-negative in FY2026.
7. Corporate Restructuring
The group’s financial statements have undergone changes following mergers/restructuring, so historical comparisons need to be made on a consistent continuing-operations basis.
8. Small-Cap Liquidity
Although HT Media is listed, its relatively small market capitalisation means liquidity can be lower than larger listed media companies.
20. Listed Share Price & Market Capitalisation
Unlike the previous CIAL and KIAL reports, HT Media is already listed on NSE and BSE.
Around September 2026, market references placed the share price in the mid-₹20s, with market capitalisation around ₹560–₹620 crore, depending on the date and market price.
With approximately 23.28 crore shares outstanding, every ₹1 change in the share price corresponds to roughly ₹23.3 crore of equity-market value.
Because the stock is listed, investors have substantially better liquidity and price discovery compared with unlisted shares.
21. Valuation Framework
For HT Media, investors should consider several metrics rather than only P/E.
Important metrics to monitor:
EV/EBITDA
Useful because the business has substantial operating costs and different profitability across segments.
Price-to-book
Relevant because the company has a significant balance sheet and cash position.
Free cash flow
Important for assessing whether accounting profitability translates into cash generation.
Print EBITDA
Arguably one of the most important operating metrics.
Digital EBITDA
Important for evaluating whether the digital transition is becoming economically sustainable.
Net cash
Important because the company’s cash position can materially affect enterprise value.
22. Investment Thesis – What Needs to Be Monitored
The central operating story can be summarised as:
Strong Print Business
↓
Higher Advertising Yield
↓
Improved Print EBITDA
↓
Group Margin Expansion
↓
Cash Generation
↓
Potential Digital Investment / Debt Optimisation
At the same time, investors need to monitor whether:
Digital + Radio losses
continue to offset part of the improvement generated by print.
This makes the company’s segment-level profitability particularly important.
23. HT Media – Company Snapshot
| Particular | Details |
|---|---|
| Company | HT Media Limited |
| Flagship Brand | Hindustan Times |
| Sector | Media & Entertainment |
| Industry | Print / Digital / Radio |
| Status | Listed |
| NSE | HTMEDIA |
| BSE | 532662 |
| CIN | L22121DL2002PLC117874 |
| Promoter Holding | ~69.50% |
| Shares Outstanding | ~23.28 Cr |
| FY2026 Revenue | ~₹1,971 Cr |
| FY2026 EBITDA | ~₹298 Cr |
| FY2026 PAT* | ~₹153 Cr |
| FY2026 Net Cash | ~₹1,001 Cr |
| FY2026 Print Revenue | ~₹1,500 Cr |
| FY2026 Print EBITDA | ~₹208 Cr |
| FY2026 Radio Revenue | ~₹140 Cr |
| FY2026 Radio EBITDA | -₹22 Cr |
| FY2026 Digital Revenue | ~₹155 Cr |
| FY2026 Digital EBITDA | -₹8 Cr |
| Q1 FY27 Revenue | ~₹497 Cr |
| Q1 FY27 EBITDA | ~₹90 Cr |
| Q1 FY27 PAT | ~₹47 Cr |
*Before exceptional items and share of JVs, as presented in the FY2026 investor presentation.
24. Overall Business Analysis
HT Media is an interesting example of a traditional media company attempting to improve profitability while gradually building its digital ecosystem.
The latest numbers show three distinct businesses:
Largest revenue contributor + strongest profitability
Digital
Strategically important but currently low/negative operating profitability
Radio
Established business but currently under margin pressure
The major change in FY2026 was the substantial improvement in print profitability, with print EBITDA rising from ₹114 crore to ₹208 crore.
The Q1 FY2027 numbers provide further evidence of improving operating performance, with consolidated EBITDA of approximately ₹90 crore.
The longer-term question is whether HT Media can simultaneously:
- Maintain print advertising growth
- Protect print margins
- Keep newsprint costs under control
- Improve digital monetisation
- Reduce radio losses
- Maintain a strong cash position
These factors are more important to monitor than newspaper circulation alone.
25. Important Links
Official HT Media Website:
HT Media – Official Website
HT Media Investor Relations:
HT Media Investor Relations
Annual Reports:
HT Media Annual Reports
FY2026 Annual Report:
HT Media FY2026 Annual Report
FY2026 Financial Results:
HT Media Financial Results
Investor Presentations:
HT Media Investor Presentations
Shareholding Pattern:
HT Media Shareholding Pattern
Earnings Call Transcripts:
HT Media Earnings Calls
Hindustan Times – Official Website:
Hindustan Times
Hindustan – Official Website:
Hindustan
Mint – Official Website:
Mint
Disclaimer
This report is prepared for informational and educational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.
HT Media Limited is a listed company, unlike the unlisted companies generally covered in the UnlistedCart series. Financial figures are based primarily on company disclosures, annual reports, investor presentations and publicly available filings.
Historical performance does not guarantee future results. Media advertising revenue, newsprint costs, digital competition, radio performance and broader economic conditions can materially affect future financial performance.
Investors should independently verify the latest financial statements, shareholding pattern, market price, corporate announcements, taxation and regulatory information before making any investment decision.
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