Hindustan Media Ventures Ltd (NSE: HMVL) reported mixed operating performance for the quarter ended December 31, 2025 (Q3 FY26), with revenue growth offset by margin pressure and the impact of exceptional items. The company operates primarily in Hindi print publishing, with exposure to digital media through subsidiaries.
Financial Performance
Revenue from operations rose to ₹212 crore in Q3 FY26, up 7% year-on-year and 8% sequentially. Total income stood at ₹236 crore, supported by stable other income. EBITDA before exceptional items declined 9% year-on-year to ₹23 crore, with EBITDA margin at 10%, compared with 12% a year earlier. Higher other expenses weighed on operating profitability.
Profit after tax before exceptional items declined 6% year-on-year to ₹17 crore. Reported profit after tax was significantly lower at ₹0.9 crore at the consolidated level due to exceptional charges related to Labor Code implementation, which included gratuity and long-term employee benefit adjustments.
For the nine months ended December 31, 2025, revenue from operations increased to ₹592 crore from ₹532 crore a year earlier. Nine-month profit after tax declined year-on-year, reflecting cost pressures and exceptional items booked during the period.
Segment trends
The print segment remained the core revenue driver. Hindi print advertising revenue declined marginally year-on-year, reflecting calendar shifts in festive spending, while circulation revenue remained broadly stable. Sequential trends showed modest improvement in advertising volumes.
Digital operations recorded strong growth, with segment revenue rising 30% year-on-year. EBITDA losses narrowed on both a year-on-year and sequential basis, indicating improved operating leverage. Radio revenues declined sharply year-on-year due to a high base from event-led business in the prior period, with margins remaining under pressure.
Balance Sheet & Cash
The company maintained a strong balance sheet. Net worth stood at approximately ₹1,622 crore as of December 31, 2025. Debt levels remained low, with a debt-to-equity ratio of 0.05x. Commercial paper outstanding was ₹50 crore. Liquidity indicators, including current ratio, remained stable.
Market Context & Stock Performance
Hindustan Media Ventures operates in a structurally challenged print media environment, marked by gradual advertising recovery and increasing digital competition. Regional print advertising showed relative resilience compared with national media, though cost inflation and regulatory changes continued to affect margins during the quarter.
Forward Outlook
Company highlighted stable operating trends in print, ongoing recalibration of the radio business, and continued focus on scaling digital platforms with improving margins. It indicated that labor code-related costs were regulatory-driven and non-recurring, with further clarity expected as implementation evolves.
What Investors are Watching
Investors are monitoring the pace of advertising recovery in Hindi print markets, cost control following labor code implementation, and progress toward profitability in digital operations. Trends in circulation stability and working capital discipline remain key indicators.
Risks & Concerns
Key risks include sustained margin pressure from rising employee and compliance costs, slower-than-expected advertising recovery, and continued losses in radio operations. Regulatory uncertainty related to labor codes and execution risk in scaling digital businesses also remain relevant.