WEBSITE BSE:532662 NSE: HT MEDIA Inc. Year: 2002 Industry: Printing And Publishing My Bucket: Add Stock
Last updated: 15:53
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1. Business Overview
HT Media Ltd. is an Indian media company primarily involved in the publishing of newspapers and magazines, operating radio channels, and digital media platforms. Its core business revolves around content creation and distribution across various formats. The company makes money primarily through advertising revenue (print, digital, radio) and circulation revenue from its publications. Key brands include 'Hindustan Times' (English daily), 'Mint' (business daily), 'Hindustan' (Hindi daily), and 'Fever FM' (radio network).
2. Key Segments / Revenue Mix
HT Media's revenue is primarily derived from:
Print Business: This is the largest segment, encompassing advertising and circulation revenue from its flagship newspapers (Hindustan Times, Mint, Hindustan) and other publications.
Radio Business: Advertising revenue from its 'Fever FM' and 'Radio Nasha' stations.
Digital Business: Revenue from digital advertising, content subscriptions, and other digital initiatives across its news portals (e.g., livemint.com, hindustantimes.com) and other digital ventures (e.g., Shine.com for recruitment).
While exact percentages fluctuate, the print segment historically contributes the majority, with digital and radio segments growing in importance.
3. Industry & Positioning
The Indian printing and publishing industry is characterized by intense competition, especially in major urban centers and vernacular markets. HT Media is one of India's leading media conglomerates, holding a significant position in the English daily newspaper market, particularly in North India, and a strong presence in the Hindi heartland through 'Hindustan'. Key competitors include Bennett, Coleman & Co. Ltd. (The Times of India Group), Dainik Bhaskar Group, and regional players. The industry is grappling with a global shift from print to digital media, requiring companies to adapt their strategies for content delivery and monetization.
4. Competitive Advantage (Moat)
HT Media benefits from several advantages:
Established Brand Equity: Brands like 'Hindustan Times' and 'Mint' have a long history and strong reader trust, particularly in their key markets. 'Fever FM' also holds a recognizable position in the radio space.
Scale and Distribution Network: A vast network for newsgathering, printing, and physical distribution across multiple regions, especially in North India.
Content Quality: Reputational strength built on journalistic credibility and extensive coverage.
Diversification: Presence across print, digital, and radio helps mitigate risks associated with over-reliance on a single medium.
5. Growth Drivers
Digital Transformation: Successful monetization of digital content through advertising, subscriptions, and new online ventures.
Increased Advertising Spend: Recovery and growth in India's overall advertising market, especially digital ad spending driven by economic expansion.
Radio Expansion: Potential growth in Tier 2 and Tier 3 cities for its radio segment, leveraging brand recall.
Leveraging Brand Extensions: Expanding into ancillary digital services or specialized content platforms based on existing brand strength.
Vernacular Market Growth: While HT Media has a strong Hindi presence, further penetration into regional languages where applicable could be a driver.
6. Risks
Decline in Print Readership & Advertising: Continued global trend of declining print circulation and advertising revenue shifting to digital platforms.
Competition from Digital-Native Platforms: Intense competition from pure-play digital news sites, social media, and international content aggregators for audience attention and advertising spend.
Rising Input Costs: Volatility in newsprint prices and other operational costs can impact profitability.
Economic Slowdown: A downturn in the broader economy could lead to reduced advertising budgets from businesses.
Regulatory and Content Risks: Changes in media regulations, censorship, or inability to adapt to evolving consumer content preferences.
Failure in Digital Monetization: Inability to effectively convert digital readership into sustainable revenue streams.
7. Management & Ownership
HT Media Ltd. is part of the K.K. Birla Group, a prominent Indian business house. The company is promoter-led, a common structure in India where family groups hold significant stakes and influence strategic direction. This often implies a long-term strategic vision but can also mean slower adaptation to rapidly changing industry dynamics compared to professionally managed, widely held companies. The promoter group typically ensures stability and continuity.
8. Outlook
HT Media operates in a challenging yet evolving media landscape. The bull case hinges on its ability to successfully navigate the digital transition, effectively monetize its strong brand equity across various platforms (print, digital, radio), and benefit from a recovering Indian advertising market. Its established brands and diversified portfolio provide a resilient base. However, the bear case highlights the ongoing structural decline of traditional print media, intense competition from digital giants for advertising revenue, and the risk of not innovating fast enough to capture the digital audience effectively. The company's future performance will depend heavily on its strategic agility in digital transformation, cost management, and ability to unlock new revenue streams beyond traditional print advertising.
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Market Cap ₹494 Cr.
Stock P/E 34.8
P/B 0.3
Current Price ₹21.2
Book Value ₹ 70
Face Value 2
52W High ₹28.2
Dividend Yield 0%
52W Low ₹ 17.7
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 394 | 443 | 464 | 379 | 424 | 490 | 514 | 412 | 452 | 497 |
| Other Income | 33 | 44 | 63 | 49 | 56 | 41 | 74 | 39 | 48 | 36 |
| Total Income | 427 | 486 | 527 | 427 | 479 | 530 | 588 | 451 | 499 | 532 |
| Total Expenditure | 428 | 458 | 463 | 420 | 447 | 484 | 488 | 442 | 456 | 482 |
| Operating Profit | -1 | 28 | 64 | 7 | 33 | 46 | 100 | 10 | 44 | 51 |
| Interest | 20 | 21 | 20 | 17 | 18 | 16 | 16 | 15 | 15 | 15 |
| Depreciation | 30 | 29 | 31 | 27 | 24 | 24 | 23 | 23 | 25 | 22 |
| Exceptional Income / Expenses | -32 | 0 | -31 | 0 | 0 | 0 | -6 | 0 | -0 | -40 |
| Profit Before Tax | -82 | -22 | -17 | -36 | -9 | 6 | 55 | -28 | 3 | -27 |
| Provision for Tax | -24 | -6 | -17 | -9 | -3 | 10 | 3 | -17 | 7 | -3 |
| Profit After Tax | -57 | -15 | -0 | -28 | -6 | -3 | 51 | -11 | -4 | -24 |
| Adjustments | 7 | 2 | 2 | 2 | -1 | -3 | -10 | -2 | 0 | 0 |
| Profit After Adjustments | -50 | -13 | 1 | -26 | -8 | -6 | 41 | -13 | -4 | -23 |
| Adjusted Earnings Per Share | -2.2 | -0.6 | 0.1 | -1.1 | -0.3 | -0.3 | 1.8 | -0.6 | -0.2 | -1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2282 | 2502 | 2452 | 2346 | 2199 | 2083 | 1117 | 1500 | 1711 | 1695 | 1806 | 1875 |
| Other Income | 176 | 156 | 229 | 418 | 236 | 227 | 214 | 177 | 151 | 191 | 219 | 197 |
| Total Income | 2457 | 2658 | 2682 | 2764 | 2435 | 2310 | 1331 | 1678 | 1862 | 1886 | 2025 | 2070 |
| Total Expenditure | 2021 | 2179 | 2154 | 2119 | 2215 | 1940 | 1241 | 1474 | 1851 | 1767 | 1838 | 1868 |
| Operating Profit | 436 | 479 | 528 | 645 | 220 | 370 | 90 | 204 | 12 | 118 | 187 | 205 |
| Interest | 47 | 63 | 95 | 82 | 114 | 99 | 56 | 55 | 76 | 78 | 67 | 61 |
| Depreciation | 100 | 102 | 125 | 123 | 108 | 182 | 137 | 135 | 132 | 119 | 98 | 93 |
| Exceptional Income / Expenses | -14 | 0 | 0 | 3 | -35 | -432 | -3 | 0 | 0 | -62 | -6 | -46 |
| Profit Before Tax | 275 | 314 | 308 | 444 | -36 | -344 | -106 | 14 | -193 | -140 | 15 | 3 |
| Provision for Tax | 57 | 80 | 67 | 86 | -52 | -2 | -45 | -7 | 58 | -49 | 1 | -10 |
| Profit After Tax | 218 | 234 | 241 | 358 | 16 | -342 | -61 | 21 | -252 | -91 | 14 | 12 |
| Adjustments | -38 | -60 | -70 | -51 | -28 | -4 | -10 | -4 | 24 | 11 | -12 | -12 |
| Profit After Adjustments | 180 | 173 | 170 | 307 | -12 | -346 | -71 | 18 | -227 | -81 | 2 | 1 |
| Adjusted Earnings Per Share | 7.8 | 7.5 | 7.4 | 13.3 | -0.5 | -15 | -3.1 | 0.8 | -9.8 | -3.5 | 0.1 | 2.2204460492503E-16 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 7% | 6% | -3% | -2% |
| Operating Profit CAGR | 58% | -3% | -13% | -8% |
| PAT CAGR | 0% | -13% | 0% | -24% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 17% | 6% | -1% | -13% |
| ROE Average | 1% | -6% | -4% | 2% |
| ROCE Average | 4% | -1% | -1% | 4% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1902 | 2082 | 2232 | 2544 | 2511 | 2155 | 2089 | 2084 | 1800 | 1714 | 1666 |
| Minority's Interest | 192 | 234 | 300 | 342 | 363 | 400 | 407 | 399 | 355 | 343 | 383 |
| Borrowings | 68 | 39 | 17 | 6 | 293 | 180 | 107 | 185 | 72 | 95 | 26 |
| Other Non-Current Liabilities | 45 | 42 | 7 | 20 | -42 | 45 | -53 | -96 | 48 | -3 | -11 |
| Total Current Liabilities | 1185 | 1924 | 1986 | 2026 | 1786 | 1467 | 1622 | 1639 | 1758 | 1798 | 1710 |
| Total Liabilities | 3392 | 4321 | 4542 | 4937 | 4913 | 4248 | 4172 | 4211 | 4032 | 3947 | 3774 |
| Fixed Assets | 699 | 988 | 1092 | 970 | 944 | 980 | 840 | 738 | 752 | 599 | 536 |
| Other Non-Current Assets | 1482 | 1829 | 2472 | 2462 | 1710 | 1941 | 2220 | 1627 | 1791 | 1404 | 1175 |
| Total Current Assets | 1211 | 1504 | 977 | 1505 | 2259 | 1327 | 1113 | 1837 | 1435 | 1846 | 1999 |
| Total Assets | 3392 | 4321 | 4542 | 4937 | 4913 | 4248 | 4172 | 4211 | 4032 | 3947 | 3774 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 119 | 184 | 151 | 129 | 166 | 148 | 23 | 55 | 42 | 37 | 68 |
| Cash Flow from Operating Activities | 409 | 210 | 306 | 309 | 73 | 38 | 203 | -36 | -47 | -53 | 57 |
| Cash Flow from Investing Activities | -179 | -879 | -266 | -245 | 115 | 420 | -60 | 55 | 248 | 142 | 170 |
| Cash Flow from Financing Activities | -157 | 636 | -62 | -9 | -206 | -585 | -112 | -32 | -207 | -57 | -253 |
| Net Cash Inflow / Outflow | 73 | -33 | -22 | 54 | -18 | -127 | 31 | -13 | -6 | 31 | -27 |
| Closing Cash & Cash Equivalent | 191 | 151 | 129 | 166 | 148 | 23 | 55 | 42 | 37 | 68 | 42 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 7.8 | 7.53 | 7.39 | 13.32 | -0.52 | -14.99 | -3.07 | 0.77 | -9.83 | -3.48 | 0.08 |
| CEPS(Rs) | 13.81 | 14.57 | 15.86 | 20.85 | 5.36 | -6.92 | 3.31 | 6.78 | -5.19 | 1.2 | 4.85 |
| DPS(Rs) | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 82.55 | 90.31 | 96.82 | 110.33 | 108.93 | 93.44 | 90.55 | 90.07 | 77.78 | 74.09 | 72.02 |
| Core EBITDA Margin(%) | 11.41 | 12.9 | 12.17 | 9.5 | -0.72 | 6.86 | -11.09 | 1.77 | -8.17 | -4.29 | -1.76 |
| EBIT Margin(%) | 14.11 | 15.06 | 16.43 | 21.95 | 3.52 | -11.74 | -4.53 | 4.58 | -6.88 | -3.7 | 4.46 |
| Pre Tax Margin(%) | 12.06 | 12.55 | 12.56 | 18.55 | -1.64 | -16.5 | -9.52 | 0.94 | -11.3 | -8.29 | 0.83 |
| PAT Margin (%) | 9.55 | 9.34 | 9.82 | 14.95 | 0.72 | -16.41 | -5.46 | 1.43 | -14.71 | -5.39 | 0.77 |
| Cash Profit Margin (%) | 13.94 | 13.43 | 14.91 | 20.09 | 5.62 | -7.67 | 6.83 | 10.45 | -7.02 | 1.64 | 6.05 |
| ROA(%) | 6.65 | 6.06 | 5.43 | 7.55 | 0.32 | -7.46 | -1.45 | 0.51 | -6.11 | -2.29 | 0.37 |
| ROE(%) | 11.94 | 11.73 | 11.16 | 14.99 | 0.63 | -14.65 | -2.88 | 1.03 | -12.97 | -5.2 | 0.84 |
| ROCE(%) | 14.35 | 13.84 | 12.34 | 14.83 | 2.11 | -7.46 | -1.76 | 2.41 | -4.36 | -2.53 | 3.52 |
| Receivable days | 47.9 | 49.92 | 51.94 | 50.64 | 62.29 | 71.23 | 109.28 | 69.01 | 70.13 | 79.69 | 77.67 |
| Inventory Days | 30.26 | 22.93 | 23.54 | 21.36 | 23.96 | 26.69 | 46.34 | 35.93 | 33.05 | 35.83 | 29.2 |
| Payable days | 215.96 | 230.37 | 217.73 | 208.03 | 159.46 | 201.34 | 396.59 | 237.13 | 169.17 | 226.85 | 255.86 |
| PER(x) | 15.88 | 10.11 | 11.21 | 6.33 | 0 | 0 | 0 | 43.29 | 0 | 0 | 194.66 |
| Price/Book(x) | 1.5 | 0.84 | 0.86 | 0.76 | 0.41 | 0.11 | 0.23 | 0.37 | 0.19 | 0.36 | 0.23 |
| Dividend Yield(%) | 0.32 | 0.53 | 0.48 | 0.47 | 0.89 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.33 | 1.07 | 1.18 | 1.26 | 0.86 | 0.44 | 0.98 | 0.97 | 0.56 | 0.72 | 0.5 |
| EV/Core EBITDA(x) | 6.95 | 5.59 | 5.49 | 4.59 | 8.63 | 2.47 | 12.16 | 7.13 | 82.31 | 10.38 | 4.83 |
| Net Sales Growth(%) | 3.67 | 9.64 | -1.98 | -4.32 | -6.28 | -5.29 | -46.35 | 34.29 | 14.04 | -0.96 | 6.54 |
| EBIT Growth(%) | -17.25 | 17.02 | 6.98 | 30.37 | -85.27 | -415.94 | 79.32 | 235.91 | -271.29 | 46.74 | 232.03 |
| PAT Growth(%) | -6.25 | 7.28 | 3.01 | 48.66 | -95.56 | -2251.35 | 82.14 | 135.17 | -1272.57 | 63.7 | 115.54 |
| EPS Growth(%) | -12.48 | -3.56 | -1.85 | 80.38 | -103.92 | -2768.68 | 79.51 | 125.04 | -1377.63 | 64.55 | 102.42 |
| Debt/Equity(x) | 0.19 | 0.52 | 0.5 | 0.46 | 0.44 | 0.36 | 0.35 | 0.39 | 0.39 | 0.43 | 0.35 |
| Current Ratio(x) | 1.02 | 0.78 | 0.49 | 0.74 | 1.26 | 0.9 | 0.69 | 1.12 | 0.82 | 1.03 | 1.17 |
| Quick Ratio(x) | 0.93 | 0.71 | 0.41 | 0.68 | 1.17 | 0.81 | 0.6 | 1.03 | 0.73 | 0.93 | 1.1 |
| Interest Cover(x) | 6.89 | 6.01 | 4.24 | 6.44 | 0.68 | -2.47 | -0.91 | 1.26 | -1.56 | -0.81 | 1.23 |
| Total Debt/Mcap(x) | 0.13 | 0.62 | 0.58 | 0.6 | 1.06 | 3.37 | 1.52 | 1.04 | 2.03 | 1.2 | 1.52 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.51 | 69.51 | 69.51 | 69.51 | 69.51 | 69.5 | 69.5 | 69.5 | 69.5 | 69.5 |
| FII | 0.25 | 0.09 | 0.07 | 0 | 0.01 | 0.02 | 0.02 | 0.09 | 0.07 | 0.01 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 30.2 | 30.36 | 30.38 | 30.45 | 30.44 | 30.43 | 30.43 | 30.36 | 30.38 | 30.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 | 16.18 |
| FII | 0.06 | 0.02 | 0.02 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.02 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 7.03 | 7.07 | 7.07 | 7.09 | 7.08 | 7.08 | 7.08 | 7.07 | 7.07 | 7.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 23.27 | 23.27 | 23.27 | 23.27 | 23.27 | 23.28 | 23.28 | 23.28 | 23.28 | 23.28 |
* The pros and cons are machine generated.
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