Hindustan Media Ventures financials and balance sheet

NSE: HMVLBSE: 533217MediaSmall Cap

₹76.00₹0.80 (1.04%)BSE ₹75.02

Share price at the NSE close on 23 Oct 2026. Previous close ₹76.80.

52-week range of traded prices to 23 Oct 2026

₹55.20Low, 30 Mar 2026₹108.16High, 4 Aug 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹560 Cr1,834th largest listed
P/E: 6.2
P/E without one-offs: 3.8
P/B: 0.4
Dividend yield: Nonein the last 12 months
ROE: 5.7%
ROE without one-offs: 9.3%
ROCE: 4.0%
Debt to equity: 0.04
Volume, NSE: 11,099

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Hindustan Media Ventures annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 115.6% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹740 Cr, differs from its quarters added, ₹808 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue740
Materials and goods−219
Employee costs−140
Other expenses−267
Operating profit112
Depreciation−17
Other income+90
One-off items−13
Finance costs−8.7
Profit before tax164
Tax−22
Discontinued businesses−92
Net profit50

What the company owns

Plant, investments and other assets₹1,348 Cr
Current investments₹959 Cr
Receivables₹126 Cr
Inventory₹32 Cr
Cash and bank₹17 Cr

What pays for it: net worth and liabilities

Net worth₹1,587 Cr
Other liabilities₹676 Cr
Owed to suppliers₹136 Cr
Borrowings₹81 Cr

Profit and loss

Standalone, ₹ crore, years to March.Hindustan Media Ventures quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 25 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 25 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue from operations	933	880	866	796	545	669	713	704	733	740
	728	699	815	697	539	660	799	779	765	627
Materials and goods bought	349	358	402	282	174	244	314	252	208	219
Employee costs	94	94	111	126	131	152	160	169	180	140
Other expenses	285	247	302	289	233	263	325	358	377	267
Operating profit before depreciation	206	181	51	99	7	10	−86	−75	−32	112
Operating margin	22.0%	20.6%	5.8%	12.5%	1.3%	1.4%	−12.0%	−10.6%	−4.4%	15.2%
Materials, % of revenue	37.4%	40.7%	46.5%	35.4%	31.9%	36.5%	44.0%	35.8%	28.4%	29.7%
Employee costs, % of revenue	10.1%	10.6%	12.8%	15.8%	24.0%	22.8%	22.5%	24.0%	24.6%	19.0%
Other expenses, % of revenue	30.5%	28.1%	34.9%	36.4%	42.8%	39.3%	45.5%	50.8%	51.4%	36.2%
Depreciation and amortisation	16	20	21	31	30	29	30	27	21	17
Operating profit after depreciation	189	161	30	69	−24	−19	−116	−101	−53	95
Other income	92	79	90	109	119	80	77	105	140	90
Finance costs	20	11	18	9	9	9	17	14	8	9
Profit before one-off items and tax	261	230	102	168	87	51	−56	−10	80	177
One-off items	–	–	0	0	0	−4	−8	1	0	−13
Profit before tax	261	230	102	168	87	48	−63	−10	80	164
	68	58	30	49	12	4	−16	−18	3	22
Current tax	59	57	23	29	16	6	0	0	0	16
Deferred tax	9	1	7	20	−4	−1	−16	−18	3	6
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	−92
Net profit	194	171	72	119	75	44	−47	8	77	50
Other comprehensive income	–	–	−3	−5	1	−36	−76	−6	−23	4
Total comprehensive income	–	–	69	114	76	8	−124	2	54	54
Net margin	20.7%	19.5%	8.3%	15.0%	13.7%	6.5%	−6.7%	1.1%	10.5%	–

Net margin is left blank for the year to Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Earlier years, Mar 2011 to Mar 2016

₹ crore	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	520	598	636	730	819	919
	–	503	524	578	–	–
Materials and goods bought	224	256	265	301	338	346
Employee costs	–	73	80	87	–	–
Other expenses	–	173	179	191	–	–
Operating profit before depreciation	–	95	113	151	–	–
Operating margin	–	15.9%	17.7%	20.7%	–	–
Materials, % of revenue	–	42.8%	41.6%	41.2%	–	–
Employee costs, % of revenue	–	12.3%	12.6%	11.9%	–	–
Other expenses, % of revenue	–	29.0%	28.1%	26.2%	–	–
Depreciation and amortisation	–	19	22	22	–	–
Operating profit after depreciation	–	76	91	130	–	–
Other income	8	19	28	31	56	61
Finance costs	4	3	5	6	11	11
Profit before tax	76	92	114	155	188	245
Tax	23	26	30	43	47	64
Net profit	54	65	85	111	141	181
Net margin	10.3%	10.9%	13.3%	15.2%	17.2%	19.7%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 25 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 25 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	1,390	1,517	1,593	1,601	1,477	1,479	1,533	1,587
Share capital	73	74	74	74	74	74	74	74
Reserves	1,317	1,443	1,519	1,527	1,403	1,405	1,459	1,514
	66	96	60	117	60	64	25	81
Repayable after a year	61	47	27	9	0	9	0	0
Repayable within a year	5	48	32	108	60	55	25	81
	254	327	476	574	663	725	721	848
Trade payables	124	85	98	80	105	112	96	136
Other financial liabilities	97	157	303	346	454	503	521	557
Other liabilities	22	24	24	22	30	36	60	66
Provisions	2	11	12	15	14	18	18	9
Tax owed	4	2	5	4	0	0	0	0
	95	80	46	14	43	41	28	45
Other financial liabilities	3	15	4	2	43	32	28	20
Other liabilities	0	0	0	–	0	0	0	–
Provisions	0	0	0	0	0	0	0	25
Deferred tax	32	18	15	3	0	0	0	0
	1,739	1,924	2,115	2,189	2,184	2,245	2,282	2,480
Held for sale or for a demerger	–	–	9	10	14	22	29	18
	901	1,314	1,537	1,079	1,349	1,120	992	1,204
Plant in use, after depreciation	200	160	134	119	104	91	77	69
Plant being built	12	10	16	20	35	3	0	0
Intangible assets	68	128	114	111	71	129	123	111
Property held to earn rent	32	42	50	63	101	149	166	234
Investments	569	874	1,112	693	895	635	561	732
Stakes in joint ventures and associates	0	3	22	20	15	0	0	0
Loans given	14	77	66	16	0	0	0	0
Other financial assets	0	5	5	20	12	61	18	18
Deferred tax	1	0	0	–	12	30	27	23
Other assets	5	16	19	17	103	23	20	16
	838	610	569	1,101	821	1,104	1,261	1,259
Inventories	44	47	54	77	64	49	32	32
Trade receivables	169	168	126	111	118	128	106	126
Cash and cash equivalents	56	15	21	18	18	39	22	17
Other bank balances	22	20	20	20	20	22	0	0
Current investments	502	308	304	821	524	785	952	959
Loans given	17	0	0	0	0	0	0	0
Other financial assets	3	17	3	3	6	2	61	24
Other assets	24	35	41	51	70	79	88	102
Net debt	−514	−248	−285	−742	−502	−782	−949	−895

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 25 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	204	51	53	16	38	73
	219	56	60	91	116	189
	193	54	150	92	89	113
Receivables	28	−1	−15	−11	21	−23
Inventories	−8	−23	13	17	16	0
Other working capital	173	77	153	86	52	136
Tax paid	−15	−5	−7	−3	2	−2
Interest paid	0	0	0	14	8	9
Capital spending	8	15	14	15	4	3
Free cash flow	196	36	39	2	34	70
	−147	−75	32	23	−6	−124
Plant and property sold	1	1	2	22	9	21
Companies bought	−19	−2	0	0	0	0
Interest received	52	85	99	42	41	12
	−52	21	−87	−4	−55	52
Borrowings raised	37	432	678	413	56	375
Borrowings repaid	−73	−395	−738	−395	−102	−315
Interest paid	−9	−8	−17	−13	−7	−6
Lease payments	−8	−8	−10	−9	−3	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	4	−3	−2	36	−23	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Hindustan Media Ventures dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 25 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 25 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Earnings per share	₹26.38	₹23.33	₹9.80	₹16.15	₹10.13	₹5.91	−₹6.45	₹1.08	₹10.45	₹6.80
Diluted earnings per share	₹26.38	₹23.33	₹9.80	₹16.15	₹10.13	₹5.91	−₹6.45	₹1.08	₹10.45	₹6.80
Dividend per share	₹1.20	₹1.20	₹1.20	–	–	–	–	–	–	–
Book value per share	–	–	₹189.41	₹205.90	₹216.22	₹217.28	₹200.50	₹200.70	₹208.08	₹215.48
Dividend payout	4.5%	5.1%	12.2%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	2,083	1,617	823	280	441	452	308	791	605	412

Ratios

Standalone, years to March.Hindustan Media Ventures PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 25 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 25 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue growth	1.6%	−5.7%	−1.6%	−8.1%	−31.5%	22.7%	6.6%	−1.3%	4.1%	–
Operating profit growth	–	−11.9%	−72.1%	96.3%	−93.1%	40.8%	–	–	–	–
Net profit growth	7.2%	−11.6%	−58.0%	65.5%	−37.3%	−41.6%	–	–	864.3%	–
Earnings per share growth	7.2%	−11.6%	−58.0%	64.8%	−37.3%	−41.7%	–	–	867.6%	–
	–	–	5.2%	8.2%	4.8%	2.7%	−3.1%	0.5%	5.1%	3.2%
	–	–	–	3.0 pts	−3.4 pts	−2.1 pts	−5.8 pts	3.6 pts	4.6 pts	−1.9 pts
From the net margin	–	–	–	4.1 pts	−0.7 pts	−2.5 pts	−5.5 pts	3.6 pts	4.5 pts	–
From asset turnover	–	–	–	−1.2 pts	−2.8 pts	0.3 pts	−0.1 pts	0.0 pts	0.1 pts	–
From borrowing	–	–	–	0.1 pts	0.1 pts	0.1 pts	−0.2 pts	0.0 pts	0.0 pts	–
Return on capital employed	–	–	2.0%	4.3%	−1.4%	−1.1%	−7.6%	−6.6%	−3.4%	5.7%
Cash conversion	–	–	–	–	272.9%	116.7%	–	205.5%	49.2%	145.1%
Interest cover	9.4	14.2	1.7	7.2	–	–	–	–	–	10.9
Debt to equity	–	–	0.05	0.06	0.04	0.07	0.04	0.04	0.02	0.05
Receivable days	–	–	71	77	85	60	61	66	53	62
Inventory days	–	–	40	60	114	115	74	70	57	53
Payable days	–	–	112	110	206	119	122	163	169	225
Cash conversion cycle, days	–	–	−1	27	−8	56	13	−26	−59	−111
Working capital days	–	–	4	−6	−147	−122	−176	−214	−203	−239
Asset turnover	–	–	0.50	0.43	0.27	0.31	0.33	0.32	0.32	0.31
Assets per rupee of net worth	–	–	1.25	1.26	1.30	1.35	1.42	1.50	1.50	1.53
Sales per rupee of plant	–	–	4.32	4.96	4.08	5.63	6.84	7.76	9.48	10.66
Capital spending to depreciation	–	–	–	–	0.27	0.53	0.46	0.56	0.21	0.16
Plant being built, % of plant in use	–	–	5.8%	6.4%	11.6%	16.4%	33.4%	2.8%	0.1%	0.7%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth is left blank for the year to Mar 2026: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2026: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.1%
Cash from operations against operating profit: 64.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−2.1%	6.3%	1.2%
Profit growth, yearly rate	−12.0%	−7.7%	–
Return on equity, average	–	1.7%	3.0%
Return on capital employed, average	–	−2.6%	−1.4%
Operating margin, average	5.2%	−2.1%	0.1%
Net margin, average	9.8%	2.9%	5.8%
Asset turnover, average	–	0.32	0.32
Cash conversion cycle, days, average	–	−25	−65
Debt to equity, average	–	0.05	0.04

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	230	127	73
Cash from investing	−149	−106	−124
Cash from financing	−73	−7	52
Capital spending	51	22	3
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,955	845	375
Borrowings repaid	1,945	812	315

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	–	–	–	–	–
Altman Z-scorePublished threshold 1.1	9.32	–	–	–	–	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	7.29	–	–	–	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	34.64	–	–	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	3.00	–	–	–	–	–	–
Effective tax ratePublished threshold 17.16 per cent	29.71	–	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Oct 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.