HT Media financials and balance sheet

NSE: HTMEDIABSE: 532662MediaSmall Cap

₹23.21₹0.84 (3.49%)BSE ₹22.86

Share price at the NSE close on 23 Oct 2026. Previous close ₹24.05.

52-week range of traded prices to 23 Oct 2026

₹17.52Low, 30 Mar 2026₹31.30High, 5 Aug 2026

Market cap: ₹540 Cr1,893rd largest listed
P/E: Lossover the last 12 months
P/B: 0.3
Dividend yield: Nonein the last 12 months
ROE: −0.6%
ROE without one-offs: 8.5%
ROCE: 1.4%
Debt to equity: 0.33
Volume, NSE: 1,05,25564.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.HT Media annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹49 CrA loss in 6 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.

The years either side of a change of basis do not compare. From the year to Mar 2020, part of the business was demerged on 9 Apr 2019, and figures before the change include the part that left. From the year to Mar 2026, the company's revenue for that year, ₹1,803 Cr, differs from its quarters added, ₹1,871 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,803
Materials and goods−430
Employee costs−419
Other expenses−824
Operating profit130
Depreciation−93
Other income+168
One-off items−114
Finance costs−60
Profit before tax31
Tax+7.5
Discontinued businesses−88
Net profit−49

What the company owns

Plant, investments and other assets₹2,190 Cr
Current investments₹1,228 Cr
Receivables₹396 Cr
Inventory₹104 Cr
Cash and bank₹51 Cr

What pays for it: net worth and liabilities

Net worth₹2,009 Cr
Other liabilities₹1,014 Cr
Borrowings₹662 Cr
Owed to suppliers₹284 Cr

HT Media business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit. That year's accounts report a discontinued business, which these segments may include.HT Media segment results by quarter

Revenue by segment

₹1,795 CrTotal

Printing & publishing of newspapers and periodicals₹1,500 Cr83.6% of total
Digital₹155 Cr8.6% of total
Radio Broadcast & entertainment₹140 Cr7.8% of total

Profit by segment

Printing & publishing of newspapers and periodicals₹152 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Printing & publishing of newspapers and periodicals
Revenue, ₹ crore
1,921
1,790
956
1,269
1,434
1,386
1,393
1,500
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
41
154
−96
36
−84
−2
61
152
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital
Revenue, ₹ crore
66
79
90
132
133
154
212
155
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−19
−15
−6
−4
−77
−114
−102
−9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Radio Broadcast & entertainment
Revenue, ₹ crore
194
202
74
101
144
157
204
140
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
−59
−100
−50
−28
−22
−37
−51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,182	2,070	1,120	1,502	1,710	1,697	1,809	1,795
Company revenue, as in its results	2,194	2,083	1,117	1,500	1,711	1,695	1,806	1,803
Revenue	1,921	1,790	956	1,269	1,434	1,386	1,393	1,500
Revenue growth	–	−6.8%	−46.6%	32.8%	13.0%	−3.3%	0.5%	7.7%
Profit	41	154	−96	36	−84	−2	61	152
Profit growth	–	280.6%	–	–	–	–	–	148.6%
Margin	2.1%	8.6%	−10.0%	2.9%	−5.9%	−0.1%	4.4%	10.1%
Return on capital	9.9%	37.8%	−43.2%	22.6%	−60.8%	−2.5%	–	–
Assets	1,403	1,344	1,172	1,061	1,225	1,145	1,013	797
Liabilities	993	935	950	900	1,087	1,064	1,035	1,063
Capital employed	410	408	222	161	138	81	−21	−266
Revenue	66	79	90	132	133	154	212	155
Revenue growth	–	18.4%	14.4%	46.5%	0.6%	16.0%	37.7%	−27.0%
Profit	−19	−15	−6	−4	−77	−114	−102	−9
Margin	−29.0%	−18.7%	−6.7%	−3.1%	−58.0%	−74.3%	−48.4%	−5.7%
Assets	20	3	2	19	15	31	37	14
Liabilities	66	44	64	50	59	101	97	44
Capital employed	−47	−41	−62	−31	−44	−70	−60	−30
Revenue	194	202	74	101	144	157	204	140
Revenue growth	–	3.9%	−63.2%	36.6%	42.0%	9.2%	29.7%	−31.6%
Profit	31	−59	−100	−50	−28	−22	−37	−51
Margin	15.8%	−29.2%	−134.1%	−49.7%	−19.7%	−14.0%	−18.0%	−36.5%
Return on capital	7.0%	−21.4%	−47.7%	−27.5%	−15.3%	−18.4%	−40.3%	−78.1%
Assets	463	390	310	310	300	267	278	172
Liabilities	27	116	101	127	115	147	187	107
Capital employed	436	274	209	183	185	120	91	65
Revenue	24	18	0	0	3	5	6	10
Profit	−181	−120	−60	−91	−81	−54	−53	−54
Assets	3,077	2,607	2,845	2,988	2,613	2,665	2,605	0
Liabilities	1,045	693	718	819	738	739	566	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.HT Media quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 30 Nov	Mar 2021Filed 18 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue from operations	2,452	2,346	2,194	2,083	1,117	1,500	1,711	1,695	1,806	1,803
	2,154	1,947	2,216	1,940	1,241	1,474	1,849	1,767	1,838	1,673
Materials and goods bought	696	662	782	564	261	407	608	493	415	430
Employee costs	584	513	382	412	329	371	395	413	444	419
Other expenses	874	771	1,051	963	651	696	847	861	979	824
Operating profit before depreciation	298	400	−22	143	−124	27	−138	−73	−33	130
Operating margin	12.2%	17.0%	−1.0%	6.9%	−11.1%	1.8%	−8.1%	−4.3%	−1.8%	7.2%
Materials, % of revenue	28.4%	28.2%	35.6%	27.1%	23.3%	27.1%	35.5%	29.1%	23.0%	23.8%
Employee costs, % of revenue	23.8%	21.9%	17.4%	19.8%	29.5%	24.7%	23.1%	24.4%	24.6%	23.2%
Other expenses, % of revenue	35.6%	32.9%	47.9%	46.3%	58.3%	46.4%	49.5%	50.8%	54.2%	45.7%
Depreciation and amortisation	125	123	108	182	137	135	132	119	98	93
Operating profit after depreciation	174	277	−129	−39	−261	−109	−270	−192	−131	38
Other income	229	245	242	227	214	177	151	191	219	168
Finance costs	95	82	114	99	56	55	77	78	67	60
Profit before one-off items and tax	308	441	−1	89	−103	14	−196	−79	21	145
One-off items	0	3	−35	−432	−3	0	0	−62	−6	−114
Profit before tax	308	444	−36	−344	−106	14	−196	−141	15	31
	67	86	−9	−2	−45	−7	58	−49	1	−8
Current tax	51	63	28	38	16	8	−2	0	0	15
Deferred tax	16	22	−38	−40	−61	−15	60	−49	1	−23
Share of profit of joint ventures and associates	–	−6	–	−3	−4	−2	2	1	–	–
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	−88
	170	307	−27	−345	−65	19	−252	−91	14	−49
Belonging to the company's shareholders	170	307	−45	−346	−71	18	−227	−81	2	−54
Belonging to outside owners of subsidiaries	–	–	18	1	6	1	−24	−11	12	5
Other comprehensive income	–	–	−13	5	4	−34	−77	−6	−21	9
Total comprehensive income	–	–	−40	−340	−60	−15	−329	−98	−7	−40
Net margin	6.9%	13.1%	−1.2%	−16.5%	−5.8%	1.3%	−14.7%	−5.4%	0.8%	–
Net margin without joint ventures and associates	–	13.3%	–	−16.4%	−5.5%	1.4%	−14.9%	−5.4%	–	–

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 May	Mar 2020Filed 30 Nov	Mar 2021Filed 18 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	2,832	2,555	2,496	2,483	2,154	2,057	2,049	2,009
	2,475	2,155	2,089	2,084	1,800	1,714	1,666	1,620
Share capital	46	46	46	46	46	46	46	46
Reserves	2,429	2,109	2,043	2,037	1,753	1,668	1,620	1,573
Belonging to outside owners of subsidiaries	357	400	407	399	355	343	383	389
	1,088	624	567	803	707	741	579	662
Repayable after a year	293	180	107	185	72	95	26	0
Repayable within a year	794	444	459	618	635	646	553	662
	1,792	1,467	1,627	1,621	1,758	1,798	1,710	1,816
Trade payables	412	292	279	254	310	303	278	284
Other financial liabilities	434	575	689	527	592	623	628	637
Other liabilities	141	137	178	201	205	203	228	209
Provisions	7	17	15	16	16	23	23	24
Tax owed	4	2	5	4	0	0	0	0
	339	321	207	275	241	253	173	144
Other financial liabilities	14	105	69	54	140	143	130	95
Other liabilities	19	15	17	14	11	8	10	9
Provisions	2	4	1	1	1	1	1	40
Deferred tax	10	16	13	21	16	7	7	0
	4,963	4,344	4,329	4,378	4,153	4,108	3,933	3,969
Held for sale or for a demerger	–	–	9	10	55	99	64	35
	2,702	3,017	3,203	2,550	2,664	2,164	1,869	1,913
Plant in use, after depreciation	548	461	395	350	310	266	241	220
Plant being built	41	40	16	20	36	18	11	4
Intangible assets	383	519	440	382	234	328	289	173
Goodwill	12	0	5	5	5	5	5	0
Intangible assets being developed	0	1	1	0	1	0	0	3
Property held to earn rent	457	469	479	471	386	357	361	411
Investments	996	1,203	1,495	1,032	1,184	798	678	815
Stakes in joint ventures and associates	−3	−2	0	0	4	0	0	0
Loans given	126	124	125	1	76	89	45	34
Other financial assets	28	42	46	61	51	94	37	28
Deferred tax	86	148	193	220	121	161	159	217
Other assets	26	12	8	7	257	48	43	9
	2,261	1,327	1,117	1,818	1,435	1,846	1,999	2,022
Inventories	163	141	142	153	157	176	121	104
Trade receivables	420	401	268	281	358	382	408	396
Cash and cash equivalents	158	59	71	71	67	81	57	50
Other bank balances	80	41	49	49	41	45	1	1
Current investments	1,328	558	449	1,022	649	978	1,144	1,228
Loans given	16	1	0	68	0	0	0	0
Other financial assets	11	14	18	46	13	10	93	54
Other assets	84	111	119	130	151	174	176	189
Net debt	−479	−34	−2	−338	−49	−363	−622	−618

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

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2020Filed 30 Nov	Mar 2021Filed 18 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	64	203	14	−47	−53	57	99
	108	204	17	−35	−13	117	139
	−192	258	38	148	19	120	153
Receivables	−3	99	−31	−67	−29	−33	−1
Inventories	22	−1	−11	−4	−18	55	16
Payables	−203	143	0	0	0	0	0
Other working capital	−8	17	80	219	66	98	139
Tax paid	−44	−1	−3	−12	6	3	−13
Interest paid	0	0	0	0	75	66	59
Capital spending	27	18	24	27	42	23	31
Free cash flow	37	185	−10	−74	−95	33	68
	394	−60	4	248	142	170	−106
Plant and property sold	5	6	1	3	62	73	41
Companies bought	−276	−8	0	0	0	0	0
Interest received	280	99	151	151	49	100	25
	−585	−112	−32	−207	−57	−253	15
Borrowings raised	4,754	2,111	2,651	3,460	2,951	3,540	3,682
Borrowings repaid	−5,186	−2,142	−2,596	−3,558	−2,906	−3,706	−3,594
Interest paid	−97	−51	−53	−75	−74	−66	−48
Lease payments	0	−30	−34	−35	−28	−21	−14
Dividends paid	12	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−127	31	−13	−6	31	−27	8

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 and Mar 2019.

Consolidated, ₹ per share, years to March.HT Media dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 30 Nov	Mar 2021Filed 18 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Earnings per share	₹7.31	₹13.20	−₹1.95	−₹15.00	−₹3.07	₹0.77	−₹9.83	−₹3.49	₹0.08	−₹2.35
Diluted earnings per share	₹7.31	₹13.20	−₹1.95	−₹15.00	−₹3.07	₹0.76	−₹9.83	−₹3.49	₹0.08	−₹2.35
Dividend per share	₹0.40	₹0.40	₹0.40	–	–	–	–	–	–	–
Book value per share	–	–	₹106.34	₹92.58	₹89.77	₹89.52	₹77.32	₹73.65	₹71.59	₹69.58
Dividend payout	5.5%	3.0%	–	–	–	–	–	–	–	–
Shareholder yield	–	–	–	5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,939	1,953	1,047	233	484	774	348	616	382	422

Ratios

Consolidated, years to March.HT Media PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 30 Nov	Mar 2021Filed 18 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue growth	−1.9%	−4.3%	−6.5%	–	−46.4%	34.3%	14.0%	−1.0%	6.5%	–
Operating profit growth	–	34.0%	–	–	–	–	–	–	–	–
Net profit growth	1.5%	80.4%	–	–	–	–	–	–	–	–
Earnings per share growth	1.4%	80.6%	–	–	–	–	–	–	–	–
	–	–	−1.8%	−14.9%	−3.3%	0.9%	−11.7%	−4.6%	0.1%	−3.3%
	–	–	–	−13.1 pts	11.6 pts	4.2 pts	−12.6 pts	7.1 pts	4.7 pts	−3.4 pts
From the net margin	–	–	–	−12.9 pts	9.2 pts	4.0 pts	−10.4 pts	7.5 pts	4.7 pts	–
From asset turnover	–	–	–	−0.2 pts	2.4 pts	0.2 pts	−1.6 pts	−0.1 pts	0.0 pts	–
From borrowing	–	–	–	0.0 pts	−0.1 pts	0.0 pts	−0.6 pts	−0.3 pts	0.0 pts	–
Return on capital employed	–	–	−3.3%	−1.2%	−8.5%	−3.3%	−9.4%	−6.9%	−5.0%	1.4%
Cash conversion	–	–	–	–	–	76.1%	–	–	398.3%	–
Interest cover	1.8	3.4	–	–	–	–	–	–	–	0.6
Debt to equity	–	–	0.38	0.24	0.23	0.32	0.33	0.36	0.28	0.33
Receivable days	–	–	70	70	88	68	76	82	82	80
Inventory days	–	–	76	91	199	137	94	130	106	88
Payable days	–	–	192	189	391	228	186	225	245	241
Cash conversion cycle, days	–	–	−46	−27	−104	−22	−15	−12	−56	−73
Working capital days	–	–	−50	−62	−202	−79	−95	−89	−73	−83
Asset turnover	–	–	0.44	0.45	0.26	0.34	0.40	0.41	0.45	0.46
Assets per rupee of net worth	–	–	2.01	2.01	2.04	2.09	2.20	2.35	2.38	2.40
Sales per rupee of plant	–	–	4.00	4.52	2.83	4.28	5.52	6.38	7.48	8.20
Capital spending to depreciation	–	–	–	0.15	0.13	0.18	0.20	0.35	0.24	0.33
Plant being built, % of plant in use	–	–	7.5%	8.6%	4.0%	5.7%	11.6%	6.9%	4.5%	1.7%

Interest cover is left blank for the years to Mar 2019, Mar 2020, 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. Revenue growth is left blank for the year to Mar 2020: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. 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. 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

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −1.4%
Cash from operations against operating profit: 76.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−3.2%	10.0%	1.8%
Return on equity, average	–	−3.7%	−2.6%
Return on capital employed, average	–	−4.6%	−3.5%
Operating margin, average	1.9%	−1.0%	0.4%
Net margin, average	−2.4%	−4.5%	−2.3%
Asset turnover, average	–	0.41	0.44
Cash conversion cycle, days, average	–	−36	−47
Debt to equity, average	–	0.32	0.32

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	70	102	99
Cash from investing	458	205	−106
Cash from financing	−534	−295	15
Capital spending	147	96	31
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	16,285	10,173	3,682
Borrowings repaid	16,360	10,206	3,594

Accounting checks

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

Check	Mar 2017	Mar 2018	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	5	4	5	9	5
Altman Z-scorePublished threshold 1.1	–	–	3.72	2.49	2.12	3.29	1.81	2.35	3.11	2.86
Beneish M-scorePublished threshold −1.78	–	–	–	−2.88	−3.05	−2.40	−2.40	−2.54	−2.54	−2.62
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−17.24	−4.79	0.01	−10.62	−4.35	−5.28	−1.07
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.48	13.26	−29.69	13.71	7.45	0.29	−2.87
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.50	54.41	−48.46	−46.92	31.11	−15.43	−17.61
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.47	1.06	2.57	−0.73	1.17	4.76	−1.46
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.42	0.22	0.22	0.39	0.24	0.15	0.05
Effective tax ratePublished threshold 17.16 per cent	21.81	19.36	–	–	–	−51.84	–	–	8.03	−24.10
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−71.50	–	–	−14.18	−65.97

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
5 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		500
5 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Negative	100
31 Oct 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		400
24 Sep 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	WDReview, Other		38.70

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