Digicontent Ltd Management Discussions

Indian Economy

Against a backdrop of uncertain global economic conditions, the Indian economy held up in FY 2025-26. With GDP (Gross Domestic Product) growth estimated at 7.7%, India remains a growing economy, supported by domestic demand and capital formation. Stable inflation through the year supported real purchasing power, which, combined with near steady employment conditions and tax rationalisation measures, aided consumption with investment activity also remaining healthy. While tariff-related disruptions posed challenges to goods exports, the services sector continued to anchor overall growth momentum for most part of the fiscal year.

Inflation dynamics during the fiscal year remained favourable, with headline inflation easing to 2.1%, primarily due to lower prices of primary edibles, supported by favourable agricultural conditions, supply-side interventions, and a strong base effect. Although core inflation showed some persistence, this was largely driven by increases in precious metal prices. Excluding these, underlying inflationary pressures appeared significantly softer, indicating demand-side growth. Even with controlled inflation, the broader global geopolitical tensions in the Strait of Hormuz heightened concerns for India due to its heavy dependence on imported crude oil. Consequently, crude oil prices uptick put pressure on petrol, diesel and gas prices, posing risks to household spending and business profitability.

FY 2025-26 was also a dynamic year for financial markets. Amid shifting trade policies and heightened uncertainty, Indian equity markets displayed measured performance. Market sentiment was impacted by United States tariff measures, weaker-than-expected corporate earnings in the early part of the year, and foreign capital outflows. However, these pressures were mitigated by supportive policy actions, including personal income tax cuts, GST (Goods and Services Tax) reforms, monetary policy easing, and moderating inflation. Improved corporate earnings in the latter half of the year further contributed to stabilizing market performance.

Overall, the Indian economy in FY 2025-26 has exhibited a balance between growth and macroeconomic stability. Supported by domestic demand, moderate inflation, and policy measures, the outlook remains cautiously constructive.

Source: Basis RBI Annual Report, 2026 & Indian Economic Survey, 2026

Indias Real GDP Growth (in %)

Source: Quarterly GDP Growth Rates, MoSPI

Outlook

For India, prevailing global conditions are likely to manifest as external uncertainties rather than immediate macroeconomic stress. Slower growth in key trading partners, tariff-related disruptions, and volatility in capital flows may intermittently weigh on exports and investor sentiment. However, trade negotiations with the United States could help ease some of this uncertainty. While these risks remain manageable, they underscore the need to maintain adequate macroeconomic buffers and policy credibility.

Against this backdrop, the domestic economy remains on a relatively stable footing. Inflation has moderated to historically low levels, although some firming may happen going forward. Balance sheets across households, corporates, and banks have strengthened, while continued public investment is supporting economic activity. Consumption demand appears steady, and early signs of recovery in private investment are visible. Together, these factors provide a cushion against external shocks and help sustain growth.

The cumulative impact of structural reforms in recent years appears to have supported the economys medium-term growth potential. With domestic demand acting as the primary growth driver and macroeconomic stability anchored, the balance of risks to growth remains roughly even. Taking these factors into account, real GDP growth for FY 2026-27E is projected in the range of 6.6% with headline inflation estimated at 5.1% and core inflation at 4.7%.

Rising uncertainty in global trade, along with the imposition of steep tariffs, placed pressure on manufacturers particularly export-oriented sectors and weighed on business sentiment. Thereby, FY 2026-27E is likely to be a transition phase, with firms and households adjusting to these changes while domestic demand and investment gradually continue to strengthen. Nevertheless, the external environment remains uncertain and continues to influence the overall economic outlook.

Source: Basis RBI Annual Report, 2026 & Indian Economic Survey, 2026

Indian Media and Entertainment Industry

In (calendar year) CY 2025, Indias Media & Entertainment (M&E) sector demonstrated strong momentum, reaching INR 2.78 trillion, an increase of 9.1% over the previous year. This growth was primarily driven by a surge in the event-led economy and a notable uptick in advertising revenues. Advertising grew robustly at 13.5% with the Digital segment contributing 63% of this expansion. In contrast, traditional mediums remained under pressure with most segments recording tepid growth rates.

Digital media continued to dominate the M&E landscape this year with both advertising and subscription revenue streams registering healthy growth, reinforcing its position as the primary driver of industry expansion. The Live Events space also witnessed a significant boost led by strong traction in ticketed entertainment and large-scale religious gatherings, which drove higher participation and spending.

Among traditional media, Out-of-Home (OOH) emerged as the strongest performer, demonstrating resilience and relative growth compared to other conventional segments. Print media remained relatively stable this year, demonstrating resilience despite ongoing structural challenges. Advertising revenues showed early signs of recovery compared to the previous year, although circulation pressures continued to persist across the industry. Radio segment underperformed this year, weighed down by subdued advertiser sentiment and continued pressure on ad rates.

This year further reinforced the Digital inflection point, building on last years milestone when Digital media first surpassed TV in share. The shift continued as advertising budgets were increasingly reallocated in line with evolving audience consumption patterns, favouring digital platforms. Overall, the M&E sector remained upbeat, delivering growth that outpaced Indias nominal GDP per capita, underscoring its resilience and ongoing transformation.

Source: EY FICCI M&E Report, 2026

M&E Industry Segment-wise Revenue and % Growth

Source: EY FICCI M&E Report, 2026

Indian M&E Industry Size (INR bn)

Source: EY FICCI M&E Report, 2026

Advertising Growth (% y-o-y)

Source: EY FICCI M&E Report, 2026

Digital Media

Indias Digital media segment continued its strong growth trajectory in CY 2025, expanding by 30.5% and becoming the first segment within the media and entertainment industry to surpass the INR 1 trillion revenue mark. The increasing adoption of Digital platforms across urban and rural markets, supported by affordable internet access and widespread smartphone penetration, has further strengthened the sectors position as a key driver of media consumption and advertising growth.

Content consumption trends continued to evolve, with regional languages gaining greater prominence. More than half of all content produced for Digital platforms during the year was created in regional languages, reflecting the growing demand for localized and culturally relevant content. Social media engagement also remained robust, with the user base reaching nearly 500 million and total time spent on social platforms increasing by 5% to 731 billion hours, highlighting the deep integration of Digital platforms into consumers daily lives.

Digital advertising remained a major growth engine, rising 26% to INR 947 billion in CY 2025. Advertisers increasingly shifted spending from traditional media to Digital channels, particularly across FMCG, travel, and pharmaceutical categories. While search and social media continued to account for the majority of Digital advertising revenues, e-commerce and point-of-sale platforms emerged as significant contributors, generating approximately 23% of total Digital advertising revenues and reflecting the growing convergence of commerce and media.

The subscription ecosystem also witnessed significant expansion, with Digital subscription revenues growing by 60% during the year. Video streaming remained the primary driver, supported by a growing base of paying households and OTT subscriptions.

However, the online news segment continued to face monetization challenges despite maintaining a meaningful audience reach. The segments stakeholders noted a modest decline in the reach of online news platforms during the year, citing the increasing use of AI (artificial intelligence) powered search summaries and emerging AI applications as factors influencing traffic patterns and content discovery.

Looking ahead, the outlook for Indias Digital media segment remains positive. The segment is projected to grow at a CAGR of 14% from CY 2025 to CY 2028E, reaching approximately INR 1.64 trillion. Growth is expected to be supported by continued expansion in Digital advertising, increasing subscription adoption, deeper regional language penetration, and the ongoing digital transformation of consumer and advertiser behaviour across the Country.

Digital Revenue (in INR bn)

Source: EY FICCI M&E Report, 2026

Digital Advertising

Digital advertising continued to be the fastest-growing segment of Indias media and entertainment industry in CY 2025, expanding by 26% to reach INR 947 billion. The growth was driven by advertisers increasingly reallocating budgets from traditional media to Digital platforms, attracted by superior audience targeting, measurable outcomes, and the rapid growth in digital consumption. Key sectors leading this shift included FMCG, pharmaceuticals, travel, government, and consumer durables, reflecting the broad-based adoption of Digital channels across industries.

Search and social media platforms remained the dominant beneficiaries of this transition, accounting for 64% of total Digital advertising revenues. Higher user engagement on social media platforms, improved monetization of niche audience segments, and increasing consumption of long-form video content through connected TV ecosystems supported growth across these channels. Digital platforms continued to offer advertisers scalable and data-driven solutions, enabling more efficient customer acquisition and brand-building initiatives.

Small and medium enterprises (SMEs) also emerged as a significant contributor to Digital advertising growth. Nearly one million SME and long-tail advertisers collectively spent around INR 363 billion on Digital media, primarily focusing on performance marketing and e-commerce advertising. The accessibility of self-serve advertising tools and advanced targeting capabilities has enabled smaller businesses to compete more effectively and reach consumers at scale, broadening the advertiser base and supporting sustained market expansion.

Programmatic advertising continued to gain momentum, accounting for 42% of Indias digital advertising expenditure in CY 2025 and growing by 19% over the previous year. Increased adoption of automated buying platforms, coupled with the expansion of self-service advertising solutions offered by e-commerce, social media, and retail media platforms, is expected to accelerate this trend. As automation increasingly handles media planning, buying, and campaign optimization, advertising agencies are expected to evolve toward higher-value services such as media-mix modelling, e-commerce advisory, data analytics, and creative strategy.

While Digital advertising remained resilient, certain segments faced headwinds. Growth in news (i.e. via app led OTTs) advertising was relatively modest at 13% as AI-powered search summaries and content discovery tools reduced traffic to traditional news websites, while content saturation and heightened competition constrained audience growth. These developments underscore the evolving nature of Digital advertising, where platform dynamics and technological innovation continue to reshape consumer behaviour and advertising effectiveness.

Source: EY FICCI M&E Report, 2026

Looking ahead, the outlook for Digital advertising remains highly positive. The market is projected to grow at a 14% CAGR to reach approximately INR 1,393 billion by CY 2028E. Continued growth in digital consumption, expanding e-commerce ecosystems, increasing adoption of programmatic technologies, and deeper penetration among SMEs are expected to sustain momentum. As advertisers seek greater accountability, precision targeting, and measurable returns on investment, Digital media is likely to further strengthen its position as the centrepiece of Indias advertising ecosystem.

Source: EY FICCI M&E Report, 2026

Digital Advertising Revenue (in INR bn)

Source: EY FICCI M&E Report, 2026

Digital Subscription

Digital subscription revenues recorded robust growth in CY 2025, increasing by 60% to reach INR 163 billion, reflecting consumers growing willingness to pay for premium digital content and experiences. The expansion was driven by a combination of differentiated content offerings, flexible pricing strategies, and the continued maturation of Indias Digital media ecosystem. Subscription-led business models are increasingly becoming an important revenue stream for digital platforms, complementing advertising-based monetization.

Video subscriptions remained the primary growth driver, with revenues rising 61% to INR 148 billion during the year. Demand was fuelled by the popularity of local-language programming, original content, and live sports, which continue to be among the strongest drivers of subscriber acquisition and retention. To balance subscription growth with monetization objectives, several platforms introduced premium ad-free tiers while incorporating limited advertising within existing paid plans. Additionally, regional-language subscription packages were launched to cater to price-sensitive audiences and deepen penetration across non-metro markets.

The audio subscription segment also delivered strong performance, growing 48% to reach INR 10 billion. Streaming platforms invested significantly in expanding their paid subscriber base through exclusive content, curated experiences, and enhanced user engagement initiatives. As competition within the audio ecosystem intensifies, platforms are increasingly focusing on differentiated offerings and personalized experiences to improve subscriber retention and lifetime value.

News & peripheral content subscriptions witnessed a 50% increase in revenues, reaching INR 5 billion in CY 2025. Growth was largely supported by premium content offerings, exclusive journalism, and specialized information products. However, the segment continues to face structural challenges in scaling its paid subscriber base. Despite healthy growth, subscription revenues remain relatively small compared to traditional Print subscription revenues, as consumers continue to have access to abundant free news content across Digital platforms. The emergence of AI-powered news summaries and content aggregation tools may further intensify the challenge of converting readers into paying subscribers.

In response, Digital news and magazine publishers are diversifying their distribution strategies and exploring new monetization avenues. Many publishers have expanded their presence onto e-commerce platforms, while corporate partnerships are becoming increasingly common. Through customized content solutions and exclusive online communities, publishers are seeking to strengthen audience engagement, build loyalty, and create additional value beyond traditional news consumption. There is also growing focus on niche content areas, including professional, financial, technical, and lifestyle-focused products that offer tangible value to users.

Looking ahead, Digital subscription revenues are projected to reach INR 248 billion by CY 2028, supported by continued growth across video, audio, and premium content offerings. Video subscriptions are expected to remain the largest contributor, while news subscriptions are likely to expand at a faster pace, albeit from a smaller base. The future growth of the subscription economy will depend on platforms ability to create differentiated and exclusive content, innovate with bundling strategies, and deliver compelling value propositions in an increasingly competitive Digital landscape. As consumers become more accustomed to paying for high-quality digital experiences, subscription-based models are expected to play an increasingly important role in shaping the future of Indias media and entertainment sector.

Source: EY FICCI M&E Report, 2026

Digital Subscription Revenue (in INR bn)

Source: EY FICCI M&E Report, 2026

Company Overview

Digicontent Limited (DCL) is a digital media and content solutions Company with a strong presence across news, information, and digital publishing platforms. Through its wholly owned subsidiary, HT Digital Streams Limited (HTDSL), the Company leverages its content creation, distribution, and monetization capabilities to serve audiences across multiple digital channels. Backed by established media brands and a growing digital ecosystem, DCL continues to strengthen its position in Indias rapidly evolving digital landscape.

The Company manages and monetizes digital content across a portfolio of leading news and information platforms, including Hindustan Times, Mint, and Live Hindustan. Its operations encompass content publishing, audience engagement, digital advertising, and platform management, enabling the Company to deliver relevant and timely content to millions of users across web and mobile interfaces. The continued growth of digital consumption and advertiser preference for online platforms provides a favourable environment for the Companys business model.

DCLs strategy is anchored in delivering high-quality journalism and differentiated content experiences while leveraging technology to enhance user engagement and operational efficiency. The Company continues to focus on strengthening its digital offerings, optimizing audience reach, and expanding monetization opportunities through advertising, subscriptions, and other emerging digital revenue streams.

Alongside its primary portfolio of English, Hindi and Business news websites, the Company is also able to capitalise on the niche interests of its audience base and cater vernacular content as well. Furthermore, through Mint Money, the Company extends the Mint franchise from financial journalism into financial decisionmaking, offering curated credit products & services within a single platform for its vast user base.

With increasing internet penetration, rising digital advertising spends, and the growing importance of trusted news and information platforms, DCL remains well positioned to benefit from long-term structural growth in Indias digital media market. Its strong brand portfolio, content capabilities, and focus on audience-centric innovation provide a solid foundation for future growth and value creation.

The digital media & publishing landscape, however, continues to see rapid technological change. Shifts in how audiences discover and consume content including the growing role of AI-driven search and content platforms are altering traffic patterns and distribution dynamics across the industry. The Company is actively working through these shifts, adapting its content, distribution, and monetization approach as the environment evolves. This is an ongoing process rather than a settled position, and outcomes will depend on how the broader technology and platform landscape develops over time.

Key Product Portfolio

Digital Content Business

Digicontent Limited has built a diversified digital publishing ecosystem designed to address the evolving information and content needs of audiences across India. Its portfolio includes some of the Countrys leading digital news destinations, namely HindustanTimes.com , livemint.com and livehindustan.com , each serving distinct audience segments through comprehensive coverage of news, business, politics, lifestyle, entertainment, current affairs, etc. Together, these platforms enable the Company to engage a large and varied user base across geographies and demographics.

Complementing its flagship news brands, DCL has developed a range of vertical-focused digital properties that cater to specialized interests and high-engagement consumer categories. Platforms such as HT Auto, HT Tech, Healthshots and Mint Money provide dedicated content across automobiles, technology, health & wellness, and financial market products. These focused offerings allow the Company to deepen audience engagement, strengthen user loyalty and create targeted opportunities beyond advertising for customers seeking specific consumer segments.

By delivering content in multiple Indian languages, DCL is able to connect with audiences across diverse cultural and linguistic backgrounds, extending its reach well beyond metropolitan centres. This strategy aligns with the increasing consumption of regional-language content and the growing importance of localized digital experiences.

DCLs content ecosystem is supported by a multi-platform distribution approach, enabling users to access content seamlessly across websites, mobile applications and other digital touchpoints. This enhances audience accessibility and engagement while allowing the Company to adapt to changing consumer preferences and content consumption patterns.

By combining established news brands, specialized content verticals and a strong regional-language presence, DCL has created a balanced and scalable digital portfolio. This diversified approach enables the Company to address a broad spectrum of audience interests while positioning it to capitalize on emerging opportunities within Indias expanding digital media landscape.

HindustanTimes.com

HindustanTimes.com continued to strengthen its standing as one of Indias leading digital news destinations, combining the trust and credibility of the Hindustan Times legacy with a dynamic, digital-first approach to journalism. Leveraging a strong editorial network across India and international markets, the platform delivers timely, accurate and comprehensive coverage across news, politics, business, sports, entertainment and lifestyle. Its commitment to credible reporting and responsible journalism continues to reinforce its position as a preferred source of news for millions of readers.

During the concluded fiscal, the platform sharpened its focus on audience-centric journalism, emphasizing speed, accuracy and depth of coverage in an increasingly competitive digital environment. Editorial teams prioritized real-time reporting of major developments while enhancing fact-checking and verification processes to maintain high standards of journalistic integrity. At the same time, efforts were directed towards strengthening direct relationships with readers and building loyal audiences across owned digital platforms.

The year also saw continued investment in content innovation and user experience. HindustanTimes.com expanded its use of multimedia storytelling formats, including videos, explainers, visual narratives and interactive features, enabling audiences to engage with content in more immersive ways. The platform also enhanced its mobile experience, ensuring seamless content discovery and improved accessibility across devices.

Audience growth and engagement remained key priorities throughout the year. Strategic initiatives aimed at increasing app adoption and encouraging repeat usage delivered positive results, supported by ongoing enhancements to product functionality and user interface design. Interactive content formats and personalized content experiences helped drive deeper engagement and strengthen reader retention.

Looking ahead, HindustanTimes.com remains focused on expanding its digital footprint through high-quality journalism, technology-led innovation and deeper audience engagement. By combining editorial excellence with evolving consumer preferences, the platform is well positioned to capitalize on the continued growth of digital news consumption while further strengthening its leadership in Indias digital media landscape.

Ranked No.3 English news site (*based on Mar 26 page views as per ComScore)

In the concluded year, livehindustan.com further enhanced its digital-first strategy by prioritizing comprehensive coverage of major events and issues that matter most to its readers. The platforms election coverage stood out for its depth and granularity, offering not only real-time updates but also constituency-level insights, historical context and data-led analysis. This approach enabled audiences to engage with news beyond headlines, resulting in stronger user engagement and increased time spent on the platform.

A key differentiator for livehindustan.com remains its strong regional and hyperlocal content network across major Hindustan speaking states. By delivering localized news, community developments and region-specific stories, the platform caters to the growing demand for content that is closely aligned with readers daily lives and interests. This deep local connect allows livehindustan.com to serve audiences that are often underserved by national media while strengthening user loyalty and engagement.

The platform also expanded its content portfolio during the year, introducing new formats and categories including explainers, fact-checks and utility-focused content. These initiatives helped improve discoverability, enhance search performance and address evolving audience preferences for informative and actionable content. Interactive multimedia formats, visual storytelling and product enhancements further enriched the user experience and supported deeper audience engagement across digital touchpoints.

livehindustan.com delivered strong performance during several high-impact events, including board examination results, elections and major sporting tournaments. Board results coverage generated significant traffic and engagement, while integrated monetization opportunities contributed to business growth.

Coverage of elections and sporting events combined live reporting with data-driven storytelling and interactive features, enabling the platform to engage audiences at scale and reinforce its reputation as a trusted destination for Hindi news and information.

Going forward, livehindustan.com remains focused on strengthening its leadership in the Hindi digital news market through a combination of high-quality journalism, hyperlocal relevance and continuous product innovation. As digital consumption in regional languages continues to expand, the platform is well positioned to capitalize on emerging opportunities and deepen its connection with audiences across Indias Hindi heartland.

Ranked No.3 Hindi news site (*based on Mar 26 page views as per ComScore)

livemint.com

livemint.com continues to stand as one of Indias foremost business and market news platforms, offering insightful analyses and information. Established nearly two decades ago, the brand has grown to provide comprehensive coverage through its presence across print, web, app, podcast, video and newsletter formats. livemint.com ranks among Indias top business news websites in terms of audience engagement. The dedicated online editorial team ensures real-time content generation, along with evolving coverage on all aspects of business. Users are offered an immersive media experience that resonates with the national and global zeitgeist.

livemint.com continued to strengthen its position as one of Indias most trusted and influential business and financial news platforms, serving a discerning audience of professionals,

investors, policymakers and decision-makers. Combining rigorous journalism with deep domain expertise, the platform provides comprehensive coverage across markets, economy, policy, technology, personal finance and global affairs. Its focus on insightful, analytical and forward-looking reporting has enabled it to build a strong reputation among readers seeking clarity in an increasingly complex economic environment.

During the period under review, livemint.com sharpened its editorial strategy around subscriber growth, reader retention and habit formation. The platform placed greater emphasis on decision-oriented journalism, delivering actionable insights across markets, policy developments and personal finance. Alongside its real-time coverage of breaking developments, it expanded its portfolio of explainers, analysis pieces and evergreen content designed to provide lasting value and encourage deeper engagement among readers.

The platform continued to leverage its strong digital newsroom and editorial capabilities to deliver timely coverage of trending topics and emerging developments. A data-driven content approach enables it to respond quickly to evolving reader interests while maintaining the depth and credibility associated with its brand. The year also saw an expansion of international coverage, particularly focused on developments in the United States and global markets, reflecting the increasing interconnectedness of business, finance and policy landscapes.

livemint.com further enhanced the user experience through a combination of personalization features, interactive market-focused tools and innovative content formats. Customized content recommendations, data-rich widgets and real-time market information helped improve user engagement and content discovery. At the same time, the platform continued to invest in immersive storytelling through long-form articles, videos, podcasts and newsletters, enabling readers to consume content in formats best suited to their preferences.

Throughout the year, livemint.com delivered extensive multi-format coverage of key events including the Union budget, elections, major policy announcements and significant global developments. By combining live updates, expert analysis, explanatory journalism and in-depth reporting, the platform provided readers with a comprehensive understanding of complex issues while reinforcing trust and engagement across its digital properties.

Looking ahead, livemint.com remains focused on strengthening its premium editorial proposition and deepening relationships with its subscriber base. Through a continued emphasis on high-quality journalism, differentiated insights, product innovation and audience-centric experiences, the platform is well positioned to capitalize on the growing demand for trusted business and financial information in Indias evolving digital media landscape.

healthshots.com

healthshots.com is a digital-first health and wellness platform designed for Indias women, serving as a trusted companion in their journey towards healthier and happier lives. The platform delivers accessible, expert-backed content across fitness, nutrition, mental well-being, preventive healthcare, beauty, and lifestyle, helping women make informed decisions for themselves and their families.

The platform offers a safe and inclusive space where women can seek guidance on sensitive health concerns without judgement, while benefiting from credible information curated in consultation with medical professionals, nutritionists, and fitness experts. Its focus on practical, actionable advice ensures that wellness is presented as an achievable everyday goal rather than a one-size-fits-all aspiration.

HT Tech

HT Tech is a technology-focused digital platform that keeps readers informed about the latest developments across the rapidly evolving world of technology. Covering everything from consumer gadgets and smartphones to artificial intelligence, cybersecurity, startups, and emerging innovations, the platform aims to deliver timely, relevant, and insightful technology journalism for a digitally engaged audience.

With a strong emphasis on expert reviews and in-depth analysis, HT Tech helps readers navigate an increasingly complex technology landscape. Its comprehensive coverage combines product evaluations, industry trends, explainers, and opinion-led content, enabling users to make informed decisions about the technologies that shape their daily lives.

HT Tech has positioned itself as a trusted destination for technology enthusiasts, consumers, and professionals seeking reliable updates and meaningful perspectives on the innovations transforming the global digital ecosystem.

HT Auto

HT Auto is a dedicated automotive platform that delivers comprehensive coverage of the Indian and global mobility ecosystem. Catering to automobile enthusiasts, industry professionals, and everyday consumers alike, the platform provides timely updates on passenger vehicles, two-wheelers, electric mobility, commercial vehicles, and emerging transportation technologies.

HT Auto offers readers a well-rounded perspective on the rapidly evolving automotive landscape. Its coverage spans vehicle launches, industry developments, market trends, policy updates, ownership experiences, and detailed reviews, helping audiences stay informed about the factors shaping the future of mobility.

With a focus on credibility, depth, and accessibility, HT Auto serves as a trusted source for automotive insights and decision-making. Whether tracking the latest innovations in electric vehicles, exploring buying options, or following developments across the broader transportation sector, readers rely on HT Auto for relevant information and informed perspectives that keep them ahead of the curve.

Mint Money

Through its Mint Money proposition, the Company is anchoring the space of markets, financial products and financial information for its loyal user base, extending the Mint franchise from financial journalism into financial decision-making. Built on the trust the brand has earned with Indias readers, the platform brings together curated credit products like personal loans, disbursed through a network of RBI-registered lending partners, and a comparison-led credit card discovery platform, alongside complimentary credit score access powered by leading credit bureaus and a suite of planning and eligibility tools. In doing so, Mint Money completes a natural journey for the consumer life from understanding a financial choice, to evaluating it, to acting on it, all within a single, secure environment. The platform today continues to broaden its offering into adjacent categories, in line with our ambition to build an enduring, full-spectrum destination for the everyday financial needs of the Indian household.

Digital Subscription Business

Digital subscriptions remain a key growth pillar for the Company, with a unified subscription platform spanning across HindustanTimes.com , livehindustan.com and livemint.com . Subscribers benefit from an ad-free experience, exclusive long-form journalism, data-driven explainers, e-papers, curated newsletters, and premium content offerings. The Company has enhanced conversion through streamlined onboarding journeys, including in-line paywalls, frictionless checkout experiences, and expanding B2B subscription platforms, while leveraging customer data platforms (CDPs), personalized nudges, and in-app discovery features to drive engagement and retention.

The strength of the Companys integrated newsroom enables the delivery of both timely daily coverage and in-depth thematic analysis. This editorial capability is complemented by sophisticated funnel optimization and premium content bundles with leading global publications. Sophisticated content formats and product features support higher engagement and reinforces the Companys position among Indias leading paid news destinations and one of the top news publishers by paid subscriber base.

During the year, the Company introduced several subscriber-focused innovations, including My Mint personalization, Gift a Subscription, Gift an Article, and Shorts on App. Supported by a cohort-based acquisition strategy, stable revenue per user and a strong B2B pipeline, the digital subscription business remains well-positioned to exceed planned growth targets while maintaining healthy renewal and retention rates.

Editorial Highlights

hindustantimes.com

During the year, Hindustantimes.com reinforced its position as a leading digital news destination through a digital-first editorial strategy focused on breaking news leadership, rigorous verification standards, and high-quality journalism. The platform strengthened direct audience relationships through initiatives aimed at reducing platform dependency, while continuing to invest in long-form journalism, structured coverage formats, and product-led enhancements that improved user experience and content discoverability.

The year was marked by extensive coverage of several significant national and global developments, including Operation Sindoor, the US-Iran conflict, the Bihar Assembly Elections, Union Budget 2026, the Air India plane crash, and the Charlie Kirk killing. Coverage combined real-time updates, live blogs, explainers, multimedia storytelling, and in-depth analysis, enabling readers to access timely, accurate, and contextual information. Sensitive and high-impact events were reported with a strong emphasis on responsible journalism, factual accuracy, and editorial depth.

Video-driven storytelling is emerging as a key growth area for hindustantimes.com , as demonstrated by exclusive reporting of big events like Air India plane crash that combined on-ground video footage with strong verification to break high-impact stories ahead of peers and achieve global reach. Building on this traction, hindustantimes.com is expanding its focus on vertical video production across the newsroom, scaling up successful page-to-screen formats, and increasing the frequency and scope of interactive explainers on the Hindustan Times app to meet growing demand for immersive, mobile-first news experiences. The platform also expanded its multi-format content strategy, driving strong growth in video consumption and live blog engagement, particularly during major news events. Long-form and explanatory content contributed to higher user engagement and time spent, while structured content clusters improved discoverability and session depth. Complementing these editorial efforts, audience-focused initiatives such as the revamped app experience, interactive weekly quizzes, and digital content optimization supported user acquisition, retention, and engagement, further strengthening hindustantimes.com s digital reach and readership.

livehindustan.com

livehindustan.com continued to build on its strong presence in the Hindi digital news ecosystem by deepening its focus on high-impact, audience-centric journalism tailored to the needs of readers across the Hindi-speaking belt. The platform enhanced its coverage of key public-interest events through a combination of real-time reporting, constituency-level insights, historical context, and data-backed storytelling. Simultaneously, it expanded into high-engagement content categories such as explainers, fact-checks, utility services, and lifestyle-led information formats, improving both audience relevance and search visibility.

The year witnessed strong editorial performance across several marquee events, including board examination results, state elections, and major sporting tournaments. Board results coverage emerged as a significant traffic and engagement driver, attracting millions of students and families through timely updates, result trackers, and utility-led content. Election and sports coverage combined live updates with regional insights and analytical storytelling, enabling livehindustan.com to connect deeply with audiences while reinforcing its leadership in Hindi digital news consumption.

livehindustan.com demonstrated strong editorial leadership by delivering comprehensive coverage of Operation Sindoor within hours of the incident across e-paper, app and social media platforms. The initiative strengthened peer positioning with Hindustan carrying exclusives that garnered multiple

impressions on the app and website. Additionally, enhanced visual presentation, dedicated campaign pages and integrated print-digital storytelling formats were introduced across election coverage, civic campaigns and educational initiatives.

livehindustan.com continued to diversify its storytelling formats to meet evolving user preferences. Interactive content such as quizzes, polls, explainers, and personalized offerings enhanced audience participation and repeat engagement, while AI-powered innovations, including customized horoscope experiences, opened new avenues for user interaction. Supported by integrated newsroom collaboration and app-focused engagement initiatives, the platform recorded strong growth in user activity, session depth, and content consumption, further strengthening its reach and influence across digital platforms.

livemint.com

During the fiscal year, Mint sharpened its editorial focus on delivering high-value, decision-oriented journalism designed to inform readers navigating an increasingly complex economic, business, and policy environment. The newsroom prioritized insightful coverage across markets, corporate developments, public policy, technology, and personal finance, while significantly expanding evergreen and explainer-led content to drive consistent engagement and support subscriber retention. The publication also strengthened its international perspective through enhanced coverage of key global developments, further reinforcing its premium editorial positioning.

The year saw the successful expansion of several editorial initiatives and intellectual properties that deepened audience engagement and strengthened Mints distinct voice. Signature offerings such as Mint Horizons and All About AI provided readers with forward-looking insights into emerging trends and technologies, while Rolling with the Boss fostered deeper connections with business leaders, entrepreneurs, and affluent audiences. Mint Extraclass continued to create value through expert-led discussions and knowledge-sharing initiatives. Mint Money simplifies personal finance decisions by helping users identify the most suitable credit card options based on their needs and preferences. The platform also assists users in accessing and comparing personal loan offerings, enabling informed and convenient financial decision-making. Also introduced newsletters like Transformer and The Beat Report, and weekly online columns around technology and international affairs

livemint.com delivered comprehensive and multi-format coverage of major events including the Union Budget, elections, significant market developments, and global economic and geopolitical events. Coverage blended real-time updates, expert analysis, live blogs, and explanatory journalism, helping readers understand not only what happened but also its broader implications. Continued investments in video, explainers, and integrated storytelling formats supported habit-led consumption, increased engagement and time spent, while on-ground events and audience initiatives further strengthened Mints relationship with its growing subscriber base.

Marketing and Sales

DCLs marketing efforts remained focused on strengthening the distinct positioning of its flagship digital brands i.e. hindustantimes.com, livemint.com and livehindustan.com; while driving sustained growth across the user lifecycle. The Companys marketing strategy is centred on improving brand funnels from awareness and consideration to engagement and usage through a combination of high-quality editorial content, event-led coverage, audience engagement initiatives, and product innovations. A key strategic priority during the year was reducing reliance on search and discovery platforms by encouraging direct audience relationships and increasing repeat visits across owned digital properties.

The Company executed a series of targeted campaigns to strengthen key content categories, including cricket and elections, while amplifying coverage of major news events, promoting product features, and reinforcing brand leadership. Particular emphasis was placed on increasing app installs, daily active users (DAUs), user engagement, and branded search volumes across the Companys digital media news portfolio. Product-led initiatives and audience engagement programs contributed to stronger user retention and deeper engagement across platforms.

Also, the Company, continued to strengthen its direct sales capabilities, resulting in growth in direct advertising revenues and an increased contribution from direct-led sales to overall advertising income. Direct sales enabled the Company to monetize a significant share of its inventory at better CPMs (cost per mille), supported by enhanced client coverage, improved revenue per advertiser, and a refined pricing strategy. The Company expanded relationships with key advertisers and agency partners across both direct and programmatic channels, enabling it to outperform broader industry trends.

DCL also continued to invest in its advertising technology and audience capabilities. Its CDP was further enhanced to provide advertisers with cohort based advanced demographic and interest-based targeting solutions, improving campaign effectiveness and likely advertiser outcomes. In addition, the Company witnessed growth in branded content, events-led partnerships, and performance-driven businesses, including lead generation and affiliate marketing. Together, these initiatives strengthened DCLs diversified revenue streams and reinforced its position as a trusted media and marketing partner for brands.

Financial Overview (Consolidated)

Revenue from Operations

The Companys revenue from operations stood at INR 488.7 crore in FY 2025-26 posting a rise of 10.4% as compared to INR 442.9 crore in the prior fiscal.

Profitability

During the fiscal year under review, the Earnings before Interest, Tax and Depreciation (EBITDA) margin decreased to 8.2% as compared to 14.5% in FY 2024-25 on the back of rise in operating costs. On similar lines, the Profit after Tax (PAT) margin decreased to 0.2% in FY 2025-26 from 5.4% in FY 2024-25. Return on Net worth decreased to 2.2% for FY 2025-26 when compared to 88.9% in FY 2024-25, primarily due dip in profitability coupled with increase in equity position of the Company.

Earnings Per Share

Earnings per Share (EPS) for FY 2025-26 came in at INR 0.1 as compared to INR 4.2 in FY 2024-25 on the back of decline in profitability in the fiscal year under review.

Debtors Turnover Ratio

Debtors Turnover Ratio decreased slightly to 5.7 times in FY 2025-26 from 5.8 times in FY 2024-25 due to a relatively lower rise in operating revenue vis-à-vis average accounts receivables.

Inventory Turnover Ratio

Inventory Turnover Ratio could not be ascertained as the Company does not hold inventory.

Interest Coverage Ratio

Interest Coverage Ratio dropped to 2.8 times in FY 2025-26 from 3.2 times in FY 2024-25 on account of decrease in EBIT level profitability that was offset to an extent by decline in interest expense for the year.

Current Ratio

Current Ratio for FY 2025-26 stood at 1.5 times, unchanged from 1.5 times in FY 2024-25 due to commensurate increase each in current assets and current liabilities.

Debt Equity Ratio

Debt Equity Ratio improved to 0.9 times in FY 2025-26, from 1.6 times in the prior period due to increase in equity position along with reduction in debt levels during the year under review.

Debt Service Coverage Ratio

Debt Service Coverage Ratio further improved in FY 2025-26 to 6.6 times, because of reduction in associated interest cost on borrowings for the year, as compared to 5.1 times in prior fiscal period.

Return on Capital Employed

Return on Capital Employed dropped to 48% in FY 2025-26 as compared to 78% in prior year primarily due to reduced EBIT level profitability.

Human Resource

At DCL, people remain at the core of Companys growth strategy. The year saw continued focus on building a high-performance, future-ready, and inclusive workplace that enables employees to thrive while supporting the Companys digital transformation journey. Through a combination of employee engagement, capability development, recognition, and culture-building initiatives, DCL strengthened its position as an employer of choice in the digital media ecosystem.

Employee engagement remained a key priority during the year, with the Company executing a diverse calendar of more than 40 initiatives spanning cultural celebrations, wellness programmes, learning interventions, leadership interactions, and community-building activities across offline, hybrid, and digital formats. Signature events such as DigiStar, the Annual Cricket League, and Sports Month witnessed strong participation across functions, fostering collaboration, camaraderie, and organisational pride. The Company also placed significant emphasis on mental well-being, cultural inclusion, and employee-led initiatives, reinforcing its commitment to creating a workplace that balances performance with employee well-being.

DCLs employee retention strategy is anchored in a holistic approach that addresses both professional growth and personal aspirations. The Company offers competitive compensation and benefits, comprehensive health coverage, structured career development pathways, internal mobility opportunities, and a robust recognition framework. These initiatives are complemented by regular townhalls, leadership connect sessions, sports activities, and team engagement programmes that strengthen employee connection and belonging. Underpinning these efforts is a strong culture code that promotes shared values, inclusive behaviours, and alignment with the organisations long-term vision.

Building an AI-ready workforce emerged as a defining focus area as the Company delivered structured technical upskilling programmes across areas related to digital automation and engineering tools. Focused capability-building initiatives were also undertaken for product, content, and business teams in areas including SEO (search engine optimization), social media best practices, affiliate business models, programmatic monetisation, editorial excellence, among others.

To further strengthen learning outcomes, the Company collaborated with leading global technology partners to deliver specialised masterclasses and industry-led training programmes. Regular employee awareness sessions on policies, taxation, reimbursement processes, and attendance management also contributed to a more informed and seamless employee experience.

Looking ahead, DCLs people strategy will focus on deepening digital and AI capabilities, strengthening leadership development, and embedding a culture of continuous learning and high performance. The Company plans to expand its AI upskilling initiatives, introduce structured leadership development programmes, and enhance planning frameworks to build organisational resilience. Continued investments in employee well-being, diversity and inclusion, community-building initiatives, and recognition platforms will further reinforce an engaged and future-ready workforce. Through these initiatives, the Company aims to ensure that its talent strategy remains closely aligned with business objectives and continues to serve as a key driver of sustainable growth and competitive advantage. The employee strength of the Company, along with its subsidiary stood at 1,639 as on March 31(st) 2026.

Safety of Women at Workplace

In line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013, DCL has implemented a comprehensive Prevention of Sexual Harassment (POSH) policy. The Company is deeply committed to fostering a workplace that is not only safe but also inclusive, respectful, and supportive of the well-being of all employees, irrespective of gender. This policy is designed to ensure that every employee can work in an environment free from harassment, discrimination, or any form of inappropriate behaviour.

As part of its commitment to creating a respectful workplace, DCL provides regular training and awareness programs for all employees, emphasizing the importance of respect, dignity, and equal opportunities. The Company actively promotes a culture where everyone understands their rights and responsibilities under the POSH Act, creating an atmosphere of accountability and transparency. In addition, the company has established clear reporting mechanisms, including confidential channels, to ensure that employees can report any incidents of harassment without fear of retaliation.

In the fiscal year FY 2025-26, DCL received no complaints. This outcome underscores the effectiveness of the Companys policies and its unwavering commitment to maintaining a safe and supportive environment for all employees.

Risk Management

The Company has established a risk management framework to identify, manage and mitigate risks arising from external and internal factors. A risk identification exercise is carried out periodically to identify various financial, operational, sectoral, and cyber security related risks, which are evaluated for their likelihood and potential impact. A few risks and uncertainties that may affect the business include high dependence on digital platforms, increasing adoption of AI-enabled discovery & conversational tools, and the rapid growth of AI-driven content along with evolving copyright & governance frameworks. Additionally, the business faces challenges in managing cyber security and the handling of digital personal data, as well as rapid preference shifts in consumption patterns, content formats, and delivery mediums.

Potential risks are reviewed on an ongoing basis and mitigating controls are deliberated upon as an integral part of decision-making. To stay ahead of the peers and minimise exposure to risk, the Company is implementing several initiatives such as user traffic diversification via various as well as evolving its content for each audience and platform. Company has deployed strong editorial checks along with AI governance to ensure only verified, compliant, and high-quality content is published. Additionally, Company is collaborating with established institutional players to leverage enterprise-grade Generative AI infrastructure and augmenting content creation through in-house AI teams. Further to manage cybersecurity risks & ensuring compliance with DPDP (Digital Personal Data Protection) guidelines, Company has enabled multi-factor authentication and formalised its security

policies for EDR (Endpoint Detection and Response), CASB (Cloud Access Security Broker) and DLP (Data Leakage Protection). A 24/7 SOC (Security Operations Centre) team has been deployed to conduct regular vulnerability assessment and penetration testing for its critical application to proactively detect and mitigate risks. To assess & align with DPDP Act requirements, new internal teams have been created to ensure data privacy governance and its implementation. A structured compliance framework is in place to monitor regulatory changes and ensure timely implementation.

Internal Audit

The Company has an effective system of internal controls corresponding with its size, nature of business and complexity of operations. The internal controls mechanism comprises a well-defined organizational structure with clearly laid out authority and responsibility matrix and comprehensive policies, guidelines and procedures governing the operations of respective functions. These controls have been designed to safeguard the assets and interests of the Company and its stakeholders and also ensure compliance with Companys policies, procedures and applicable regulations. The Company has an established code of conduct (CoC) framework and whistle-blower mechanism, which is duly approved by the Board of Directors in compliance with the regulatory requirements. A designated CoC committee with cross-functional representation is in place tasked with monitoring and review of whistleblower complaints and ensuring proper & transparent complaint management and reporting, including reporting to the audit committee, wherever applicable.

The Company has a strong focus on technology and establishment of appropriate automated controls to further enhance the existing control framework. A robust ERP (Enterprise Resource Planning) system is used for accounting across functions. The internal control system is supplemented by an extensive program of operational and IT audits to evaluate the adherence to laid down processes and controls on a periodic basis. The in-house internal audit function supported by professional external audit firms conducts comprehensive risk focused audits and assesses the effectiveness of the internal control structure across functions on a regular basis. A revenue assurance function is also in place to further streamline and enhance the controls around revenue recognition across different revenue streams. In addition to internal audit activities, the Company has also developed an internal financial control framework to periodically review the effectiveness of controls laid down across all critical processes. The Company performs an extensive operating effectiveness testing of its IFC (Internal Financial Control) framework, including rationalization of existing controls in line with dynamic business practices. The Company also uses a workflow based online compliance management tool and has established a concurrent audit mechanism of the same to ensure effective compliance oversight. Further, the Company has an audit committee which meets periodically to review internal control systems, accounting processes, financial information, internal audit findings and other related areas including their adequacies.

Way Ahead

The Company remains focused on building a resilient and sustainable digital media business anchored in a scaled direct audience ecosystem, with app-led growth serving as a key strategic priority. DCL will continue to invest in high-quality, differentiated content across its brands while leveraging data analytics and artificial intelligence to deliver deeper personalization, enhance user engagement, and strengthen audience loyalty.

Going forward, the Company will pursue a balanced growth strategy by further diversifying and strengthening its revenue streams across advertising, subscriptions, and transactional businesses. This approach is expected to reduce dependence on any single source of revenue while creating multiple avenues for long-term value creation.

In an environment characterised by evolving consumer behaviour and platform volatility, including ongoing shifts in traffic and content discovery driven by changes in search and AI-led platforms, the Company remains focused on staying agile and responsive to emerging trends. As the digital ecosystem continues to evolve, the Company expects to continually refine its strategy, innovate across its products and offerings, and leverage technology to enhance audience engagement and create long-term value. By combining audience growth, product innovation, technology-driven capabilities, and disciplined execution, DCL aims to deliver sustainable, engagement-led growth and further strengthen its position in Indias Digital media landscape.