H T Media Ltd Management Discussions

Global Economy

The global economy remained resilient in calendar year (CY) 2025, holding steady despite intensifying geopolitical tensions, rising trade fragmentation, and underlying financial vulnerabilities. The year began on a cautious note, marked by the United States? imposition of tariffs on imports from key trading partners. The much-anticipated reciprocal tariffs announced in the first half of the year initially raised concerns around slower global growth and elevated inflation; however, these pressures proved largely transient in the near term.

Several factors underpinned this resilience. Bilateral trade agreements between the United States and select trading partner countries helped soften the effective tariff impact, while businesses and households adjusted through supply chain realignments and change in purchasing patterns. At the same time, easing inflation across major economies provided room for more supportive monetary conditions. Notably, strong momentum in technology particularly accelerated investment in artificial intelligence emerged as a key driver of productivity and demand. Recent geopolitical tensions in the Middle East have renewed concerns over the security of the Strait of Hormuz, one of the worlds most critical energy transit routes. This has significantly increased volatility across the global commodity market.

Global GDP (Gross Domestic Product) growth for CY 2025 is estimated at 3.5%, largely unchanged over the past two years and expected to slow down to 3.0% in CY 2026E. In contrast to earlier trends, growth in emerging markets and developing economies has been stable. Meanwhile, global headline inflation declined to 4.1% in CY 2025, down from 5.8% in CY 2024 primarily driven by the impact of tighter monetary policies. Inflation rates have stabilised in the range of 2.5% in advanced economies, while they have moderated in emerging market and developing economies to 5.2% in CY 2025 from 8.0% in CY 2024.

Source: World Economic Outlook Report, July 2026

Outlook

Global economic uncertainty remains elevated, driven by intensifying geopolitical fragmentation and inconsistent policy direction. The rapid realignment of global alliances, reconfiguration of supply chains, and emergence of disruptive technologies have collectively reshaped the economic landscape.

Looking ahead, global GDP is projected to moderate to 3.0% in CY 2026E, from 3.5% in CY 2025 reflecting a gradual slowdown in economic activity. Meanwhile, global headline inflation is expected to remain contained at around 4.7% in CY 2026E, following a decline to 4.1% in CY 2025 from 5.8% in CY 2024, supported by the delayed effects of monetary tightening and easing of supply side pressures.

Growth prospects are expected to vary across regions. Advanced economies are projected to expand by 1.7% in CY 2026E, broadly stable compared with 1.9% in CY 2025. Within this group, the United States is expected to grow by 2.3% in CY 2026E, slight improvement from 2.1% in CY 2025. Emerging market and developing economies are also expected to experience a slight slowdown, with growth easing to 3.8% in CY 2026E from 4.5% in CY 2025. Chinas growth is projected to moderate to 4.6% in CY 2026E from 5.0% in CY 2025.

Inflation trends are expected to continue improving across both advanced and emerging economies. Inflation in advanced economies has stabilised at around 2.5%, while inflation in emerging market and developing economies has moderated to 5.2% in CY 2025 from 8.0% previously. Over the medium term, continued policy normalisation and easing price pressures are expected to support a more stable macroeconomic environment across regions.

While the global outlook remains stable, risks are tilted to the downside, including potential corrections from overestimated AI (artificial intelligence) driven productivity, rising trade and geopolitical tensions, and pressure from high fiscal deficits amidst event driven volatile financial markets. However, stronger AI adoption and easing trade tensions could provide upside to growth. In this environment, policymakers must focus on restoring fiscal buffers, maintaining stability, reducing uncertainty, and advancing structural reforms to support sustainable medium-term growth.

Source: World Economic Outlook Report, July 2026

Real GDP Growth & Projections (in %)

Indian Economy

Against a backdrop of uncertain global economic conditions, the Indian economy held up in FY 2025-26. With GDP 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 India?s Real GDP Growth (in %)

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 economy?s 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 CY 2025, India?s 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 segment. Print media companies were able to partially offset these headwinds by capitalizing on the growing events economy which contributed incremental revenue opportunities. In addition, the year saw increased innovation in premium advertising formats, particularly targeted at affluent urban audiences as Print publishers sought to enhance value propositions and attract higher-yield advertisers.

Radio segment underperformed this year, weighed down by subdued advertiser sentiment and continued pressure on advertising rates. As a result, growth remained muted across the segment. Non-Free Commercial Time (non-FCT) revenues now contribute approximately 25% of total segment revenues, reflecting a gradual diversification of income streams beyond traditional advertising. Looking ahead, Radio continues to face growth uncertainty, driven by profitability challenges and shifting audience tastes.

This year further reinforced the Digital inflection point, building on last year?s 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. Among traditional media, smaller segments such as Out-ofHome (OOH) and Cinemas emerged as relative bright spots helping sustain growth within the category. Overall, the M&E sector remained upbeat, delivering growth that outpaced India?s 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

Outlook

Going forward, the Indian M&E sector is projected to grow at a moderate rate of 2.8% reaching INR 2.86 trillion. This slowdown is primarily driven by moderation of Digital media and Live Events growth, regulatory restrictions, and the continued sluggish performance of Print and Radio segments. Despite these challenges, advertising is expected to remain the key growth driver for the industry. The coming year is also set to witness significant innovation driven by AI, which is likely to reshape the sector in transformative ways.

The outlook for Print and Radio is defined by a strategic shift toward niche audiences and diversified income streams. While Print advertising revenues are projected to increase at a CAGR of approximately 2% till CY 2028E due to the mediums continued effectiveness in reaching affluent consumers, circulation revenues face a gradual decline. Similarly, Radio advertisement revenues are expected to contract by 2% CAGR till CY 2028E as FM receivers become even less common in cars and phones.

However, the industry is poised to offset these losses through a robust 14% growth in alternate revenues which includes content production, agency services, and influencer marketing, signalling a transition from traditional broadcasting to a more multifaceted media model. The coming year is expected to mark a shift in the Indian M&E landscape, with greater emphasis on the value of events as a core growth and engagement driver. At the same time, accelerated adoption of AI will enhance both content creation and operational efficiency, driving greater refinement across industry processes. Digital advertising is set to remain the primary growth engine, as both large enterprises and SMEs increasingly invest in high-attribution formats.

Source: EY FICCI M&E Report, 2026

Print

Print segment exhibited a subdued performance this year compared to the previous year, with overall revenue standing at INR 259 billion. Advertising revenue registered modest growth of 2% in CY 2025 to reach INR 179 billion, reflecting cautious but steady spending by advertisers. However, this uptick was largely offset by a 1% decline in circulation revenue in CY 2025, which settled at INR 80 billion, indicating continued softness in reader volumes. Despite these headwinds, Print remains a resilient and trusted medium. It continues to hold strong appeal among affluent and discerning audiences who place a premium on credibility, depth, and authenticity reinforcing its enduring value in an increasingly fragmented media landscape.

For the second consecutive year, the segment has seen a decline in circulation revenues, pointing to a deeper structural challenge rather than a temporary dip. In CY 2025, circulation fell by 1%, driven by shifting consumer preferences, growing Digital consumption, and increased competitive pressures. Publishers remain divided on raising cover prices, while some view it as necessary to offset declining revenues and rising costs, others worry it could further reduce readership and accelerate volume decline. As a result, many are turning toward strategic bundling; combining Print with Digital access, premium content, or added incentives to improve circulation segment wide.

Advertising revenues served as the primary growth anchor for the segment this year. Print continued to command a strong share of mature and affluent decision-makers, reinforcing its position as a preferred channel for brands targeting premium audiences rather than mass reach. English titles and dailies saw a 2% increase in ad volume share, while other language segments remained largely stable. Hindi continued to be a key contributor, accounting for 37% of total advertising volumes. Additionally, Events emerged as an important growth lever, contributing approximately 4% - 6% to overall segment revenues.

In the coming year, the segment is forecast to expand by 2% in CY 2026E and is expected to sustain a modest CAGR of around 1% through CY 2028E. Key growth drivers for the segment include increase in central government advertisement rates, the growing adoption of AI-driven creative solutions, and a continued rise in event-based revenues, all of which are expected to provide incremental support to overall performance.

Going forward, the Print segment is expected to increasingly adopt lightweight and domestically sourced newsprint to optimize costs, enhance supply chain resilience, and improve sustainability. Newsprint prices witnessed an upward trend in the near term, driven by raw material cost pressures, global supply dynamics, logistics costs, and demand-supply imbalances. The factors may have a trickling effect over the next couple of quarters and costs thus will remain an issue.

Source: EY FICCI M&E Report, 2026

Print Advertising

Advertising continued to dominate the revenue mix, contributing 69% to total Print revenues i.e. unchanged from the previous year. Advertising revenues recovered to 87% of pre-pandemic levels, signalling a continued, albeit gradual, normalization of the Print advertising market. In CY 2025, India?s advertising revenues recorded a modest yet steady growth of 2%, reaching INR 179 billion. This expansion was driven primarily by a 2% increase in advertisement insertion volumes, even as advertising rates remained largely stable, indicating sustained demand and improved activity levels across the segment. Advertiser participation also edged higher, with the total number of advertisers nearing 1,50,000 compared to nearly 1,40,000 last year reflecting a gradual broadening of the advertiser base.

Hindi publications remained the largest contributors to newspaper advertisement volumes, accounting for 37% of total advertisement volumes, driven by their extensive reach across Tier II and Tier III markets and strong appeal among mass-market advertisers. English-language newspapers followed with a 30% share, marking a notable increase over the previous year, reflecting renewed interest from premium, urban-focused advertisers and stronger traction in metro markets. Meanwhile, other regional language publications continued to perform well, supported by their deep local connect, growing readership in non-metro regions, and increasing advertiser confidence in their ability to deliver targeted and effective communication.

Top five sectors in CY 2025 were Auto, Services, Education, Banking & Finance, and Retail. Together, these sectors increased their share of total Print advertising volumes to 65%, up from 63% in CY 2024. This growth underscores the continued trust key industries place in Print as an effective medium to reach high-value, decision-making audiences.

Events also emerged as a high-growth segment within Print during the year, with publishers significantly expanding their on-ground operations and reporting strong revenue traction alongside traditional Print advertising.

In the medium term, advertising is expected to grow by over 3% in CY 2026E reaching INR 185 billion and growing then on at a CAGR of 2% through CY 2028E.This growth will be driven by improved access to increasingly hard-to-reach affluent audiences and a shift toward premium inventory formats that support stronger monetization. Advertisers are likely to prioritize high-impact formats such as larger ad units, jackets, and contextual placements, helping drive yield improvements even as overall volume growth remains moderate. Additionally, an approx. 26% increase in central government advertising rates towards the end of CY 2025 has provided a long-overdue pricing reset, offering further support to revenue stability.

Source: EY FICCI M&E Report, 2026

Print Advertising Revenue (inr bn)

Print Circulation

In CY 2025, circulation revenues declined by 1% to INR 80 billion, extending a steady downward trend observed over the past two years. This softness is largely attributed to shifting consumer preferences alongside persistent structural and distribution challenges within the segment. Although most publishers were able to maintain cover prices during the year, readership pressures continued to weigh on overall circulation performance.

To counter these headwinds, the Print segment is exploring a range of measures to sustain and strengthen doorstep newspaper delivery. These include streamlining agent-led distribution, enhancing remuneration structures, introducing performance-linked incentives, and adapting operating models to better reflect gig-economy dynamics. Certain states have also taken steps to promote newspaper reading by integrating it into school curriculum. However, despite these interventions, circulation revenues are expected to continue their gradual decline to INR 79 billion in the coming year and then at a 2% CAGR till CY 2028E, as copy volumes steadily moderate over time.

Source: EY FICCI M&E Report, 2026

Radio

CY 2025 proved to be a challenging year for Radio, marked by a 7% decline in segment revenue to INR 23 billion. Although advertisement volumes registered a modest 2% increase this year, this growth was primarily concentrated in Tier II and Tier III markets and lacked momentum in larger urban centres. The uptick in volumes was insufficient to offset the sharp 9% decline in advertising yields, reflecting continued pricing pressure and a cautious spending approach by advertisers. Despite some pockets of resilience in regional markets, the segment?s overall recovery remains incomplete, with revenues still at only 74% of pre-pandemic levels, underscoring the slow and uneven pace of revival.

Advertiser sentiment remained subdued throughout the year, with limited recovery in discretionary advertisement spends. As a legacy medium, Radio continues to be tepid amid rapid Digital adoption, including the shift toward online audio, streaming platforms, and targeted Digital advertising. These challenges have intensified profitability concerns, leading to the shutdown of certain stations. FM Radio auctions also saw muted interest wherein almost all licenses were pertaining to smaller cities.

Non-FCT streams accounted for roughly 25% of total revenues for Radio companies. In response to changing market dynamics, stations are diversifying beyond traditional broadcasting by offering podcasts, social media solutions, content creation, influencer-led campaigns, and integrated media and creative services tailored for SMEs, along with on-ground activations. Many Radio companies have also expanded into the Events space, including music concerts.

Segment revenues are expected to diversify further in the coming year, as underlying structural challenges remain unresolved. Overall revenue is likely to stay flat at around INR 23 billion in CY 2026E, with a potential decline to INR 22 billion by CY 2028E. In contrast, non-FCT revenues are projected to expand at a strong pace, growing at a CAGR of approx. 14% through CY 2028E, driven by increased adoption of integrated Events and Digital-led offerings.

Source: EY FICCI M&E Report, 2026

Indian Recruitment Market

The defining theme of FY 2025-26 was the pivot from volume- driven to precision hiring, as organisations increasingly prioritised capability and long-term fit over headcount alone. Demand for roles centred on artificial intelligence, cloud computing, data engineering, and cybersecurity grew sharply year-on-year, particularly across major technology hubs, reflecting the accelerating pace of enterprise digitalisation. However, this surge in demand has also exposed a widening skills gap with a significant proportion of employers reported difficulty filling specialist roles, reinforcing the urgent need for structured skilling, reskilling, and upskilling initiatives across the workforce. Digital recruitment platforms have emerged as a natural response to this challenge, increasingly offering integrated learning and assessment ecosystems that allow candidates to build in-demand competencies while simultaneously signalling their readiness to prospective employers by effectively bridging the gap between talent supply and evolving market demand. Indias growing GCC (Global Capability Centre) ecosystem further amplified these requirements, as multinational organisations deepened their India footprints, raising both the volume and sophistication of talent needs.

Sectoral diversification and workforce flexibility emerged as additional hallmarks of the FY 2025-26 landscape. Healthcare, pharmaceuticals, manufacturing, and retail maintained robust hiring momentum, supported by infrastructure investment, service expansion, and domestic consumption growth. Leadership hiring also strengthened considerably, as companies sought experienced professionals capable of steering complex digital transformation agendas. The flexi staffing and gig economy segments expanded steadily, with online platforms proving especially effective in mobilising this distributed, on-demand workforce efficiently and transparently. As AI reshapes job roles at an unprecedented pace, the imperative for continuous skill development has never been more pronounced and forwardlooking recruitment platforms, by converging hiring with learning, are uniquely positioned to support both individuals and enterprises in navigating this transformation.

Overall, Indias labour market remained broadly resilient, with the Labour Force Participation Rate (LFPR) increasing marginally to 54.4% in June 2026 from 54.2% a year earlier. The improvement was underpinned by stronger rural labour force participation, with the rural LFPR rising to 56.6% from 56.1%, reflecting sustained workforce engagement in rural areas. Urban LFPR moderated slightly from 50.4% to 50.1%, indicating a degree of softness in urban labour market participation. In the near term, this suggests a stable labour market, supported by continued strength in rural participation despite modest moderation in urban areas.

Addressing workforce readiness requires a more strategic approach to capability building and talent development. Closer alignment between career platforms and professional learning providers can accelerate this transformation by ensuring that emerging talent is equipped with marketrelevant expertise and clear employment pathways. Such collaboration can help India nurture a dynamic talent pool that drives innovation, supports economic growth, and promotes broad-based participation in the future of work.

Source: Basis Periodic Labour Force Survey, June 2026

Group Company Overview

Group: HTMedia Limited (HTML) Consolidated Company: HT Media Limited (HTML) Standalone

This year saw Hindustan Times, the Company?s flagship newspaper - Voice of the Nation, since 1924 - step firmly into its second century, underscoring a 100-year legacy that anchors its position as a cornerstone of the media and entertainment industry. Built on decades of credibility and influence, the Group has continually evolved to stay relevant in a rapidly changing landscape. Leveraging its rich heritage, it has successfully expanded and diversified its footprint across a robust portfolio spanning Print, Radio, and Digital platforms. This evolution reflects not only its ability to adapt to shifting consumer preferences but also its commitment to innovation, ensuring it remains at the forefront of content creation and distribution in an increasingly dynamic and competitive market.

In the Print segment, the Group stands at the forefront with its flagship titles that include the iconic English daily Hindustan Times, the widely read Hindi daily Hindustan, and the respected business publication Mint. Together, these newspapers continue to serve as reliable sources of news and analysis for millions nationwide, reinforcing the Group?s strong legacy of editorial excellence.

The Group?s Radio division features a dynamic portfolio of well-loved stations, including brands such as Fever FM, Punjabi Fever, and Radio Nasha. Each brand commands a loyal listener base, delivering engaging, locally relevant programming that reflects the diversity and cultural richness of audiences across India.

The Company has strategically strengthened and refined its Digital portfolio, expanding its presence in high-growth areas such as online recruitment and upskilling. Through Shine, the Company plays a pivotal role in connecting talent with opportunities at scale, enabling job seekers and employers to engage more efficiently in an increasingly digital ecosystem.

As HT Media Limited embarks on its next hundred years of product & service offerings, it aims to stay focused on honouring its legacy while adapting to new technologies and shifting market dynamics. By combining its strong heritage with forward-looking innovation, it will continue to deliver impactful and relevant experiences for audiences and stakeholders alike.

Key Product Portfolio (Group Level)

Print

Hindustan Times

Hindustan Times has built a formidable legacy in India?s Print segment being one of the leading English dailies and has earning trust and credibility over more than a century of consistent publishing. Known for its wide-ranging and relevant coverage, the newspaper delivers content across national and international news, business, sports, entertainment, technology, and lifestyle. This breadth ensures it remains a comprehensive and reliable source of information for a diverse and evolving readership.

A defining strength of Hindustan Times lies in its unwavering commitment to journalistic integrity. The publication is recognized for presenting balanced, well-researched perspectives and fostering informed public discourse. Its ability to offer honest opinions while reporting events with fairness and without bias reinforces its editorial ethos, making it a trusted voice for millions of readers across the Country.

At the same time, Hindustan Times continues to innovate within the Print medium, particularly in how it engages audiences and advertisers. By experimenting with creative formats, compelling layouts, and impactful storytelling, the publication consistently reimagines the Print experience. This focus on innovation, combined with its strong editorial foundation, enables Hindustan Times to stay relevant and influential in a rapidly changing media landscape.

Hindustan

Hindustan has firmly established its dominance in India?s Hindi-language Print media landscape, emerging as a powerful voice across the Hindi-speaking belt. Deeply rooted in the cultural ethos of the country, the publication reflects the values, aspirations, and nuances of its readership, effectively connecting diverse regions through a shared linguistic and cultural identity. Its editorial approach seamlessly blends national perspectives with hyperlocal relevance, ensuring readers stay informed on issues that matter both broadly and within their immediate communities.

Beyond being a trusted source of news, Hindustan distinguishes itself by expanding into niche yet impactful content areas such as career development, education, agriculture, and lifestyle.

This diversified coverage enables the publication to serve as more than just a newspaper and thereby it becomes a daily guide that supports readers in their personal and professional journeys. By addressing practical, real-world concerns alongside current affairs, it strengthens its relevance across different demographic segments, from students and professionals to rural communities.

Hindustan?s strength lies in its deep grassroots connect and commitment to credible, socially responsible journalism. Its “local yet global” perspective resonates strongly with readers, as it captures the pulse of regional India while situating it within a broader national and international context. This ability to build meaningful connections has not only earned reader loyalty but also made it a preferred platform for advertisers seeking authentic engagement with Hindispeaking audiences across the country.

Mint

Mint, approaching two decades since its launch, continues to stand as one of India?s most authoritative voices in business journalism. Renowned for its sharp and insightful reporting, Mint has consistently delivered high-quality coverage of financial markets, economic policy, and corporate developments. Its strength lies in combining analytical depth with clear storytelling, enabling a wide spectrum of readers from investors and entrepreneurs to policymakers and young professionals to engage meaningfully with complex economic narratives.

Over the years, Mint has expanded both the depth and scope of its coverage, offering nuanced perspectives on equities, banking, startups, technology, global economics, and policy shifts shaping India?s growth story. Its editorial philosophy remains anchored in accuracy, clarity, and balance, while increasingly embracing data-driven journalism and expert- led analysis. This evolution ensures that readers not only stay informed but also gain actionable insights to navigate a rapidly changing economic and business environment.

What continues to set Mint apart is its unwavering commitment to editorial independence and informed discourse. In an era of information overload, it has strengthened its position as a trusted, credible, and forward-looking platform that champions transparency and accountability. By fostering intelligent debate and delivering context-rich reporting, Mint remains an indispensable resource for India?s business community and a benchmark for modern financial journalism.

Radio

Fever FM

Fever FM continues its evolution as a next-generation audio entertainment brand positioned at the intersection of culture, trends, and youth-driven content. Moving beyond a purely Bollywood-centric identity, the brand has embraced a broader, internet-first, and culturally agile approach that reflects the changing preferences of modern listeners. It is increasingly positioning itself as a voice of “new India,” where music, stories, and digital culture converge.

A major part of this transformation is the diversification of its music and content formats. Fever now includes indie music, easy listening tracks, and viral hits alongside mainstream offerings, making its programming more trend-responsive and dynamic. The brand has also strengthened its experiential ecosystem through marquee IPs (intellectual properties) and large-scale music concerts featuring renowned artists. Regional engagement has also deepened, with niche branded stations like Punjabi Fever.

Fever FM has officially launched its station in Moradabad in the current year, marking a significant milestone as the city?s first-ever private FM radio station goes live. The launch strengthens the network?s footprint in Uttar Pradesh.

Strategically, Fever targets the urban progressive, digitally native audience, leveraging its strong legacy in Radio while evolving into a multi-platform entertainment brand. Its key strengths lie in trend-first programming, digital integration, and the ability to scale experiences across cities. With proven IPs, a loyal listener base, and agility across both metro and key Tier II/Tier III markets, Fever FM is no longer just a radio station it is an experience-driven platform built for today?s fast-evolving, digital-first India.

Radio Nasha

Radio Nasha is an evergreen retro radio station brand that has built a distinctive identity in the market and enjoys high engagement. It stands out for its strong ability to connect with audiences through nostalgia-driven content, bringing back the charm of classic music, films, and cultural moments. The brand has positioned itself as a go-to destination for listeners who enjoy reliving timeless entertainment while still engaging with a modern and vibrant media experience.

Beyond regular programming, Radio Nasha has built a strong ecosystem through on-ground IPs which deepen its audience connect through real-world experiences. In the digital media space, the brand has also gained significant traction by creating relatable and nostalgic memes that resonate strongly with audiences on social media and video platforms. This combination of experiential activations and digital storytelling has led to consistently high engagement and a loyal, growing community around the brand.

Podcasts

HT Smartcast is the vibrant, energetic yet deeply credible audio arm. Positioned as a one-stop destination for all things audio, HT Smartcast brings together an expansive mix of content from news and markets to sports, fashion, stories, and nostalgia. Each podcast is thoughtfully crafted to keep listeners informed, entertained, and connected, ensuring they never miss out on the moments and ideas shaping the world around them.

Driven by a mission to create impactful stories & content through immersive audio, HT Smartcast aims to inspire and mobilize a new generation of diverse voices toward a more inclusive and vibrant society. With a vision to become among the fastest-growing PGC (professionally generated content) first, global podcast curator, it delivers content that is holistic, trustworthy, and designed for modern lifestyles. Hosted by some of the Country?s leading journalists and RJs (radio jockeys), every show balances credibility with creativity, offering vivid storytelling that sparks imagination. Whether you?re seeking deep insights or quick updates on the go, HT Smartcast ensures a seamless and bite-sized listening experience.

Digital

Shine

Shine stands among India?s leading online job portals, focused on effectively connecting job seekers with employers across a wide spectrum of industries and roles. More than just a job listing platform, it offers a well-rounded ecosystem of services, including resume building, career guidance, skill assessments, and personalized job search tools, enabling candidates to navigate their career paths with confidence.

For employers, Shine streamlines the hiring process through advanced technology that supports quick job postings, efficient candidate screening, and seamless applicant tracking. This integrated approach helps organizations identify and engage the right talent faster. By catering to the needs of both recruiters and job seekers, Shine delivers a smooth, efficient, and end-to-end hiring experience. The portal features a vast and constantly updated range of job opportunities, attracting a highly engaged community of job seekers and generating a substantial volume of applications every day. Recruiters benefit from access to an extensive and diverse talent pool, enabling them to connect with qualified candidates across industries and experience levels.

Shine is now powered by an upgraded, AI driven search engine that significantly enhances the talent discovery process, enabling recruiters to find the right candidates with greater speed and precision. In addition, Shine offers recruitment outsourcing solutions for organizations looking to streamline hiring by providing access to a dedicated team of professionals who manage the initial screening and shortlisting of candidates, ensuring only the most relevant profiles move forward.

Another dedicated offering, Shine Learning offers professional courses and career skill development, built to help the workforce stay relevant in an evolving job market. With a strong focus on upskilling, it leverages advanced algorithms to identify emerging skill trends and deliver personalized course recommendations based on a user?s resume and application history. The platform curates high- quality, unbiased courses from leading global providers, ensuring learners have access to the most relevant and in demand knowledge. Designed in alignment with current hiring trends, these certifications are widely recognized and offer flexible learning options, enabling professionals to seamlessly balance work and education while gaining a competitive edge in their careers.

Note: As part of the ongoing optimization of our overall business portfolio, the Group has surrendered non-viable licenses across six private FM radio frequencies, thereby rationalizing its network footprint and enhancing operational efficiency and profitability. Additionally, the Group has also discontinued its OTT play business in line with strategic focus on driving sustainable and profitable growth.

Financial Overview (Consolidated)

Revenue from Operations

Revenue from continuing operations increased by 3.3% to INR 1,803 crore in FY 2025-26, as compared to INR 1,746 crore in FY 2024-25.

Profitability

Earnings before Interest, Taxes and Depreciation (EBITDA) margin for continuing operations increased to 15.1% in FY 2025-26 from 14.0% in FY 2024-25 primarily due to reduction in operating costs. Subsequently, Profit after Tax (PAT) margin on continuing operations dropped to 2.0% in FY 2025-26 from 5.1% in FY 2024-25. Return on Net worth dropped to 0.7% in FY 2025-26 from 4.0% in FY 2024-25 owing to decline in PAT level profitability from continuing operations for the fiscal year under review.

Earnings per Share

Earnings per Share (EPS) from continuing operations for FY 2025-26 stood at INR 0.5 as compared to INR 2.8 in the prior fiscal on account of decreased profitability for the year.

Debtors Turnover Ratio

Debtor Turnover Ratio increased to 4.5 times in FY 2025-26 from 4.4 times in FY 2024-25, owing to slight increase in accounts receivable and a relatively higher rise in operating revenue in during the fiscal fiscal.

Inventory Turnover Ratio

Inventory Turnover Ratio improved to 3.8 times in FY 2025-26 from 2.8 times in FY 2024-25 due to faster decline in inventory relative to rise in associated cost.

Interest Coverage Ratio

Interest Coverage Ratio improved to 3.4 times in FY 2025-26 from 2.6 times in FY 2024-25, mainly due to better EBIT level profitability from continuing operations and lower finance cost for the fiscal.

Current Ratio

Current Ratio decreased to 1.1 times in FY 2025-26 from 1.2 times in FY 2024-25, owing to increase in current liabilities i.e. primarily borrowings during the fiscal year under consideration.

Debt Equity Ratio

Debt Equity Ratio remained largely unchanged at 0.3 times in FY 2025-26 as was in FY 2024-25, owing to relatively minor changes in debt and in equity for the year.

Debt Service Coverage Ratio

Debt Service Coverage Ratio remained at 0.3 times in FY 2025-26 as was in FY 2024-25, owing to an uptick in EBIT level profitability from continuing operations and commensurate rise in current borrowings.

Trade Payables Turnover Ratio

Trade Payables Turnover Ratio increased to 4.4 times in FY 2025-26 from 4.2 times in FY 2024-25, mainly due to decline in average trade payables while associated costs remained largely unchanged when compared to prior fiscal.

Net Capital Turnover Ratio

Net Capital Turnover Ratio increased to 8.8 times in FY 2025-26 from 6.0 times in FY 2024-25 primarily on account of increase in operating revenue and reduced working capital for the fiscal year under review.

Bad Debts to Account Receivable Ratio

Bad Debts to Account Receivable Ratio was at 3.1% in FY 2025-26 versus 1.6% in FY 2024-25 on the back of an increase in bad debts for the fiscal year under review.

Long-term Debt to Working Capital Ratio

Long-term Debt to Working Capital Ratio improved to

0.1 times in FY 2025-26 from 0.3 times last year owing to reduction in long-term borrowings and working capital in the concluded year.

Editorial Highlights

Hindustan Times (HT) entered its second century with a sharper focus on excellence, grounded in reportage that is factual, nuanced, and unwaveringly credible. This commitment was tested in a year defined by an unprecedented density of news, from terror attacks and military escalations to aviation disasters and global geopolitical shifts. Through it all, the newsroom remained a steady and reliable source of accurate, explanatory journalism, helping readers navigate complex developments with clarity. A defining moment was the coverage of the Pahalgam terror attack, where empathetic storytelling was paired with in-depth analysis of its human and diplomatic implications.

The intensity of coverage continued during Operation Sindoor, where Hindustan Times set new benchmarks in speed, depth, and accuracy. The team produced a special multi-page edition and sustained high-quality journalism on all reporting days of the event. Detailed infographics, exclusive insights into diplomatic exchanges, and a steadfast commitment to verification distinguished its coverage, especially at a time when misinformation was widespread. This ability to combine urgency with credibility reinforced its position as a trusted news source.

Hindustan Times also demonstrated exceptional depth in its reporting on the Air India Flight 171 crash, blending technical expertise with sensitivity. Its coverage included exclusive breakthroughs, granular visual explainers, and comprehensive analyses that helped readers understand one of India?s most complex aviation disasters. On the domestic front, its Delhi reporting continued to drive impact uncovering critical civic issues, prompting institutional responses, and maintaining a strong focus on accountability and public interest journalism.

Beyond crises, the newsroom brought the same energy to global developments and moments of national pride. Complex topics like shifting global trade policies were distilled into accessible insights, while major sporting victories were celebrated through rich, immersive coverage. Across every story whether urgent or uplifting Hindustan Times remained guided by its enduring principle: “First Voice, Last Word,” reaffirming its role as a definitive and trusted voice in modern journalism.

Key Editorial Initiatives

HT - Driving Impact Through Civic Reporting Hindustan Times sharpened its focus on the civic realities that shape everyday life particularly in Delhi, Gurugram and Mumbai bringing sustained attention to issues such as pollution, sanitation, traffic congestion and urban infrastructure that often escape the national spotlight.

In Delhi, the Metro bureau undertook a series of public- interest investigations, conducting AQI spot checks inside hospitals and schools and testing water samples from various locations across the city. Some samples tested positive for E. coli and faecal coliform contamination, underscoring serious public health concerns.

In Mumbai, a three-part series on the condition of BMC- run schools prompted the civic body to reverse its policy of long-distance student transfers and commit to providing transport support where required. HT?s coverage of the Mumbai local train accident in which five commuters died after falling from overcrowded coaches also contributed to the railways announcing automatic closing doors for non-AC Mumbai local trains.

In Gurugram, HT launched a monthly RWA (Resident Welfare Association) Forum that brought together more than 15 resident welfare associations in structured dialogue with senior administrators and cabinet ministers, creating a platform for sustained civic engagement. Separately, an HT investigation into illegal stone-smuggling tracks cutting through the Aravallis prompted coordinated action by the police and forest department, including the deployment of drones and the digging of trenches to permanently block the routes.

Visual-First Storytelling on Big News Days

With major events unfolding in increasingly rapid succession, the newsroom refined its big-news-day playbook, placing greater emphasis on deeply reported explainers, data-led analysis and visual journalism. We produced graphics-driven packages on the Pahalgam terror attack and Operation Sindoor; the Air India 171 crash, including follow-up coverage when the preliminary investigation report was released; Donald Trump?s escalating tariff war; the Red Fort car blast; and the Iran war, helping readers navigate fast-moving and complex developments with clarity and context.

Our election coverage, including extensive reporting on the Special Intensive Revision of electoral rolls, was anchored in granular district and constituency level analysis. This approach not only strengthened the depth and credibility of our political reporting, but also helped shape the broader analytical agenda of election coverage nationally.

Mint - Turning Complex Business News into Clear Insights

This year, Mint strengthened its editorial initiatives by staying consistently ahead of the curve, producing a strong lineup of stories driven by multi-team collaborations. These efforts focused not just on reporting events, but on clearly explaining their second and third order effects for readers. Mint also continued to enhance content quality of news and insights. Several of Mint?s exclusive reports on companies, policy shifts, and business leaders were subsequently validated and widely followed up by peer publications, reinforcing its track record of agenda-setting journalism. In line with its established editorial strength, many of Mint?s pre-Budget exclusives in proved accurate. The brand also continues to enjoy a strong and ardent readership, reflecting sustained trust and engagement.

HT@100 - Felicitation by PM Narendra Modi

In its centenary year, Hindustan Times opened a window in its pages for readers through the HT@100 - My Country, My Lens photography campaign, inviting Indians to share images of the Country as they saw it. The response was overwhelming, with thousands of submissions capturing landscapes, rituals, working lives, and everyday street moments from across India. From these, the top 100 images were curated and published one per day in the newspaper for almost 4 months, creating a daily centenary thread that ran alongside the news. The 12 most evocative entries were further showcased in a special edition of HT Wknd, the Sunday supplement. The campaign culminated at the Hindustan Times Leadership Summit, where Prime Minister Narendra Modi felicitated the winners. Beyond the scale of participation, the initiative reflected a deeper intent carried into HT?s second century which was to keep the relationship with readers truly two- directional and to make the print page a space where the Country can also see itself.

Circulation

The Company continued to refine its circulation strategy with a clear focus on protecting and expanding market share across key markets led by continued strength in its Delhi market. With line-copy sales facing broad-based pressure, greater emphasis was placed on strengthening subscription- led growth through sharper customer engagement and retention initiatives.

During the year, subscription campaigns were reinvigorated through the return of targeted incentive programmes aimed at both attracting new readers and reconnecting with lapsed subscribers. Retention remained a central priority, supported by a more data-driven and personalised outreach strategy. Investments in the customer relationship management (CRM) system, along with the introduction of additional renewal channels, significantly improved the ease and convenience of subscription renewals for readers.

The Company also expanded partnerships with third-party community and housing management platforms to widen reach and drive line-copy sales, reflecting an agile and innovative approach to circulation expansion.

Even as Print circulation operates in an environment shaped by the immediacy and accessibility of Digital news, these shifts are also creating new opportunities for subscription- led engagement, particularly in the English-language market. Changing consumption habits among younger, digitally native audiences are accelerating the transition from a traditional pull-based circulation model to a more responsive, push- based ecosystem in which content is delivered directly and seamlessly to subscribers. By aligning its circulation strategy with evolving reader behaviour and technology-driven consumption patterns, the Company is positioning itself to remain relevant, accessible and competitive in a rapidly transforming media landscape.

Operations

The Company continued to strengthen its operational infrastructure across multiple locations in India through a combination of self-managed and franchisee-operated printing facilities supporting flagship publications. During the year, the Company accelerated investments in technological modernisation to address equipment obsolescence and improve production reliability and efficiency.

Key initiatives included the installation of advanced computer-to-plate (CTP) systems and extensive upgrades to our printing presses across major centres. Automation was further enhanced through the deployment of strapping machines and improved air-drying systems, helping streamline production workflows, reduce turnaround times and maintain consistently high printing quality.

Operational efficiency and prudent resource management remained central priorities. The operations team undertook a series of technical interventions aimed at reducing energy consumption and optimising costs without compromising production standards.

In parallel, the Company achieved meaningful savings through optimisation of web width and calibrated use of different grades of newsprint across editions. These refinements in printing specifications and machine operations reflected a disciplined approach to managing input costs while sustaining large-scale distribution across multiple states through a mix of owned and outsourced printing networks.

The Company continued to combine operational innovation with environmental responsibility. During the year, the operations team successfully executed a range of specialised advertising formats and advanced printing solutions such as lenticular transitions, photochromic and hydro chromic inks, and multi-flap masthead-integration for its marquee clients.

At the same time, the Company advanced its sustainability agenda through a series of green initiatives. These included increased use of solar energy, implementation of waste- to-compost systems and efforts to reduce raw water consumption across facilities. Large-scale tree plantation drives using specialised cultivation techniques further reflected the Company?s long-term commitment to balancing operational growth with environmental stewardship.

Procurement

During the concluded fiscal, the Company remained focused on ensuring cost competitiveness, supply continuity and operational efficiency in a dynamic market environment. The softening of newsprint prices during a significant part of the year provided opportunities to optimize sourcing strategies. Through a balanced procurement approach and proactive supplier engagement, the Company was able to strengthen its purchasing position and secure favourable commercial arrangements while maintaining a reliable supply base.

The Company continued to diversify its sourcing network and maintain strong relationships with both domestic and international suppliers. A strategic mix of suppliers helped mitigate supply-side risks and enhance procurement flexibility. For critical materials and categories with limited sourcing options, appropriate inventory management practices were maintained to ensure uninterrupted operations and safeguard against market volatility and supply disruptions.

Looking ahead, the procurement environment is expected to remain challenging due to ongoing geopolitical uncertainties and their potential impact on input costs and global supply chains. In response, the Company has continued to broaden its vendor base and identify new sourcing opportunities aimed at enhancing competitiveness, improving supply resilience and supporting long-term cost optimization. These initiatives are expected to strengthen the procurement functions ability to navigate market fluctuations while supporting business objectives.

Human Resource

The Company is focused on driving strategic people initiatives across talent acquisition, employee engagement, learning and development, performance management, health and safety, and employee wellness. The Company strongly believes that its employees are its most valuable asset and that a motivated, inclusive, and future-ready workforce is essential

to sustaining long-term growth and maintaining editorial and operational excellence.

During FY 2025-26, the Company further strengthened the employee engagement framework through a series of thoughtfully curated initiatives focused on employee wellness, cultural celebrations, leadership connect programs, and diversity & inclusion. These initiatives were designed to foster collaboration, enhance employee well-being, strengthen organizational culture, and create a more engaging and future-ready workplace. Through sustained focus on peoplecentric practices, the Company continued to nurture a high- performance environment while reinforcing its commitment to inclusivity, continuous learning, and holistic employee development. As of 31^st March, 2026, the Company employed 1,503 individuals, reflecting its continued commitment to building and sustaining a strong, diverse, and capable workforce that drives innovation, operational excellence, and long-term organizational success.

This year skill development remained at the core of the Company?s people and growth agenda. Recognizing the rapid transformation driven by emerging technologies and the growing impact of AI across industries, HT Media curated and deployed focused learning resources on AI awareness, usage, and adoption across functions. These initiatives were aimed at enhancing digital fluency, encouraging practical application of AI tools, and strengthening future-ready capabilities across the workforce. To further reinforce learning outcomes and promote active participation, the Company also introduced engaging mini-challenges and interactive learning activities that enabled employees to test, apply, and build their proficiency in evolving technologies. In addition, the Company launched an organization-wide strategic initiative that encouraged employees to identify HT Media?s core strengths, assess emerging opportunities, and ideate actionable solutions to address potential business challenges. The initiative provided employees with a meaningful platform to directly contribute to the Company?s long-term strategic vision and five-year growth roadmap. By fostering innovation, cross-functional collaboration, and out- of-the-box thinking, the program enabled the development of sustainable business and functional ideas aligned with HT Media?s future growth aspirations.

Employees also continued to actively pursue self-directed learning through e-learning platforms during the year. The platforms offered access to an extensive library of learning resources covering professional development, technical and digital skills, leadership capabilities, communication, and functional competencies, thereby supporting continuous learning and career development across all levels of the organization.

Safety of Women at Workplace

In line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013, HT Media Limited 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, the Company 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, one complaint was received and it was dealt with adequately by the Company. This outcome underscores the effectiveness of the Company?s 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 includes a shift in consumer & advertiser preferences toward Digital media, dynamic geopolitical scenarios leading to newsprint cost & supply chain challenges, rapid adoption of GenAI (generative artificial intelligence) while managing cyber security & data privacy requirements and changing regulatory requirements in evolving landscape.

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 competition and minimise exposure to risk, the Company is implementing several initiatives such as offering integrated campaigns by combining the reach of Print and Radio business by leveraging Group capabilities and innovative offerings like podcasts to expand its digital & social media presence. Further, the Company is targeting to maintain the circulation copies, achieving strong market shares and calibrated pricing actions to improve yields while focusing on acquiring new- age clients through our value-added propositions like HT AdVentures. To safeguard against newsprint cost and supply chain volatility, the Company has taken various actions such as sourcing from diverse geographies, making opportunistic procurement decisions, usage of appropriate paper mix and ensuring optimum inventory holding levels to optimise both costs and working capital. Additionally, to ensure the publication remains competitive and well-positioned in the market, regular benchmarking against peers is performed on various parameters. The Company is implementing an AI-enhanced security framework and enterprise-wide GenAI reskilling via appropriate new platforms to further strengthen its cyber security governance and to ensure data sovereignty, a comprehensive DPDP (Digital Personal Data Protection) compliance framework is being implemented across all business units. 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 Company?s 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 Group level central 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

As HT Media Limited?s offerings enter the next century, the Group is focused on reshaping its portfolio to remain relevant in an increasingly dynamic and fragmented media landscape. Building on a legacy of trust, editorial credibility, and audience engagement, the Group is sharpening its strategic priorities with a clear emphasis on sustainable growth, operational discipline, and long-term value creation.

Print business remains anchored in the enduring strength of flagship brands and their deep consumer connect. The Group continues to invest in innovation-led advertising solutions, circulation enhancement initiatives, and reader engagement efforts to reinforce the medium?s relevance in a changing consumption environment. At the same time, emerging opportunities from government-led educational reforms and initiatives encouraging newspaper reading among students could help foster future readership habits while reaffirming the importance of credible journalism.

Within the Radio business, the strategic focus is shifting towards expanding non-FCT revenue streams by leveraging the growing events and experiential economy. The Group will continue to strengthen high-potential stations, deepen local audience relevance, and optimise its network footprint through the rationalisation of persistently underperforming operations. This calibrated approach is expected to enhance efficiency while creating a more resilient and diversified revenue profile.

Across Digital platforms, the Group is pursuing a sharper and more disciplined portfolio strategy, prioritising businesses with clearer pathways to scale, differentiation, and profitability. As part of this strategic realignment, the decision to discontinue OTTplay reflects a pragmatic reassessment of the economics of operating in an increasingly crowded and capital-intensive streaming ecosystem. Going forward, the Group will concentrate resources on digital offerings that are better aligned with evolving consumer behaviour, stronger monetisation potential, and long-term strategic relevance.

As it embarks on this new phase of growth, HT Media Limited remains committed to balancing legacy with transformation thereby preserving the trust and influence built over decades while adapting decisively to the opportunities and challenges of a rapidly evolving media environment.