Hindustan Media Ventures 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

Al (artificial intelligence) driven productivity, rising trade and geopolitical tensions, and pressure from high fiscal deficits amidst event driven volatile financial markets. However, stronger Al 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

Source: World Economic Outlook Report, July 2026

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 ye. ir.

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. Conseguently, 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 eguity 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

Q1	Q2 Q3	Q4	Q1	Q2 Q3	Q4	Q1	Q2 Q3	Q4
	FY 2023-24			FY 2024-25			FY 2025-26

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.

Indian Media and Entertainment Industry

In 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.

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

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. 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.

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. Among traditional media, smaller segments such as Out-of-Home (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 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

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 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. 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.

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, 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 Revenue

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, Indias 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

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 declining then on at a 2% CAGR till CY 2028E, as copy volumes steadily moderate overtime.

Source: EY FICCI M&E Report, 2026

Company Overview

Hindustan Media Ventures Limited (HMVL) is one of Indias leading regional-medium media publishing companies, with a strong presence in the Hindi heartland through its flagship newspaper, Hindustan. With a legacy of credible journalism and deep engagement with local communities, Hindustan has established itself as one of the most trusted and widely read Hindi news brands across the northern India belt including regions like Uttar Pradesh, Bihar, Jharkhand, Uttarakhand, and Delhi NCR.

The Company plays an important role in informing and connecting millions of readers by delivering relevant, timely, and impactful news and content. Leveraging its strong regional footprint, editorial strength, and understanding of local audiences, HMVL continues to evolve in line with changing consumer preferences and media consumption patterns. The Company remains committed to responsible journalism, innovation, and creating value for its readers, advertisers, and stakeholders while strengthening its position in Indias dynamic media landscape.

Key Product Portfolio Print

Hindustan

Hindustan has firmly established its dominance in Indias 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.

Hindustans 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 Hindi-speaking audiences across the country.

Note: As port of the ongoing optimization of its business portfolio, the Company has discontinued the OTTplay business as the anticipated timeline for achieving sustainable long-term profitability did not align with the Companys strategic and financial performance criteria.

Financial Overview (Consolidated)

Revenue from Operations

Revenue from continuing operations increased by 9.9% in FY 2025-26 to reach INR 740 crore from INR 673 crore in the prior period.

Profitability

Companys Earnings before Interest, Tax and Depreciation (EBITDA) margin of continuing operations showed a marginal uptick reaching 24.5% in FY 2025-26, from 24.4% in FY 2024-25 primarily due to increase in revenue being offset by a near corresponding rise in operating costs this year. Consequently, Profit After Tax (PAT) margin of continuing operations decreased to 17.0% in FY 2025-26 from 20.3% in the prior fiscal. In line, Return on Networth came in at 8.6% in FY 2025-26 as compared to 10.2% in the previous year, due to decline in profitability from continuing operations for the fiscal year under consideration.

Earnings Per Share

Earnings per Share from continuing operations decreased to INR 19.1 in FY 2025 26 from INR 22.4 last fiscal year, on account of lower PAT level profitabilily.

Debtors Turnover Ratio

Debtors Turnover Ratio increased to 6.4 times in FY 2025-26 from 5.7 times in FY 2024 25, primarily due to marginal uptick in revenue coupled with a minor decline in average account receivables.

Inventory Turnover Ratio

Inventory Turnover Ratio improved to 6.8 times for FY 2025-26 from 5.1 times for FY 2024-25, on the back of decline in inventory relative to rise in associated cost during the fiscal ye. ir.

Editorial Highlights

The year was marked by a strong editorial performance for Hindustan as the publication reinforced its position of a leading Hindi news brand through impactful journalism, comprehensive coverage of national and regional developments, and a continued focus on issues that matter to local communities. The newsroom delivered timely, credible and in-depth reporting on major events, including elections, geopolitical developments and other significant public-interest issues, strengthening reader trust and engagement.

During the year, Hindustan undertook several high-impact editoria initiatives that resonated strongly with readers and stakeholders.

Key Editorial Initiatives Operation Sindoor Coverage

During the year, Hindustan demonstrated strong editorial agility and newsroom excellence through its extensive coverage of Operation Sindoor. The publication delivered comprehensive reporting ensuring readers received accurate and credible information, reinforcing Hindustans position as a trusted

Interest Coverage Ratio

Interest Coverage Ratio decreased to 24.2 times in FY 2025-26, from 26.8 times in FY 2024-25, mainly due to improved EBIT level profitability from continuing operations offset by a relatively larger increase in finance cost for the year under consideration.

Current Ratio

Current Ratio decreased to 1.5 times in FY 2025-26 from 1.7 times in FY 2024-25. This was primarily due to the rise in current liabilities base for the fiscal year under review.

Debt Equity Ratio

Debt Equity Ratio increased to 0.04 times in FY 2025-26 from 0.01 times in FY 2024-25, owing to an increase in debt component for the year.

Debt Service Coverage Ratio

Debt Service Coverage Ratio decreased to 2.6 times in FY 2025-26, from 10.8 times in FY 2024-25, due to higher debt and associated finance costs.

Net Capital Turnover Ratio

Net Capital Turnover Ratio improved to 1.7 times in FY 2025-26 from 1.2 times in FY 2024-25, driven by increase in operating revenue and reduced working capital due to higher current liabilities in the year.

Extensive coverage of Operation Sindoor, Himalaya Bachao Abhiyan, Aao Rajneeti Karein and the Bole City campaigns showcased the publications commitment to informed public discourse and citizen participation. These initiatives enhanced brand visibility, deepened community engagement and reinforced Hindustans relevance across its core markets.

By combining hyperlocal content with broader national perspectives, Hindustan strengthened its connection with audiences across the Hindi-speaking belt. These efforts not only improved readership engagement and market perception but also enhanced advertiser confidence, contributing to the overall growth and strengthening of the brand franchise. source of news during a significant national event. The coverage also strengthened Hindustans peer standing in key markets, with the publication carrying in-depth reports and analyses while several competing publications initially lacked comparable coverage.

Pahalgam Terror Attack Coverage

Hindustan delivered extensive and impactful coverage of the Pahalgam terror attack, bringing the tragedy and its aftermath to readers through compelling fronl page storytelling and in- depth reporting. The coverage highlighted the human cost of the incident, captured the national response, and provided timely updates on developments on the ground, reinforcing Hindustans commitment to responsible, empathetic, and public- interest journalism during critical national events.

Shor ka Sitam Campaign

Shor Ka Sitam campaign brought attention to the growing challenge of noise pollution during festive celebrations highlighting its adverse effects on public health, well-being, and urban living. Through impactful hyperlocal reporting and citizencentric storytelling, the campaign amplified community voices, raised awareness about responsible celebration practices, and encouraged meaningful dialogue on creating healthier and more livable urban environments.

Himalaya Bachao Abhiyaan

As part of its commitment to environmental awareness and public interest journalism, Hindustan undertook the Himalaya Bachao Abhiyaan, a large-scale campaign focused on promoting the conservation and sustainable development of the Himalayan region. The initiative covered all districts of Uttarakhand and sought to highlight environmental challenges, ecological vulnerabilities and the importance of preserving the fragile Himalayan ecosystem. The campaign actively engaged students, teachers, local communities and government stakeholders through sustained editorial coverage, awareness programmes and participative activities. By fostering dialogue on environmental responsibility and encouraging community involvement, the initiative reinforced Hindustans role as a catalyst for positive social change while strengthening its connect with readers across the region.

Circulation

The Company remained focused on maintaining and strengthening its circulation leadership across its core markets during the year. Leveraging its strong distribution network and deep understanding of reader preferences, Hindustan continued to reinforce its presence across the Hindi-speaking belt. A key driver of this strategy has been the publications emphasis on hyperlocal content, providing readers with relevant news, community developments and grassroots stories that resonate strongly with local audiences and differentiate the brand from other publications.

Despite a challenging market environment and continued industry challenges, the Company successfully maintained its market share while increasing its circulation copies during the year. This was because of the Companys deep engagement with readers, and sustained focus on delivering high-quality content. Looking ahead, the Company intends to capitalize on emerging opportunities that

Aao Rajneeti Karein

Ahead of the Bihar Assembly Elections, Hindustan launched the "Aao Rajneeti Karein" campaign to encourage informed political participation and meaningful public discourse. The initiative featured more than 30 days of dedicated editorial coverage, hyperlocal reporting and citizen engagement activities designed to connect voters with issues of governance, development and public policy. Through extensive ground-level outreach and issue based journalism, the campaign created a platform for constructive democratic dialogue.

A key highlight of the initiative was the publication of a 16-page Election Special Magazine, distributed alongside the newspaper copies across Bihar. The campaign also included Bihar Samagam 2025, which brought together prominent political leaders and policymakers. Collectively, these efforts enhanced voter awareness, strengthened reader engagement and reinforced Hindustans reputation as a credible and influential platform for election coverage.

Bole City Campaign

Hindustan expanded its hyperlocal journalism efforts through the "Bole City" campaign, a community-focused initiative rolled out across multiple Print editions spanning the Hindi heartland states. The campaign was designed to amplify citizens voices, identify pressing local issues and facilitate constructive engagement between communities and decision-makers. Through extensive grassroots reporting, the initiative highlighted civic concerns and brought greater visibility to matters impacting everyday life.

The campaign also featured the Bole City Patna Conclave, which convened policymakers, civic authorities, experts and community representatives to deliberate on key urban challenges and development priorities. By fostering meaningful dialogue and encouraging citizen participation, the initiative strengthened Hindustans hyperlocal connect and further enhanced its standing as a publication deeply engaged with the aspirations and concerns of its readers.

support newspaper readership and engagement. Government-led initiatives promoting newspaper reading in educational institutions are expected to encourage reading habits among younger audiences and contribute to the long-term relevance of Print media. Hindustan is well positioned to benefit from such initiatives through its extensive reach, trusted editorial content and strong presence across key states. The Company also sees opportunities arising from state elections cycles, which traditionally drive higher reader interest and newspaper consumption. In addition, the recent increase in government advertisement rates is expected to provide a supportive environment for the Print industry. By continuing to invest in high-quality journalism, hyperlocal coverage and readercentric initiatives, Hindustan aims to further expand readership opportunities, deepen audience engagement and sustain its market position across its operating regions.

Operations -

The Company continued to enhance the reliability and efficiency of our production infrastructure through targeted technology upgrades and modernization initiatives across key locations. During the year, the Company undertook selective equipment enhancements and system improvements aimed at strengthening operational resilience, improving process efficiency and ensuring the continued effectiveness of critical production assets.

These initiatives included upgrades to printing and pre press systems, modernization of select production eguipment and the installation of energy-efficient infrastructure. Such investments reflect the Companys ongoing focus on maintaining operational excellence, supporting business continuity and improving energy efficiency across its manufacturing operations.

Key operational priorities include continued investment in the modernization and refurbishment of critical eguipment to enhance reliability, productivity and operational continuity. The Company will also focus on optimizing existing assets through planned maintenance and overhaul programmes.

In parallel, efforts will continue to strengthen efficiency led initiatives through the ongoing implementation of total cost productivity (TCP) programmes across operations. The Company will also intensify its focus on waste reduction and resource optimization initiatives to improve cost efficiency, enhance sustainability and support long term operational excellence.

Human Resource

The Company continued to prioritize its people agenda during the fiscal year under consideration, with a focus on attracting, developing and retaining talent while fostering a collaborative and performance-oriented work environment. Human capital remains central to the Companys long lerm success, and efforts during the year were directed towards strengthening employee engagement, capability building, leadership development, workplace wellbeing and organizational effectiveness. The Company remains committed to creating an inclusive culture that empowers employees to contribute meaningfully to business objectives while supporting their professional growth and personal well being.

The Company further strengthened the employee engagemenl framework through a series of thoughtfully curated initiatives focused on employee wellness, cultural celebrations, leadership connect programs, and diversity and inclusion. These initiatives were designed to foster collaboration, enhance employee wellbeing, strengthen organizational culture, and create a more engaging and future-ready workplace. Through sustained focus on people-centric 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 1,047 personnel, reflecting its continued commitment to building and sustaining a strong, diverse, and capable workforce that drives innovation, operational excellence, and long-term organizational success.

Procurement

During the year, 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.

Learning and development remained a key pillar of the Companys human resource strategy. As businesses adapt to a rapidly evolving technological landscape, the Company invested in strengthening future-ready skills across the workforce through targeted learning interventions, digital training programmes and self-paced development opportunities. Employees were encouraged to enhance their technical, functional and leadership capabilities through a wide range of learning resources and knowledge-sharing initiatives. The Company also promoted innovation and cross-functional collaboration by encouraging employees to contribute ideas, identify opportunities and participate in initiatives aimed at supporting long-term business growth and organizational excellence.

Safety of Women at Workplace

In line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013, Hindustan Media Ventures 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 ol inappropriate behaviour.

As part of its commitment to creating a respectful workplace, HMVL 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, HMVL 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 comprehensive risk management framework to identify, assess, manage, and mitigate risks arising from both internal and external factors. Periodic risk identification and assessment exercises are undertaken to evaluate financial, operational, strategic, regulatory, and cyber security risks based on their likelihood of occurrence and potential business impact.

Key risks and uncertainties that may affect the Companys operations include the continued shift in consumer and advertiser preferences towards Digital media, geopolitical developments impacting newsprint availability and pricing, supply chain disruptions, the rapid adoption of GenAI (generative artificial intelligence) technologies coupled with evolving cyber security and data privacy requirements, and changes in the regulatory landscape.

Risks are reviewed on an ongoing basis, and appropriate mitigation measures are incorporated into the Companys decision-making processes. To address changing media consumption patterns and strengthen its positioning, the Company continues to expand its solutions footprint and offer integrated advertising solutions by leveraging the broader capabilities of the Group. It is also focused on acquiring new-age advertisers through innovative propositions such as AdVentures.

To mitigate risks associated with newsprint cost volatility and supply chain disruptions, the Company has adopted a diversified sourcing strategy across multiple geographies, undertaken opportunistic procurement initiatives, optimized paper mix utilization, and maintained appropriate inventory levels to balance cost efficiency and working capital requirements. In addition, regular benchmarking against peers is conducted to monitor various parameters and ensure the publication remains relevant in the marketplace.

Recognizing the opportunities and risks associated with emerging technologies, the Company is strengthening its cyber security posture through the implementation of an AI-enhanced security framework and enterprise-wide GenAI capabilitybuilding initiatives. To ensure data sovereignty and compliance with evolving privacy regulations, a comprehensive framework aligned with the requirements of the DPDP (Digital Personal Data Protection) Act is being implemented across the Company.

Furthermore, a structured compliance management framework continuously monitors regulatory developments and facilitates timely implementation of applicable requirements, thereby reinforcing the Companys commitment to robust governance and regulatory compliance.

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 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 HMVL navigates an evolving media landscape, the Company remains committed to building on its strong editorial legacy, deep regional connect and disciplined business approach. With a clear focus on its core strengths and long-term value creation, the Company is well positioned to capitalize on emerging opportunities while continuing to serve its readers and stakeholders effectively.

Looking ahead, HMVL remains focused on strengthening its leadership position in the Hindi Print media landscape by delivering high-quality, credible and locally relevant journalism. The Company will continue to deepen its engagement with readers across the Hindi-speaking markets of North India by prioritizing hyperlocal reporting, community-focused content and issue-based journalism. By remaining closely aligned with the aspirations and concerns of its audiences, HMVL aims to further strengthen Hindustans position as the trusted voice of the region.

The Company has also taken decisive steps to sharpen its strategic focus and improve operational efficiency. The discontinuation of OTTplay business, reflects a disciplined approach to capital allocation and a continued emphasis on sustainable and profitable growth. Going forward, HMVL will remain focused on businesses and initiatives that align closely with its core strengths while maintaining a prudent approach to costs and resource deployment.

At the same time, the Company will continue to leverage technology to enhance operational effectiveness, audience engagement and business processes. Emerging technologies, including GenAI, are expected to play an increasingly important role in improving productivity, supporting decision-making and enabling innovation across functions. Additionally, state election cycles across key markets are expected to provide opportunities for higher reader engagement and advertising activity, positioning the Company to further strengthen its market presence and drive long-term value creation.