RADIOCITYNSEQ4 FY26May 25, 2026

Music Broadcast Limited

2,407words
61turns
4analyst exchanges
2executives
Management on call
Abraham Thomas
CHIEF EXECUTIVE OFFICER
Rajiv Shah
CHIEF FINANCIAL OFFICER – MUSIC BROADCAST LIMITED
Key numbers — 31 extracted
INR40.8 crore
the financial highlights for the quarter. For quarter 4 FY '26, the company reported a revenue of INR40.8 crores as compared to INR54 crores in quarter 4 '25, impacted by the subdued advertising spend across c
INR54 crore
he quarter. For quarter 4 FY '26, the company reported a revenue of INR40.8 crores as compared to INR54 crores in quarter 4 '25, impacted by the subdued advertising spend across certain categories.
INR45.4 crore
advertising spend across certain categories. Total income stood at INR45.4 crores during the quarter. On the profitability front, operating EBITDA for the quarter stood at INR6.1
INR6.1 crore
crores during the quarter. On the profitability front, operating EBITDA for the quarter stood at INR6.1 crores as against a negative EBITDA of INR3.5 crores in quarter 4 FY '25. EBITDA margin improved signif
INR3.5 crore
ty front, operating EBITDA for the quarter stood at INR6.1 crores as against a negative EBITDA of INR3.5 crores in quarter 4 FY '25. EBITDA margin improved significantly to 15%, reflecting the impact of con
15%
t a negative EBITDA of INR3.5 crores in quarter 4 FY '25. EBITDA margin improved significantly to 15%, reflecting the impact of continued cost optimization initiatives and operating efficiencies. O
INR0.6 crore
inued cost optimization initiatives and operating efficiencies. Operating EBIT stood at a loss of INR0.6 crores compared to a loss of INR12.1 crores in the corresponding quarter last year, demonstrating subst
INR12.1 crore
and operating efficiencies. Operating EBIT stood at a loss of INR0.6 crores compared to a loss of INR12.1 crores in the corresponding quarter last year, demonstrating substantial improvement in operating per
INR47.4 crore
or finance costs and taxes, adjusted profit after tax, after interest on NCRPS stood at a loss of INR47.4 crores compared to a loss of INR35.8 crores in Q4 FY '25. Reported PAT for the quarter stood at INR48 c
INR35.8 crore
profit after tax, after interest on NCRPS stood at a loss of INR47.4 crores compared to a loss of INR35.8 crores in Q4 FY '25. Reported PAT for the quarter stood at INR48 crores as against a loss of INR38 cror
INR48 crore
4 crores compared to a loss of INR35.8 crores in Q4 FY '25. Reported PAT for the quarter stood at INR48 crores as against a loss of INR38 crores in the corresponding quarter last year. While quarter 4 reve
INR38 crore
35.8 crores in Q4 FY '25. Reported PAT for the quarter stood at INR48 crores as against a loss of INR38 crores in the corresponding quarter last year. While quarter 4 revenues were lower compared to quarte
Guidance — 4 items
Rajiv Shah
qa
“Total count will be 15,000 -- sorry, 15, 680.”
Abraham Thomas
qa
“Like for example, a real estate client wants a walk through of his project, these are stuff that the AI RJ can do and is beginning to do.”
Ronak Shah
qa
“So earlier, you have mentioned like 60-odd million we can expect on a quarterly basis.”
Abraham Thomas
qa
“So most of the cost efficiencies have already been actioned and have been implemented, and we are actually seeing that effect from quarter 4 and this year going forward.”
Risks & concerns — 4 flagged
The radio industry continued to witness cautious advertiser sentiment during the quarter.
— Abraham Thomas
EBITDA margin improved significantly to 15%, reflecting the impact of continued cost optimization initiatives and operating efficiencies.
— Abraham Thomas
The operational efficiencies and the payroll cost, everything was looked after in the Q2 and the impact of that is now seen in Q3 and Q4.
— Rajiv Shah
Next, on the profitability, so though traditionally your non-FCT revenue may have volatile profitability based on the how the events or other work goes, but on a contextual perspective, how it differs from your core business?
— Ronak Shah
Q&A — 4 exchanges
Q
Good afternoon, sir. My name is Tanushi, and I'm an individual investor. I have few questions, I would like to ask.
Abraham Thomas
Sure. Why has employee cost decreased? So we had basically restructuring of our organization in Q2, where we had gone through the processes and wherever we found duplication of employees, they were -- so basically restructuring happened. We are still able to see -- save on the employee cost because of that. The operational efficiencies and the payroll cost, everything was looked after in the Q2 and the impact of that is now seen in Q3 and Q4. Can you give the financial year '26 headcount and the Y-o-Y growth rate? Headcount is 358 at the end of the -- 458 at the end of the year. Okay. And Y-o-
Q
Multiple questions. First of all, we have decent cash reserves on the books. So how we are -- how the management is planning to deploy that?
Rajiv Shah
So currently, there is no plan of deploying. We are basically holding on to the cash. Okay. Secondly, the new client addition, how it looked like in the fourth quarter and FY '26? Just give me a minute. So basically new client is... 32% of our clients are new. 1,600 clients are new in Q4. And for the -- basically, for the year, it is 6,600 clients new to the industry. Okay. And the total clientele count will be? Total count will be 15,000 -- sorry, 15, 680. This is for the industry? For the industry. And for the company? It is 7,000. Understood. Secondly, just a broader understanding, when we
Q
And sir, can you highlight the few data points that what is the radio industry as a whole seeing the volume growth rate? What is the current standard? Because in third quarter, it was around at 0.12 billion seconds. Secondly, in terms of the non-equity front or how the digital revenues are growing, what is the current share of that?
Rajiv Shah
So digital share right now is 8%. And the non-FCT part, which is the events and all that is about 22%. I want the industry data point, if you can share, what is the current industry volume growth rate or the degrowth rate? Basically, for the radio, the degrowth rate is 2%. So just lastly, when the industry growth rates are into the negative 2% trajectory, where in we are highlighting that the company level volumes are flattish, that implies we have gained the market share substantially. But when I see the presentation, it is largely into the similar set of 16.5% to 17%. So am I missing somethi
Q
To conclude, FY '26 was a year of transition and operational strengthening for the company. Despite a challenging external environment, the company delivered improved profitability through focused execution and disciplined cost management. We remain committed to creating long-term value for our -- all our stakeholders, while continuing to strengthen our market position and operational performance. Thank you all for joining us today.
Management
Speaking time
Rajiv Shah
17
Abraham Thomas
13
Ronak Shah
13
Tanushi
12
Moderator
6
Opening remarks
Abraham Thomas
Good afternoon, everyone, and a very warm welcome to the quarter 4 FY '26 Earnings Conference Call of Music Broadcast Limited. Joining me on the call today is Mr. Rajiv Shah, our Chief Financial Officer. During the quarter, the company continued its focus on operational efficiency, disciplined cost management and improving profitability, amid a challenging advertising environment. The strategic realignment initiatives undertaken over the past few quarters have helped the company improve margins and strengthen the overall operational efficiency. While revenue performance continued to remain subdued due to softer industry conditions, our efforts towards optimizing expenses and enhancing operational efficiencies supported in improving our margins and profitability during the quarter. As highlighted in the previous quarter, the company remained focused on cost discipline and operational efficiencies, strengthening monetization across core and digital platforms, enhancing advertiser engagem
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