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RADIOCITY - Music Broadcast

📊 NSE: RADIOCITY 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/14/2025 10:09

📢 Recent Corporate Announcements

Radio City Q3 FY26: Sequential Turnaround with 34% EBITDA Margin and ₹4.1 Cr PAT

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 12:34 PM

Music Broadcast Limited (Radio City) reported a strong sequential recovery in Q3 FY26 with revenue growing 23% QoQ to ₹46.4 crores. Operating EBITDA surged to ₹15.9 crores from ₹1.3 crores in the previous quarter, driven by aggressive cost rationalization and festive demand. The company achieved a PAT of ₹4.1 crores, marking a turnaround from a loss-making Q2. Management expects annual cost savings of approximately ₹30 crores moving forward, bolstered by the redemption of preference shares which eliminates future interest costs.

Revenue grew 23% QoQ to ₹46.4 crores, supported by festive demand and Tier 2/3 market growth
Operating EBITDA margin expanded significantly to 34%, with EBITDA rising to ₹15.9 crores
Net cash position stands at ₹261 crores as of February 2026 after redeeming ₹107 crores of NCRPS
Anticipated annual savings of ₹30 crores from cost-cutting measures and eliminated interest expenses
Inventory utilization remained high at 85-90%, with Non-FCT revenue contributing 20% to the total

💡 Investors should monitor the sustainability of the 34% EBITDA margin and the potential for a buyback, given the company's significant cash reserves relative to its market cap. The elimination of interest costs on NCRPS provides a clear path to improved bottom-line stability.

Music Broadcast (Radio City) Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 02:29 PM

Music Broadcast Limited has announced that the audio recording of its conference call for the third quarter and nine months ended December 31, 2025, is now available for public access. The call was held on February 4, 2026, to discuss the company's latest un-audited financial performance. This filing is a standard regulatory requirement following the earnings announcement. A written transcript of the discussion will be provided to the stock exchanges and uploaded to the company's website in the near future.

Conference call held on February 4, 2026, at 12:00 Noon IST regarding Q3 FY26 results.
Audio recording is now accessible on the company's official investor relations website.
The discussion covered financial performance for the quarter and nine-month period ended December 31, 2025.
A formal written transcript is expected to be released to NSE and BSE shortly.

💡 Investors should listen to the audio recording or review the upcoming transcript to gain insights into management's commentary on revenue trends and the competitive landscape. No immediate trading action is required based on this procedural update.

Music Broadcast Q3 FY26: Adjusted PAT Grows 5% YoY to ₹6 Cr Despite 29% Revenue Decline

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 06:23 PM

Music Broadcast Limited (Radio City) reported a mixed Q3 FY26, with revenue declining 29% YoY to ₹46.5 Cr, reflecting a broader 2% volume de-growth in the radio industry. Despite the revenue drop, the company achieved a 5% YoY growth in Adjusted PAT to ₹6.0 Cr, supported by aggressive cost-cutting measures that reduced employee expenses by 29%. However, the 9M FY26 performance remains weak, with Adjusted PAT down 85% YoY to ₹1.6 Cr. The company maintained an 18% market share and is increasingly pivoting toward digital and 'Created Business' segments, which now contribute 6% and 14% to revenue respectively.

Q3 FY26 Revenue fell 29% YoY to ₹46.5 Cr, though Operating EBITDA margin improved to 34% from 27% YoY.
Adjusted PAT for Q3 FY26 rose 5% YoY to ₹6.0 Cr, while 9M FY26 Adjusted PAT stands at ₹1.6 Cr compared to ₹10.5 Cr last year.
Maintained a stable market share of 18% in Q3 FY26, with 37% of all radio advertisers choosing Radio City.
Digital revenue contribution reached 6% of overall ad sales, while 'Created Businesses' contributed 14% of revenue.
Total Operating Expenses for Q3 FY26 were reduced to ₹38.9 Cr from ₹54.6 Cr in the previous year's quarter.

💡 Investors should exercise caution as the sharp 29% revenue decline indicates significant top-line pressure, despite successful cost-containment efforts. Monitor the scalability of digital and non-traditional revenue streams to see if they can offset the stagnation in core radio volumes.

Radio City Q3 Net Profit Flat at ₹3.68 Cr; Revenue Declines 29% YoY

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 06:10 PM

Music Broadcast Limited (Radio City) reported a challenging Q3 FY26 with revenue from operations falling 29% YoY to ₹46.48 crore. Despite the revenue drop, net profit remained stable at ₹3.68 crore compared to ₹3.60 crore in the previous year, supported by a significant reduction in employee benefit expenses and higher other income. For the nine-month period ending December 2025, the company remains in a net loss position of ₹5.37 crore. A key positive development is the successful redemption of bonus preference shares on January 19, 2026.

Revenue from operations decreased by 28.9% YoY to ₹4,647.53 lakhs in Q3 FY26.
Net Profit for the quarter stood at ₹368.38 lakhs, a marginal increase from ₹360.19 lakhs YoY.
Operating margin improved to 34.31% in Q3 FY26 from 26.88% in Q3 FY25 due to cost optimization.
Nine-month performance shows a net loss of ₹536.82 lakhs compared to a profit of ₹418.84 lakhs in the previous year.
Bonus Non-Convertible Redeemable Preference Shares (NCRPS) were fully redeemed on January 19, 2026.

💡 Investors should exercise caution due to the significant top-line contraction and the nine-month net loss. Monitor the progress of the ongoing royalty litigation with PPL and the internal promoter dispute at NCLT, as these could impact future cash flows.

Radio City Q3 Net Profit Rises Slightly to ₹3.68 Cr Despite 24% Revenue Decline

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 05:51 PM

Music Broadcast Limited (Radio City) reported a 24% YoY decline in total income to ₹54.81 crore for Q3 FY26. Despite the revenue drop, net profit saw a marginal increase to ₹3.68 crore from ₹3.60 crore in the previous year, primarily due to significant cost-cutting in employee benefits and other expenses. However, for the nine-month period ended December 2025, the company remains in a net loss of ₹5.37 crore compared to a profit in the prior year. The company also completed the redemption of its bonus preference shares in January 2026.

Total income for Q3 FY26 fell to ₹5,481.21 lakhs from ₹7,212.55 lakhs in Q3 FY25.
Net profit for the quarter stood at ₹368.38 lakhs, up slightly from ₹360.19 lakhs YoY.
Employee benefit expenses were reduced by 29% YoY to ₹1,391.01 lakhs.
Operating margin improved significantly to 34.31% in Q3 FY26 from 26.88% in the same quarter last year.
Bonus Non-Convertible Redeemable Preference Shares (NCRPS) were fully redeemed on January 19, 2026.

💡 Investors should be cautious as profit growth is currently driven by cost-cutting rather than top-line expansion. Monitor the resolution of ongoing legal disputes regarding music royalties and promoter-level litigation which could impact future cash flows.

Music Broadcast (Radio City) Schedules Q3 FY26 Earnings Call for February 4, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 30 Jan 2026, 11:30 AM

Music Broadcast Limited, the operator of Radio City, has announced its earnings conference call to discuss financial results for the third quarter ended December 31, 2025. The call is scheduled for Wednesday, February 4, 2026, at 12:00 PM IST. Senior leadership, including CEO Abraham Thomas and CFO Rajiv Shah, will be present to address investor queries. This event is a standard procedure following the conclusion of the December quarter to provide transparency on operational performance.

Earnings call scheduled for February 4, 2026, at 12:00 PM IST to discuss Q3 FY26 results.
Management participants include CEO Abraham Thomas and CFO Rajiv Shah.
Primary dial-in numbers for the conference call are +91 22 6280 1488 and +91 22 7115 8869.
The call follows the financial performance period ending December 31, 2025.
International toll-free access available for investors in the UK, USA, Singapore, and Hong Kong.

💡 Investors should attend the call to listen for management commentary on advertising revenue trends and the growth of digital initiatives. Monitor for any updates on margin recovery and the outlook for the media and entertainment sector.

Radio City Redeems NCRPS at ₹120 per Share; Pays 0.1% Interim Dividend

🟡 NEUTRAL ⭐ 6/10

DIVIDEND 📅 28 Jan 2026, 04:58 PM

Music Broadcast Limited (Radio City) has completed the redemption and dividend payment process for its Non-Convertible Non-Cumulative Redeemable Preference Shares (NCRPS). The company redeemed the shares at ₹120 per unit and paid an interim dividend of ₹0.01 per share (0.1% of face value). These payments were disbursed on January 19, 2026, to shareholders who were on record as of January 9, 2026. This corporate action fulfills the obligations under the Scheme of Arrangement through which these bonus shares were issued.

Redemption of NCRPS completed at ₹120 per share upon maturity.
Interim dividend of 0.1% (₹0.01 per share) paid for the Financial Year 2025-26.
Payment for both redemption and dividend was processed on January 19, 2026.
Record date for eligibility was fixed as January 9, 2026.
The NCRPS were originally issued as bonus shares under a Scheme of Arrangement.

💡 Equity investors should note the cash outflow resulting from this planned redemption. NCRPS holders should verify their bank accounts for the receipt of redemption proceeds and the interim dividend.

Music Broadcast Redeems NCRPS Worth ₹107.64 Crores and Pays Interim Dividend

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 19 Jan 2026, 05:04 PM

Music Broadcast Limited (Radio City) has completed the full redemption of 89,69,597 Non-Convertible Redeemable Preference Shares (NCRPS) on January 19, 2026. The redemption was carried out at ₹120 per share, including a premium, totaling an aggregate payout of ₹107.64 Crores from the company's reserves. Alongside the redemption, the company paid an interim dividend of ₹0.01 per NCRPS for the financial year 2025-26. This action effectively eliminates the preference share liability from the company's balance sheet.

Full redemption of 89,69,597 NCRPS at a total value of ₹120 per share (Face Value ₹10 + Premium ₹110)
Aggregate redemption amount of ₹107,63,51,640 paid out of distributable reserves
Payment of interim dividend of ₹0.01 per NCRPS (0.1% of Face Value) for FY 2025-26
Zero outstanding NCRPS remaining after this transaction, simplifying the capital structure

💡 Investors should view this as a routine capital structure adjustment that utilizes cash reserves to clear preference share obligations. While it reduces cash on hand, it eliminates future dividend and redemption liabilities associated with these shares.

Music Broadcast Limited Submits Quarterly SEBI Compliance Certificate for Dec 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 12:37 PM

Music Broadcast Limited (Radio City) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company's Registrar and Share Transfer Agent, KFin Technologies Limited, has processed all dematerialization and rematerialization requests for the quarter ended December 31, 2025. This is a standard administrative procedure to ensure that shareholding records are accurately maintained and reported to the stock exchanges. There are no financial disclosures or operational changes associated with this specific announcement.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Registrar and Share Transfer Agent (RTA) identified as KFin Technologies Limited
Confirms reporting of dematerialization/rematerialization of securities to NSE and BSE

💡 No action is required from investors as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for performance insights.

Radio City Announces ₹120 Redemption and ₹0.01 Interim Dividend per NCRPS

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 07 Jan 2026, 11:40 AM

Music Broadcast Limited (Radio City) has declared an interim dividend of ₹0.01 per Non-Convertible Non-Cumulative Redeemable Preference Share (NCRPS) for FY 2025-26. More significantly, the Board has approved the redemption of these NCRPS at a price of ₹120 per share upon maturity. The record date for determining eligibility for both the dividend and the redemption amount is January 9, 2026. The company has provided detailed instructions regarding TDS and withholding tax requirements for various shareholder categories.

Interim dividend of ₹0.01 per NCRPS (0.1% of ₹10 face value) declared for FY 2025-26.
NCRPS redemption price fixed at ₹120 per share, providing a substantial payout to holders.
Record date for both dividend and redemption eligibility is set for January 9, 2026.
TDS of 10% applies to resident dividends over ₹10,000, while non-resident redemption is subject to capital gains tax withholding.
Shareholders must submit tax-related documents and ensure PAN-Aadhaar linking by January 13, 2026.

💡 NCRPS holders should ensure their tax documents and PAN details are updated with the RTA by January 13 to avoid 20% TDS. Equity investors should monitor the impact of this cash outflow on the company's balance sheet.

Radio City to Redeem 89.7 Lakh NCRPS at ₹120 Per Share; Declares Interim Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Jan 2026, 12:15 PM

Music Broadcast Limited (Radio City) has approved the redemption of 89,69,597 Non-Convertible Redeemable Preference Shares (NCRPS) as their 36-month term concludes. Each NCRPS will be redeemed at ₹120, which includes the face value of ₹10, an issuance premium of ₹90, and a redemption premium of ₹20. Additionally, the board has declared an interim dividend of 0.1% (₹0.01 per share) on these preference shares for FY 2025-26. The record date for both the dividend and redemption proceeds is fixed as January 9, 2026.

Redemption of 89,69,597 NCRPS at a total value of ₹120 per share.
Total redemption value includes a ₹20 per share premium over the issuance price.
Interim dividend of ₹0.01 per NCRPS (0.1% of face value) declared for FY 2025-26.
Record date for eligibility is January 9, 2026, with redemption scheduled for January 19, 2026.
Total estimated cash outflow for the redemption is approximately ₹107.6 crore.

💡 Preference shareholders should ensure their holdings are in their demat accounts by January 9, 2026, to receive the ₹120 per share payout. Equity investors should note the impact of the ₹107.6 crore cash outflow on the company's cash reserves.

Music Broadcast (Radio City) to Close Trading Window from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 05:21 PM

Music Broadcast Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This routine regulatory action is taken in anticipation of the un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges. The company will announce the specific date of the board meeting for result approval in a separate future filing.

Trading window closure begins on January 1, 2026, for the quarter and nine months ended December 31, 2025.
The restriction applies to all Designated Persons and their immediate relatives as per SEBI Insider Trading Regulations.
Trading window will reopen 48 hours after the declaration of the financial results.
PAN of designated persons will be frozen by the Central Depository Services Limited (CDSL) during the closure period.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q3 FY2026 financial performance.

Radio City Receives GST Demand Order of ₹89.63 Lakh for FY 2021-22

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Dec 2025, 11:11 AM

Music Broadcast Limited (Radio City) has received a GST demand order totaling ₹89.63 lakh from the Deputy Commissioner, Lucknow, for the financial year 2021-22. The demand includes a tax component of ₹48.22 lakh, interest of ₹36.59 lakh, and a penalty of ₹4.82 lakh. The company intends to appeal the order, asserting that it has strong legal grounds and does not expect a material financial impact. This development is part of routine tax assessments and is relatively small compared to the company's scale.

Total demand amount of ₹89,63,361 received under Section 73 of the GST Act.
The demand comprises ₹48.22 lakh in tax, ₹36.59 lakh in interest, and ₹4.82 lakh in penalties.
Order pertains to the financial year 2021-22 for the Lucknow jurisdiction.
Company plans to file an appeal and expects no material adverse financial impact.

💡 No immediate action is required as the demand amount is not material to the company's overall financials. Investors should monitor if such tax disputes become frequent or involve significantly higher amounts.

RADIOCITY: Madras HC sets aside contempt orders; no financial impact

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 11 Dec 2025, 03:56 PM

Music Broadcast Limited (RADIOCITY) announced that the Madras High Court allowed the company's appeals and set aside prior orders related to contempt petitions. The court's decision eliminates the requirement to deposit 50% of alleged royalty dues and furnish historical music-play logs. The High Court held that contempt jurisdiction was not maintainable, as the underlying order is under consideration by the Supreme Court and the monetary liability is unquantified. Consequently, the company anticipates no financial impact from the overturned contempt orders.

Madras High Court allowed letters patent appeals on December 10, 2025
Orders dated July 31, 2024 and August 26, 2025 in contempt petitions set aside
No obligation to deposit 50% of alleged royalty dues
No financial impact on the Company from the impugned contempt orders

💡 The positive ruling removes a potential financial burden. Investors can view this as a favorable development, reducing uncertainty related to legal proceedings.

View All RADIOCITY Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for Q2 FY26 was INR 37.8 Cr, while H1 FY26 reached INR 87.2 Cr. Alternate revenue streams (branded properties, digital, events) contributed 34% of total income. Digital revenue specifically accounted for 7% of overall ad sales revenue in Q2 FY26. Historically, FY25 revenue was INR 235 Cr, a 2.6% increase from INR 229 Cr in FY24, driven by digital and non-FCT segments.

Geographic Revenue Split

The company operates 39 stations across India with a strong presence in Tier 2 and Tier 3 cities. While specific regional % splits are not disclosed, the network has moved to an asset-light model with 13 live stations and 26 virtual stations to optimize regional content delivery.

Profitability Margins

Operating profitability declined to 12% in FY25 from 16% in FY24 due to increased employee expenses for digital expansion. Q2 FY26 adjusted PAT was negative INR 4.6 Cr after accounting for INR 2.3 Cr interest on NCRPS. Net profit in FY23 was INR 3 Cr (1.5% margin) compared to a loss of INR 5.7 Cr in FY22.

EBITDA Margin

Operating EBITDA for Q2 FY26 was INR 1.4 Cr (3.7% margin), significantly impacted by subdued demand as advertisers deferred campaigns. H1 FY26 EBITDA stood at INR 9.3 Cr (10.6% margin). The company aims to improve this through a cost reduction of INR 6-7 Cr per quarter.

Capital Expenditure

Capital expenditure is expected to remain moderate as the company shifts toward an asset-light 'hub-and-spoke' model, virtualizing 26 out of 39 stations to reduce physical infrastructure needs.

Credit Rating & Borrowing

CRISIL AA+/Stable/CRISIL A1+ (factoring in parent JPL linkages). Liquidity is strong with cash and liquid investments of ~INR 349 Cr as of March 31, 2025, against preference share redemptions of ~INR 108 Cr due at the end of FY26.

⚙️ Operational Drivers

Raw Materials

Content and Music Royalty Rights (100% of core programming input). Royalties are paid to bodies like PPL and record labels like Super Cassettes Industries Ltd.

Import Sources

Domestic (India-based music labels and copyright societies).

Key Suppliers

Phonographic Performance Ltd (PPL), Super Cassettes Industries Ltd (T-Series), and various independent artists via the Muzartdisco platform.

Capacity Expansion

Currently operates 39 radio stations and 17 web-based stations. Expansion is focused on 'virtual' reach rather than physical stations, with 26 stations now operating virtually to maintain deliverables while lowering overhead.

Raw Material Costs

Royalty rates are a significant cost; the Copyright Board previously fixed standard rates at INR 1,200 per needle hour during prime time, with 60% of that for normal hours and 25% for lean hours.

Manufacturing Efficiency

Inventory utilization stood at 74% in Q2 FY26, an improvement from 70% in the previous year, indicating better monetization of available airtime.

Logistics & Distribution

Distribution is digital/RF-based; costs are being reduced by rationalizing 10-15% of headcount and optimizing programming from 4 shows to 3 shows in non-top markets.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Achieving growth through a cost-reduction program of INR 24-28 Cr annually, aggressive selling of 'Radio + Digital' bundled solutions, and focusing on the 34% revenue contribution from non-radio segments like branded events and proactive pitches.

Products & Services

FM Radio broadcasting, Digital advertising solutions, Branded properties/events, Podcast platforms, and Influencer marketing partnerships.

Brand Portfolio

Radio City, Radio Mantra, RC Studio, RC Swapper, Muzartdisco.

New Products/Services

Radio plus Digital combined solutions; 'virtual' station content delivery; and reworked influencer marketing models (SMINCO) expected to drive sustainable profitability.

Market Expansion

Focus on Tier 2 and Tier 3 cities where parent company Jagran Prakashan Ltd (JPL) has strong print reach, creating cross-media synergies.

Market Share & Ranking

18% volume market share in Q2 FY26; ranked as the second-largest radio player in India.

Strategic Alliances

Partnership model for influencer marketing via SMINCO and synergies with parent JPL for liquidity and operational support.

🌍 External Factors

Industry Trends

The radio industry saw 3% YoY volume growth in Q2 FY26. However, the sector faces headwinds from digital migration, leading to price-led competition and a need for revenue diversification into events and digital ventures.

Competitive Landscape

Intense competition from other private FM players and increasing pressure from digital platforms like streaming and social media.

Competitive Moat

Moat is built on the 39-station network and the 'Radio City' brand, which attracts 42% of the industry's client base. Sustainability is supported by the financial backing and geographical reach of parent JPL.

Macro Economic Sensitivity

High sensitivity to GDP; ad volumes slowed in Q2 FY26 as advertisers deferred campaigns in anticipation of GST-related benefits.

Consumer Behavior

Shift toward digital consumption has forced the company to rationalize digital initiatives and move toward a 'virtual' station model to maintain audience reach at lower costs.

Geopolitical Risks

Minimal, as operations are focused on the Indian domestic advertising market.

⚖️ Regulatory & Governance

Industry Regulations

Governed by FM Phase III auction norms and the Copyright Act 1957. Compulsory licensing under Section 31(1)(b) is critical for managing music royalty costs.

Taxation Policy Impact

Impacted by GST transition; advertisers deferred spending in Q2 FY26 leading up to GST benefit announcements in September.

Legal Contingencies

Ongoing litigation among promoters could impact the credit risk profile. Legal disputes with Phonographic Performance Ltd (PPL) regarding royalty rates and compulsory licensing are active.

⚠️ Risk Analysis

Key Uncertainties

Susceptibility to economic cycles (ad revenue volatility) and the outcome of promoter litigation. Digital segment growth may continue to cannibalize traditional radio margins.

Geographic Concentration Risk

Diversified across 39 cities, but heavily reliant on the Indian macroeconomic environment.

Third Party Dependencies

High dependency on music labels for content; 100% of on-air music requires third-party licensing.

Technology Obsolescence Risk

Traditional FM is at risk from digital streaming; company is mitigating this by converting 67% of stations to a virtual model and integrating digital ad sales.