Operating margin beats sector median as media volume falls 8%
Management said media volume fell 8% year on year and sqcm 6%; other income of Rs 7.47 cr was higher than operating profit of Rs 6.15 cr.
Filed 26 Oct 2026, 17:46 IST · after market close · Music Broadcast Ltd (RADIOCITY)
Key takeaways
- Music Broadcast's standalone operating margin was 15.00%, 2.65 percentage points above the median for 45 Consumer Discretionary peers.
- Management said Q2 FY27 media volume declined 8% year on year and sqcm declined 6%.
- Other income of Rs 7.47 cr sat alongside Rs 6.15 cr of operating profit, making earnings quality a key read-through.
Price around the results
15% margin stays above the peer midpoint
Music Broadcast's standalone operating margin was 15.00%, 2.65 percentage points above the median for the 45 Consumer Discretionary peers that had reported the quarter. The comparison gives context to the operating result, which was above the sector midpoint despite weaker media-volume indicators.
Other income remains central to reported profit
Standalone profit before tax of Rs 8.94 cr included Rs 7.47 cr of other income, against operating profit of Rs 6.15 cr. Reported earnings therefore need to be read separately from core operations; the 25.20% tax rate also shaped the Rs 6.68 cr net profit.
Volume fell while market share was 15.6%
Management said Q2 FY27 media volume declined 8% year on year to 9.8 crore, while sqcm declined 6% to 31.4 crore. The presentation reported Radio City's market share at 15.6%, putting share performance alongside the decline in advertising volume.
Results filed after market close
Music Broadcast filed its standalone results at 17:46 IST on 26 October 2026, after market close. The next trading session is the first point at which the market response can be observed.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹41 cr |
| Other income | ₹7 cr |
| Expenses | ₹35 cr |
| Operating profit | ₹6 cr |
| Operating margin (%) | 15.00% |
| Interest | ₹1 cr |
| Depreciation | ₹4 cr |
| Profit before tax | ₹9 cr |
| Tax | ₹2 cr |
| Net profit | ₹7 cr |
| EPS (₹) | ₹0.19 |
Operating margin of 15.00% compares with a Consumer Discretionary sector median of 12.35% across 45 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +3.46% | +3.48% |
| Next session | +0.96% | — |
Volume on the results session was 2.42× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Competition
- Radio City’s market share was 15.6% in Q2 FY27.
Problems & risks
- Q2 FY27 media volume declined 8% year on year and sqcm declined 6%.
What to watch
- Whether media volume moves from the 9.8 crore reported for Q2 FY27.
- Whether sqcm changes from 31.4 crore and market share from 15.6%.
- Whether operating margin remains at or above 15.00%.