Music Broadcast earnings calls.

Music Broadcast Ltd delivered a strong sequential turnaround in Q3 FY26 with revenue of 46.4 croreCurrent reported value: 46.4 crore. No comparable prior figure is available in the source record. (+23% QoQ) and EBITDA of 15.9 croreCurrent reported value: 15.9 crore. No comparable prior figure is available in the source record. (34Current reported value: 34. No comparable prior figure is available in the source record.% margin), up from just 1.3 crore EBITDA in Q2. Adjusted PAT came in at 6Current reported value: 6. No comparable prior figure is available in the source record. crore versus a loss in the preceding quarter. The company undertook decisive cost rationalization over the past quarters—consolidating manpower into vertical teams, rationalizing regional content sharing across stations, and deploying AI tools—resulting in ~24 crore annualized expense savings plus 7 crore from eliminated NCRPS interest costs (~30 crore total). The advertising environment remains subdued with radio industry volumes down 4% YoY and pricing at only 75% of pre-COVID levels. However, 85-90%Current 85-90%. Reported change: Stable. inventory utilization and growing traction in tier-2/tier-3 markets provide some offset. The company maintains a net cash position of 261 crore post-NCRPS redemption, though declining market cap (below book value) reflects structural concerns about the radio sector. Key risks include unresolved SC-level copyright dispute, uncertain government fee relief, and the industry's secular downward perception pressuring valuations.