Music Broadcast Ltd(RADIOCITY)

NSE: RADIOCITYBSE: 540366

₹ 5.26-2.59%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 182 crNext results: 26 Oct 2026Website: www.radiocity.inUpdated: 24 Oct 2026

About

Music Broadcast Ltd runs the Radio City FM network, with studios in 28 cities and satellite stations in 11 cities, 39 locations in all, serving listeners in 13 Indian states. Alongside radio advertising it sells events, sponsorships and digital work. Its revenue was 174.43 crore rupees in FY26. In Q1 FY27 it reported a 25% market share.^[1][2]

Revenue mix

Q1 FY27 revenue of INR44.5 Cr came from core radio at INR35.5 Cr (INR34 Cr in Q4 FY26) and the created business at INR9.8 Cr.^[3]
Radio airtime (FCT) to non-FCT revenue split was 78/22 in Q1 FY27, compared with 80/20 in Q4 FY26.^[3]
Digital revenue was 4% of total revenue in Q1 FY27, down from 8% in Q4 FY26, 6% in Q3 FY26 and 7% of ad sales in Q2 FY26.^[3]
Events, activations and on-ground work made up about 20-22% of revenue in Q4 FY26 and are growing faster in Tier 2 and Tier 3 markets.^[4]
Satellite locations brought in 7% of revenue in FY25.^[1]

Stations and network

In FY25 the network had studios in 28 cities and satellite stations in 11 cities, 39 locations in total, covering 13 states.^[1]
Q2 FY26 restructuring left 13 live stations and 26 virtual ones, with programming cut to 16-18 hours a day.^[5]
By Q4 FY26 a hub-and-spoke model was running: hub stations in each region manage operations, and all 39 stations stay live to advertisers and listeners.^[4]
Headcount fell 20% YoY to 458 in FY26.^[4]

Brands and properties

Flagship properties include the Radio City Freedom Awards, Radio City Super Singer (in its 14th year as of FY25) and Radio City Business Titans.^[1]
In FY25 it launched Muzartdisco, a platform for independent artists built with UK-based Beatchain, which had 9,000+ artist signups.^[1]
In FY25 it launched RC SWAPPR, a podcast platform, and RJ SIA, an AI radio jockey used in advertiser solutions.^[1]
In FY25 it partnered with WOKA, a children's entertainment app, and planned to offer clients advertising through Spotify's ad solutions.^[1]
The Bengaluru, Mumbai and Delhi stations kept top listenership shares in FY25. The company says it has received over 130 awards.^[1]

Key operating numbers

Market share was 25% in Q1 FY27. Volume share across the 15 monitored markets was 17.5% at the end of FY26, compared with 18% in Q2 FY26 and 19% in FY25.^[3]
Inventory utilisation was 69% in Q1 FY27, down from 86% in Q1 FY26. It was 70% in Q4 FY26 and 77% in FY25.^[3]
In Q1 FY27, ad volumes fell 9.7% YoY and rose 12.9% QoQ.^[3]
The effective ad rate was 107 in Q4 FY26, down from 115 in Q4 FY25. In Q3 FY26, rates were around 75% of pre-COVID levels.^[4]
Industry radio volumes fell 2% YoY in Q4 FY26, while the company's own volumes were flat.^[4]

Customers

Share of spend from the top 25 radio advertisers rose to 21.8% in Q1 FY27 from 15.6% in Q4 FY26.^[3]
Radio City's share of new radio clients was 29% in Q1 FY27, compared with 34% of new advertisers in Q2 FY26.^[3]
Its share of the radio industry's total client base was 42% in Q2 FY26, up from 40% in FY25.^[5]
It had 4.3K active clients in Q3 FY26, of which 1.9K were new.^[6]

Industry backdrop

The FY25 annual report said the radio industry was still only 81% of pre-COVID levels, with ad rates under downward pressure.^[1]
The FY25 annual report cited a projected 6.6% CAGR for the radio segment between 2024 and 2027.^[1]
Phase III auctions cover 730 channels in 234 cities; the FY25 report noted many existing stations remain commercially unviable.^[1]
The FY25 report named non-FCT revenue (brand solutions, digital, podcasts, OTT) as a critical growth lever.^[1]

Restructuring and balance sheet

Total costs fell 23% YoY in FY26, saving INR 52 Cr. Manpower costs were INR 60.4 Cr, compared with INR 79.0 Cr.^[4]
Preference shares (NCRPS) of about Rs. 107 Cr were redeemed in January 2026. Short-term borrowings of INR 100.2 Cr were fully repaid by March 2026.^[6]
An INR 49 Cr impairment on property, plant and equipment, right-of-use assets and intangibles was recorded in Q4 FY26 after a business valuation.^[4]
Net cash was INR270 Cr as of June 2026, up from Rs. 261 Cr in February 2026.^[3]

Recent developments

On September 21, 2026 the company received a show cause notice from the Uttar Pradesh State GST authority demanding ₹11,57,81,759 in total, including ₹1,05,25,614 in penalty.^[7]
In Q2 FY26 the industry was in talks with TRAI and the Ministry on a TRAI recommendation for digital radio spectrum. No decision had been taken.^[5]
In Q1 FY27 management said pure radio advertising was subdued and that it is moving toward Radio Plus, combining radio with the created business in integrated solutions.^[3]

Market Cap

₹182 Cr

High / Low

₹9 / 4

Stock P/E

-4.6

Price / Book

0.4

Book Value

₹13

EPS

₹-1.5

No. of Shares

34.57 Cr

ROCE

-8.3%

ROE

-11.3%

OPM

-22.5%

Debt / Equity

0.00

Sales

₹174 Cr

Net Profit

₹-53 Cr

Promoter holding

74.0%

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