1. Revenue/degrowth - stable going forward Missed - At the Q3 FY26 call, management expected things to remain stable going forward on the revenue/degrowth front, describing a gradual recovery in the advertising environment. Q1 FY27 revenue declined 10% YoY to INR44.5 crore - the decline continued, indicating the environment has not yet stabilized.
2. Cost savings - \~INR30 crores going forward Delivered - At the Q3 FY26 call, management indicated around INR30 crores of savings going forward - \~INR24 crores on expenses (\~INR6 crores/quarter) plus \~INR7 crores on NCRPS interest. Q1 FY27 operating expenses declined 26% YoY to INR35.6 crore, and FY26 total cost savings were ₹52 Cr.
3. Cost measures - remarkable difference in next 2 quarters Delivered - At the Q1 FY26 call, management guided that restructuring cost measures will show a "remarkable difference" versus margins demonstrated in the prior 2-3 quarters within the next 2 quarters. Q2 FY26 EBITDA was INR1.4 crores; Q3 FY26 EBITDA reached INR15.9 crores with a 34% margin.
4. Margins - 20% over next 3-5 years On track - At the Q1 FY26 call, asked whether margins can reach "about 20% kind of margin levels" over "the next 3 to 5 years", the CEO affirmed "Yes, of course, without a doubt". Q1 FY26 margin was 16.1% and Q1 FY27 margin reached 20%.
5. FY26 margins - much more than past year Partial - At the Q4 FY25 call, management said FY26 margins "will be much more than what we have demonstrated in the past year". FY26 EBITDA margin was 18%, up from FY25's 16.8% - an improvement of 120 bps.
6. FY26 revenue - close to double-digit growth Missed - At the Q4 FY25 call, management said the company is "gunning for the close to double digit growth" in FY26 revenue; by Q3 FY26 the CFO declined guidance, saying "we are not in a position to give any guidance for the next year". FY26 revenue was INR174 crores, down from FY25's Rs.234 crores.
7. Staff cost as percentage of revenue - coming down Delivered - At the Q3 FY25 call, management committed that staff cost as a percentage of revenue "will be possibly coming down" as people costs average out, worded firmly ("that's for sure"). FY26 manpower cost was ₹60.4 Cr vs ₹79.0 Cr in FY25, a 24% reduction, and Q1 FY27 manpower was down around 20%-odd.
8. Digital margins - 30% plus Delivered - At the Q2 FY25 call, management said digital margins will be 30% plus, versus \~20-22% company margins. In FY25 the radio-led digital platform generated ₹25.4 crores revenue with EBITDA of ₹7.7 crores, implying a margin of approximately 30.3%.
9. Double-digit growth for full year FY25 Missed - At the Q2 FY25 call, management said it is aiming for double-digit growth for the organization for the full year, conditional on the market showing recent improvement; at Q3 FY25 it guided the company "should continue to show that growth even in the coming quarter". FY25 revenue grew 3% YoY.
10. Podcast content distribution - "very soon" Delivered - At the Q4 FY24 call, management said it plans to distribute both audio and video podcast content on larger platforms itself; "very soon, you will get to hear" about it. The RC Swapper podcast platform launched in Q4 FY25 (May 2025), with almost 350-400 hours of original podcast content being created.
11. Operating margin - improve from current 15% for FY25/FY26 Delivered - At the Q4 FY24 call, management said operating (EBITDA) margin has been around 15% for the year and "we should only improve from the current 15%" for FY25/FY26. FY25 EBITDA margin was 16.8% and FY26 margin was 18% - both above the \~15% base.
12. Standalone revenue - return to pre-COVID peak in 2-3 years Missed - At the Q4 FY24 call, management said that at an average 12-14-15% growth rate, standalone revenue would mathematically return to the pre-COVID 2019 peak of INR325 crores in "about two to three years". FY24 revenue was Rs.228.5 crores, FY25 was Rs.234 crores, and FY26 fell to Rs.174 crores.
13. Return to \~30% EBITDA margin - "very soon" Partial - At the Q3 FY24 call, management said "very soon we should be seeing the erstwhile 30% margin that we were operating before COVID"; at Q1 FY25 it described 30% efficiency as "a nice spot to be in" to aim at. Margins ran 25.3% in Q3 FY24 and 17.4% in Q2 FY25 before reaching 34% in Q3 FY26.
14. FY24 growth - \~20% aspiration Missed - At the Q2 FY24 call, management reiterated its FY24 aspiration of \~20% growth; with H1 growth at 14%, the CEO said "the aim is still to touch that kind of growth for the second half at least". FY24 revenue grew 15% YoY, and H2 FY24's Rs.123.0 crores over H2 FY23's Rs.106.1 crores was approximately 16% growth.
15. Government election spending - higher next year, Rs.8-10 crores additional Delivered - At the Q3 FY23 call, management said government (election) spending "will be higher next year for sure", with a possible "eight to 10 crores of additional play" from the current base next year if all goes well. Q4 FY24 government advertising added roughly INR8-9 crores and Q1 FY25 political advertising was about Rs.7 crores.
16. Q1 FY23 revenue level - breakeven threshold Delivered - At the Q1 FY23 call, management declined to endorse a \~15% H2 FY23 margin assumption, offering only that Q1 revenue level is breakeven with incremental revenue flowing to margins; at Q2 FY23 it reiterated the \~INR 40/44 crore threshold is "still at the same level". Q3 FY23 revenue of Rs.54.7 crores carried EBITDA of Rs.14.5 crores.
17. Created business - 50-60% growth Missed - At the Q1 FY23 call, management was "chasing" 50-60% growth in the created business, which includes digital solutions. Created business contributed \~33% of top line in Q2 FY23, 32% in FY23, 29% in FY24 and 27% in FY25 - the growth rate itself is not directly disclosed.
18. Non-radio business - 25-30% CAGR for next 4-5 years On track - At the Q1 FY23 call, management expected the non-radio (integrated/digital/on-ground/syndicated content) business to grow at 25-30% CAGR "for the next 4 to 5 years". Digital business grew 25% in FY24 and 36% in FY25, within or above the range as the horizon runs to around FY27-FY28.
19. No geographic expansion - 90% of attractive markets already addressed Delivered - At the Q4 FY22 call, management said it sees no need to expand geographically, addressing the 90% attractive advertising markets already, with any expansion a one-off, opportunity-led decision; at Q1 FY24 it said it will bid for newly auctioned frequencies wherever viable. The company continues to operate 39 stations with no expansion disclosed, and no new ventures in the pipeline at Q1 FY27.
20. 4-5% share of \~Rs.5000 Cr influencer/video/content-creation digital space over five years Pending - At the Q4 FY22 call, management agreed that 4% to 5% market share of the \~Rs.5000 Crores influencer/video/content-creation digital space over the next five years is a fair assumption, saying "without a doubt". The five-year horizon runs to roughly March 2027 and has not yet lapsed; cited pages disclose no market-share outcome, though digital is noted at 4% of revenue as of Q1 FY27.
21. FY23 bottom line - match pre-COVID figures Missed - At the Q4 FY22 call, management stated the attempt is to match pre-COVID bottom-line figures for the coming year even if the top line falls short by a few Crores. FY23 adjusted PAT was Rs.5.4 crores against the pre-COVID FY20 net profit of Rs.28.21 crores.
22. FY23 growth - 20-24% from volume plus yield Missed - At the Q4 FY22 call, management guided that FY23 will see 20% to 24% growth from volume plus yield, together bringing top-line close to pre-COVID levels. FY23 revenue grew 18% YoY to Rs.198.9 crores.
23. 30-35% growth from existing yield - exit of coming year Delivered - At the Q4 FY22 call, management said there is a 30% to 35% growth chance from existing yield, then \~5-6% above the overall 60-65% of pre-COVID levels, "to the exit of the coming year". Yields reached approximately 85% of pre-COVID levels by Q4 FY23 and again at Q4 FY24, a 30-35% relative increase from the base.
24. Yield increase - substitute volume loss over two quarters Partial - At the Q4 FY22 call, management said that over two quarters its yield increase will substitute the volume loss from refusing low-ER volumes, as a deliberate strategy. Yields grew \~14% to Q1 FY23 and stood at 72-73% of pre-COVID levels at Q2 and Q3 FY23, but market share fell from 21% to 18% and held at 18-19% through FY23.
25. Monthly revenue - Rs.18-20 crores, reaching Rs.20 crores by end of 2023 Delivered - At the Q4 FY22 call, management indicated monthly revenues of roughly Rs.18-20 Crores, reaching the Rs.20 Crores mark by end of 2023. Q3 FY24 revenue of Rs.60.4 crores implied a monthly average of \~Rs.20.1 crores - the mark was reached in the December 2023 quarter.
26. Continuous QoQ growth - top line and bottom line over next one year Missed - At the Q3 FY23 call, management committed to "a continuous quarter-on-quarter growth both in terms of top line and bottom line" over the next one year. Q4 FY23 revenue of Rs.51.4 crores was down from Q3 FY23's Rs.54.7 crores, and Q2 FY24's Rs.52.4 crores was down from Q1 FY24's Rs.53 crores.
27. Digital contribution - 12-14% next year Missed - At the Q3 FY23 call, management guided digital contribution at "anywhere between 12%, 14%" for FY24, up from \~4.5% last year and 8-8.5% currently; at Q4 FY23 it revised this to 10% of revenue in FY24. FY24 digital contribution was approximately 9%, short of both targets.
28. Government ad rates - increase expected before next quarter Delivered - At the Q4 FY23 call, management expected to say "the rates have increased" hopefully before the next quarter; at Q2 FY24 it expected the new DAVP rates effective from November 1, 2023, uploaded "before the end of this month". The Ministry approved new DAVP rates, revised after seven years, with base rates up approximately 50%-60%.
29. Revenue growth - 17-20% for coming quarters Partial - At the Q1 FY24 call, management guided revenue growth of "17% to 20%" for coming quarters, with the CFO framing 17% as firm for the incremental government business component "at least for the next one and a half years"; at Q2 FY24 the aim was restated "to touch that kind of growth for the second half at least". Q1 FY24 grew 20% YoY and Q4 FY24 grew 22%, but Q2 grew 8% and Q3 grew 11%, with FY24 at 15%.
30. Digital acquisition/inorganic play - expected next year Missed - At the Q3 FY23 call, the CEO said a digital acquisition was at early discussion stages needing "a couple of more quarters", and when asked if something can be expected next year replied "For sure"; later, management saw opportunities over 8-9 months and a push over 6-9 months, before stating investments were "all fluid at this point in time" with no M&A commitment. No digital acquisition is disclosed, and Q1 FY27 shows no new ventures in the pipeline.
31. Inventory utilization - 100%+ in large markets Missed - At the Q2 FY23 call, management said 100%+ inventory utilization in large markets is "a given" a quarter or two from here; at Q3 FY23 the optimal level was pushed to "the next four to five quarters". Utilization ran 71% in Q3 FY23, 70-78% through FY24, peaked at 89% in Q3 FY25 and stood at 86% in Q1 FY27 - no quarter shows 100%+.
32. License fee reduction - Rs.7-8 crore annual savings Pending - At the Q2 FY24 call, management said it has asked for a three-year license renewal extension which, if granted, would save about Rs.7-8 Crore per year, and that accepting the 4%-of-gross-revenues ALF formula would cut the fee from \~Rs.20 Crore to \~Rs.12-13 Crore; at Q1 FY26 it noted a strong possibility of government action with no timeline committed. Q3 FY25 shows TRAI has "very strongly recommended" the shift, with finance ministry involvement needed - no outcome is confirmed in the record.
33. Government/DAVP revenue - 10-12% of revenues Pending - At the Q2 FY24 call, management expected government/DAVP contribution, then \~7%-8% of revenues, to rise to 10%-12% "if it goes well" following the DAVP rate increase. At Q1 FY25 management said the DAVP rate effect would "average out" going forward, with government revenue not growing at a similar volume rate, but no cited disclosure shows whether 10-12% was reached.
34. Digital revenue growth - 50-60% for next 2-3 years Missed - At the Q3 FY23 call, management guided digital growth of 50-60% "in the next two to three years"; expectations were later stepped down to 30-40% at Q3 FY25 and "15% to 20% -- 15% at least" at Q1 FY26. Digital grew 25% in FY24 and 36% in FY25, exceeding 50% only in Q3 FY25, and is 4% of revenue as of Q1 FY27.
35. EBITDA margin - 25%+ feasible in FY24 Partial - At the Q4 FY23 call, management said 25%-plus EBITDA margins are "Very much feasible. If all goes well, we'll demonstrate that in this year", and that the current \~21% margin "should be substantially improved"; at Q1 FY24 it framed \~24% as the average to expect going forward. FY24 margin was 24.6%, with Q3 FY24 at 25.3% and Q4 FY24 at 25.7%.
36. Q1 FY24 revenue - close to 20% QoQ growth Missed - At the Q4 FY23 call, management committed "a percentage very close to" 20% quarter-on-quarter growth for Q1 FY24, saying "I'm sticking my neck out and saying, we will be close to 20% from a quarter-on-quarter". Q1 FY24 revenue of Rs.53 crores was up only \~3.1% from Q4 FY23's Rs.51.4 crores.
37. 20% CAGR revenue growth - next 4-5 years Missed - At the Q4 FY23 call, management guided a 20% CAGR for Radio City over the next 4 to 5 years, and at Q1 FY24 committed to "18% to 20% CAGR" over five years, saying "I can stick my neck out right now"; at Q1 FY26 management declined to guide on growth, saying he would "rather aim towards a better margin". FY24 grew 15% to INR228.5 crores, FY25 grew 3% to Rs.234 crores, and FY26 fell to INR174 crores.
38. Digital share of revenue - 50% in 4-6 years Pending - At the Q2 FY23 call, management guided a 50% digital / 50% radio revenue mix in the next 4 to 5 years, reaffirmed at Q4 FY23 for "the next 5 to 6 years", with Q1 FY24 citing 35%-40% as "the minimum". Digital rose from 8% in FY23 to 11-12% in FY25, but fell to 4% at Q1 FY27, and at Q1 FY26 management reframed the mix shift to \~10% over the next 3-4 years toward 45% non-radio; the 50% outcome remains open, with no evidence it is on course.
39. Pre-COVID PBT - \~INR 29-30 crore in 4-5 quarters Missed - At the Q1 FY23 call, management said pre-COVID PBT numbers of \~INR 29-30 Crore (FY20 level) were expected "in the next 4 to 5 quarters", softly worded as an aspiration; at Q3 FY23 it declined to commit on timing, saying "too early for me to commit anything". FY23 adjusted PAT was Rs.5.4 crores and FY24 adjusted PAT Rs.14.7 crores, with no quarter reaching the \~INR 29-30 crore PBT level.
40. FY23 revenue - Rs.200 crore minimum Partial - At the Q2 FY23 call, management guided full-year revenue of at least INR 200-plus crore ("INR 200 crore for the year") as the bare minimum; at Q3 FY23 it confirmed "Of course, we'll reach Rs.200 crore this year". FY23 revenue came in at Rs.198.9 crores, up 18% YoY - marginally short of the floor.
41. NCRPS bonus issue - listing and redemption timeline Delivered - At the Q4 FY22 call, management indicated six to seven months after the June 2022 shareholder meetings for listing, contingent on NCLT, and at Q3 FY23 stated NCRPS would be redeemed at Rs.120 per NCRPS after 36 months from allotment; the CFO later committed to redemption in January 2026 with outflow of around Rs.107 crores including 20% premium. NCLT approved on December 23, 2022 with listing open from April 20, 2023; \~Rs.107-108 crores were redeemed in January 2026, and CRISIL withdrew the rating in July 2026 as the instrument was fully redeemed.