NSE: NDTV · BSE: 532529
NDTV LTD
Operates a television news and digital media business that generated ₹528.29 crore in FY26 revenue, up 13.6% year-on-year. The core is television broadcasting of news channels including NDTV 24x7 (ranked the No.1 English news channel among affluent viewers) and NDTV Profit (51% segment market share), distributed across 65 countries via 13 offices in 28 Indian states. The business has built a large digital audience of 45 million YouTube subscribers and 102 million social media followers, and is expanding into lifestyle content through the NDTV Good Times vertical, with an ongoing acquisition of the GoodTimes Channel from Lifestyle and Media Broadcasting Limited. Employee expenses are the largest disclosed cost at 35.0% of revenue (₹185.09 crore), with other operating expenses at 114.3% of revenue (₹603.7 crore) covering content, distribution and overhead. A ₹396.50 crore rights issue completed in October 2025 was used mainly to repay ₹229 crore of debt, reducing annual interest costs from over ₹21 crore to under ₹2 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Television broadcasting and news services. Media business reliant on advertising revenue with high fixed content and distribution costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 396 | 386 | 370 | 465 | 528 |
| EBITDA (ex other income) | 98 | 69 | (29) | (179) | (266) |
| margin % | 24.8 | 17.8 | (7.8) | (38.4) | (50.3) |
| Owners' profit | 80 | 49 | (20) | (216) | (323) |
| EPS, as reported (₹) | 12.38 | 7.56 | (3.14) | (33.52) | (36.86) |
| ROE % · ROCE % | 33.0 · 37.6 | 17.2 · 20.2 | (7.5) · (3.8) | (361.8) · (49.9) | (250.2) · (74.5) |
| Debt / equity (x) | 0.04 | 0.01 | 0.11 | 4.33 | 1.44 |
| Cash from operations | 60 | 9 | 10 | (130) | (256) |
| Capex | (6) | (11) | (37) | (79) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111 | 133 | 127 | 108 | 122 | 150 | 148 | 117 |
| Profit before tax | (53) | (54) | (63) | (70) | (73) | (80) | (97) | (82) |
| Net profit | (53) | (55) | (62) | (70) | (74) | (80) | (99) | (82) |
| EPS (₹) | (8.19) | (8.64) | (9.44) | (10.92) | (11.49) | (10.13) | (11.18) | (7.24) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 24,827 | 16.2 | 1.96 | 9.1 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD | 6,709 | 19.2 | 0.57 | 11.4 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,634 | 22.0 | 0.37 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,164 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD ◆ | 698 | — | 5.41 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| GTPL HATHWAY LIMITED | 607 | 80.6 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| TV TODAY NETWORK LTD | 607 | 35.2 | 0.68 | 9.6 | 1.6 | 3.3 | 0.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 463 | — | 2.07 | 3.9 | 0.9 | (1.8) | 3.2 | 9.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 5.4 | 0.6 | 13 of 14 | 8% |
| ROCE | (82.5) | 2.3 | 15 of 15 | 0% |
| ROE | (250.2) | 1.3 | 14 of 14 | 0% |
| Debt / Equity | 1.4 | 0.0 | 14 of 14 | 0% |
| EBITDA margin | (55.5) | 9.4 | 15 of 17 | 13% |
| Revenue growth | 8.9 | 4.5 | 5 of 16 | 73% |
| Profit growth | (16.5) | (28.2) | 6 of 16 | 67% |
| Market cap | 698 | 320 | 5 of 17 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · NDTV submits newspaper publication of September 2026 unaudited results | compliance | minimal | — | — |
| 26 Oct 2026 · NDTV Q2 revenue up 22%, loss of Rs 59 crore; plans Rs 800 crore perpetual debentures | results | high | — | — |
| 26 Oct 2026 · September quarter revenue rises, loss narrows; Rs 800 crore funding planned | results | high | — | — |
| 26 Oct 2026 · Q2 revenue rises and loss narrows but persists; board approves up to Rs 800 crore perpetual issue | results | high | — | — |
| 21 Oct 2026 · NDTV board to consider debt fundraising and quarterly results | board shareholder meetings | low | — | — |
| 6 Oct 2026 · RTA confirmation certificate for Q2 FY27 demat requests | compliance | minimal | — | — |
| 6 Oct 2026 · NDTV board to consider Q2 and H1 FY27 results on October 26 | results | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results declaration | compliance | minimal | — | — |
| 19 Aug 2026 · CARE Ratings reaffirms NDTV credit ratings on bank facilities | credit debt | medium | — | — |
| 17 Aug 2026 · NDTV to acquire GoodTimes channel business from related party for up to Rs 18 crore | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.