NSE: NETWORK18 · BSE: 532798
NETWORK18 MEDIA & INV LTD
Operates a portfolio of television news channels across multiple Indian languages under the News18 brand and runs digital news properties anchored by Moneycontrol. The bulk of revenue comes from selling advertising slots to corporate and government advertisers, with the Q1FY27 update noting that non-government advertising fell over 10% year-on-year amid weak corporate spending and the West Asia conflict. A second revenue line comes from paid subscriptions to Moneycontrol Pro, which crossed 1 million paid subscribers, alongside newer lines in Moneycontrol Fintech and Creator18 that the FY26 update describes as scaling up. The company sits at #1 in Indian TV news with 13.8% viewership share and leads digital news with 360 million monthly reach. It acquired News18 Marathi for Rs 25 crore in October 2025 to fold a Marathi-language channel into the parent (appointed merger date April 1, 2026). The cost base is dominated by employee costs at 37.4% of revenue and other operating expenses at 60.6%, with depreciation at 6.2% and capex at 2.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Television advertising, Digital advertising, Subscriptions, New businesses. Ad-revenue-cyclical broadcast and digital news media business, with subscription layer on Moneycontrol Pro.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,880 | 6,223 | 9,297 | 6,888 | 2,121 |
| EBITDA (ex other income) | 1,079 | 137 | (664) | (1,766) | 161 |
| margin % | 18.4 | 2.2 | (7.1) | (25.6) | 7.6 |
| Owners' profit | 208 | (84) | (254) | (1,687) | 152 |
| EPS, as reported (₹) | 2.00 | (0.81) | (2.45) | (11.02) | 0.99 |
| ROE % · ROCE % | 18.2 · 20.8 | (0.3) · 2.2 | (1.4) · (0.6) | (36.9) · (30.1) | 3.1 · 1.1 |
| Debt / equity (x) | 0.47 | 1.27 | 0.26 | 0.58 | 0.62 |
| Cash from operations | 641 | (2,804) | (6,465) | (1,912) | (28) |
| Capex | (184) | (732) | (2,404) | (899) | (51) |
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 | 1,825 | 1,361 | 561 | 468 | 498 | 539 | 616 | 516 |
| Profit before tax | (184) | (1,519) | (76) | 79 | (79) | (81) | (67) | (76) |
| Net profit | (152) | (1,400) | (29) | 149 | 41 | (5) | (30) | (38) |
| EPS (₹) | (0.63) | (9.38) | (0.20) | 0.97 | 0.27 | (0.04) | (0.20) | (0.25) |
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. % |
|---|---|---|---|---|---|---|---|---|
| TIPS MUSIC LIMITED | 10,163 | 47.4 | 39.10 | — | 83.4 | 110.1 | — | 55.7 |
| SAREGAMA INDIA LIMITED | 10,110 | 45.6 | 5.96 | 27.4 | 12.2 | 15.7 | 17.4 | 37.0 |
| NETWORK18 MEDIA & INV LTD ◆ | 3,722 | — | 0.75 | 35.9 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. | 1,036 | — | 1.67 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. | 391 | — | 0.52 | 5.2 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 282 | — | 1.05 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED | 183 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 59 | 12.7 | 0.19 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 0.9 | 5 of 11 | 60% |
| ROCE | (2.8) | (3.1) | 6 of 12 | 55% |
| ROE | 3.1 | (1.2) | 3 of 11 | 80% |
| Debt / Equity | 0.6 | 0.0 | 10 of 11 | 10% |
| EBITDA margin | 2.3 | 12.4 | 9 of 13 | 33% |
| Revenue growth | 10.3 | (2.8) | 5 of 11 | 60% |
| Profit growth | (125.8) | 56.4 | 11 of 12 | 9% |
| Market cap | 3722 | 183 | 3 of 13 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 23 Oct 2026 · NCLT approves merger of News18 Marathi with Network18 Media | strategic transactions | medium | — | — |
| 12 Oct 2026 · Notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2FY2027 Results | compliance | minimal | — | — |
| 17 Sept 2026 · Network18 31st AGM: All 4 resolutions passed with over 99.8% majority | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Network18 31st AGM held on 16 Sep 2026; all 4 resolutions passed | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Notice of 31st AGM published in newspapers with e-voting details | compliance | minimal | — | — |
| 21 Aug 2026 · Network18 files Business Responsibility and Sustainability Report for FY 2025-26 | compliance | low | — | — |
| 21 Aug 2026 · Network18 files FY26 Annual Report; 31st AGM on 16 September | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Network18 responds to NSE query on sudden volume spurt | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.