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Network18 Media & Investments Q2 FY27 results: net profit up 28.4% to ₹52.96 crore, revenue up 9.4%
Network18 Media & Investments Limited reported consolidated revenue of ₹544.67 crore for Q2 FY27, up 9.4% from a year earlier, with EBITDA of ₹18.69 crore and a 3.4% margin against a negative margin in Q2 FY26. Net profit was ₹52.96 crore and basic EPS was ₹0.34, compared with ₹41.25 crore and ₹0.27 in the year-ago quarter. The standalone basis showed a loss before tax of ₹62.92 crore.
Key points
- Consolidated revenue was ₹544.67 crore in Q2 FY27, up 9.4% year on year from ₹497.81 crore in Q2 FY26.
- EBITDA turned to ₹18.69 crore from a loss of ₹0.50 crore, and the margin moved to 3.4% from -0.1%.
- Net profit was ₹52.96 crore against ₹41.25 crore in Q2 FY26, while basic EPS was ₹0.34 against ₹0.27.
- Total expenses rose 5.8% to ₹613.60 crore, while other income was ₹14.82 crore against ₹3.03 crore.
- In H1 FY27, revenue was ₹1,060.93 crore, up 9.9%, and net profit was ₹14.60 crore against ₹190.10 crore.
How did Network18 Media & Investments perform in Q2 FY27?
On the consolidated basis, Network18 Media & Investments reported revenue of ₹544.67 crore in Q2 FY27, up 9.4% from ₹497.81 crore in Q2 FY26 and up 5.5% from ₹516.26 crore in Q1 FY27. EBITDA was ₹18.69 crore, against a loss of ₹0.50 crore in Q2 FY26 and ₹7.50 crore in Q1 FY27. The EBITDA margin was 3.4%, up 3.5 percentage points year on year and 1.9 percentage points sequentially.
Net profit for the quarter was ₹52.96 crore, up ₹11.71 crore from ₹41.25 crore in Q2 FY26. Basic EPS was ₹0.34 against ₹0.27 in the year-ago quarter. Against Q1 FY27, when the company reported a net loss of ₹38.36 crore and EPS of -₹0.25, the quarter turned to profit. On the standalone basis, revenue was ₹458.30 crore and loss before tax was ₹62.92 crore, against a loss of ₹70.12 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 544.67 | 516.26 | 497.81 | +9.4% | +5.5% |
| Other income | 14.82 | 4.13 | 3.03 | +389.1% | +258.8% |
| Total expenses | 613.60 | 596.49 | 580.21 | +5.8% | +2.9% |
| EBITDA | 18.69 | 7.50 | −0.50 | turned to profit | +149.2% |
| EBITDA margin | 3.4% | 1.5% | -0.1% | +3.5 pp | +1.9 pp |
| Profit before tax | −54.11 | −76.10 | −79.37 | ||
| Tax | 0.12 | 0 | 0 | ||
| Net profit | 52.96 | −38.36 | 41.25 | +28.4% | turned to profit |
| EPS (₹) | 0.34 | −0.25 | 0.27 | +25.9% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Network18 Media & Investments' costs and profit?
Total expenses were ₹613.60 crore in Q2 FY27, up ₹33.39 crore or 5.8% from ₹580.21 crore in Q2 FY26. Other expenses rose ₹30.79 crore to ₹316.05 crore and finance costs rose ₹8.35 crore to ₹56.66 crore. Employee cost fell ₹3.12 crore to ₹209.93 crore and depreciation fell ₹2.63 crore to ₹30.96 crore. There was no exceptional item in the quarter.
Other income was ₹14.82 crore, up ₹11.79 crore from ₹3.03 crore in Q2 FY26. Tax expense was ₹0.12 crore. Profit before tax was a loss of ₹54.11 crore, compared with a loss of ₹79.37 crore in the year-ago quarter, a difference of ₹25.26 crore. Against Q1 FY27, other income rose ₹10.69 crore and the loss before tax narrowed by ₹21.99 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 209.93 | 213.05 | −3.12 | −1.5% |
| Finance costs | 56.66 | 48.31 | +8.35 | +17.3% |
| Depreciation | 30.96 | 33.59 | −2.63 | −7.8% |
| Other expenses | 316.05 | 285.26 | +30.79 | +10.8% |
| Total expenses | 613.60 | 580.21 | +33.39 | +5.8% |
| Other income | 14.82 | 3.03 | +11.79 | +389.1% |
| Tax | 0.12 | 0 | +0.12 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,060.93 crore, up 9.9% from ₹965.67 crore in H1 FY26. Total income was ₹1,079.88 crore against ₹978.85 crore, up 10.3%.
Profit before tax was a loss of ₹130.21 crore in H1 FY27 against a loss of ₹0.84 crore in H1 FY26. Net profit was ₹14.60 crore against ₹190.10 crore, down 92.3%, and basic EPS was ₹0.09 against ₹1.23.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,061 | 965.67 | +9.9% |
| Profit before tax | −130.21 | −0.84 | |
| Net profit | 14.60 | 190.10 | −92.3% |
| EPS (₹) | 0.09 | 1.23 | −92.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹8,955.50 crore as on 30 September 2026, against ₹8,995.70 crore as on 31 March 2026. Total equity was ₹5,031.86 crore against ₹4,987.02 crore. Borrowings were ₹3,088.04 crore against ₹3,112.84 crore, and cash was ₹4.65 crore against ₹38.51 crore. Trade receivables were ₹641.91 crore against ₹690.42 crore, and trade payables were ₹318.48 crore against ₹344.57 crore.
Cash flow from operating activities in H1 FY27 was ₹119.52 crore, against negative ₹81.47 crore in H1 FY26. Investing cash flow was negative ₹4.46 crore against negative ₹32.62 crore, and financing cash flow was negative ₹148.92 crore against positive ₹116.59 crore. Capital expenditure was ₹20.87 crore against ₹36.41 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,956 | 8,996 |
| Total equity | 5,032 | 4,987 |
| Borrowings | 3,088 | 3,113 |
| Cash and equivalents | 4.65 | 38.51 |
| Inventories | 2.41 | 2.15 |
| Trade receivables | 641.91 | 690.42 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 119.52 | −81.47 |
| Cash from investing | −4.46 | −32.62 |
| Cash from financing | −148.92 | 116.59 |
| Capital expenditure | 20.87 | 36.41 |
Source: Company's results filing (XBRL).
How has Network18 Media & Investments done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters, and the trend data shows that quarterly revenue has increased in each quarter since Q4 FY25. Revenue was ₹544.67 crore in Q2 FY27, against a low of ₹467.86 crore in Q1 FY26 and a high of ₹1,360.50 crore in Q3 FY25.
Net profit moved from a loss of ₹38.36 crore in Q1 FY27 to a profit of ₹52.96 crore in Q2 FY27. The EBITDA margin rose from 1.5% to 3.4% over those quarters, after reaching 4.9% in Q4 FY26 and falling to -0.1% in Q2 FY26.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 30 October 2026, along with the limited review reports of the statutory auditors. The results were also filed with the investor communication describing the quarter's revenue and EBITDA. Separately, the company had earlier informed the exchanges that the trading window in its securities would remain closed from 1 October 2026 until 48 hours after the results became generally available information on 30 October 2026.
What did Network18 Media & Investments' management say?
Management said the content studio primarily drove growth, while advertising growth was subdued. It said advertising inventory consumption for the news genre declined by about 13% as corporate spends were affected by the West Asia conflict, a weak monsoon and the television ratings blackout, while demand for government-linked advertising was strong for the second consecutive quarter. Connected TV was described as an emerging revenue stream with engagement growth of 27% year on year.
Management said Network18 remained the largest digital news and information network in India with 330mn+ monthly users and over 15 billion quarterly YouTube views, while Moneycontrol Pro retained leadership with over 1 million paid subscribers. Management said television ratings data had been suspended for over 6 months for the news genre and for more than 3 months for other genres because of BARC's licence-renewal issue, and that the News18 Marathi merger awaited regulatory approvals and other scheme conditions.
Management said the NCLT sanctioned the amalgamation of News18 Marathi with Network18 on 22 October 2026, with effectiveness dependent on fulfilment of all scheme conditions and regulatory approvals. It said comparability was affected because News18 Marathi became a wholly owned subsidiary on 29 October 2025 and has been consolidated from the quarter ended 31 December 2025. It also noted that standalone loss before exceptional items and tax was ₹62.9 crore in Q2 FY27 and ₹140.8 crore in H1 FY27, while Q2 consolidated results included ₹107.2 crore from associates and joint ventures.
How did Network18 Media & Investments shares react?
After the filing appeared in the market, the stock was up 5.2% after five minutes and unchanged after 15 minutes, before easing 0.1% after 30 minutes. On the reaction day it closed 2.5% below its previous close of ₹24.20, against the Media & Entertainment industry median move of 1.1%, a gap of -3.6 percentage points. By the next day's close the stock was up 2.5% from its pre-results close, while the industry median was down 0.3% and the Nifty Microcap 250 was down 1.1%.
Earlier results-day moves were negative on seven of the eight listed dates, including -4.8% on 15 July 2026, -1.5% on 18 April 2026 and -2.0% on 14 January 2026. The exception was 15 July 2025, when the stock moved 11.2%.
| After the filing | Stock | Media & Entertainment median |
|---|---|---|
| 5 minutes | +5.2% | |
| 15 minutes | +0.0% | |
| 30 minutes | −0.1% | |
| Reaction day | −2.5% | +1.1% |
| Next day | +2.5% | −0.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | −4.8% |
| 18 April 2026 | −1.5% |
| 14 January 2026 | −2.0% |
| 15 October 2025 | −0.5% |
| 15 July 2025 | +11.2% |
| 11 June 2025 | −3.0% |
| 14 January 2025 | −7.5% |
| 12 October 2024 | −3.1% |
Source: MarketPing price-reaction measurement.
How did other Media & Entertainment companies do?
Five other Media & Entertainment companies were compared on revenue growth for the quarter, with a median revenue growth of 8.2%, compared with Network18 Media & Investments' 9.4% growth. Three peers grew slower than the company and two grew faster. Of the six peers compared on profit, four reported higher profit.
| Network18 Media & Investments revenue growth (YoY) | +9.4% |
|---|---|
| Median of 5 other Media & Entertainment companies | +8.2% |
| Companies with slower revenue growth than Network18 Media & Investments | 3 of 5 |
| Companies with faster revenue growth than Network18 Media & Investments | 2 of 5 |
| Companies whose net profit rose | 4 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Network18 Media & Investments' revenue in Q2 FY27?
Revenue from operations was ₹544.67 crore, up 9.4% from ₹497.81 crore in Q2 FY26 (consolidated).
Did Network18 Media & Investments make a profit in Q2 FY27?
Yes. Net profit was ₹52.96 crore, against a net profit of ₹41.25 crore in Q2 FY26.
What was Network18 Media & Investments' EPS in Q2 FY27?
Basic earnings per share were ₹0.34, against ₹0.27 in Q2 FY26.
How did Network18 Media & Investments shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.5% from the previous close; the median Media & Entertainment stock moved +1.1%.
When did Network18 Media & Investments announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Regulation 30 & 33 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Outcome Of The Board Meeting (BSE, 30 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 30 October 2026) · PDF
- The investor presentation (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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