1. At a Glance
NDTV just posted a Q1 net loss of ₹70 Cr — their worst quarter in recent memory — with a glorious –54% OPM. When your operating losses are steeper than your TRPs, it’s time for an editorial reboot.
2. Introduction with Hook
Think of NDTV like an old, respected news anchor caught in the middle of a reality TV show — part dignified journalism, part chaotic soap opera. Add an Adani acquisition, sprinkle some tax notices, and mix in losses so deep, you need scuba gear to find the bottom.
Here’s what sets the mood:
- ROE: –133% (Yes, triple digits. That’s not a typo.)
- Q1 FY26 OPM: –54% (Forget EBITDA, they’re bleeding before the headlines even finish.)
3. Business Model – WTF Do They Even Do?
NDTV runs:
- NDTV India, NDTV 24×7: Still holding the “serious journalism” torch
- ndtv.com: Surprisingly strong digital presence
- New verticals (NDTV Alive): Events business, because nothing says news credibility like celebrity yoga sessions
Now under AMG Media (Adani group), NDTV is no longer just a media house — it’s the corporate equivalent of a political remix.
4. Financials Overview – ₹ Cr
| Metric | Q1 FY25 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Revenue | ₹108 Cr | ₹108 Cr | 0% |
| EBITDA | –₹49 Cr | –₹58 Cr | Worse |
| Net Profit | –₹62 Cr | –₹70 Cr | Still falling |
| OPM | –38% | –54% | Deep dive |
Revenue hasn’t moved. But losses? They’ve upgraded to business class.
5. Valuation – Should This Even Be Valued?
- Book Value: ₹9.11 → CMP ₹147 = 16x BV
- Earnings? Last 4 quarters = ₹–241 Cr.
P/E = 🤷
Fair Value Range: ₹15–₹25 (based on deep value optimism, not logic)
CMP = ₹147
At this point, you’re not investing — you’re donating to media preservation.
6. What’s Cooking – News, Triggers, Drama
- ₹17.27 Cr GST Show-Cause Notice: When taxes come knocking after TRPs stop.
- NDTV Alive Launch: Events vertical because ad revenue is allergic to losses
- Subsidiary Mergers + Auditor Change: Shakeups galore — like spring cleaning, but with more paperwork
- Adani in charge: Promoters now own 64.7%
- Quarterly Net Losses: –₹47 Cr, –₹53 Cr, –₹55 Cr, –₹62 Cr, –₹70 Cr
That’s a 5-episode financial horror series.
More cliffhangers than a primetime thriller.
7. Balance Sheet – Drama Club Edition
| Item | FY25 (₹ Cr) |
|---|---|
| Equity | 26 |
| Reserves | ₹33 Cr (down from ₹254 Cr in FY23) |
| Borrowings | ₹338 Cr (from just ₹8 Cr two years ago!) |
| Total Liabilities | ₹643 Cr |
| Cash on Hand | Basically fumes |
If NDTV were a household, they’d be maxed out on credit cards and arguing about cable bills.
8. Cash Flow – Lost the Plot
| Year | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | –₹13 Cr | ₹40 Cr | –₹19 Cr | ₹7 Cr |
| FY24 | –₹68 Cr | ₹50 Cr | ₹21 Cr | ₹4 Cr |
| FY25 | –₹144 Cr | –₹73 Cr | ₹213 Cr | –₹5 Cr |
Burning cash faster than a YouTube scandal. Surviving on financing inflows like it’s a startup with a TikTok growth plan.
9. Ratios – Not for the Faint-Hearted
| Ratio | FY25 |
|---|---|
| ROCE | –47.8% |
| ROE | –133% |
| OPM | –40% |
| Debt/Equity | ~1.3 |
| CMP/BV | 16x |
NDTV is basically a walking finance meme at this point. Even crypto coins have better fundamentals.
10. P&L Breakdown – Show Me the Fire
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹386 Cr | ₹58 Cr | ₹53 Cr |
| FY24 | ₹370 Cr | –₹28 Cr | –₹21 Cr |
| FY25 | ₹465 Cr | –₹173 Cr | –₹218 Cr |
From profit to crater in 24 months. At this rate, they should broadcast their income statement live.
11. Peer Comparison – Who’s Less Drunk?
| Company | CMP (₹) | Sales (TTM Cr) | PAT | ROE | P/E |
|---|---|---|---|---|---|
| Sun TV | 575 | 4,015 | ₹1,744 Cr | 15.7% | 13x |
| Zee | 123 | 7,988 | ₹765 Cr | 6.8% | 15x |
| TV Today | 171 | 993 | ₹82 Cr | 9.4% | 12x |
| NDTV | 147 | 479 | –₹241 Cr | –133% | NA |
NDTV is the guy in the media reunion pic who used to be cool, but now shows up asking for a job.
12. Miscellaneous – Promoters, FIIs, Public
| Category | Jun 2025 |
|---|---|
| Promoters | 64.71% (Adani group) |
| FIIs | 0.12% (ran away) |
| DIIs | 0.00% (non-existent) |
| Public | 35.17% |
Retail shareholders are the only ones sticking around, probably out of nostalgia or confusion.
13. EduInvesting Verdict™
NDTV is no longer a pure media play — it’s now a financial thriller starring the Adani Group, tax departments, and a balance sheet that makes auditors weep. The brand still holds value, but the numbers are holding on to dear life.
A legacy name, trapped in a rerun of bad quarters. Tune in if you like drama.
Written by EduInvesting Team | 25 July 2025
Tags: NDTV, Adani Media, Broadcasting, Financial Results, GST Notice, EduInvesting Premium
