1. At a Glance
Once the pride of English journalism and now a chapter in the Adani media saga, New Delhi Television Ltd (NDTV) has just dropped its Q2FY26 numbers — and let’s just say, the news anchor might need another coffee. At a current price of ₹94.9, the company commands a market cap of ₹1,071 crore. The last three months? A -13.1% fall, because apparently, investors don’t enjoy losses as much as NDTV enjoys panel debates.
The sales stood at ₹122 crore, up 9.8% QoQ — a small clap. But the loss widened to ₹74 crore, down 40% from the previous quarter’s ₹70 crore loss. The ROE? A spicy -133%, ROCE -47.8%, and an OPM of -41.9% — basically, it’s raining red ink in the newsroom. Despite that, the company trades at a price-to-book ratio of 18.2, which can only be explained if investors are valuing “sentiment” instead of “profits.”
The rights issue of ₹396.49 crore got 1.11x oversubscribed (because who doesn’t want a front-row seat to a media soap opera?). Add in the new CEO, Rahul Kanwal, the acquisition of the GoodTimes channel, and a four-company merger effective October 1, 2025 — and you’ve got all the drama of a newsroom thriller where the headline reads: “NDTV Fights for Financial Relevance.”
2. Introduction – The Once Rebel, Now a Revenue Rehab Case
If NDTV were a Bollywood character, it’d be that veteran journalist who once exposed scams but is now trying to fix its own accounts. Incorporated in 1988, NDTV is among the oldest TV news networks in India — and once, the benchmark for credible English journalism. Fast forward to FY26, and it’s part of Adani Group’s AMG Media Networks, struggling to turn views into revenue and TRPs into profitability.
The company boasts of a 500+ million global audience across 65 countries, but unfortunately, views on YouTube don’t pay the power bills. Over the years, NDTV has built a massive digital presence: 32.25 million YouTube subscribers, 21.9 million X followers, and 4.26 million Instagram fans. If social media clout were counted on the balance sheet, NDTV would be richer than its competitors combined. But alas, accounting standards don’t value “followers.”
The company’s advertisement-heavy revenue model (82%) makes it a hostage to ad cycles. Political seasons bring money; the off-season brings existential questions. Subscription and event revenues together barely touch 6%. And with every election cycle, it faces the same test — can TRP bring profitability before cash reserves run out?
The Adani entry promised deep pockets, glitzy tech infrastructure, and new regional launches. But Q2FY26’s performance suggests the transition is still in its “PowerPoint Presentation” phase.
3. Business Model – WTF Do They Even Do?
NDTV’s business is simple on paper and complex in practice: news broadcasting and digital content creation. It operates through multiple arms and subsidiaries — NDTV 24×7 (English), NDTV India (Hindi), NDTV Profit (Business), and
