1. At a Glance – TRP High, Profits Low?
₹744 crore market cap.
₹125 stock price.
Stock down ~9.5% in 3 months and ~22% in 1 year.
P/E at 31.9 while industry median sits lower at 18.6.
ROE? 8.44%.
ROCE? 12.4%.
Debt? Barely ₹16.7 crore — practically pocket change.
And then comes the mic drop:
Q3 FY26 Revenue ₹212.36 crore. Net Profit? -₹0.14 crore.
Yes. Negative. After once earning ₹4.88 EPS in Dec 2023 quarter, now we’re staring at EPS of -₹0.02.
Operating margins collapsed from 23.23% in Jun 2024 to 5.98% now.
This is a company that runs India’s most subscribed news channel on YouTube, but shareholders are asking:
“Subscribers toh aa gaye… profits kab aayenge?”
Let’s decode the newsroom drama.
2. Introduction – When Headlines Don’t Translate to Bottomline
T.V. Today Network Ltd is part of the India Today group — a brand that practically grew up with Indian television.
It runs:
- Aaj Tak
- Good News Today
- Aaj Tak HD
- India Today Television
- Digital properties including The Lallantop
Over 72 million YouTube subscribers on Aaj Tak.
Over 33 million subscribers on The Lallantop.
In digital terms? Absolute dominance.
In financial terms? Slightly… awkward.
Sales growth over 5 years: 3%.
Profit growth over 5 years: -12%.
TTM profit growth: -74%.
It’s like having the loudest mic in the room but forgetting to charge advertisers premium rates.
And just when you think things can’t get more spicy:
- ₹200 crore acquisition of Romesh Films
- ₹200 crore property purchase in Noida
- ₹10 crore radio business sale
- ₹12.18 crore exceptional charge
- Tax demand ₹11.16 crore
- GST dispute ₹1.95 crore
This is not a quarterly report.
This is a full OTT drama series.
Are they restructuring for a comeback… or just rearranging studio furniture?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Revenue mix FY24:
- Advertisement income: ~84%
- Subscription income: ~10%
- Interest income: ~3%
- Others: 3%
Translation: If
