01 — At a Glance
The News Channel That Learned To Lose More Efficiently
- 52-Week High / Low₹65.3 / ₹30.0
- Q3 FY26 Revenue₹539 Cr
- Q3 FY26 PAT₹-5.29 Cr
- Q3 FY26 EPS₹-0.04
- TTM Revenue₹2,066 Cr
- Book Value₹32.0
- Price to Book0.98x
- Debt / Equity0.65x
- Net Debt₹2,086 Cr
- Promoter Holding56.9%
Auditor’s Verdict: Network18 closed Q3 FY26 with ₹539 crore revenue (-60.4% QoQ, because Viacom18 stopped being their problem), ₹-5.29 crore net loss, and ₹-0.04 EPS. But wait — there’s an exceptional gain of ₹68.57 crore in other income. So they literally lost money on business and made it back by selling stuff. This is not financial management, this is yard sale accounting. Also — their stock down 24.4% in one year. Nothing sells confidence like negative returns with an absent dividend.
02 — Introduction
Welcome to the Media Company That Nobody Asked For (But Reliance Won’t Let Die)
Let’s talk about Network18 Media. Not because it’s a brilliant investment. Because it’s a fascinating case study in why very rich people sometimes make very strange decisions.
Network18 is India’s only media conglomerate with a presence across news (TV and digital), but the problem is simple: news doesn’t make money. It costs money. Constantly. Every journalist, every studio, every news anchor with an opinion costs money. And in India, where your neighbour’s WhatsApp forward travels faster than your prime-time bulletin, the ad market for news is thinner than a CNBC-TV18 margin.
The stock was trading at ₹65.3 just a year ago. It’s now ₹30.6. Down 53%. Welcome to the ground floor. Or perhaps you’re arriving just in time to watch it dig.
Reliance Industries — Mukesh Ambani’s cash cow — owns 56.9% through Independent Media Trust. So when Network18 loses money, you’re essentially watching the world’s third-richest man subsidise your news habit. Consider it a public service funded by a ₹20 trillion empire with better things to do.
Q3 FY26 hit hard: ₹539 crore in revenue (down 60.4% QoQ, because they finally got rid of the Viacom18 dead weight), a loss on the core business, and survival only because they sold assets for an exceptional gain. This is a company that survives not by running a business, but by chopping up the furniture.
Reliance’s Concall Notes (Implicit): “Yes, Network18 is losing money. Yes, we’re fine with that. It keeps us relevant in the digital news space and helps with Jio content distribution. Also, Mukesh likes control. Next question.”
03 — Business Model: WTF Even Is This?
They Broadcast News. No One Pays. So They Sell Ads. Which Also No One Really Buys.
Network18’s structure post-Viacom18 demerger (Dec 2024) is actually simpler than before, because the company finally admitted that trying to run entertainment channels and news channels in the same house was like raising a cat and a piranha together.
They now run: TV News (20 channels: CNBC TV18, CNN News18, News18 India, and 17 regional channels); Digital News (News18.com, Firstpost, Moneycontrol — which has 1 million+ paying subscribers, actually good); and some leftover magazine properties like Forbes India and Overdrive.
Revenue sources are: Advertising (network charges from DTH operators + direct ad sales) and Subscription (Moneycontrol Pro). The mix sucks because advertising is cyclical (dies during downturns) and subscription barely moves the needle.
In Q3, their operating profit was ₹9.64 crore on ₹539 crore revenue (OPM of just 1.79%). Compare that to Castrol’s 26% OPM. Actually, don’t. It’s depressing.
TV News Business13.5%Market Share
Digital Reach200M+Monthly Unique Visitors
Moneycontrol Subs1M+Actually growing
The Brutal Truth: Network18 Group reaches 700 million TV viewers monthly. But reach doesn’t convert to rupees when everyone streams YouTube instead. They’re not losing the reach battle. They’re losing the monetisation battle.
💬 Real question: Do you actually pay for news? Or do you just get it free from WhatsApp news groups run by your mom’s friends?
04 — Financials Overview
Q3 FY26: The Slow Collapse, On Record
Result type: Quarterly Results | Q3 FY26 EPS: ₹-0.04 | TTM Revenue: ₹2,066 Cr | TTM PAT: ₹33.4 Cr (with exceptional items)
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 539 | 1,361 | 1,364 | -60.4% | -60.5% |
| Operating Profit | 9.64 | -21.51 | -0.50 | +145% | NM |
| OPM % | 1.79% | -1.58% | -0.10% | +337 bps | +189 bps |
| PAT (ex-exceptionl) | -73.86 | -1,224.91 | -82.21 | 94% | 10% |
| EPS (₹) | -0.04 | -9.31 | -0.26 | +96% | +85% |
The Plot Twist: Yes, Q3 looks better YoY because Q3 FY25 had a massive ₹1,224.91 crore “other income” charge-off. So it’s a “less bad than catastrophically bad” story. Q3 FY26 had an exceptional gain of ₹68.57 crore (asset sales). Without that, they’d be -₹73.86 crore in losses. They’re not a news company anymore. They’re an asset liquidation company that occasionally broadcasts news.
05 — Valuation: Why Are We Even Here?
Fair Value? There Isn’t One. There’s Just Hope.
