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1. At a Glance
Revenue grew 14% YoY to ₹528 Cr in FY2026, landing on a dime after the last two years. But profit—net loss of ₹323 Cr, worse than the ₹216 Cr loss in FY2025.
The company swallowed a ₹396.5 Cr rights issue at ₹82/share in October 2025, lifting promoter stake from 64.71% to 69.02% and boosting shares from 64.5 Cr to 112.8 Cr. Operating loss ballooned to ₹261 Cr from ₹173 Cr.
Cash burned by operations hit ₹258 Cr. Borrowings fell from ₹338 Cr to ₹258 Cr—the capital raise got used partly to pay down debt. A news network that loses money on every rupee of sales, burns cash to stay alive, and asks shareholders to fund the funeral.
Worth watching: why borrowings didn’t fall more, and whether the news division can stop the bleeding.
2. Introduction
NDTV built a television and digital journalism footprint over 37 years. In 2022, the Adani Group took control via AMG Media Networks, absorbing it into their empire.
The business operates 7 television channels (NDTV 24×7, NDTV India, NDTV Profit, NDTV Marathi, NDTV MP & Chhattisgarh, NDTV Rajasthan, NDTV Good Times) and a digital ecosystem with 102 Mn social media followers, 45 Mn YouTube subscribers, and 40 Bn video views across platforms.
FY2026 saw corporate moves: the merger of NDTV Media, NDTV Networks, NDTV Labs, and NDTV Worldwide into NDTV effective October 2025, simplifying the structure. The company is acquiring the Good Times channel from Lifestyle & Media Broadcasting for up to ₹18 Cr, pending regulatory approval.
Legally, legacy matters persist: income tax demands of ₹420 Cr (FY 2008–09, stayed pending appeal) and ₹443 Cr, plus GST scrutiny notices with proposed liabilities of ₹13.69 Cr and ₹20.25 Cr. SEBI disposed of a 2009 disclosure case in June 2026 with no violation found and no penalty.
In May 2025, Rahul Kanwal was appointed CEO. In December 2025, Akhil Kumar replaced Anup Dutta as CFO after the latter resigned in November.
3. Business Model: WTF Do They Even Do?
NDTV is a news and digital content machine. Revenues break down as: Advertisement ≈91%, Subscription ≈2%, Events ≈4%, Business Income ≈1%, Shared Services ≈1%. Geography: India ≈86%, USA ≈9%, Europe ≈1%, Rest ≈2%.
The company claims to rank as the #1 English news channel among affluent viewers (NDTV 24×7, 33.4% market share), #1 business news channel (NDTV Profit, 51% market share), and achieved record numbers on regional channels in FY2026. NDTV Marathi hit 51 Mn viewers within a year; NDTV Rajasthan landed a 24% market share.
Infrastructure is centralized: 3 large national studios, 3 primary control rooms, 2 regional studios, 2 regional PCRs, plus AR/VR-equipped studios for events and immersive content.
Digital reach is hefty. The group touches 45 Mn YouTube lifetime subscribers, 102 Mn social media followers, and 40 Bn video views. But a follower is free, and a view is often fleeting. The money is in ads.
Here’s the tension: the model can scale—viewership, digital footprint, regional reach all expanded in FY2026. But scale doesn’t matter if every ₹1 of revenue costs ₹1.49 in operating expenses. The company is running a content empire on a journalism budget, hiring to stay relevant while selling ad spots in a crowded marketplace. Viewership growth has not reversed the loss spiral.
4. Financials Overview
Figures are consolidated, in ₹ crore.
Metric
FY2024
FY2025
FY2026
YoY Change
Revenue
370
465
528
+13.6%
EBITDA
-18
-172
-254
(deteriorated)
PAT
-20
-216
-323
-49.5%
EPS (₹)
-1.79
-19.16
-28.59
(wider loss)
Revenue inched up 14% YoY. EBITDA flipped deeply negative: -₹254 Cr in FY2026 vs -₹172 Cr in FY2025. Operating profit sank to -₹261 Cr. Interest expense held steady at ₹31 Cr; depreciation rose to ₹36 Cr.
The company reported a loss before tax of -₹321 Cr, offset partially by a tax benefit of ₹2.46 Cr (minimal), leaving the net loss at -₹323 Cr. EPS deteriorated to -₹28.59 from -₹19.16 in FY2025.
Quarterly trajectory (last 4 quarters through Q4 FY2026):
Quarter
Revenue (₹ Cr)
Net Profit (₹ Cr)
Trend
Q3 FY26 (Dec 2025)
150
-80
Declining profit
Q4 FY26 (Mar 2026)
148
-98
Accelerating loss
Q4 revenue flatlined at ₹148 Cr. Net loss deepened to -₹98 Cr, the worst of any quarter in the trailing 12-month window, signaling no reversal in sight.
5. Market Expectations & Historical Multiples
This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive,
