New Delhi Television Ltd (NDTV) Q2FY26 – When the Breaking News Is About Its Own Balance Sheet!
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 newer regional channels like NDTV MP-CG, NDTV Rajasthan, and NDTV Marathi. Basically, they’ve got every geography covered — from Manhattan to Madhya Pradesh.
Its subsidiary NDTV Convergence Ltd runs the digital empire — ndtv.com, ndtv.in, and other portals — while NDTV Worldwide Ltd does consulting for international broadcasters. In FY24, NDTV even re-launched NDTV Profit and ventured deeper into digital monetization.
Revenue sources:
82% Advertising – The lifeblood, but also the most volatile.
4% Subscription – The “Netflix dream” that never came true.
3% Mobile VAS + 2% Events – Basically, “We tried.”
Interest Income and Write-backs (5%) – Because saving costs is also an art.
They’ve also launched NDTV World Edition for global audiences, aiming to compete with BBC and CNN. Ambitious? Yes. Profitable? Not yet.
In short, NDTV sells credibility, but the cost of maintaining it seems higher than the revenue it brings. The result: a business that runs on reputation more than returns.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹122 Cr
₹111 Cr
₹108 Cr
9.9%
13.0%
EBITDA
₹-57 Cr
₹-43 Cr
₹-58 Cr
-32.6%
1.7%
PAT
₹-74.1 Cr
₹-53 Cr
₹-70 Cr
-39.8%
-5.9%
EPS (₹)
-6.57
-4.68
-6.24
-40.3%
-5.3%
If numbers could speak, they’d say “send help.” Despite a YoY increase in sales, losses have ballooned faster than a newsroom breaking election exit polls. NDTV’s annualized EPS of ₹-26.3 means P/E is officially “not meaningful” — a polite way of saying “stop looking for it.”
5. Valuation Discussion – Fair Value Range
Let’s keep this educational, not emotional.
Method 1: P/E Based Valuation Industry P/E (Media peers like Sun TV, Zee) ≈ 15x. NDTV EPS (Annualized): -26.3 → P/E not applicable. Hence, using a “normalized profit potential” (assuming turnaround to 5% net margin on ₹490 Cr sales = ₹25 Cr PAT): Implied EPS ≈ ₹2.2 → Fair range = ₹33–₹45.
Method 2: EV/EBITDA Current EV ≈ ₹1,399 Cr, EBITDA (TTM) = ₹-205 Cr → Not meaningful. If normalized EBITDA margin returns to 10% (₹49 Cr EBITDA), EV/EBITDA fair multiple (industry avg. ~10x) = ₹490 Cr → Per share range: ₹43–₹55.
Method 3: DCF (Simplified) Assume slow 5% revenue CAGR, break-even in 2 years, 10% discount rate → intrinsic range ₹40–₹60.
Fair Value Range (Educational Only): ₹40 – ₹60 (This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
NDTV’s newsroom isn’t just for national news anymore — its own corporate updates have become prime-time headlines. Here’s the recap:
Rights Issue of ₹396.49 crore (oversubscribed 1.11x) completed; Adani Group stake increased to 69.02%.
Merger of 4 NDTV entities (NDTV Labs, NDTV Convergence, NDTV Worldwide, NDTV Networks) effective Oct 1, 2025 — aimed at simplification and synergy. In corporate speak: “fewer Excel sheets to reconcile.”
Rahul Kanwal appointed CEO, joining from India Today – a move that promises “editorial energy and operational accountability.” Translation: NDTV is tired of being the punching bag of balance sheets.
Acquisition of GoodTimes (Lifestyle channel) for ₹18 crore – because nothing says turnaround like a travel show during financial turbulence.
GST case worth ₹17.27 crore dropped – one small victory amid losses.
The upcoming NDTV World Summit (Oct 17–18) could also be a branding exercise to relaunch NDTV 2.0.
Question for readers: Can a news channel that breaks news all day finally break its own loss cycle?
