New Delhi Television Ltd Q1 FY26 – “Revenue ₹108 Cr, Loss ₹70 Cr, Rights Issue ₹400 Cr – Breaking News: Balance Sheet bhi ICU mein”
1. At a Glance
NDTV ab sirf ek TV channel nahi, ek soap opera franchise ban gaya hai. Adani group ke under operate karte hue company ne FY25 mein ₹479 Cr revenue kamaya aur ₹240 Cr ka loss likh dala – matlab “prime-time mein shouting match free, balance sheet mein cash burn premium.” Market cap abhi bhi ₹1,465 Cr hai, shayad kyunki retail investors soch rahe hain, “Adani hai toh sambhal lega.”
2. Introduction
NDTV ka journey ekdum Bollywood biopic material hai. 1988 mein Prannoy Roy aur Radhika Roy ne shuru kiya tha – serious journalism, sharp debates, credibility. Aaj ke din – Adani ke AMG Media Networks ke under, newsroom mein naye anchors, naye CEO (Rahul Kanwal, ex-India Today), aur naye experiments like NDTV Marathi, Rajasthan, MP-CG, plus NDTV Alive events vertical.
Global reach? 65 countries mein available. Social media presence? X pe 21.9M followers, YouTube pe 32M subscribers. Matlab “digital pe sabse zyada views, lekin P&L mein sabse zyada losses.”
Revenue ka 82% ads se aata hai. Subscription, events, mobile VAS sab mila ke barely 15%. Matlab agar brands ne advertising cut kar diya, toh newsroom ke AC bhi band ho jayenge.
3. Business Model – WTF Do They Even Do?
NDTV ke core buckets:
TV Channels: NDTV 24×7 (English), NDTV India (Hindi), NDTV Profit (business), regional experiments.
Digital: ndtv.com, ndtv.in, regional portals, NDTV World Edition.
Subsidiaries: NDTV Convergence (digital), NDTV Worldwide (consulting), tie-ups with Gadgets360 (tech/e-comm) and Mojarto (art).
Events: NDTV Alive (new vertical).
Truth: Ye sab businesses milke ek hi cheez karte hain – “views ke liye content.” Problem yeh hai ki advertisement market cyclical hai aur NDTV ka positioning Adani ke afterglow mein abhi bhi test ho raha hai.
4. Financials Overview
Metric
Latest Qtr (Q1 FY26)
YoY Qtr (Q1 FY25)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue
₹108 Cr
₹94 Cr
₹127 Cr
14.6%
–15%
EBITDA
–₹58 Cr
–₹46 Cr
–₹49 Cr
–26%
–18%
PAT
–₹70 Cr
–₹47 Cr
–₹62 Cr
–50%
–13%
EPS (₹)
–6.24
–4.14
–5.40
–51%
–15%
Commentary: Sales growth aa raha hai (14.6%), lekin bottom-line lagataar “blood red.” News channel TRP race jaisa – revenue ka ads bump hota hai, losses ka red ink aur tez likha jata hai.
