1. At a Glance
T.V. Today just posted a measly ₹7.35 Cr profit—yes, that’s not per show, that’s the whole quarter. Operating margins at 3.8%, viewership flatlining, but hey—guess what? They just bought Romesh Films for ₹200 Cr. Who needs TRPs when you can buy a script?
2. Introduction with Hook
Running T.V. Today right now is like juggling flaming remotes while riding a sinking TRP ship. Just as revenues tank 14% YoY, management decides it’s the perfect time to drop ₹200 Cr on a film company. Because clearly, the cure for bleeding ad revenues… is Bollywood.
Stats to chew on:
- Q1 FY26 Revenue: ₹197 Cr (down 36% YoY)
- PAT: ₹7.35 Cr (down 86% YoY)
Somebody hand them the remote. The mute button on profitability is stuck.
3. Business Model (WTF Do They Even Do?)
TVTN operates channels like Aaj Tak, India Today TV, Good News Today, and a high-def version of nostalgia. Add digital arms like India Today and Aaj Tak websites. They shout “BREAKING NEWS” louder than a fire alarm but earn like a college YouTuber.
They also:
- Run digital content arms inherited from Living Media
- Sell ads, impressions, and your soul if needed
- Now own a film studio too (because why not?)
It’s like NDTV met Dharma Productions at a midlife crisis party.
4. Financials Overview
Let’s zoom into this quarter’s tragicomedy:
| Metric | Q1 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹197 Cr | -36% |
| OPM | 3.8% | Down from 23.2% YoY |
| PAT | ₹7.35 Cr | -86% |
| Other Income | ₹10.77 Cr | Because core biz took the day off |
Commentary:
“Core ops barely covered chai-biscuit. Other income came to the rescue like a rich NRI uncle.”
5. Valuation
TVTN is trading at a P/E of 31.3 with no growth, no mojo, and no margin.
- PE Method: PAT (TTM) = ₹30 Cr → Market Cap = ₹1,018 Cr → PE = 33.9
→ Fair Value Range: ₹100–₹120 - Dividend Yield: 4.99% — looks juicy… until you realize it’s cause the price crashed
Verdict:
“Buying this stock for growth is like watching Aaj Tak for peace of mind.”
6. What’s Cooking – News, Triggers, Drama
- Romesh Films Acquisition (₹200 Cr): Because news isn’t entertaining enough anymore
- Operating profit collapsed: From ₹71 Cr to ₹7 Cr—drama levels higher than their 9 PM prime time
- Management reshuffle: Resignations flying like breaking news tickers
- Sale of FM Radio unit approved – Exit radio, enter masala flicks?
Plot twist incoming: Are we watching a turnaround… or a tragedy?
7. Balance Sheet
| Metric | Mar 2025 |
|---|---|
| Equity | ₹30 Cr |
| Reserves | ₹861 Cr |
| Borrowings | ₹21 Cr |
| Total Assets | ₹1,133 Cr |
Takeaway:
“Balance sheet is leaner than your gym goals. Debt is low. But the cash is going places—like Noida and Bollywood.”
8. Cash Flow – Sab Number Game Hai
| FY | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹41 Cr | ₹371 Cr | ₹-427 Cr | ₹-15 Cr |
| FY24 | ₹15 Cr | ₹35 Cr | ₹-28 Cr | ₹22 Cr |
| FY25 | ₹122 Cr | ₹-74 Cr | ₹-61 Cr | ₹-14 Cr |
Commentary:
“Cash from ops is recovering—but investments are hungry. ₹200 Cr for Romesh Films could wreck this neat cash cycle.”
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 9.37% |
| ROCE | 12.5% |
| PAT Margin | 4% |
| PE | 31.3 |
| D/E | 0.02 |
“ROE is okay-ish, PE is in la-la land, and PAT margins have vanished like neutral journalism.”
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹878 Cr | ₹131 Cr | ₹88 Cr |
| FY24 | ₹952 Cr | ₹89 Cr | ₹56 Cr |
| FY25 | ₹993 Cr | ₹100 Cr | ₹75 Cr |
PAT shrank 15% CAGR over 3 years while management kept saying, “all is well.” Meanwhile, ad revenues went out for lunch and forgot to return.
11. Peer Comparison
| Company | CMP | P/E | ROCE | PAT (TTM) |
|---|---|---|---|---|
| Sun TV | ₹575 | 13 | 20.4% | ₹1,745 Cr |
| Zee | ₹124 | 15.5 | 9.2% | ₹765 Cr |
| GTPL | ₹121 | 33.5 | 6.0% | ₹40 Cr |
| TVTN | ₹170 | 31.3 | 12.5% | ₹30 Cr |
Verdict:
“TVTN looks like a small fry trying to run with the big fish… in a dried-up pond.”
12. Miscellaneous – Shareholding, Promoters
| Category | % Holding (Jun 2025) |
|---|---|
| Promoters | 58.45% |
| FIIs | 5.15% (rising from 1.5%) |
| DIIs | 8.85% (falling) |
| Public | 27.54% |
Observation:
- FIIs cautiously dipping their toes
- DIIs jumping ship
- Public watching the circus unfold
13. EduInvesting Verdict™
TVTN is stuck between an identity crisis and a business model transition. It’s trying to pivot from screaming news anchors to glamorous film reels—on a ₹30 Cr profit base.
Final POV:
“A rare case of a media company trying to act… literally.”
Worth tracking for drama. For returns? Let’s just say—stay tuned.
Written by EduInvesting Team | 25 July 2025
Tags: T.V. Today Network, Q1 FY26, Romesh Films Acquisition, News Broadcasting, EduInvesting Premium
