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1 — At a Glance
June quarter revenue came in at ₹206 Cr, up 3.9% on the same quarter last year. Operating profit was ₹16 Cr against ₹4 Cr a year ago, taking operating margin to 8% from 2.1%. Net profit was ₹10 Cr, up 37.6% year-on-year, with EPS at ₹1.72.
For a company whose full-year FY26 operating profit was ₹31 Cr across four quarters, a single quarter contributing ₹16 Cr of operating profit is arithmetic worth sitting with.
Elsewhere in the period: the radio business — three 104.8 FM stations in Mumbai, Delhi and Kolkata — is now classified as a disposal group held for sale, with the sale to Abhijit Realtors agreed at ₹10 crore. In April, Crisil downgraded the long-term rating to AA-/Negative from AA/Negative and reaffirmed the short-term rating at A1+. The market currently applies a P/E of 24.6 to a ₹674 Cr company.
Aaj Tak, meanwhile, has crossed 72 million YouTube subscribers, which is more people than live in the United Kingdom, all of whom apparently want to know what happened in a state assembly today. Converting that attention into an operating margin is a separate exercise, and Section 4 has the numbers.
2 — Introduction
T.V. Today Network was incorporated in 1999 and is promoted by the India Today group, which itself dates to 1975 and spans news channels, its own publications, licensed titles and printing. The listed entity broadcasts 24-hour news channels: Aaj Tak, Good News Today and Aaj Tak HD in Hindi, and India Today Television in English. In fiscal 2018 it acquired the digital operations business of Living Media India Limited, and has added properties since.
The last eighteen months have been busy in ways that don’t show up in a revenue line. In April 2025 the board approved the purchase of an immovable property in Noida for ₹200 crore, funded through cash balance per Crisil. In July 2025 it approved a ₹200 crore acquisition of Romesh Films, completed on September 25, 2025, making it a wholly-owned subsidiary. In March 2025 it approved a ₹9.40 crore rights subscription in Vibgyor Broadcasting, another wholly-owned subsidiary.
The radio exit has taken two attempts. A February 2025 MoU with Creative Channel Advertising and Marketing ended when Creative withdrew in the September 2025 quarter; the advance was forfeited and impairment losses were recognised on radio assets. A fresh MoU followed on November 25, 2025, with Abhijit Realtors at ₹10 crore, structured as a transfer of the radio business to Vibgyor followed by a transfer of Vibgyor’s shares. The Ministry of Information and Broadcasting novated the Grant of Permission Agreement in January 2026; the WPC wing cleared the wireless licence migration on April 2, 2026.
Two tax matters are on record: a demand of ₹11.16 crore for FY2019-20 received in February 2026, which the company said it will appeal, and a CGST (Appeals) ITC demand of ₹1.95 crore plus ₹19.5 lakh penalty, also under appeal. In May, the ITAT dismissed an Income Tax Department appeal in a ₹12.46 crore AY 2018-19 dispute, ruling for the company.
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3 — Business Model: WTF Do They Even Do?
They sell attention, mostly in Hindi, mostly to advertisers. Income from advertisement was about 84% of FY24 revenue, subscription about 10%, advertisement income from exchange of services about 1%, production support services about 1%, and interest income from financial assets about 3%.
Aaj Tak, launched in December 2000, is the world’s most subscribed and watched news channel on YouTube, having crossed 72 million subscribers. Around it sits an ecosystem of roughly 30 digital-first video channels under the “Tak” brand names, spread across 10 content genres and five languages. The Lallantop, the first digital Hindi news platform, has over 33 million subscribers on YouTube. In English there is India Today Television. Overseas operations run to Canada, the UK, UAE, Qatar, USA, South Africa, Maldives and Seychelles, with the FY24 split at roughly 90% domestic, 10% overseas.
Screener’s extracted data sheet tracks the digital build in numbers a broadcaster from 2005 wouldn’t recognise as metrics at all: Aaj Tak YouTube subscribers went from 1 million in FY17 to 70.7 million by FY25. Digital video views across the Tak ecosystem rose from 6.26 billion in FY20 to 21.82 billion in FY24, then 20 billion in FY25. Network TV average monthly reach across the same window: 259 million,
