NDTV - NDTV

📊 NSE: NDTV 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/14/2025 10:26

💰 Financial Performance

Revenue Growth by Segment

Q2 FY26 revenue grew 14% over Q1 FY26 and 10% over Q2 FY25. Standalone revenue was INR 233.49 Cr in FY20, down 13.2% from INR 269.12 Cr in FY19. Consolidated revenue in FY18 was INR 436.56 Cr, a decline of 17.83% YoY.

Geographic Revenue Split

Not disclosed in available documents; however, the flagship NDTV 24x7 and NDTV India primarily serve the Indian domestic market with global digital reach via ndtv.com.

Profitability Margins

FY20 PAT margin was 5.5% (INR 13.03 Cr on INR 233.49 Cr revenue). FY19 PAT margin was 4.9% (INR 13.32 Cr on INR 269.94 Cr revenue). FY18 recorded a net loss of INR 61.44 Cr.

EBITDA Margin

FY20 PBILDT margin was 13.58% (INR 31.71 Cr). FY19 PBILDT margin was 14.76% (INR 39.73 Cr). The company aims for a sustained PBILDT margin of more than 5% going forward.

Capital Expenditure

Not disclosed in available documents; however, significant investments were made in FY25 to support ongoing transformation and growth initiatives.

Credit Rating & Borrowing

CARE Ratings assigned ratings to bank facilities. Finance costs increased by 174% from INR 11.50 Cr in FY24 to INR 31.46 Cr in FY25 due to increased debt levels.

⚙️ Operational Drivers

Raw Materials

Content Production & Programming (represents the primary cost of services), Personnel/Human Capital (headcount was reduced by 25% in FY18 to optimize costs).

Key Suppliers

IndusInd Bank (lender and pledgee), various technology and satellite service vendors for broadcasting operations.

Capacity Expansion

NDTV Profit was successfully relaunched as a multi-platform destination. Digital reach expanded with 3 million new YouTube users added in FY25, totaling 19 million subscribers.

Raw Material Costs

Personnel and production expenses were high enough to cause an operating loss of INR 26.14 Cr in FY18, leading to a 25% manpower reduction strategy.

Manufacturing Efficiency

Capacity utilization is measured by viewership and digital traffic; NDTV.in recorded 63.1 million users and a 72.75% surge in traffic volume in FY25.

Logistics & Distribution

Distribution costs are linked to carriage fees and digital bandwidth; subscription revenue fell from INR 42 Cr in FY17 to INR 40 Cr in FY18.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Focus on content excellence, digital integration, and business transformation. Relaunching NDTV Profit as a multi-platform destination and leveraging AR/VR-enabled studios to capture the investment ecosystem.

Products & Services

News broadcasting (NDTV 24x7, NDTV India), Business news (NDTV Profit), Lifestyle programming (NDTV Prime), and Digital content (ndtv.com).

Brand Portfolio

NDTV 24x7, NDTV India, NDTV Profit, NDTV Prime, NDTV Convergence, NDTV.in.

New Products/Services

Relaunched NDTV Profit as a seamless blend of television, digital, and audio content; expected to drive page view growth which rose 210.93% in FY25.

Market Expansion

Expansion beyond news into digital content and e-commerce; ndtv.com is now the flagship platform as the company transitions into an internet-first entity.

Market Share & Ranking

NDTV.in emerged as the #1 Hindi news website with 63.1 million users in FY25.

Strategic Alliances

Joint ventures include Indianroots Retail Private Limited and Indianroots Shopping Limited (both impaired due to past losses).

🌍 External Factors

Industry Trends

Rapid shift from traditional television to digital news consumption; NDTV is positioning itself as an internet company to capture younger, urban audiences.

Competitive Landscape

Competes with other national news broadcasters and digital-first news platforms in a highly fragmented market.

Competitive Moat

Brand trust is the primary moat; rated India’s Most Trusted TV Media Brand in 2016. Strong resonance with younger audiences according to Reuters Institute 2024 report.

Macro Economic Sensitivity

Highly sensitive to corporate advertising expenditure slowdowns which directly impact the top line.

Consumer Behavior

Shift toward multi-platform consumption (TV, digital, audio) and high engagement on social platforms like YouTube (19 million subscribers).

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the News Broadcasters & Digital Association (NBDA) regulations and FDI rules for media companies.

Taxation Policy Impact

The company faces a significant tax demand of INR 642.54 Cr for the assessment year 2009-10, currently under appeal in the Delhi High Court.

Legal Contingencies

Pending tax demand of INR 642.54 Cr. Previous CBI FIRs regarding FDI violations; however, a closure report was accepted by the Rouse Avenue Court in October 2025 for one major case.

⚠️ Risk Analysis

Key Uncertainties

Outcome of ongoing legal cases and tax disputes could adversely impact the financial risk profile by more than 50% of net worth if ruled against the company.