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NDTV - NDTV

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

📢 Recent Corporate Announcements

NDTV Seeks Approval for Sanjay Pugalia's Re-appointment and Adani Group Related Party Transactions

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 25 Feb 2026, 11:19 PM

New Delhi Television Limited (NDTV) has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Sanjay Pugalia as a Whole-time Director for a three-year term effective April 1, 2026. The company is also seeking authorization for material Related Party Transactions (RPTs) with its subsidiary, NDTV Convergence, and its promoter group entity, Adani Enterprises Limited, for the financial year 2026-27. These transactions are stated to be at arm's length and within the ordinary course of business. The e-voting period for these resolutions is scheduled to run from February 26, 2026, to March 27, 2026.

Proposed re-appointment of Mr. Sanjay Pugalia as Whole-time Director for a 3-year term until March 31, 2029
Seeking shareholder nod for material Related Party Transactions with Adani Enterprises Limited for FY 2026-27
Approval sought for material transactions with subsidiary NDTV Convergence Limited for the upcoming financial year
Remote e-voting period set from February 26, 2026, to March 27, 2026
Cut-off date for eligibility to vote is Friday, February 20, 2026

💡 Investors should review the explanatory statement regarding the scale of transactions with Adani Enterprises to ensure alignment with minority shareholder interests. No immediate portfolio changes are required, but shareholders are encouraged to participate in the e-voting process.

NDTV Receives Income Tax Demand Notice of Rs 443.28 Crore for AY 2008-09

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 30 Jan 2026, 11:50 PM

New Delhi Television Limited (NDTV) has been served a significant tax demand notice of Rs 443.28 crore for the Assessment Year 2008-09. This follows an order passed by the Deputy Commissioner of Income Tax under Section 143(3) and Section 144C(3) of the Income-Tax Act. The company previously had its Special Leave Petition dismissed by the Supreme Court but was granted liberty to contest the reassessment proceedings. NDTV intends to file an appeal and seek a stay on the demand, maintaining that it has strong merits in the case.

Income Tax Department raises a demand of Rs 443.28 crore for Assessment Year 2008-09.
Order issued under Section 143(3) read with Section 144C(3) of the Income-Tax Act, 1961.
Company is in the process of filing an appeal before the Commissioner of Income Tax (Appeals).
NDTV will seek an appropriate application for a stay of the recovery demand.
The litigation follows a Supreme Court dismissal of a previous SLP with liberty to raise contentions.

💡 Investors should exercise caution as the demand amount is substantial relative to the company's financials. Monitor the outcome of the stay application and the subsequent appeal process closely.

NDTV Updates KMP Authorization for Materiality Disclosures Under SEBI Regulations

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jan 2026, 07:46 PM

New Delhi Television Limited (NDTV) has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and make disclosures to stock exchanges. This update is in compliance with Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The authorized personnel now include CEO Rahul Kanwal, CFO Akhil Kumar Gupta, and Company Secretary Parinita Bhutani Duggal. This is a standard administrative update to ensure clear communication channels between the company and regulatory bodies.

Updated authorization for determining materiality under SEBI Regulation 30(5) as of January 28, 2026
CEO Rahul Kanwal is now a designated KMP for stock exchange disclosures
CFO Akhil Kumar Gupta and CS Parinita Bhutani Duggal remain part of the authorized team
Contact details for these officials have been provided for regulatory transparency

💡 This is a routine administrative update with no impact on business fundamentals. Investors should continue to monitor the company's operational performance and strategic direction under the current leadership.

NDTV Q3 FY26: Revenue Rises 13% to ₹150 Cr; Consolidated Net Loss Widens to ₹80 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 07:41 PM

NDTV reported a consolidated revenue of ₹150.41 crore for Q3 FY26, a 13.3% increase from ₹132.74 crore in the previous year. However, the company's consolidated net loss widened significantly to ₹80.25 crore from ₹55.48 crore YoY, driven by a 21% increase in total expenses. Operational costs, particularly marketing and production, surged to ₹226.98 crore. The board also approved the re-appointment of Sanjay Pugalia as Whole-time Director for a three-year term starting April 2026.

Consolidated revenue from operations grew 13.3% YoY to ₹150.41 crore.
Net loss widened to ₹80.25 crore in Q3 FY26 compared to ₹55.48 crore in Q3 FY25.
Total expenses rose to ₹226.98 crore, with marketing and distribution costs at ₹65.26 crore.
Production expenses and cost of services increased to ₹71.90 crore from ₹54.87 crore YoY.
Sanjay Pugalia re-appointed as Whole-time Director for three years effective April 1, 2026.

💡 Investors should be concerned about the widening losses and high cash burn despite revenue growth. It is advisable to wait for signs of operational efficiency and a clear path to profitability under the current management before making further commitments.

NDTV Reports Zero Deviation in Utilization of Rs 396.50 Cr Rights Issue Proceeds

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 28 Jan 2026, 07:28 PM

NDTV has confirmed that there were no deviations in the utilization of the Rs 396.50 crore raised through its Rights Issue in October 2025. The company has fully utilized Rs 229 crore for the repayment or prepayment of outstanding borrowings, which is a significant step toward debt reduction. Approximately Rs 45.61 crore has been spent on strategic initiatives like market expansion and brand building out of the allocated Rs 71 crore. The remaining funds for general corporate purposes have also been largely deployed, with Rs 96 crore utilized out of the Rs 96.50 crore allocation.

Raised Rs 396.50 crore via Rights Issue on October 9, 2025
Rs 229 crore fully utilized for repayment of outstanding borrowings as per the offer document
Rs 45.61 crore spent on strategic initiatives including distribution and IP development
Rs 96 crore utilized for general corporate purposes and issue expenses
Audit Committee and CARE Ratings Limited confirmed zero deviation from the objects of the issue

💡 The transparent utilization of funds for debt reduction strengthens the company's balance sheet and is a positive signal for long-term investors. Monitor the impact of the remaining strategic investment funds on the company's market reach and revenue growth.

NDTV Q3 Results: Revenue Grows 13% YoY to ₹150 Cr; Net Loss Widens to ₹80 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 07:15 PM

NDTV reported a consolidated revenue of ₹150.41 crore for Q3 FY26, marking a 13.3% growth compared to the same quarter last year. Despite the top-line growth, the company's consolidated net loss widened significantly to ₹80.25 crore from ₹55.48 crore in Q3 FY25. This was primarily driven by a sharp increase in total expenses, which rose to ₹226.98 crore, particularly in marketing and production costs. The board also approved the re-appointment of Sanjay Pugalia as Whole-time Director for a three-year term starting April 2026.

Consolidated revenue from operations increased to ₹150.41 crore in Q3 FY26 from ₹132.74 crore YoY.
Net loss for the quarter widened to ₹80.25 crore compared to a loss of ₹55.48 crore in the previous year's quarter.
Total expenses surged to ₹226.98 crore, with marketing and distribution costs reaching ₹65.26 crore.
Nine-month consolidated loss stands at ₹224.59 crore, significantly higher than the ₹156.04 crore loss in the year-ago period.
Sanjay Pugalia re-appointed as Whole-time Director for a 3-year term effective April 1, 2026.

💡 Investors should exercise caution as the company continues to struggle with profitability despite revenue growth, indicating high operational costs and cash burn. Monitor the management's ability to leverage the Adani Group ecosystem to optimize costs and achieve a turnaround.

NDTV Surrenders MIB Licenses for Three Proposed HD News Channels

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 21 Jan 2026, 10:39 PM

New Delhi Television Limited (NDTV) has voluntarily surrendered the permissions granted by the Ministry of Information & Broadcasting (MIB) for three proposed High Definition (HD) channels: NDTV India HD, NDTV 24x7 HD, and NDTV Profit HD. These licenses were originally issued on March 28, 2024, but the company has decided not to proceed with the launch following an internal strategic assessment. Since these channels were non-operational, the company has confirmed that this move will have no material impact on its current business operations or financial standing.

Surrendered MIB approvals for NDTV India HD, NDTV 24x7 HD, and NDTV Profit HD.
Original permissions for the three proposed channels were granted on March 28, 2024.
Decision to cancel the launch was based on an internal strategic assessment.
No material impact on business operations or financial position as channels were non-operational.

💡 Investors should view this as a strategic pivot in the company's expansion plans; no immediate action is required as current revenue streams are unaffected.

NDTV Receives GST Scrutiny Notices Proposing Total Liability of ₹33.94 Crore

🔵 WATCH ⭐ 6/10

REGULATORY 📅 08 Jan 2026, 11:18 PM

New Delhi Television Limited (NDTV) has received GST scrutiny notices for the financial years 2022-23 and 2023-24 from the Delhi GST authorities. The notices allege wrongful availment of Input Tax Credit (ITC) and short payment of taxes, proposing an aggregate liability of ₹33.94 crore including interest and penalties. The company is currently examining the documentation and intends to file a detailed legal response. NDTV has clarified that there is no immediate impact on its financial position or operations at this stage.

Received Form GST ASMT-10 notices for FY 2022-23 and FY 2023-24.
Total proposed liability amounts to approximately ₹33.94 crore including tax, interest, and penalty.
Proposed liability for FY 2022-23 stands at ₹13.69 crore.
Proposed liability for FY 2023-24 stands at ₹20.25 crore.
Allegations involve wrongful availment and utilization of excess Input Tax Credit (ITC).

💡 Investors should monitor future updates regarding the adjudication of these notices, as a final adverse order could impact the company's cash flows. No immediate panic is warranted as the company is in the process of contesting the claims.

NDTV Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 07:44 PM

New Delhi Television Limited (NDTV) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFIN Technologies Limited, confirms that all dematerialization requests received between October 1, 2025, and December 31, 2025, were processed within the mandatory 15-day timeframe. This filing ensures that the company's share registry is accurately updated and that physical certificates have been properly mutilated and cancelled. Such filings are standard procedural requirements for listed companies to maintain regulatory transparency.

Compliance certificate covers the quarter ended December 31, 2025.
Dematerialization requests were confirmed or rejected within 15 days of receipt.
Security certificates were mutilated and cancelled after due verification by the RTA.
KFIN Technologies Limited acted as the Registrar and Share Transfer Agent (RTA) for this process.

💡 No action is required from investors as this is a routine administrative filing confirming the company's compliance with SEBI's dematerialization regulations.

NDTV to Close Trading Window from Jan 1, 2026, for Q3 and Nine Months Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Dec 2025, 07:00 PM

New Delhi Television Limited (NDTV) has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is a mandatory compliance step under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the announcement of un-audited financial results for the quarter and nine months ending December 31, 2025. The trading window will reopen 48 hours after the financial results are officially declared to the exchanges.

Trading window closure begins on January 1, 2026, for all designated persons.
Closure relates to the financial results for the period ending December 31, 2025.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Window will remain closed until 48 hours after the declaration of un-audited financial results.

💡 No action is required as this is a routine regulatory announcement. Investors should look out for the upcoming board meeting date for the actual financial performance results.

NDTV Shareholders Approve Re-appointment of Viral Jagdish Doshi with 99.99% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Dec 2025, 01:28 AM

NDTV shareholders have overwhelmingly approved the re-appointment of Mr. Viral Jagdish Doshi as an Independent Director for a second three-year term. The resolution, conducted via postal ballot, saw 99.99% of the 78,027,577 votes cast in favor. The promoter group, which holds a significant stake, voted 100% in favor of the resolution, ensuring management continuity. This high level of approval reflects strong shareholder confidence in the current board's composition.

Resolution for re-appointment of Viral Jagdish Doshi passed with 99.99% majority support.
Total votes polled reached 78,027,577, representing approximately 69.16% of total outstanding shares.
Promoter and Promoter Group cast 77,875,267 votes, all 100% in favor of the appointment.
Public non-institutional shareholders showed 93.62% support with 103,501 votes in favor.
The appointment is for a second term of 3 years, ensuring independent oversight continuity.

💡 This is a routine governance update confirming board stability. Investors need not take any immediate action as the resolution aligns with standard corporate procedures and board recommendations.

NDTV Extends Timeline for GoodTimes Channel Acquisition by 3 Months

🔵 WATCH ⭐ 7/10

M&A 📅 18 Dec 2025, 09:30 PM

New Delhi Television Limited (NDTV) has announced a delay in the acquisition of the GoodTimes channel from Lifestyle & Media Broadcasting Limited. While the transaction was originally expected to conclude within three months of the September 19, 2025 announcement, the company has now extended the timeline by an additional three months. The deal remains subject to statutory and regulatory approvals, with completion now anticipated by approximately March 2026.

Proposed acquisition of GoodTimes channel business undertaking from Lifestyle & Media Broadcasting Limited.
Completion timeline extended by approximately 3 months beyond the initial December 2025 estimate.
Original disclosure for the acquisition was filed on September 19, 2025.
Consummation of the deal is dependent on regulatory approvals and customary conditions precedent.

💡 Investors should monitor for further updates regarding regulatory clearances over the next quarter. The delay is a routine procedural update, but successful integration of the lifestyle channel will be key to NDTV's expansion strategy.

NDTV Re-files FEMA Compounding Applications with RBI After Supreme Court Ruling

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 15 Dec 2025, 09:32 PM

New Delhi Television Limited (NDTV) has re-filed its compounding applications with the Reserve Bank of India on December 15, 2025. This action follows the dismissal of a Special Leave Petition by the Enforcement Directorate before the Supreme Court, which was previously disclosed in August 2024. The applications pertain to matters raised in a Show Cause Notice dated November 13, 2015, under the Foreign Exchange Management Act (FEMA). This move indicates a proactive step by the current management to resolve legacy regulatory issues and clear the company's legal standing.

Re-filed compounding applications with RBI on December 15, 2025
Follows Supreme Court dismissal of ED's Special Leave Petition
Addresses legacy Show Cause Notice dated November 13, 2015
Aims to resolve long-standing FEMA compliance disputes through the compounding process

💡 Investors should view this as a positive step toward reducing legal uncertainty and clearing legacy hurdles. Monitor for the RBI's decision on the compounding fees to assess the final financial impact.

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💰 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.