RAJTV - Raj Television

📊 NSE: RAJTV 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/14/2025 11:31

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, Media and Entertainment, which saw revenue grow by 18.19% YoY to INR 125.82 Cr in FY 2024-25 from INR 106.46 Cr in FY 2023-24. However, quarterly revenue for Q2 FY26 (INR 15.76 Cr) showed a significant decline compared to Q2 FY25 (INR 35.93 Cr).

Geographic Revenue Split

The company maintains a dominant market share in the five southern states of India (Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, and Telangana). Internationally, it has a footprint across 172 countries including regions like USA, Europe, MENAP, Africa, and APAC.

Profitability Margins

Profitability deteriorated significantly with the company reporting a net loss of INR 21.01 Cr in FY 2024-25 compared to a profit of INR 0.81 Cr in FY 2023-24. Net Profit Margin crashed by 2297.37% to -16.70%, while Operating Profit Margin contracted by 68.29% to 8.51% due to higher production and finance costs.

EBITDA Margin

EBITDA margin was 4.55% in FY 2023-24, a 32.4% decrease from 6.73% in the previous year. This margin contraction was driven by rising production costs, employee expenses, and other operational overheads partially offset by revenue growth.

Capital Expenditure

The company maintains an authorized capital of INR 30 Cr and a paid-up equity share capital of INR 25.96 Cr. Specific planned capital expenditure for future capacity was not disclosed in the available documents.

Credit Rating & Borrowing

India Ratings downgraded the company's fund-based working capital limits to IND BB/Stable and affirmed short-term ratings at IND A4+. Brickwork Ratings reaffirmed and subsequently withdrew its BWR BB+/Stable rating for bank loan facilities totaling INR 22.74 Cr.

⚙️ Operational Drivers

Raw Materials

The primary 'raw materials' are content production costs (fiction/reality shows) and artistic talent acquisition, which are critical for maintaining the 100,000+ hour content library. Specific cost percentages per category were not disclosed.

Import Sources

Content is sourced through a mix of self-produced in-house studio projects and outsourced productions from creative partners across India.

Capacity Expansion

The company currently operates 14 television channels in five languages (Tamil, Telugu, Kannada, Malayalam, and Hindi). Future expansion plans for additional channels were not specified.

Raw Material Costs

Production costs increased during FY 2024-25, contributing to the EBITDA margin decline from 6.73% to 4.55%. The company uses a strategy of self-producing content to build its own intellectual property base and mitigate financial risk.

Manufacturing Efficiency

Not applicable to broadcasting operations; however, the company focuses on delivering engaging content at a competitive cost through its in-house TV studio and movie production ecosystem.

Logistics & Distribution

Distribution revenue is a key stream, but specific distribution costs as a percentage of revenue were not disclosed.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through the development of new distribution channels in their nascent stages and leveraging the 100,000+ hour content library. The company aims to maintain leadership in the southern Indian market while expanding its global footprint across 172 countries to attract a wider advertising base.

Products & Services

14 Satellite Television Channels, movie production, music label, and digital content rights.

Brand Portfolio

RAJTV (flagship), Raj Video Vision, and various regional channels in Tamil, Telugu, Kannada, Malayalam, and Hindi.

New Products/Services

The company is increasingly integrating AI to safeguard data integrity and mitigate emerging threats, though specific revenue contribution from new digital services was not disclosed.

Market Expansion

Targeting global diaspora in 172 countries and leveraging nascent distribution channels for digital growth.

Market Share & Ranking

Holds a dominant market share in the five southern states of India.

Strategic Alliances

Maintains long-standing partnerships with the artist fraternity and creative partners for content production.

🌍 External Factors

Industry Trends

The television segment is evolving with the rise of new distribution channels and increasing interest from global investors. Viewership and advertising expenditure are rising, but the industry faces threats from rapid de-regulation and technological shifts.

Competitive Landscape

Operates in an intensely competitive industry with significant pressure from other regional and national broadcasters for content and talent acquisition.

Competitive Moat

The company's moat is built on its 100,000+ hour content library and its established leadership in the South Indian regional market, which provides high audience shares and pricing power.

Macro Economic Sensitivity

Revenues are sensitive to fluctuations in advertising expenditure and viewer preferences, which are influenced by broader economic conditions in the media and entertainment sector.

Consumer Behavior

Viewer preferences are shifting toward diverse formats including fiction, reality shows, and digital content, requiring constant content refreshment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Telecom Regulatory Authority of India (TRAI) and the Ministry of Information and Broadcasting (MIB), requiring proactive alignment with evolving distribution and content censorship norms.

Legal Contingencies

NSE and BSE levied fines for 'Non-Compliance' with Regulation 17(1) of SEBI LODR due to pending government/regulator approvals for the appointment of Directors and Key Managerial Personnel.

⚠️ Risk Analysis

Key Uncertainties

Fluctuations in subscription and advertising income, which are the major revenue sources. The company noted that results could fall below market expectations due to the unpredictable nature of viewer preferences.