TVTODAY - T.V. Today Netw.

📊 NSE: TVTODAY 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/14/2025 14:06

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating revenue grew 8% YoY to INR 952 Cr in fiscal 2024. For the first nine months of fiscal 2025, revenue grew 8% YoY to INR 755 Cr, driven by strong Q1 performance during general elections. Radio business turnover was INR 14.16 Cr in FY 2024-25, contributing 1.41% of total turnover.

Profitability Margins

Operating margin for 9M FY2025 stood at 11.8%, compared to 9.5% in the previous year. PAT margin declined from 10.0% in FY2023 to 5.9% in FY2024 due to heavy investments in the digital segment and muted ad revenue growth.

EBITDA Margin

EBITDA margin was 14.9% in fiscal 2023, down from 26.3% in fiscal 2022. Operating profit fell to INR 86 Cr in FY2024 from INR 132 Cr in FY2023, representing a 34.8% decline due to digital segment spends.

Capital Expenditure

The company plans to purchase an immovable property in Noida for office use for approximately INR 200 Cr in the first half of fiscal 2026, funded via internal cash balances.

Credit Rating & Borrowing

Long-term rating is CRISIL AA/Negative (outlook revised from Stable on May 22, 2025). Short-term rating reaffirmed at CRISIL A1+. The company maintains nil debt and robust debt protection metrics with an interest coverage ratio of 61x in FY2024.

⚙️ Operational Drivers

Raw Materials

Content production talent and employee benefits represent the primary operational costs for the media broadcasting and digital segments.

Capacity Expansion

The company operates 4 news channels (Aaj Tak, Good News Today, Aaj Tak HD, India Today TV) and 30+ dedicated digital-first video channels. Expansion is focused on digital infrastructure and a new INR 200 Cr office in Noida.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but investments in digital content and talent have significantly impacted operating profit, which fell 34.8% in FY2024.

Manufacturing Efficiency

Not applicable for media broadcasting; however, digital operations are being ramped up to offset traditional TV segment stagnation.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is targeted through digital monetization across 30+ 'Tak' branded channels, cost rationalization in non-core areas (selling radio), and leveraging the market leadership of Aaj Tak (65M+ YouTube subscribers) to capture shifting digital ad spends.

Products & Services

24-hour news broadcasting (Hindi and English), digital news content, social media video channels, and radio airtime (until divestment).

Brand Portfolio

Aaj Tak, India Today Television, Good News Today, Tak, The Lallantop, Ishq 104.8 FM.

New Products/Services

Digital-first video channels under the 'Tak' brand and 'The Lallantop' (33M+ subscribers) are expected to be the primary future revenue contributors.

Market Expansion

Expansion into digital-first content across 10 genres and 5 languages to reduce dependence on the flagship Hindi news channel.

Market Share & Ranking

Market leader in the Hindi television news segment and online news via YouTube and WhatsApp channels.

Strategic Alliances

Advertising sales agreement with Manoranjan TV to market radio airtime until the sale of the radio business is concluded by January 2026.

🌍 External Factors

Industry Trends

The industry is undergoing a massive shift from traditional television to digital and social media news consumption. TV Today is positioning itself by building a massive YouTube presence (Aaj Tak is the world's most subscribed news channel) to follow consumer behavior.

Competitive Landscape

Faces intense competition from other Hindi news broadcasters and emerging digital-only news platforms that are fragmenting ad volumes.

Competitive Moat

The brand equity of 'Aaj Tak' and 'The Lallantop' (3.3 billion views) creates a significant moat in the news segment. This leadership in audience reach is sustainable due to high network effects on digital platforms.

Macro Economic Sensitivity

Ad revenue is highly sensitive to general economic cycles and major events like general elections, which drove strong revenue in Q1 FY2025.

Consumer Behavior

Consumers are increasingly turning to online media for news, leading to a decline in traditional TV ad volumes.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to broadcasting standards and digital media regulations, though specific impacts are not detailed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the speed of digital monetization; if the digital segment ramp-up continues to be slower than expected, it may not offset the modest performance of traditional TV, leading to sustained margin pressure.