💰 Financial Performance

Revenue Growth by Segment

The Company operates in a single primary business segment, Broadcasting. Total revenue for the year ended March 31, 2025, was INR 53.24 Cr, representing an 8.77% decline from INR 58.36 Cr in the previous year. This decline is attributed to a general fall in linear television advertising and subscription revenues across the industry.

Geographic Revenue Split

While specific percentage splits are not disclosed, the company maintains a presence in India (Mumbai, Vadodara, Kochi) and overseas (Dubai, London, New York, Melbourne), indicating a diversified but unquantified geographic reach.

Profitability Margins

Profitability has severely deteriorated. The Operating Profit Margin worsened from -10% in FY24 to -21% in FY25. The Net Profit Margin also declined from -41% to -50% in the same period, driven by rising losses and stagnant revenue.

EBITDA Margin

The EBITDA margin stands at -21% for FY25, a significant drop from -10% in FY24. This negative trend reflects the company's inability to cover its operating costs as the broadcasting business faces structural headwinds from digital competition.

Capital Expenditure

Capital expenditure is minimal; additions to fixed assets amounted to only INR 0.013 Cr (INR 1.31 lakhs) in FY25, down from INR 0.015 Cr (INR 1.56 lakhs) in the prior period, indicating a lack of investment in new infrastructure.

Credit Rating & Borrowing

The company is rated 'CARE D; ISSUER NOT COOPERATING', indicating default. It has defaulted on bank facilities totaling INR 24.39 Cr. Borrowing costs are not explicitly stated as banks have stopped charging interest or reversed unpaid interest due to the accounts being classified as Non-Performing Assets (NPA).

⚙️ Operational Drivers

Raw Materials

The primary 'raw material' for broadcasting is content and programming rights. Depreciation and amortization on these intangible assets amounted to INR 14.81 Cr in FY25, representing a significant portion of the cost structure.

Capacity Expansion

The company has 39 permanent employees. There are no specific mentions of physical capacity expansion; however, the net block of intangible assets (content) stood at INR 27.19 Cr as of March 31, 2025.

Raw Material Costs

Content production and acquisition costs are high; the company notes that producing 'differentiated content' increases production costs, which is a major factor in the operating loss of INR 11.37 Cr before working capital changes.

Manufacturing Efficiency

Not applicable as the company is in the service-based broadcasting sector.

Logistics & Distribution

Distribution is handled via digital and satellite networks; costs are not specifically broken down but are linked to channel placement fees on DTH/Cable platforms.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

The company aims to achieve growth by expanding into digital media platforms and new-age media content to counter the decline in linear TV. It also seeks to grow its advertiser base and leverage government initiatives like the 100% FDI limit in cable and DTH to attract institutional funding.

Products & Services

TV Channel Broadcasting (channels like Mastiii and Dabangg) and the sale of program/content rights.

Brand Portfolio

Mastiii, Dabangg, and Sri Adhikari Brothers Enterprise.

New Products/Services

Expansion into digital media platforms and 'various genres of programming' based on demand, though specific revenue contribution percentages for new launches are not provided.

Market Expansion

The company targets international markets through branches in Dubai, London, New York, and Melbourne to diversify its viewership base.

🌍 External Factors

Industry Trends

The share of traditional media in the M&E sector fell to 41% in 2023. Connected TVs grew to 30 million units, siphoning viewership away from linear channels like Mastiii.

Competitive Landscape

Intense competition from both traditional broadcasters and rapidly growing OTT/Digital platforms.

Competitive Moat

The company has a weak moat. Low entry barriers in the broadcasting industry and the 'vast plethora of channels' available have led to intense competition and a loss of pricing power.

Macro Economic Sensitivity

Highly sensitive to corporate advertising budgets. While the Indian M&E sector is expected to grow at 7-10% CAGR, the traditional TV segment is underperforming the broader market.

Consumer Behavior

A significant shift in consumer preference toward digital and 'Free TV' (DD Free Dish) has led to a 3% fall in subscription revenues for the industry.

Geopolitical Risks

Operations in multiple international cities expose the company to varying regulatory and economic conditions in the UK, US, UAE, and Australia.

⚖️ Regulatory & Governance

Industry Regulations

Subject to TRAI regulations and Ministry of Information and Broadcasting norms. The company notes that changes in tax laws and regulatory frameworks are a constant risk to revenue.

Taxation Policy Impact

The company paid INR 0.25 Cr in direct taxes in FY24, but nil in FY25 due to mounting losses.

Legal Contingencies

The company faces significant legal and financial risk; its accounts are classified as NPA, and secured lenders have invoked pledged shares and corporate guarantees. There is a 'material uncertainty' regarding its ability to continue as a going concern due to a negative total equity of INR 158.95 Cr as of September 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is 'Going Concern' status. With negative equity of INR 158.95 Cr and a current ratio of 0.11, the company lacks the liquidity to meet its INR 172.82 Cr in current liabilities.

Geographic Concentration Risk

Revenue is primarily concentrated in India, making it highly vulnerable to domestic economic cycles and Indian advertiser sentiment.

Third Party Dependencies

Heavy reliance on MSOs and DTH operators for channel carriage; any failure to pay carriage fees could result in the channels being taken off-air.

Technology Obsolescence Risk

High risk; the rapid adoption of 5G and broadband is accelerating the obsolescence of linear music and movie channels.

Credit & Counterparty Risk

Extremely high risk; the company itself is a credit risk to its lenders (CARE D rating), and its own debtors are taking longer to pay (turnover ratio fell 72%).