New Delhi Television Ltd (NDTV)

Media Entertainment & Publication · Media - Print/Television/Radio · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹71.56 ↓ 35.96% (1Y)

🎯 Key Takeaways

NDTV is in a structural decline phase within the media sector, marked by persistent financial losses, deteriorating margins, and stagnant growth. The company has reported consecutive quarterly losses with widening year-on-year declines in revenue and profitability, reflecting operational headwinds and regulatory pressures.
Revenue declined 20.8% QoQ to ₹117 in Q1FY27.
⚠️ Persistent operational losses and declining revenue trends with no clear recovery path.

Market Cap

₹807

P/B Ratio

6.29

ROE

-260.9%

ROCE

-96.8%

Debt/Equity

1.45

Promoter

69.0%

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📖 The Story

NDTV is in a structural decline phase within the media sector, marked by persistent financial losses, deteriorating margins, and stagnant growth. The company has reported consecutive quarterly losses with widening year-on-year declines in revenue and profitability, reflecting operational headwinds and regulatory pressures. Management has not announced any strategic pivot or restructuring plan, and the business model appears increasingly unsustainable without significant intervention.

📰 What's Happening

In Q1 FY2026, NDTV reported consolidated revenue of ₹7,496 lakhs, down from ₹12,303 lakhs in the prior quarter and ₹5,930 lakhs YoY, indicating a sharp contraction in core operations. The net loss narrowed sequentially to ₹7,647 lakhs from ₹8,243 lakhs but widened significantly compared to ₹7,171 lakhs in the same quarter last year, suggesting deteriorating year-on-year performance. Management attributed the results to the impact of recent labour law reforms and ongoing tax disputes, which continue to pose operational and financial risks. Additionally, CARE Ratings reaffirmed NDTV's credit facilities in August 2026, confirming no new financing risks but underscoring reliance on existing debt arrangements amid weak cash flows.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	122	150	148	117
Operating Profit	-66	-70	-94	-78
OPM %	-53.7%	-46.8%	-63.5%	-66.2%
Net Profit	-74	-80	-99	-82
EPS	₹-11.49	₹-10.13	₹-11.18	₹-7.24

NDTV's financial trajectory shows a clear downward trend, with revenue declining from ₹150 crores in December 2025 to ₹117 crores in March 2026, and further to ₹7,496 lakhs in Q1 FY2026 on a consolidated basis. Operating margins have remained deeply negative, averaging below -50%, reflecting structural un profitability. While net loss narrowed slightly quarter-on-quarter, it widened substantially year-on-year, signaling that cost reductions have not kept pace with revenue erosion. The company continues to operate at a significant loss, with no signs of revenue recovery or margin improvement in the near term.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance on revenue recovery, margin improvement, or strategic transformation in the reviewed filings. The only forward-looking commentary relates to regulatory and compliance matters, including pending tax disputes and labour law reforms, which are expected to continue impacting operations. There has been no announcement of new business initiatives, cost-cutting measures, or restructuring plans to address the company's financial distress. As a result, the outlook remains highly uncertain, with no clear path to profitability disclosed by management.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	26	26	26	45
Reserves	132	33	-114	83
Borrowings	212	338	464	186
Total Liabilities	620	643	691	704
Fixed Assets	214	197	195	191
Investments	36	34	35	34
Total Assets	620	643	691	704

The balance sheet reveals a fragile financial position, with equity declining from ₹26 crores to ₹45 crores in March 2026 while reserves turned negative at ₹-114 crores in the latest filing. Borrowings have risen sharply to ₹464 crores from ₹338 crores a year ago, indicating increased reliance on debt to fund operations. Despite asset growth, the deteriorating equity base and rising leverage raise concerns about long-term solvency, especially given the persistent cash flow deficits and lack of operational improvement.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-258
Investing	-21
Financing	+284
Net Cash Flow	+5

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	69.0%	69.0%	69.0%
FII	0.1%	0.0%	0.0%
DII	0.0%	0.0%	0.0%
Public	26.0%	25.8%	25.4%
# Shareholders	80,423	78,156	77,690

Promoter holding remains stable at 69.02% over the past three quarters, suggesting no immediate exit by the promoter group. However, Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) have nearly fully exited, with FII holding dropping from 0.05% to 0.04% and DII at 0%, while public shareholding has slightly increased. The sharp decline in institutional interest, combined with a growing number of small public shareholders, indicates eroding confidence among professional investors and potential liquidity risks for remaining shareholders.

⚖️ Peer Comparison — Media - Print/Television/Radio

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
NETWORK18	4,331	—	2.4%	-0.7%	0.59
DBCORP	3,529	10.0	20.4%	14.5%	0.01
JAGRAN	1,332	7.1	13.5%	8.9%	0.02
NDTV	807	—	-96.8%	-260.9%	1.45
SANDESH	793	7.4	9.9%	7.9%	0.00
TVTODAY	663	38.4	4.0%	1.9%	0.00
HMVL	631	7.0	11.9%	5.8%	0.01
HTMEDIA	619	—	5.0%	0.3%	0.35
ZEEMEDIA	543	—	5.9%	-1.1%	0.61
RKSWAMY	457	20.1	12.8%	8.6%	0.00

🔗 Peer Stock Analyses

NETWORK18 DBCORP JAGRAN SANDESH TVTODAY

⚠️ Risk Factors

1. Persistent operational losses and declining revenue trends with no clear recovery path. 2. Rising financial leverage amid weak cash flows and negative equity trends, increasing solvency risks. 3. Ongoing tax disputes and regulatory scrutiny that could lead to liabilities or operational disruptions. 4. Institutional investor exit, resulting in low liquidity and heightened volatility for remaining shareholders.

📋 Recent Filings

🧠 Analyst's Read

NDTV is undergoing a period of structural decline with no visible signs of stabilization in its core business. Investors should monitor for any strategic changes from management, including potential restructuring, asset sales, or new investments, as current trends suggest the company may continue to erode value without intervention.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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