Raj Television Network Ltd (RAJTV)
🎯 Key Takeaways
- Raj Television Network Ltd operates in a mature, capital-light media distribution segment with declining profitability and negative ROE, indicating structural headwinds. The company remains in a turnaround or distressed phase, marked by persistent losses, shrinking margins, and minimal investor interest, as reflected in a -76.
- Revenue declined 29.8% QoQ to ₹15 in Q1FY27.
- ⚠️ 1) Persistent operating losses and negative margins with no visible recovery path. 2) Complete absence of institutional ownership or analyst coverage,
📖 The Story
Raj Television Network Ltd operates in a mature, capital-light media distribution segment with declining profitability and negative ROE, indicating structural headwinds. The company remains in a turnaround or distressed phase, marked by persistent losses, shrinking margins, and minimal investor interest, as reflected in a -76.72% one-year return.
📰 What's Happening
The most recent board meeting on August 11, 2026, approved unaudited Q1 FY27 results and reappointed Mrs. Bharathi Sridhar as Independent Director for a second five-year term starting April 1, 2027, subject to shareholder approval. This reappointment ensures continuity of experienced oversight in governance. Earlier, in May 2026, the trading window closed ahead of Q1 FY27 results, signaling routine compliance but no operational update. Promoter shareholding remains stable at ~70.9% with no encumbrances, and no FII or DII activity is evident. There are no announced expansions, new revenue streams, or strategic pivots in the filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 16 | 16 | 21 | 15 |
| Operating Profit | 1 | 1 | 1 | -1 |
| OPM % | 5.6% | 4.2% | 2.8% | -3.9% |
| Net Profit | 0 | 0 | 0 | -1 |
| EPS | ₹0.03 | ₹0.01 | ₹0.04 | ₹-0.19 |
Revenue has remained flat over the past four quarters, hovering between ₹15–21 crore, while operating performance has deteriorated: OPM declined from 5.6% in September 2025 to -3.9% in June 2026, and net loss widened to ₹1 crore from breakeven in March 2026. Despite modest revenue stability, margins are compressing, and profitability is eroding, consistent with a business under pressure. The company has not disclosed any cost-cutting initiatives or revenue recovery plans in the available commentary.
🔮 Management Outlook & What's Next
Management has not provided forward guidance on revenue recovery, margin improvement, or strategic direction in the latest filings. The reappointment of the Independent Director signals governance continuity but does not constitute a strategic outlook. No commentary on future performance, growth expectations, or operational plans was included in the August 11, 2026 board meeting disclosures.
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 | 26 |
| Reserves | 102 | 98 | 98 | 98 |
| Borrowings | 30 | 26 | 25 | 21 |
| Total Liabilities | 187 | 190 | 173 | 171 |
| Fixed Assets | 75 | 117 | 74 | 73 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 187 | 190 | 173 | 171 |
The balance sheet shows stable equity and reserves of ₹124 crore (₹26 + ₹98), but total assets have declined from ₹190 crore in March 2025 to ₹171 crore in March 2026, indicating asset reduction without proportional liability reduction. Borrowings remain low and flat at ₹21–26 crore, suggesting minimal capital expenditure or financing activity. There is no evidence of aggressive investment or deleveraging; the company appears to be conserving capital amid ongoing losses.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -5 |
| Investing | 0 |
| Financing | +3 |
| Net Cash Flow | -2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 70.9% | 70.9% | 70.9% | 71.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 27.8% | 27.8% | 27.8% | 27.4% |
| # Shareholders | 8,237 | 8,058 | 7,840 | 9,085 |
Promoter holding remains highly stable at ~70.9% with no pledges or encumbrances, indicating no immediate exit risk. However, institutional interest is negligible — FII and DII holdings are consistently at 0.02% and show no accumulation. The number of public shareholders has slightly declined from 8,237 to 7,840, suggesting retail attrition. No insider buying or foreign interest is reported, reinforcing low investor confidence.
⚖️ Peer Comparison — Entertainment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUNTV | 18,737 | 12.2 | 17.8% | 13.1% | 0.00 |
| PVRINOX | 12,155 | 27.3 | 12.5% | 6.3% | 0.21 |
| SAREGAMA | 9,743 | 43.9 | 19.6% | 14.0% | 0.00 |
| TIPSMUSIC | 8,431 | 170.4 | 3.4% | 1.5% | 0.00 |
| ZEEL | 7,629 | 37.5 | 1.7% | 1.7% | 0.02 |
| WONDERLA | 3,300 | 32.4 | 7.3% | 5.7% | 0.00 |
| IMAGICAA | 2,958 | 209.1 | 3.1% | 1.1% | 0.28 |
| MMWL | 1,546 | 273.0 | 9.9% | 9.2% | 1.57 |
| PANORAMA | 1,392 | 58.1 | 15.3% | 10.2% | 0.41 |
| DEN | 1,289 | 8.7 | 5.3% | 4.0% | 0.00 |
⚠️ Risk Factors
1) Persistent operating losses and negative margins with no visible recovery path. 2) Complete absence of institutional ownership or analyst coverage, signaling lack of market confidence. 3) Flat revenue and declining profitability over multiple quarters despite no major external shocks disclosed. 4) Governance stability does not offset financial deterioration — reappointment of director does not address core business weakness.
📋 Recent Filings
-
🔴 Insider Trading 7 September 2026Kiran Kumar Jain, promoter of Raj Television Network Ltd, sold 470,848 shares representing 0.906% of total voting capital on September 7, 2026, reduci...
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🟡 Board Meeting 4 September 2026Raj Television Network Limited announced its 32nd Annual General Meeting to be held on September 30, 2026, at 11:00 AM IST via video conferencing, in ...
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🔴 annual report 4 September 2026RAJTV reported FY26 revenue of [amount not verified], down from [amount not verified] in FY25, with net profit turning to **₹7,912** from a **₹210,129...
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🔴 annual report 4 September 2026Raj Television Network Limited disclosed on September 4, 2026 that shareholders without registered email addresses can access the 32nd AGM notice and ...
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🟡 Board Meeting 11 August 2026Raj Television Network Limited announced the re-appointment of Mrs. Bharathi Sridhar as an Independent Director for a second five-year term effective ...
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🟡 Board Meeting 11 August 2026Raj Television Network Limited announced the outcome of its August 11, 2026 board meeting, approving unaudited Q1 FY27 financial results and reappoint...
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Financial Results 26 June 2026Raj Television Network Limited announced that its trading window will close on July 1, 2026, remaining shut until 48 hours after the unaudited quarter...
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Announcement 3 June 2026No summary available
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🟡 Board Meeting 12 May 2026No summary available
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Announcement 24 April 2026Raj Television Network Limited announced a special dematerialisation window for its physical shares ending February 4, 2027, and published a newspaper...
🧠 Analyst's Read
Raj Television Network Ltd remains a financially fragile media entity with no visible catalysts for improvement. The key watchpoint is whether Q1 FY27 results show any reversal in margin or loss trends. Until then, the company lacks both operational momentum and investor interest, making it a high-risk holding with limited upside potential.
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 2026-09-13.
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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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