Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹3946 Cr.
Stock P/E
25.4
P/B
0.8
Current Price
₹25.6
Book Value
₹ 31.4
Face Value
5
52W High
₹50.2
52W Low
₹ 24.3
Dividend Yield
0%

Network 18 Media Inv Overview

Business

Network 18 Media & Investments Ltd. is an Indian media and entertainment conglomerate. The company operates across television broadcasting, digital content, and publishing. Its core business model revolves around creating and distributing content across various platforms, generating revenue primarily through advertising sales, subscription fees from its television channels, and digital ad monetization and premium content offerings on its online platforms. Network18's portfolio includes a diverse range of news (national and regional), business, and entertainment channels, along with several prominent digital news and information portals.

Revenue Mix

Network18's operations are broadly categorized into:

Television Broadcasting: This is the largest segment, comprising a bouquet of channels across genres. This includes news channels (e.g., CNN-News18, News18 India, CNBC-TV18, News18 regional channels), general entertainment channels (e.g., Colors, Colors HD, Colors Cineplex, MTV, Comedy Central, Nick), and other niche channels. Revenue is generated from advertising and subscription fees (carriage fees from DTH/cable operators).

Digital: This segment includes a range of digital properties like Moneycontrol (business news), Firstpost (news and analysis), News18.com, Cricketnext, and the OTT platform Voot (which merged into JioCinema). Revenue is primarily from digital advertising, content syndication, and subscription for premium content.

Publishing: This segment includes operations like Forbes India magazine. Revenue is primarily from advertising and magazine sales.

While specific revenue percentages fluctuate and are detailed in their financial reports, television broadcasting and digital platforms are the dominant revenue contributors.

Industry

The Indian media and entertainment industry is vast and highly competitive, characterized by a large number of players in broadcasting, digital, and print. Network18 operates as a significant player across television and digital.

Television: It competes with major conglomerates like Zee Entertainment Enterprises, Sony Pictures Networks India, and Disney Star India, among others. Its strong presence in news (both English, Hindi, and regional) and general entertainment (through Viacom18, a JV with Paramount Global) positions it among the top-tier broadcasters.

Digital: It faces intense competition from established news portals, social media platforms, and other OTT players. Its digital assets like Moneycontrol hold strong niche positions.

Network18 benefits significantly from its association with Reliance Industries Limited (RIL), which provides substantial financial backing and strategic synergies, particularly with RIL's telecom arm, Jio, and its rapidly expanding digital ecosystem.

MOAT

Scale and Diversification: A broad portfolio of channels and digital assets across news, business, and entertainment provides diversified revenue streams and reduces reliance on any single genre or platform.

Brand Recognition: Established brands like CNN-News18, CNBC-TV18, News18, Colors, MTV, and Moneycontrol have strong recall and viewership loyalty within their respective segments.

Content Library: Extensive content creation capabilities and a large library of original and licensed content across various languages.

Distribution Reach: Wide distribution network for its TV channels through cable, DTH, and digital platforms.

Reliance Ecosystem Support: The strategic backing and financial strength of Reliance Industries Limited provide a significant advantage, enabling investments in content, technology, and marketing, as well as synergies with Reliance Jio's vast subscriber base and digital infrastructure (e.g., JioCinema).

Growth Drivers

Increasing Media Consumption: Growing disposable incomes and internet penetration in India continue to drive higher consumption of media content, especially digital.

Digital Ad Spend Growth: Shift of advertising budgets from traditional media to digital platforms presents significant growth opportunities for Network18's digital assets.

Regional Market Expansion: Continued focus on strengthening and expanding regional news and entertainment offerings to tap into diverse linguistic markets.

Synergies with Reliance Jio: Leveraging Jio's extensive subscriber base and digital ecosystem for content distribution, user acquisition, and monetization through platforms like JioCinema.

Content Monetization: Exploring new avenues for content monetization, including international syndication, licensing, and new subscription models for digital platforms.

Risks

Advertising Market Volatility: Revenue is highly dependent on advertising spend, which is sensitive to economic cycles and industry-specific slowdowns.

Intense Competition: Fierce competition across all segments (TV, digital, OTT) from both domestic and international players, leading to potential pressure on viewership and ad rates.

Content Costs: Escalating costs of content creation, acquisition, and talent, which can impact profitability.

Regulatory Changes: The media industry is subject to evolving regulations (e.g., TRAI tariff orders, content guidelines, digital media rules) that can impact business models and operations.

Technology Disruption: Rapid advancements in technology and changing consumer viewing habits (e.g., cord-cutting, rise of new streaming platforms) pose ongoing challenges to traditional broadcasting models.

Viewer Fragmentation: Increasing choice of content and platforms can lead to viewer fragmentation, making it harder to attract and retain large audiences.

Management & Ownership

Network 18 Media & Investments Ltd. is promoted by the Reliance Industries Limited group, primarily through TV18 Broadcast Limited, a subsidiary. The ownership structure gives Reliance Industries significant control and strategic direction. The management team consists of experienced professionals within the Indian media sector, benefiting from the strategic oversight and resources of the parent conglomerate. Mr. Adil Zainulbhai serves as the Chairman, and Mr. P.J. N. Singh as the Whole-time Director and CEO, bringing extensive experience to steer the company's diverse media operations.

Outlook

Network18 holds a formidable position in the Indian media landscape, buoyed by a diversified portfolio of strong brands across television and digital. The strategic backing of Reliance Industries provides a significant competitive edge, enabling substantial investment in content, technology, and leveraging the vast Jio ecosystem for distribution and monetization. This synergy is a key bull case, offering potential for robust growth in digital advertising and streaming.

However, the company operates in a highly dynamic and competitive industry. Sustained growth will depend on its ability to continually innovate content, adapt to evolving consumer preferences, navigate regulatory changes, and manage escalating content costs. The ongoing shift from traditional linear TV to digital consumption presents both opportunities and challenges, requiring continuous investment in digital platforms and monetization strategies. While its extensive reach and strong financial backing provide stability, intense competition and the cyclical nature of advertising spend remain key considerations.

Network 18 Media Inv Share Price

Live · BSE / NSE · Inception: 1996
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Network 18 Media Inv Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 2419 3141 1825 1361 561 468 498 539 616 516
Other Income 161 151 234 82 3 10 3 14 0 4
Total Income 2580 3292 2059 1443 565 478 501 553 616 520
Total Expenditure 2609 3289 2005 1382 542 464 498 530 585 509
Operating Profit -29 3 55 61 22 14 3 24 31 12
Interest 114 150 170 102 55 52 48 50 54 57
Depreciation 69 70 69 52 33 34 34 33 32 31
Exceptional Income / Expenses 0 0 0 -1426 -10 151 0 -21 -12 0
Profit Before Tax -212 -217 -184 -1519 -76 79 -79 -81 -67 -76
Provision for Tax -1 1 5 -0 0 0 0 0 0 0
Profit After Tax -211 -219 -188 -1519 -76 79 -79 -81 -67 -76
Adjustments 101 93 92 83 45 70 120 75 36 37
Profit After Adjustments -110 -125 -96 -1435 -30 148 41 -6 -31 -39
Adjusted Earnings Per Share -1.1 -1.2 -0.9 -9.4 -0.2 1 0.3 -0 -0.2 -0.3

Network 18 Media Inv Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1527 1491 1839 5116 5357 4705 5880 6223 9297 6888 2121 2169
Other Income 100 55 113 51 79 44 52 100 697 487 29 21
Total Income 1627 1546 1952 5167 5437 4749 5932 6323 9994 7375 2150 2190
Total Expenditure 1476 1629 1881 5003 4785 3909 4803 6088 9962 7235 2079 2122
Operating Profit 151 -83 71 164 652 840 1129 235 33 140 71 70
Interest 67 80 96 198 236 157 97 209 322 477 205 209
Depreciation 58 80 89 142 175 147 120 128 210 223 133 130
Exceptional Income / Expenses 0 0 0 0 -50 0 0 0 0 -1436 118 -33
Profit Before Tax 113 -261 -111 -231 143 512 939 -16 -389 -1771 155 -303
Provision for Tax 16 10 62 -53 87 -35 102 -0 -64 6 0 0
Profit After Tax 96 -271 -173 -178 56 547 838 -16 -325 -1777 155 -303
Adjustments -71 37 19 -125 -293 -514 -630 -69 118 90 -3 268
Profit After Adjustments 25 -233 -154 -303 -237 32 208 -84 -206 -1687 152 -35
Adjusted Earnings Per Share 0.2 -2.3 -1.5 -2.9 -2.3 0.3 2 -0.8 -2 -11 1 -0.2

Network 18 Media Inv Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 1876 1283 1133 811 516 547 755 675 15227 4743 4918
Minority's Interest 1962 1627 2288 2413 2702 3220 3852 3920 12987 66 69
Borrowings 0 0 5 222 1 0 0 0 0 0 0
Other Non-Current Liabilities -16 -11 29 21 120 192 317 538 946 240 272
Total Current Liabilities 1714 2095 4021 4934 5228 4283 4284 8985 10717 3450 3737
Total Liabilities 5537 4994 7477 8401 8567 8241 9209 14118 39877 8498 8996
Fixed Assets 1680 1766 2907 2868 2973 2929 2876 3055 3681 1788 1753
Other Non-Current Assets 3178 2622 1382 1761 1497 1447 1560 2274 13004 5803 6263
Total Current Assets 679 606 3188 3772 4097 3864 4772 8790 23191 906 981
Total Assets 5537 4994 7477 8401 8567 8241 9209 14118 39877 8498 8996

Network 18 Media Inv Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 105 47 25 189 186 115 327 339 228 4831 3
Cash Flow from Operating Activities 87 -178 90 -204 78 1346 641 -2804 -6465 -1912 -28
Cash Flow from Investing Activities -141 -362 -155 -445 -88 -85 -250 -722 -5169 1313 -20
Cash Flow from Financing Activities -5 518 131 645 -62 -1049 -381 3411 1139 720 83
Net Cash Inflow / Outflow -59 -21 66 -3 -73 212 10 -115 -10495 121 35
Closing Cash & Cash Equivalent 47 25 189 186 115 327 339 228 4831 3 39

Network 18 Media Inv Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0.25 -2.25 -1.49 -2.93 -2.29 0.31 2 -0.81 -1.99 -11.02 0.99
CEPS(Rs) 1.49 -1.84 -0.82 -0.34 2.23 6.7 9.25 1.08 -1.11 -10.15 1.88
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 18.12 12.39 10.95 7.83 4.99 5.28 7.29 6.52 141.64 30.99 32.14
Core EBITDA Margin(%) 3.34 -9.26 -2.27 2.21 10.69 16.91 18.32 2.18 -7.14 -5.04 1.98
EBIT Margin(%) 11.75 -12.14 -0.82 -0.63 7.08 14.22 17.62 3.1 -0.72 -18.79 16.97
Pre Tax Margin(%) 7.38 -17.52 -6.06 -4.51 2.67 10.88 15.97 -0.26 -4.18 -25.71 7.32
PAT Margin (%) 6.3 -18.16 -9.43 -3.47 1.05 11.62 14.25 -0.25 -3.49 -25.79 7.32
Cash Profit Margin (%) 10.08 -12.8 -4.6 -0.69 4.31 14.74 16.28 1.8 -1.23 -22.55 13.57
ROA(%) 1.71 -5.14 -2.78 -2.24 0.66 6.5 9.6 -0.14 -1.2 -7.35 1.77
ROE(%) 5.53 -17.14 -14.35 -18.27 8.46 102.86 128.74 -2.2 -4.23 -18.31 3.21
ROCE(%) 6.8 -6.9 -0.51 -0.89 9.93 19.84 35.26 4.1 -0.46 -8.61 4.63
Receivable days 116.41 82.57 159.04 92.3 96.94 109.46 75.48 71.87 60.01 64.12 116.21
Inventory Days 50.09 1.56 133.59 115.87 134.27 152.14 138.87 248.69 316.06 270.76 0.97
Payable days 3061.77 1269.46 3970.57 7240.57 7389.57 7101.2 6095.79 5756.87 5514.79 3826.1 801.62
PER(x) 179.02 0 0 0 0 116.9 42.45 0 0 0 27.68
Price/Book(x) 2.43 2.86 5.45 4.55 3.69 6.9 11.67 8.32 0.61 1.4 0.86
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 3.45 3.32 4.45 1.28 0.94 1.24 1.81 1.8 1.26 1.37 3.44
EV/Core EBITDA(x) 35.02 -59.45 115.14 39.88 7.75 6.98 9.41 47.6 356.47 67.15 102.19
Net Sales Growth(%) -51.15 -2.37 23.34 178.2 4.71 -12.17 24.97 5.83 49.4 -25.92 -69.21
EBIT Growth(%) 118.38 -200.85 91.62 -112.27 1277.97 76.46 54.86 -81.38 -134.53 -1843.35 127.81
PAT Growth(%) 108.52 -381.46 35.99 -2.46 131.61 873.62 53.25 -101.88 -1960.89 -447.36 108.74
EPS Growth(%) 102.42 -1018.41 34.06 -96.83 21.9 113.64 542.88 -140.6 -144.81 -453.23 109.02
Debt/Equity(x) 0.42 1.02 1.94 3.76 6.33 4.42 2.86 8.61 0.49 0.59 0.63
Current Ratio(x) 0.4 0.29 0.79 0.76 0.78 0.9 1.11 0.98 2.16 0.26 0.26
Quick Ratio(x) 0.39 0.29 0.46 0.38 0.39 0.46 0.51 0.32 1.21 0.26 0.26
Interest Cover(x) 2.69 -2.26 -0.16 -0.16 1.61 4.26 10.72 0.92 -0.21 -2.71 1.76
Total Debt/Mcap(x) 0.17 0.35 0.35 0.82 1.7 0.63 0.24 1.02 0.81 0.42 0.73

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -69% -30% -15% +3%
Operating Profit CAGR -49% -33% -39% -7%
PAT CAGR — — -22% +5%
Share Price CAGR -47% -31% -20% -5%
ROE Average +3% -6% +21% +16%
ROCE Average +5% -1% +7% +6%

Network 18 Media Inv Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 56.89 %
FII 2.76 %
DII (MF + Insurance) 0.12 %
Public (retail) 40.24 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 757556.8956.8956.8956.8956.8956.8956.8956.89
FII 3.52.346.616.986.856.546.266.294.332.76
DII 0.060.10.180.180.210.150.150.130.120.12
Public 21.4422.5636.3335.9436.0536.4236.736.6938.6640.24
Others 0000000000
Total 100100100100100100100100100100

Network 18 Media Inv Peer Comparison

TV Broadcasting & Software Production Edit Columns

Network 18 Media Inv Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Network 18 Media Inv Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Debtor days have improved from 3826.1 to 801.62days.

Cons

  • Company has a low return on equity of -6% over the last 3 years.
  • The company has delivered a poor profit growth of -22% over past five years.
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