TV Broadcasting & Software Production · Founded 1994 · www.rajtvnet.in · BSE 532826 · NSE RAJ TELE · ISIN INE952H01027
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Business
Raj Television Network Ltd. is an Indian media company primarily engaged in satellite television broadcasting and software production. The company operates a network of channels across various South Indian languages (Tamil, Telugu, Kannada, Malayalam), covering genres like general entertainment, news, music, and movies. Its core business model revolves around creating and acquiring content (serials, films, news, music programs) and broadcasting it across its proprietary channels. The company primarily generates revenue through advertising sales, which form the bulk of its income, and through subscription fees collected from cable and DTH (Direct-to-Home) operators for distributing its channels.
Revenue Mix
The company's primary business segment is Television Broadcasting. This includes the operation and management of its various satellite TV channels. While specific financial breakdowns are not publicly detailed for Raj TV, the revenue mix is predominantly:
Advertising Revenue: Earned from selling commercial airtime on its channels to advertisers. This is the largest component.
Subscription Revenue: Derived from fees paid by cable and DTH operators for carriage of its channels.
Content Syndication: Minor revenue from licensing its produced or acquired content to other platforms or international markets.
Industry
The Indian television broadcasting industry is highly competitive, characterized by the presence of large national players (e.g., Zee Entertainment, Sony Pictures Networks India, Star India/Disney) and strong regional players. Raj Television Network operates primarily as a regional broadcaster, with a significant focus on the South Indian linguistic markets. While it has an established presence and brand recognition in these regions, it is not a market leader compared to larger regional competitors like Sun TV Network or other national broadcasters with a strong regional footprint. The industry is also witnessing significant disruption from Over-The-Top (OTT) streaming platforms.
MOAT
Raj Television Network's competitive advantages are moderate and primarily stem from:
Established Brand and Reach: Decades of operation have built brand recognition and viewer loyalty in specific South Indian regional markets.
Content Library: An accumulated library of films, serials, and other content, which can be re-telecast and monetized.
Distribution Network: Established relationships with cable operators and DTH platforms ensure its channels reach a wide audience.
Local Market Understanding: Deep understanding of regional cultural nuances and content preferences, which can be challenging for national players to replicate entirely.
Growth Drivers
Growth in Regional Advertising Spending: Continued economic growth in South Indian states can drive increased advertising expenditure targeting regional audiences.
Digital Expansion: Successful foray into digital platforms (OTT apps, YouTube) to capture younger audiences and complement linear TV viewership.
Content Innovation: Creation of compelling and high-quality regional content that resonates with evolving viewer preferences.
Subscription Growth: Increasing penetration of DTH and digital cable, leading to better monetization of subscription revenues.
Syndication Opportunities: Monetization of content library through syndication to other platforms or international markets.
Risks
Intense Competition: Significant competition from other established regional broadcasters and national players with strong regional channels.
Digital Disruption: Rapid growth of OTT streaming platforms leading to fragmentation of viewership and potential decline in linear TV engagement.
Advertising Market Volatility: Economic slowdowns directly impact corporate advertising budgets, reducing revenue.
Regulatory Changes: Evolving broadcasting regulations, content censorship policies, and pricing regulations by TRAI (Telecom Regulatory Authority of India) can impact operations and profitability.
Content Costs: Rising costs of acquiring and producing quality content to remain competitive.
Technological Obsolescence: Failure to adapt to new broadcasting technologies and content delivery mechanisms.
Management & Ownership
Raj Television Network Ltd. is promoted by Mr. M. Raajhendhran and his family, who hold a significant ownership stake and are actively involved in the company's management. This is a common structure among many Indian media companies, where promoter families often maintain strong control. The management quality is generally assessed by their ability to navigate the evolving media landscape and sustain operations in a highly competitive environment.
Outlook
Raj Television Network faces a complex and evolving media landscape. The company benefits from its long-standing presence and brand recall in key South Indian markets, giving it a stable base of viewership and advertising clients. However, the traditional broadcasting model is under significant pressure from the rapid rise of digital and OTT platforms, which are fragmenting viewership and attracting advertising dollars. Its ability to innovate with content, strategically expand into digital distribution, and maintain a strong connection with its regional audience will be crucial. While traditional linear TV in India, especially regional, still commands a significant audience, the long-term outlook depends heavily on the company's adaptability to technological shifts and evolving consumer habits.
| #(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 | 16 | 25 | 36 | 43 | 22 | 17 | 16 | 16 | 21 | 15 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 16 | 25 | 36 | 43 | 22 | 17 | 16 | 16 | 22 | 15 |
| Total Expenditure | 14 | 44 | 34 | 41 | 26 | 15 | 15 | 16 | 21 | 15 |
| Operating Profit | 2 | -18 | 2 | 2 | -4 | 1 | 1 | 1 | 1 | -0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | -20 | 0 | 0 | -6 | 1 | 0 | 0 | 0 | -1 |
| Provision for Tax | 0 | -3 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | -0 |
| Profit After Tax | 1 | -17 | 0 | 0 | -4 | 0 | 0 | 0 | 0 | -1 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 1 | -17 | 0 | 0 | -4 | 0 | 0 | 0 | 0 | -1 |
| Adjusted Earnings Per Share | 0.2 | -3.3 | 0 | 0.1 | -0.9 | 0.1 | 0 | 0 | 0 | -0.2 |
| #(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 | 82 | 61 | 62 | 62 | 59 | 78 | 69 | 85 | 106 | 126 | 70 | 68 |
| Other Income | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 |
| Total Income | 83 | 62 | 63 | 64 | 59 | 79 | 70 | 85 | 107 | 126 | 71 | 69 |
| Total Expenditure | 77 | 53 | 51 | 49 | 48 | 65 | 57 | 79 | 102 | 145 | 66 | 67 |
| Operating Profit | 6 | 9 | 12 | 15 | 12 | 13 | 12 | 7 | 5 | -19 | 5 | 3 |
| Interest | 5 | 5 | 5 | 5 | 4 | 6 | 4 | 3 | 3 | 4 | 3 | 4 |
| Depreciation | 7 | 7 | 7 | 6 | 7 | 7 | 7 | 2 | 2 | 2 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -5 | -3 | 0 | 4 | 0 | 0 | 1 | 2 | 1 | -25 | 1 | -1 |
| Provision for Tax | 1 | 2 | 1 | -2 | 0 | 0 | 0 | 1 | 0 | -4 | 0 | 0 |
| Profit After Tax | -6 | -5 | -1 | 5 | 0 | 0 | 1 | 1 | 1 | -21 | 1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -6 | -5 | -1 | 5 | 0 | 0 | 1 | 1 | 1 | -21 | 1 | -1 |
| Adjusted Earnings Per Share | -1.2 | -0.9 | -0.3 | 1 | 0 | 0 | 0.2 | 0.2 | 0.2 | -4 | 0.2 | -0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -44% | -6% | -2% | -2% |
| Operating Profit CAGR | 0% | -11% | -17% | -2% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -80% | -46% | -26% | -19% |
| ROE Average | 1% | -7% | -4% | -2% |
| ROCE Average | 4% | -4% | -0% | 2% |
| #(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 | 148 | 138 | 137 | 142 | 141 | 142 | 143 | 144 | 145 | 124 | 124 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 29 | 24 | 17 | 13 | 10 | 11 | 7 | 6 | 13 | 8 |
| Other Non-Current Liabilities | 10 | 1 | 2 | 0 | 0 | 5 | 7 | 6 | 9 | 10 | 12 |
| Total Current Liabilities | 43 | 18 | 26 | 29 | 42 | 39 | 29 | 45 | 25 | 45 | 29 |
| Total Liabilities | 203 | 185 | 189 | 189 | 197 | 196 | 191 | 203 | 185 | 191 | 173 |
| Fixed Assets | 99 | 114 | 109 | 110 | 110 | 104 | 98 | 120 | 118 | 117 | 116 |
| Other Non-Current Assets | 22 | 23 | 22 | 22 | 21 | 22 | 27 | 26 | 24 | 24 | 23 |
| Total Current Assets | 83 | 49 | 57 | 57 | 65 | 70 | 66 | 57 | 42 | 51 | 34 |
| Total Assets | 203 | 185 | 189 | 189 | 197 | 196 | 191 | 203 | 185 | 191 | 173 |
| #(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 | 3 | 5 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 0 |
| Cash Flow from Operating Activities | 4 | -12 | 12 | 19 | 17 | 8 | 3 | 31 | 4 | -5 | 8 |
| Cash Flow from Investing Activities | -2 | -11 | -2 | -7 | -7 | -0 | -1 | -24 | 0 | 0 | 0 |
| Cash Flow from Financing Activities | 0 | 19 | -10 | -12 | -10 | -7 | -3 | -7 | -4 | 3 | -8 |
| Net Cash Inflow / Outflow | 2 | -3 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | -2 | -0 |
| Closing Cash & Cash Equivalent | 5 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 0 | 0 |
| # | 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) | -1.17 | -0.92 | -0.26 | 1.04 | 0 | 0.03 | 0.21 | 0.22 | 0.16 | -4.05 | 0.15 |
| CEPS(Rs) | 0.1 | 0.35 | 1.03 | 2.25 | 1.32 | 1.35 | 1.53 | 0.53 | 0.45 | -3.76 | 0.31 |
| DPS(Rs) | 0.25 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 19.93 | 18.06 | 17.8 | 18.84 | 18.72 | 18.75 | 18.96 | 19.17 | 19.33 | 15.28 | 15.43 |
| Core EBITDA Margin(%) | 6.36 | 12.6 | 16.79 | 21.77 | 19.24 | 16.41 | 17.47 | 7.13 | 4.56 | -15.12 | 6.03 |
| EBIT Margin(%) | -1.02 | 3.16 | 8.89 | 13.84 | 8.15 | 7.96 | 8.09 | 5.98 | 3.5 | -16.12 | 5.74 |
| Pre Tax Margin(%) | -6.5 | -4.98 | 0.07 | 5.79 | 0.58 | 0.46 | 1.93 | 1.95 | 1.13 | -19.68 | 1.66 |
| PAT Margin (%) | -7.34 | -7.82 | -2.23 | 8.67 | 0.02 | 0.17 | 1.57 | 1.33 | 0.76 | -16.7 | 1.13 |
| Cash Profit Margin (%) | 0.6 | 3 | 8.64 | 18.76 | 11.6 | 8.92 | 11.49 | 3.26 | 2.17 | -15.51 | 2.27 |
| ROA(%) | -3 | -2.46 | -0.73 | 2.86 | 0.01 | 0.07 | 0.56 | 0.57 | 0.42 | -11.18 | 0.43 |
| ROE(%) | -5.64 | -4.85 | -1.47 | 5.67 | 0.01 | 0.14 | 1.11 | 1.14 | 0.81 | -23.39 | 0.99 |
| ROCE(%) | -0.6 | 1.42 | 4.06 | 6.4 | 3.62 | 4.72 | 4.3 | 4.01 | 3.01 | -17.56 | 3.82 |
| Receivable days | 284.04 | 326.07 | 272.56 | 298.09 | 329.46 | 266.62 | 312.3 | 241.41 | 136.4 | 103.39 | 197.24 |
| Inventory Days | 48.85 | 41.83 | 24.33 | 16.41 | 3.86 | 3.24 | 14.81 | 0 | 33.87 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 34.79 | 0 | 1228.35 | 189.29 | 181.41 | 377.84 | 0 | 219.03 |
| Price/Book(x) | 2.86 | 3.26 | 3.01 | 1.92 | 1.76 | 1.66 | 2.09 | 2.05 | 3.03 | 5.57 | 2.16 |
| Dividend Yield(%) | 0.44 | 0 | 0 | 0.28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 3.95 | 5.63 | 5.18 | 3.56 | 3.44 | 2.48 | 3.37 | 2.67 | 3.05 | 3.74 | 2.79 |
| EV/Core EBITDA(x) | 57.08 | 40.25 | 26.21 | 14.88 | 17.44 | 14.82 | 18.72 | 33.77 | 62.1 | -25.02 | 40.55 |
| Net Sales Growth(%) | -0.07 | -25.76 | 0.6 | 1.02 | -4.9 | 32.39 | -11.56 | 22.42 | 25.56 | 18.19 | -44.33 |
| EBIT Growth(%) | -104.32 | 330.28 | 182.66 | 57.29 | -43.95 | 29.31 | -10.16 | -9.49 | -26.6 | -644.88 | 119.82 |
| PAT Growth(%) | -174.15 | 20.92 | 71.31 | 493.09 | -99.78 | 1008.91 | 723.82 | 3.61 | -28.41 | -2707.84 | 103.77 |
| EPS Growth(%) | -174.15 | 20.92 | 71.31 | 493.04 | -99.78 | 1004.35 | 723.62 | 3.63 | -28.41 | -2708.05 | 103.77 |
| Debt/Equity(x) | 0.33 | 0.43 | 0.46 | 0.37 | 0.36 | 0.36 | 0.31 | 0.25 | 0.23 | 0.36 | 0.28 |
| Current Ratio(x) | 1.93 | 2.73 | 2.24 | 1.98 | 1.54 | 1.78 | 2.26 | 1.26 | 1.68 | 1.12 | 1.17 |
| Quick Ratio(x) | 1.68 | 2.55 | 2.04 | 1.96 | 1.52 | 1.77 | 2.09 | 1.26 | 1.28 | 1.12 | 1.17 |
| Interest Cover(x) | -0.19 | 0.39 | 1.01 | 1.72 | 1.08 | 1.06 | 1.31 | 1.48 | 1.48 | -4.54 | 1.41 |
| Total Debt/Mcap(x) | 0.12 | 0.13 | 0.15 | 0.19 | 0.21 | 0.21 | 0.15 | 0.12 | 0.08 | 0.06 | 0.13 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.01 | 70.95 | 70.9 | 70.88 | 70.88 | 70.88 | 70.88 | 70.91 | 70.96 | 70.96 |
| FII | 0 | 0.05 | 0.05 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 28.99 | 29 | 29.05 | 29.12 | 29.12 | 29.1 | 29.1 | 29.07 | 29.02 | 29.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.69 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -44% | -6% | -2% | -2% |
| Operating Profit CAGR | — | -11% | -17% | -2% |
| PAT CAGR | — | 0% | — | — |
| Share Price CAGR | -80% | -46% | -26% | -19% |
| ROE Average | +1% | -7% | -4% | -2% |
| ROCE Average | +4% | -4% | 0% | +2% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.01 | 70.95 | 70.9 | 70.88 | 70.88 | 70.88 | 70.88 | 70.91 | 70.96 | 70.96 |
| FII | 0 | 0.05 | 0.05 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 28.99 | 29 | 29.05 | 29.12 | 29.12 | 29.1 | 29.1 | 29.07 | 29.02 | 29.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.69 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 | 5.19 |
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