TV Broadcasting & Software Production · Founded 2004 · www.seatvnetwork.com · BSE 533268 · · ISIN INE351L01016
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Business
Sea TV Network Ltd. is primarily engaged in the business of television broadcasting and software production. Its core business involves the creation, acquisition, and broadcast of television content, likely catering to specific regional audiences in India. The company generates revenue mainly through advertising sales on its TV channels, potential subscription fees, and by offering software development or production services related to media and entertainment.
Revenue Mix
Based on the provided information, the two primary segments are:
TV Broadcasting: Involves operating television channels, content programming, and distribution.
Software Production: Pertains to creating software, likely for media applications, content management, or potentially for third-party clients.
Specific revenue contribution from each segment is not publicly available.
Industry
The company operates within the highly competitive Indian TV broadcasting and software production industry. The broadcasting sector is characterized by a mix of national and regional players, grappling with the rise of digital streaming platforms (OTT). Sea TV Network Ltd. appears to be a regional or niche player, positioned against larger national broadcasters and a multitude of local channels. In software production, it competes with specialized IT services firms and in-house production capabilities of media companies.
MOAT
Sea TV Network Ltd. is unlikely to possess significant durable competitive advantages typically associated with large market leaders (e.g., massive scale, strong national brand equity, extensive network effects). Its potential micro-moats could include:
Regional Content Expertise: Strong understanding and connection with local audiences and advertisers in specific geographic markets.
Established Local Relationships: Long-standing relationships with regional advertisers, distributors, and content creators.
However, these advantages are generally not robust enough to fend off larger, well-funded competitors or significant technological shifts.
Growth Drivers
Growing Regional Advertising Market: Increased advertising spend by local and national businesses targeting specific regional demographics.
Demand for Localized Content: Continued appetite for content in regional languages and tailored to local cultural contexts.
Digital Expansion: Potential to leverage existing content and production capabilities to expand into digital streaming or online platforms.
Increased TV Penetration in Tier 2/3 Cities: While overall TV penetration is high, growth in specific regional markets can still drive viewership.
Risks
Intense Competition: From well-established national broadcasters, other regional channels, and the rapidly growing digital streaming (OTT) platforms.
Regulatory Changes: Changes in broadcasting policies, content censorship, and licensing regulations by the Indian government.
Technological Disruption: Shift in consumer preferences from traditional linear TV to on-demand digital content, impacting viewership and advertising revenues.
Advertising Volatility: Reliance on advertising revenue makes the company susceptible to economic downturns and fluctuations in ad spending.
Content Costs: Rising costs of content production, acquisition, and talent can impact profitability.
Management & Ownership
Specific details regarding the individual management team members and their quality are not provided. Like many Indian companies, it is likely promoter-driven, with significant ownership and control residing with the founding family or group. The ownership structure would typically involve the promoter group holding a substantial stake, with the remaining shares held by public investors.
Outlook
Sea TV Network Ltd. operates in a dynamic and competitive Indian media landscape. The company has potential opportunities to grow by catering to the increasing demand for localized content and leveraging regional advertising markets. Its focus on both broadcasting and software production could offer some synergy or diversification. However, the outlook is tempered by significant challenges, including intense competition from larger national players and digital platforms, potential disruption from technological shifts towards streaming, and the inherent volatility of advertising revenues. Success will depend on its ability to produce engaging, cost-effective regional content and adapt to evolving distribution and consumption patterns.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3 | 3 | 3 | 3 | 1 | 3 | 2 | 2 | 2 | 3 |
| Other Income | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Total Income | 3 | 5 | 4 | 4 | 2 | 4 | 3 | 3 | 2 | 4 |
| Total Expenditure | 3 | 4 | 4 | 4 | 3 | 4 | 3 | 3 | 2 | 4 |
| Operating Profit | -1 | 1 | 0 | 0 | -1 | 0 | 0 | 1 | -0 | 0 |
| Interest | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 34 | -0 | 0 | -0 | -1 | 1 | 0 | 0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Tax | 34 | -0 | 0 | -0 | -1 | 0 | 0 | 0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 34 | -0 | 0 | -0 | -1 | 0 | 0 | 0 | -0 | 0 |
| Adjusted Earnings Per Share | 27.9 | -0 | 0.1 | -0 | -0.9 | 0.3 | 0.2 | 0.3 | -0.2 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 20 | 17 | 17 | 16 | 14 | 16 | 13 | 13 | 12 | 12 | 12 | 9 |
| Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 2 | 4 | 3 |
| Total Income | 21 | 18 | 17 | 17 | 14 | 16 | 14 | 13 | 15 | 14 | 15 | 12 |
| Total Expenditure | 16 | 14 | 18 | 30 | 16 | 19 | 18 | 15 | 16 | 16 | 15 | 12 |
| Operating Profit | 5 | 4 | -1 | -13 | -2 | -2 | -4 | -3 | -1 | -3 | 0 | 1 |
| Interest | 6 | 7 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 7 | 7 | 6 | 7 | 8 | 4 | 5 | 1 | 1 | 1 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 0 | 0 |
| Profit Before Tax | -8 | -9 | -15 | -20 | -10 | -6 | -9 | -4 | -2 | 30 | -0 | 0 |
| Provision for Tax | 0 | 0 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -8 | -9 | -15 | -20 | -10 | -6 | -9 | -4 | -2 | 30 | -1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -8 | -9 | -15 | -20 | -10 | -6 | -9 | -4 | -2 | 30 | -1 | 0 |
| Adjusted Earnings Per Share | -6.7 | -7.9 | -12.3 | -17 | -8.4 | -4.9 | -7.2 | -3.1 | -1.5 | 25.3 | -0.6 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -3% | -6% | -5% |
| Operating Profit CAGR | 0% | 0% | 0% | -100% |
| PAT CAGR | -103% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -39% | 21% | 21% | -4% |
| ROE Average | 0% | 0% | 0% | -21% |
| ROCE Average | 0% | 0% | -227% | -118% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 46 | 36 | -21 | -41 | -51 | -56 | -65 | -69 | -70 | -40 | -41 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 47 | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 23 |
| Other Non-Current Liabilities | 16 | 17 | 0 | 1 | 1 | 0 | 9 | 2 | 2 | 1 | 1 |
| Total Current Liabilities | 23 | 28 | 87 | 84 | 87 | 87 | 78 | 87 | 87 | 39 | 35 |
| Total Liabilities | 131 | 132 | 68 | 44 | 37 | 31 | 22 | 21 | 18 | 16 | 18 |
| Fixed Assets | 57 | 52 | 24 | 21 | 16 | 14 | 10 | 9 | 9 | 8 | 8 |
| Other Non-Current Assets | 38 | 47 | 26 | 14 | 13 | 10 | 6 | 5 | 5 | 3 | 3 |
| Total Current Assets | 36 | 33 | 17 | 9 | 8 | 7 | 7 | 6 | 5 | 5 | 7 |
| Total Assets | 131 | 132 | 68 | 44 | 37 | 31 | 22 | 21 | 18 | 16 | 18 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5 | 2 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | 6 | 9 | 3 | 2 | 2 | 0 | -2 | -1 | 8 | -0 |
| Cash Flow from Investing Activities | -4 | -4 | -1 | -2 | -2 | -1 | -0 | -0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | -0 | -2 | -9 | -1 | -0 | -1 | 0 | 3 | 1 | -7 | 1 |
| Net Cash Inflow / Outflow | -3 | -1 | -1 | 0 | -0 | -0 | 0 | 0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 2 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -6.75 | -7.85 | -12.28 | -16.98 | -8.43 | -4.94 | -7.18 | -3.11 | -1.46 | 25.3 | -0.62 |
| CEPS(Rs) | -0.93 | -2.31 | -6.92 | -11.34 | -1.79 | -1.94 | -3.4 | -2.43 | -0.9 | 25.89 | -0.27 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 38.03 | 30.19 | -17.14 | -34.07 | -42.27 | -46.97 | -54.11 | -57.14 | -58.62 | -33.31 | -33.95 |
| Core EBITDA Margin(%) | 20.14 | 21.76 | -5.65 | -83 | -18.57 | -16.6 | -32.58 | -21.94 | -36.19 | -35.56 | -30.67 |
| EBIT Margin(%) | -10.48 | -14.1 | -42.34 | -122.66 | -74.61 | -36.91 | -64 | -28.01 | -11.98 | 259.82 | -2.75 |
| Pre Tax Margin(%) | -38.99 | -53.74 | -89.78 | -124.62 | -75.09 | -37.46 | -64.9 | -29.83 | -14.97 | 254.64 | -3.69 |
| PAT Margin (%) | -40.09 | -54.51 | -88.76 | -124.67 | -74.71 | -37.16 | -64.9 | -29.83 | -14.97 | 254.64 | -6.5 |
| Cash Profit Margin (%) | -5.53 | -16.01 | -50.03 | -83.27 | -15.89 | -14.59 | -30.74 | -23.26 | -9.24 | 260.61 | -2.79 |
| ROA(%) | -6.16 | -7.19 | -14.79 | -36.65 | -25.16 | -17.55 | -32.57 | -17.48 | -8.94 | 178.75 | -4.47 |
| ROE(%) | -16.31 | -23.02 | -188.15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -2.04 | -2.44 | -9.44 | -54.32 | -49.69 | -48.16 | -166.27 | -967.48 | 0 | 0 | 0 |
| Receivable days | 241.71 | 267.17 | 270.54 | 186.33 | 112.19 | 81.25 | 91.55 | 100.57 | 101.03 | 91.42 | 135.43 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0.21 | 2.52 | 2.96 | 0.53 | 0.74 | 1.1 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 7944.77 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.36 | 0 |
| Price/Book(x) | 0.21 | 0.25 | -0.35 | -0.09 | -0.08 | -0.07 | -0.02 | -0.07 | -0.06 | -0.28 | -0.21 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 3.06 | 4.15 | 4.57 | 4.22 | 5.16 | 4.36 | 5.03 | 5.77 | 6.02 | 3.05 | 3.03 |
| EV/Core EBITDA(x) | 12.71 | 17.02 | -126.58 | -5.19 | -32.7 | -30.38 | -16.87 | -26.91 | -96.49 | -14.44 | 314.83 |
| Net Sales Growth(%) | 11.64 | -14.39 | -3.99 | -1.52 | -17.2 | 17.81 | -16.71 | -5.78 | -6.64 | 2.06 | -3.5 |
| EBIT Growth(%) | -10.77 | -15.16 | -188.39 | -185.27 | 49.63 | 41.71 | -44.39 | 58.76 | 60.07 | 2313.54 | -101.02 |
| PAT Growth(%) | -18.85 | -16.38 | -56.35 | -38.31 | 50.38 | 41.4 | -45.46 | 56.69 | 53.14 | 1835.52 | -102.46 |
| EPS Growth(%) | -18.85 | -16.38 | -56.35 | -38.31 | 50.38 | 41.4 | -45.46 | 56.69 | 53.14 | 1835.46 | -102.46 |
| Debt/Equity(x) | 1.19 | 1.77 | -3.36 | -1.62 | -1.3 | -1.16 | -1.02 | -0.99 | -0.95 | -0.64 | -0.64 |
| Current Ratio(x) | 1.59 | 1.17 | 0.19 | 0.11 | 0.09 | 0.08 | 0.08 | 0.07 | 0.06 | 0.13 | 0.2 |
| Quick Ratio(x) | 1.77 | 1.23 | 0.19 | 0.11 | 0.09 | 0.08 | 0.08 | 0.07 | 0.06 | 0.13 | 0.2 |
| Interest Cover(x) | -0.37 | -0.36 | -0.89 | -62.35 | -156.29 | -67.65 | -70.88 | -15.37 | -4 | 50.11 | -2.91 |
| Total Debt/Mcap(x) | 5.72 | 7.16 | 9.61 | 18.89 | 15.73 | 15.72 | 52.42 | 15.11 | 16.57 | 2.33 | 3.04 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.49 | 58.49 | 58.49 | 58.49 | 58.49 | 58.59 | 58.59 | 58.59 | 58.59 | 58.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.51 | 41.51 | 41.51 | 41.51 | 41.51 | 41.41 | 41.41 | 41.41 | 41.41 | 41.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -3% | -6% | -5% |
| Operating Profit CAGR | — | — | — | -100% |
| PAT CAGR | -103% | — | — | — |
| Share Price CAGR | -39% | +21% | +21% | -4% |
| ROE Average | 0% | 0% | 0% | -21% |
| ROCE Average | 0% | 0% | -227% | -118% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.49 | 58.49 | 58.49 | 58.49 | 58.49 | 58.59 | 58.59 | 58.59 | 58.59 | 58.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.51 | 41.51 | 41.51 | 41.51 | 41.51 | 41.41 | 41.41 | 41.41 | 41.41 | 41.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
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