TV Broadcasting & Software Production · Founded 1999 · www.aajtak.in · BSE 532515 · NSE TV TODAY · ISIN INE038F01029
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Business
TV Today Network Ltd. is an Indian media company primarily engaged in television broadcasting. Its core business revolves around operating news channels across various languages and platforms. The company creates and curates news and current affairs content, broadcasting it to a wide audience. It primarily makes money through advertising revenue generated from commercial spots on its channels, complemented by subscription revenue from distribution platforms.
Revenue Mix
The company's primary business segment is Television Broadcasting. The bulk of its revenue is derived from:
Advertising Revenue: Sales of advertising spots on its various news channels (e.g., Aaj Tak, India Today TV, Good News Today). This is the dominant revenue stream.
Subscription Revenue: Fees received from cable operators and DTH (Direct-to-Home) service providers for carrying its channels.
Digital and Syndication: Revenue from digital properties and content syndication is an emerging area.
Industry
TV Today Network operates in the highly competitive and fragmented Indian TV broadcasting industry, specifically within the news segment. The industry is characterized by a large number of national and regional players, intense viewership battles, and regulatory oversight. TV Today Network holds a strong position, particularly with its flagship Hindi news channel, Aaj Tak, which is consistently a market leader in terms of viewership and brand recall. Its English news channel, India Today TV, also has a prominent presence. The company leverages its long-standing brand legacy and journalistic reputation.
MOAT
Brand Strength: Aaj Tak is an exceptionally strong and recognized brand in Indian news broadcasting, enjoying high viewer trust and recall. This strong brand equity provides a significant advantage in attracting and retaining viewership and advertisers.
Scale and Reach: With a leading position in the Hindi news market, the company commands significant reach across India, making it an attractive platform for advertisers.
Content & Legacy: A long history of news reporting and a perceived reputation for journalistic quality contributes to its viewer loyalty.
Growth Drivers
Advertising Market Growth: Overall growth in the Indian advertising market, driven by economic expansion and increased corporate spending, can boost ad revenues.
Digital Expansion: Increased focus on digital platforms (OTT, web, social media) to reach younger demographics and diversify revenue streams.
Major Events: Election cycles, major sporting events, or significant national/international news events typically drive a surge in news viewership and associated advertising.
Regional Focus: Potential to expand into more regional news markets or deepen existing regional penetration.
Risks
Intense Competition: High competition from numerous existing and new news channels, as well as digital-first news platforms, can put pressure on viewership and ad rates.
Advertising Market Volatility: Reliance on advertising revenue makes the company susceptible to economic downturns, changes in advertiser spending patterns, and the ongoing shift of ad budgets to digital platforms.
Regulatory Changes: Strict government regulations on content, broadcasting norms, and licensing can impact operations and profitability.
Technological Disruption: Cord-cutting and the shift in news consumption habits towards digital platforms and mobile devices pose a long-term challenge to traditional TV viewership.
Content Costs & Talent Retention: High costs associated with quality content production and retaining key journalistic talent are ongoing operational challenges.
Management & Ownership
TV Today Network Ltd. is part of the India Today Group, a prominent media conglomerate in India. It is promoted by Living Media India Ltd., which holds a significant stake in the company. The management team operates under the broader umbrella of the India Today Group, benefiting from the group's extensive experience and resources in the media industry.
Outlook
TV Today Network holds a strong market position with its leading news brands like Aaj Tak, which provides a solid foundation. The company's ability to maintain its dominant viewership share in linear TV, coupled with successful diversification and monetization of its content across digital platforms, will be crucial. While the traditional TV advertising market faces headwinds from digital migration and economic cycles, the company's strong brand and potential for digital growth offer opportunities. However, intense competition, evolving consumer habits, and regulatory landscape remain significant challenges that necessitate strategic adaptation and innovation.
| #(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 | 247 | 309 | 207 | 232 | 249 | 197 | 188 | 212 | 213 | 206 |
| Other Income | 9 | 10 | 13 | 11 | 12 | 11 | 10 | 7 | 14 | 6 |
| Total Income | 256 | 319 | 219 | 243 | 261 | 208 | 197 | 220 | 227 | 213 |
| Total Expenditure | 224 | 237 | 198 | 220 | 245 | 190 | 184 | 200 | 209 | 190 |
| Operating Profit | 33 | 82 | 22 | 23 | 17 | 18 | 13 | 20 | 18 | 22 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 9 | 8 | 9 | 8 | 8 | 8 | 8 | 7 | 8 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -8 | -12 | 3 | 0 |
| Profit Before Tax | 23 | 73 | 11 | 15 | 8 | 10 | -2 | -0 | 12 | 14 |
| Provision for Tax | 6 | 19 | 3 | 4 | 2 | 3 | -0 | 2 | 3 | 4 |
| Profit After Tax | 17 | 54 | 8 | 11 | 6 | 7 | -2 | -2 | 9 | 10 |
| Adjustments | -6 | -3 | 0 | -2 | -0 | 0 | 0 | 2 | -0 | 0 |
| Profit After Adjustments | 11 | 51 | 8 | 9 | 6 | 7 | -2 | -0 | 9 | 10 |
| Adjusted Earnings Per Share | 1.9 | 8.6 | 1.4 | 1.5 | 1 | 1.2 | -0.3 | -0 | 1.5 | 1.7 |
| #(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 | 582 | 652 | 721 | 742 | 857 | 783 | 930 | 878 | 936 | 993 | 809 | 819 |
| Other Income | 21 | 21 | 25 | 37 | 43 | 37 | 48 | 44 | 38 | 46 | 41 | 37 |
| Total Income | 602 | 674 | 746 | 779 | 901 | 820 | 978 | 922 | 974 | 1039 | 850 | 857 |
| Total Expenditure | 420 | 490 | 513 | 543 | 641 | 584 | 690 | 747 | 839 | 893 | 778 | 783 |
| Operating Profit | 182 | 184 | 232 | 236 | 259 | 236 | 288 | 175 | 135 | 146 | 72 | 73 |
| Interest | 6 | 8 | 4 | 1 | 3 | 2 | 3 | 3 | 3 | 2 | 2 | 1 |
| Depreciation | 31 | 29 | 31 | 32 | 39 | 40 | 42 | 41 | 35 | 32 | 31 | 31 |
| Exceptional Income / Expenses | -30 | 9 | -14 | 0 | 0 | 0 | 0 | -10 | 0 | 0 | -9 | -17 |
| Profit Before Tax | 115 | 155 | 183 | 204 | 218 | 194 | 243 | 120 | 97 | 111 | 30 | 24 |
| Provision for Tax | 53 | 54 | 64 | 73 | 79 | 62 | 62 | 32 | 26 | 28 | 10 | 9 |
| Profit After Tax | 62 | 100 | 119 | 131 | 139 | 132 | 182 | 88 | 71 | 83 | 20 | 15 |
| Adjustments | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | -15 | -8 | -6 | 2 |
| Profit After Adjustments | 63 | 102 | 119 | 131 | 139 | 132 | 182 | 88 | 56 | 75 | 14 | 17 |
| Adjusted Earnings Per Share | 10.6 | 17.1 | 19.9 | 22 | 23.4 | 22 | 30.4 | 14.8 | 9.5 | 12.5 | 2.4 | 2.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -19% | -3% | 1% | 3% |
| Operating Profit CAGR | -51% | -26% | -21% | -9% |
| PAT CAGR | -76% | -39% | -31% | -11% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | -23% | -19% | -11% |
| ROE Average | 2% | 7% | 9% | 13% |
| ROCE Average | 4% | 9% | 13% | 20% |
| #(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 | 472 | 581 | 662 | 896 | 872 | 991 | 1158 | 828 | 867 | 891 | 891 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 11 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -5 | -3 | -1 | -50 | -2 | 6 | 18 | 16 | 7 | -5 | -4 |
| Total Current Liabilities | 155 | 170 | 223 | 242 | 271 | 251 | 286 | 249 | 256 | 287 | 230 |
| Total Liabilities | 633 | 753 | 884 | 1088 | 1141 | 1248 | 1461 | 1093 | 1131 | 1173 | 1117 |
| Fixed Assets | 214 | 199 | 253 | 242 | 239 | 222 | 225 | 212 | 191 | 150 | 342 |
| Other Non-Current Assets | 39 | 46 | 111 | 41 | 68 | 163 | 48 | 16 | 19 | 151 | 132 |
| Total Current Assets | 380 | 508 | 520 | 804 | 833 | 863 | 1188 | 865 | 922 | 854 | 625 |
| Total Assets | 633 | 753 | 884 | 1088 | 1141 | 1248 | 1461 | 1093 | 1131 | 1173 | 1117 |
| #(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 | 60 | 12 | 13 | 20 | 27 | 44 | 26 | 28 | 14 | 36 | 22 |
| Cash Flow from Operating Activities | -36 | 120 | 152 | 125 | 201 | 166 | 235 | 41 | 15 | 122 | 10 |
| Cash Flow from Investing Activities | -0 | -103 | -94 | -104 | -15 | -166 | -211 | 371 | 35 | -74 | 20 |
| Cash Flow from Financing Activities | -13 | -16 | -59 | -14 | -168 | -17 | -22 | -427 | -28 | -61 | -28 |
| Net Cash Inflow / Outflow | -49 | 1 | -0 | 7 | 17 | -17 | 2 | -15 | 22 | -14 | 3 |
| Closing Cash & Cash Equivalent | 12 | 13 | 12 | 27 | 44 | 26 | 28 | 14 | 36 | 22 | 24 |
| # | 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) | 10.62 | 17.13 | 19.94 | 21.97 | 23.36 | 22.04 | 30.42 | 14.79 | 9.45 | 12.49 | 2.41 |
| CEPS(Rs) | 15.53 | 21.76 | 25.21 | 27.26 | 29.81 | 28.77 | 37.52 | 21.71 | 17.84 | 19.27 | 8.51 |
| DPS(Rs) | 1.75 | 2 | 2.25 | 2.25 | 22.25 | 2.5 | 3 | 70 | 8.5 | 3 | 0 |
| Book NAV/Share(Rs) | 79.14 | 97.4 | 110.92 | 150.17 | 146.17 | 166.03 | 194.06 | 138.86 | 145.39 | 149.38 | 149.32 |
| Core EBITDA Margin(%) | 27.8 | 24.9 | 28.8 | 26.89 | 25.19 | 25.43 | 25.84 | 14.95 | 10.37 | 10.08 | 3.83 |
| EBIT Margin(%) | 20.82 | 24.99 | 25.96 | 27.59 | 25.75 | 25.04 | 26.45 | 14.09 | 10.6 | 11.43 | 3.95 |
| Pre Tax Margin(%) | 19.72 | 23.7 | 25.44 | 27.47 | 25.42 | 24.73 | 26.16 | 13.7 | 10.32 | 11.19 | 3.7 |
| PAT Margin (%) | 10.62 | 15.4 | 16.5 | 17.66 | 16.26 | 16.79 | 19.52 | 10.05 | 7.59 | 8.33 | 2.5 |
| Cash Profit Margin (%) | 15.93 | 19.9 | 20.86 | 21.91 | 20.75 | 21.92 | 24.07 | 14.75 | 11.37 | 11.58 | 6.28 |
| ROA(%) | 8.82 | 14.5 | 14.53 | 13.3 | 12.51 | 11.01 | 13.4 | 6.91 | 6.38 | 7.18 | 1.77 |
| ROE(%) | 13.4 | 19.08 | 19.14 | 16.83 | 15.77 | 14.12 | 16.9 | 8.89 | 8.37 | 9.41 | 2.27 |
| ROCE(%) | 24.85 | 28.76 | 29.3 | 26.24 | 24.93 | 21.06 | 22.9 | 12.46 | 11.71 | 12.91 | 3.58 |
| Receivable days | 90.2 | 92.39 | 92.24 | 90.86 | 86.17 | 97.78 | 76.78 | 83.99 | 95.28 | 96.95 | 116.02 |
| Inventory Days | 0.89 | 0.84 | 0.83 | 1.03 | 0.76 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 6319.05 | 9565.67 | 0 | 9388.43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 29.11 | 15.05 | 24.56 | 14.33 | 7.08 | 12.1 | 12.18 | 12.23 | 22.4 | 12.52 | 41.16 |
| Price/Book(x) | 3.91 | 2.65 | 4.42 | 2.1 | 1.13 | 1.61 | 1.91 | 1.3 | 1.46 | 1.05 | 0.66 |
| Dividend Yield(%) | 0.57 | 0.78 | 0.46 | 0.71 | 13.46 | 0.94 | 0.81 | 38.68 | 4.02 | 1.92 | 0 |
| EV/Net Sales(x) | 2.96 | 2.01 | 3.78 | 2.14 | 0.99 | 1.7 | 2.18 | 1.16 | 1.08 | 0.65 | 0.68 |
| EV/Core EBITDA(x) | 9.44 | 7.13 | 11.72 | 6.74 | 3.26 | 5.63 | 7.04 | 5.81 | 7.52 | 4.46 | 7.7 |
| Net Sales Growth(%) | 26.39 | 12.15 | 10.52 | 2.96 | 15.49 | -8.66 | 18.79 | -5.58 | 6.57 | 6.1 | -18.56 |
| EBIT Growth(%) | -9.39 | 34.63 | 14.79 | 9.42 | 7.82 | -11.18 | 25.44 | -49.71 | -19.77 | 14.4 | -71.89 |
| PAT Growth(%) | -31.61 | 62.65 | 18.39 | 10.23 | 6.3 | -5.64 | 38.03 | -51.39 | -19.55 | 16.51 | -75.53 |
| EPS Growth(%) | -21.81 | 61.31 | 16.36 | 10.21 | 6.3 | -5.64 | 38.03 | -51.39 | -36.11 | 32.19 | -80.75 |
| Debt/Equity(x) | 0.1 | 0.06 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.46 | 2.98 | 2.33 | 3.33 | 3.07 | 3.44 | 4.16 | 3.48 | 3.6 | 2.98 | 2.71 |
| Quick Ratio(x) | 2.5 | 2.97 | 2.4 | 3.32 | 3.07 | 3.44 | 4.16 | 3.48 | 3.6 | 2.98 | 2.71 |
| Interest Cover(x) | 18.91 | 19.38 | 50.1 | 248.79 | 78.01 | 80.36 | 93.17 | 37.04 | 37.17 | 46.92 | 15.96 |
| Total Debt/Mcap(x) | 0.02 | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.45 | 58.45 | 58.45 | 58.45 | 58.45 | 58.45 | 63.21 | 63.21 | 63.21 | 63.21 |
| FII | 1.58 | 3.7 | 3.84 | 4.72 | 5.15 | 5.22 | 5.14 | 4.53 | 4.04 | 3.83 |
| DII | 12.98 | 10.97 | 10.74 | 9.44 | 8.85 | 7.9 | 3.1 | 0.07 | 0.09 | 0.09 |
| Public | 26.98 | 26.87 | 26.96 | 27.38 | 27.54 | 28.43 | 28.54 | 32.18 | 32.66 | 32.87 |
| 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 | 3.49 | 3.49 | 3.49 | 3.49 | 3.49 | 3.49 | 3.77 | 3.77 | 3.77 | 3.77 |
| FII | 0.09 | 0.22 | 0.23 | 0.28 | 0.31 | 0.31 | 0.31 | 0.27 | 0.24 | 0.23 |
| DII | 0.77 | 0.65 | 0.64 | 0.56 | 0.53 | 0.47 | 0.19 | 0 | 0.01 | 0.01 |
| Public | 1.61 | 1.6 | 1.61 | 1.63 | 1.64 | 1.7 | 1.7 | 1.92 | 1.95 | 1.96 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -19% | -3% | +1% | +3% |
| Operating Profit CAGR | -51% | -26% | -21% | -9% |
| PAT CAGR | -76% | -39% | -31% | -11% |
| Share Price CAGR | -29% | -23% | -19% | -11% |
| ROE Average | +2% | +7% | +9% | +13% |
| ROCE Average | +4% | +9% | +13% | +20% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.45 | 58.45 | 58.45 | 58.45 | 58.45 | 58.45 | 63.21 | 63.21 | 63.21 | 63.21 |
| FII | 1.58 | 3.7 | 3.84 | 4.72 | 5.15 | 5.22 | 5.14 | 4.53 | 4.04 | 3.83 |
| DII | 12.98 | 10.97 | 10.74 | 9.44 | 8.85 | 7.9 | 3.1 | 0.07 | 0.09 | 0.09 |
| Public | 26.98 | 26.87 | 26.96 | 27.38 | 27.54 | 28.43 | 28.54 | 32.18 | 32.66 | 32.87 |
| 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 | 3.49 | 3.49 | 3.49 | 3.49 | 3.49 | 3.49 | 3.77 | 3.77 | 3.77 | 3.77 |
| FII | 0.09 | 0.22 | 0.23 | 0.28 | 0.31 | 0.31 | 0.31 | 0.27 | 0.24 | 0.23 |
| DII | 0.77 | 0.65 | 0.64 | 0.56 | 0.53 | 0.47 | 0.19 | 0 | 0.01 | 0.01 |
| Public | 1.61 | 1.6 | 1.61 | 1.63 | 1.64 | 1.7 | 1.7 | 1.92 | 1.95 | 1.96 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 | 5.97 |
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