Network 18 Media & Investments Ltd reported a 91.7% year-on-year drop in Profit After Tax for FY 2025-26 to Rs 265.9 crore. The decline is mainly due to a large exceptional gain in the prior year. However, operating revenue saw a modest 3.1% increase, while digital platforms expanded significantly.
Network 18 Media & Investments Ltd FY26 Results
Network 18 Media & Investments Ltd FY26 PAT: Rs 265.9 crore (down 91.7% YoY). FY26 Operating Revenue: Rs 1,955.1 crore (up 3.1% YoY).
Reader Takeaway: Modest revenue growth faces profitability pressure from exceptional item reversal and debt.
What just happened
Network 18 Media & Investments Ltd has released its Annual Report for FY 2025-26. The company reported a Profit After Tax (PAT) of Rs 265.9 crore, a significant 91.7% decrease compared to the previous year's Rs 3,213.4 crore. This sharp decline is attributed to an exceptional gain of Rs 3,498.2 crore recorded in FY 2024-25 due to the Viacom18 restructuring.
Standalone operating revenue grew by 3.1% to Rs 1,955.1 crore from Rs 1,896.2 crore in the prior year. Operating EBITDA saw a substantial increase of 36.2%, reaching Rs 45.6 crore from Rs 33.5 crore. However, the company stated that excluding exceptional items, standalone PAT was negative, largely due to finance and depreciation costs.
Why this matters
The significant drop in PAT highlights the one-off nature of the previous year's gain. While operational performance improved at the EBITDA level with controlled costs, the net profit figure is heavily impacted. Investors will be scrutinizing the company's ability to generate sustainable profits from its core operations and manage its rising debt.
The backstory
FY 2025-26 was described as a mixed year by management, with the company maintaining its #1 position in news broadcasting in India. However, a subdued macroeconomic environment and weak advertising revenue pressured performance. The company has been actively investing in its digital platforms and exploring new revenue streams.
What changes now
The company has scheduled its 31st Annual General Meeting (AGM) for September 16, 2026. No dividend has been recommended for equity shareholders for the year. Corporate restructuring continues, with the proposed amalgamation of News18 Marathi into the parent company and Eenadu Television ceasing to be an associate.
Risks to watch
Management has pointed out several risks, including stressed advertising budgets, evolving consumer behavior, and the potential impact of Artificial Intelligence (AI) on traffic and digital search visibility. The increase in standalone debt to Rs 3,113 crore from Rs 2,787 crore in the previous year is also a key concern.
Peer comparison
Network 18 operates in a competitive media landscape. Its peers include other major media houses and digital-first content platforms. While Network 18 remains a leader in news broadcasting, the growth in digital audiences and the expansion of subscription models are critical for future competitiveness across the sector.
Context metrics (time-bound)
- Digital Reach: Over 350 million monthly Unique Visitors (UVs) across digital platforms.
- Moneycontrol: Launched 'Moneycontrol Super Pro' and its fintech vertical achieved over 90,000 loan disbursals.
- Creator18: Onboarded 60 exclusive creators.
- Standalone Debt: Rs 3,113 crore as of March 31, 2026.
What to track next
Investors will be keen to observe the progress of the News18 Marathi amalgamation, the scaling of the fintech and influencer marketing (Creator18) verticals, and the company's strategy to navigate industry headwinds like AI and fluctuating ad spends.