News Broadcasting
ESS-InCable parleys to continue Friday
MUMBAI: There is still no agreement in place between Hinduja Group MSO InCableNet and ESPN Star Sports regarding the new annual contract for the year 2004 – effective from 1 January. But the day ended with a significantly higher chance of a deal being thrashed out on the morrow than when it began.
ESS affiliate sales VP Srichand Iyengar said agreement had been reached with InCable most issues but a sticking point still remained over the demand by the sports broadcaster for payment guarantees. While the details of the payment terms were not spelt out it would appear that ESS is seeking either bank guarantees or letters of credit that could be encashed in the event of payments not coming through.
Speaking to indiantelevision.com late in the evening, InCable officials expressed confidence that a deal would be reached when the talks resume tomorrow.
If however, the talks should fail, then the switch-off this time round will be quite different from earlier ones in that it will cover the whole country wherever InCable has a presence rather than Mumbai alone. This is because the discussions that are going on at present are aimed at reaching a comprehensive agreement that is applicable across the country.
If no deal is reached, InCable subscribers in Mumbai, Delhi, Baroda, Ahmedabad, Bangalore, Indore, Nagpur, Hyderabad and some other centres will be hard hit.
Deal or no deal, it appears highly unlikely that the first match of the triangular One-Day cricket series featuring hosts Australia, India and Zimbabwe, which takes place tomorrow, will be affected.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
