DTH
Negligible content investment for the urban viewer segment: Tata Sky’s Harit Nagpal
KOLKATA: The pay-TV industry in India has been highlighting the regulatory overburden in the industry for some time now. The players have been battling several legal issues, the amended new tariff order (NTO 2.0) being the most discussed one. According to Tata Sky CEO Harit Nagpal, it has not only impacted the growth of the industry, but put a halt on broadcasters’ plans to bring any change in pricing since January 2020, despite rising industry costs.
Speaking at the recently concluded APOS 2021, the Tata Sky CEO said broadcasters will not be able to make up for this period, even if they are allowed to alter prices tomorrow. “A hole has already been created in the ability to generate revenue for the industry. There is a logjam between broadcasters and regulators via legal cases, which we are hoping settles down soon, so that broadcasters can raise prices,” he explained.
According to Nagpal, the price hike will enable broadcasters to invest in creating more differentiated content and help them cater to increasing needs of viewers from various segments. “There has been a negligible investment for the urban viewer segment, even though it is one of the growing segments,” he pointed out, during a virtual session with Media Partners Asia executive director and co-founder Vivek Couto.
But the Tata Sky CEO highlighted that he still remained optimistic about the growth of linear TV in India. “Both will survive; both will grow but not at the cost of each other. The people who can afford a broadband connection at home, and can subscribe to SVoD, can also afford TV because TV is much cheaper than that,” he added. “And viewers who cannot OTT subscriptions will watch content that comes only through cable and satellite. TV viewing remains a habit for Indians.”
Recalling the days he spent days walking in and out of 1,200 customer homes in the rural area, Nagpal said there was rarely a home without a television set in India. “It’s like background noise. A family collectively consumes six to 10 hours of TV content per day. It is one segment that leaves a high opportunity for the growth of traditional TV,” he shared.
Despite that, there are still around 100 million homes that don’t have a TV in India. The data shows that TV sales have picked up in the last few years. But there is still a gap in TV penetration this year due to the ongoing crisis, which will be filled in the next few years, he noted.
“We have not seen signs of on-demand content or even broadband penetrating the kind of numbers that we have been hearing for the last few years. Despite the best efforts of most of the broadband operators, we have not seen numbers reaching the level that we are talking about,” said Nagpal.
Tata Sky has embraced the change in the industry with the launch of Binge products – its smart boxes which offer both TV and OT content. The DTH operator has also marketed the product aggressively last year.
“We never expected these services to reach the level of DTH. We said both will grow. Maybe Binge will grow faster in terms of percentage because we have got a small base. But there is enough headroom for the satellite TV market to grow. We are pretty happy with the numbers of both sides,” Nagpal stated.
DTH
Den Networks reports Rs 1,227 million FY26 profit growth
Revenue crosses Rs 10,009 million as margins improve and costs ease
MUMBAI: Not all signals are on screen some are buried in the balance sheet. Den Networks has reported a steady financial performance for FY26, with profit after tax rising to Rs 1,227.53 million, reflecting improved operational discipline despite a relatively flat top line. For the year ended March 31, 2026, the company posted revenue from operations of Rs 10,009.17 million, marginally higher than Rs 9,891.45 million in FY25. Total income stood almost unchanged at Rs 12,282.10 million compared to Rs 12,279.77 million a year earlier, signalling stability rather than aggressive expansion.
The real story, however, lies beneath the surface. Total expenses declined to Rs 10,648.32 million from Rs 10,691.30 million, driven by tighter cost controls across key heads. Employee benefit expenses dropped to Rs 548.64 million from Rs 651.52 million, while depreciation and amortisation expenses also eased to Rs 652.01 million from Rs 723.06 million, indicating a leaner operational structure.
As a result, profit before tax rose to Rs 1,633.78 million from Rs 1,588.47 million, while profit after tax improved to Rs 1,227.53 million, up from Rs 1,173.96 million in the previous year. Earnings per share stood at Rs 2.57, compared to Rs 2.46 in FY25, underlining incremental shareholder value creation.
On the balance sheet front, the company’s total assets expanded to Rs 43,416.76 million from Rs 42,496.64 million, supported by a sharp rise in bank balances to Rs 30,628.71 million. Equity also strengthened to Rs 38,532.74 million, reflecting accumulated profits and a growing financial cushion.
Cash flow dynamics, however, present a more nuanced picture. While investing activities generated a net inflow of Rs 632.80 million, operating activities saw an outflow of Rs 553.50 million, largely due to tax payments and working capital adjustments. The company ended the year with cash and cash equivalents of Rs 151.70 million, up from Rs 106.11 million.
Taken together, the numbers suggest a business that is prioritising efficiency over expansion holding revenue steady while tightening costs and strengthening its balance sheet. In an industry where growth often grabs headlines, Den Networks appears to be making a quieter statement: sometimes, resilience is the real signal.
