News Broadcasting
Broadcast Regulator
The radio industry in India is in a nascent stage of growth. However, as the market develops a number of legal and social issues (like content regulation, networking regulation etc.) as well as technological issues (like digital radio broadcasting (terrestrial/satellite) subscription radio channels etc.) are likely to arise in relation to radio. The market competitive forces may not always work in harmony and sometimes may require reconciliation of competing interests. Therefore, as the industry develops it will require maintenance of an appropriate regulatory environment through an autonomous regulator.
The Committee in this respect shares the views and the concerns of the Hon’ble Supreme Court as reflected in the case of Secretary, Ministry of Information and Broadcasting vs. Cricket Association of Bengal, wherein it was observed that the Central Government should establish an independent autonomous public authority representative of all sections and interests in the society to control and regulate the use of airwaves.
The Committee therefore, recommends the constitution of an independent broadcast regulator.
The Committee would like to clarify that the Broadcast Regulator should provide and maintain appropriate regulatory environment to foster market led growth rather than seek to supplant and substitute market forces through regulation. The main objective of the Broadcast Regulator should be to seek proper enforcement of rules and regulations and its actions should primarily be complaint driven.
We suggest to the Ministry of Information & Broadcasting that pending the creation of a Regulator (which is likely to take time, requiring Parliamentary approval), a non-statutory Committee be set up which has Terms of Reference similar to what the Regulator would have. (We understand that the formal creation of SEBI was preceeded by such a Committee).
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.
