Cable TV
Cable war erupts in Mumbai
Mumbai is facing a round of cable rivalry and war. Reportedly, underworld kingpin Chhota Rajan has reportedly being threatening the former minister of state Ramdas Kadam and his brother Sadanand Kadam who run a cable network, Sai Cable Network, affiliated with the InCable breakaway, Win Cable, in the Dahisar-Borivali-Kandivli area in northern Mumbai, which almost has a monopoly in the locality. They have reportedly been asked to forego their stake in Sai Cable Network and merge it with Seven Star Cable network which is said to be run by Rajan front man Kashi-Pashi.
Another incident was reported from the Sion-King Circle area in north Mumbai. The Hinduja run cable network, InCableNet,set up a head-end in the area and roped in a Chhota Rajan frontman to operate from there. This apparently has ruffled the feathers of sub operators affiliated with InCableNet in the locality who have switched over to InCable arch rival Siticable. These operators – about 32 of them – used to take a signal feed from another Hinduja headend located in the suburb of Mahim.
A Hinduja spokesperson agreed that InCable had set up a new headend but it was done to improve the signal available to suboperators and also to be in a position to offer them southern Indian language channels on the prime band which cable TV subscribers had been demanding. Siticable officials, however, dismissed the report of any shifting loyalties saying that everything was normal in the locality.
The lucrative cable trade which commands a lot of revenues and huge profits has always been plagued by disputes and wars. It has since the beginning of cable TV in India been influenced by politicians and the underworld. It however had appeared united when all the cable TV networks in Mumbai blacked out ESPN-Star Sports a couple of months ago. The unity has since fractured and the bickering amongst the cable TV operators is once again become public.
The trade will become more lucrative with the introduction of broadband internet access. Everyone wants to grab their share of the pie which is worth around Rs 45 billion as of now.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
