News Broadcasting
ESPN files winding up petition against InCableNet
MUMBAI: First was the shut-off. Now the courts have been drawn into the dispute.
A week after ESPN Star Sports (ESS) cut off signals to Hinduja Group MSO INCableNet over outstanding subscription dues it says have crossed Rs 71 million, it today instituted winding up proceedings in the Bombay High Court.
The petition filed before the court states that despite several service agreements in place, INCableNet had consistently failed to pay up on monthly dues and was in admitted default to the tune of Rs 40 million.
A statement issued by ESS says the Bombay High Court has admitted the petition and listed it for hearing on 29 January, 2004.
In the petition, ESS states that it has entered into various service contract(s) with InCableNet to distribute ESPN and Star Sports channels in Mumbai and other cities, which it services. InCableNet was to pay monthly subscription fees.
However, ESS alleges, InCableNet has failed to make payments towards the subscription fees in accordance with the contract(s). Despite InCableNet’s failure to pay the fees, ESS claims to have kept the services on and made bonafide attempts to persuade InCable to discharge their payment obligations.
The petition ends stating, despite several repeated promises and written commitments, InCableNet has backed out of its promise to pay the admitted sum of over Rs 40 million.
On 10 November, ESS had discontinued the signals of its channels ESPN and Star Sports to IIMCL stating that “IIMCL had failed to pay routine monthly dues, despite repeated collection efforts”.
ESS Software VP, affiliate sales, Sricharan Iyengar had pointed out earlier this month that they had received a letter from IncableNet CFO Srinivas Palakodeti, who had assured to pay them Rs 30.65 million, the outstanding amount then. This letter was dated 27 August 2003, but ESPN has not yet realised the money.
A response on the issue is awaited from InCableNet.
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.
