News Broadcasting
HC rules against Mirchi on FM licence plea
NEW DELHI / MUMBAI: Even as the government awaits the finance ministry’s opinion on the issue of FM radio licence fee, the Bombay High Court has refused to stay the encashment of bank guarantee (by the government) of the Mumbai licence holder (Radio Mirchi).
The case was filed in Mumbai by Entertainment Network India Limited, which runs FM radio stations in several cities under the brand name Radio Mirchi. The petition sought to restrain the government from attaching its bank guarantee in the event of non payment of license fees, which in the case of the Mumbai licence of Radio Mirchi became payable on 25 April.
Government officials in Delhi indicated that generally private FM licence holders were given one week’s time from the deadline to pay up. In Radio Mirchi Mumbai’s case the licence agreement technically came to an end on 18 April.
This one week’s extra time generally granted to the licence holder would mean that others could get time up to 6 May.
Government officials also told indiantelevision.com that they do not propose to go ahead and encash any bank guarantee after the Bombay High Court’s observations today. “We’d like to combine all such cases and take them to the finance ministry and await its response on the matter,” an information and broadcasting ministry official explained.
However, the government made light of Win’s threat to go off the air from tomorrow. Pointing out that the I&B ministry was trying to resolve the matter, the ministry official said such posturing by Win was “unwarranted” as it was the FM radio station’s wish to close down.
Meanwhile, all private FM players, on condition of anonymity, rue the lack of unity within the community. Publicly, they all swear eternal allegiance to the cause of FM radio in the country.
With the Radio Mirchi petition turned down by the High Court, one of the few flickers of hope for the industry has died. Individually, each player is struggling to find a solution to the impasse or getting ready to shell out the hefty license fee. Win 94.6 has decided to go off the airwaves from 11 pm tomorrow. It is trying to drum up public support for this initiative through announcements on the station today, but among its counterparts in the industry, there is only tacit support. “If only all the players would get together and collectively close down, even if for a short period, it would focus government attention on the issue,” says one player.
For now, the Millennium Broadcast backed Win is fighting its lone battle in the manner best known to it. Win resorted to the same strategy in May 2003, when its license fees were due and it refused to pay for over a month. This time, again, it says the closure will be indefinite, till the powers that be, see reason and rationalise the license fee structure or temper it with a revenue sharing model.
Time, or the Election Commission, should tell.
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.
