News Broadcasting
Hindujas’ expecting smooth CAS rollout
MUMBAI: The final session of the SCaT workshop on Wednesday had an optimistic note to it. The session was presided over by IndusInd Media and Communications COO Rajiv Vyas who spoke on InCable’s strategy, the future of cable TV as well as CAS benefits.
Vyas said that InCable would be deploying digital set tops in Mumbai and Delhi but declined to comment on the number of boxes that would be seeded. “The value proposition has to be right and marketed properly.” He estimated that the price for the FTA channels would be anything between Rs 50 – 100. The government has to still set a limit to the number of FTA channels and it might also decide what genres should go in.
He estimated that there would be 35 – 40 FTA channels. As far as pay channels are concerned, while there would be differential pricing between the driver channels and the not so hot ones he didn’t feel that any channel which is now pay would go free in the CAS regime. ” Of course, the big question still remains as to who will be able to get the most from the consumers pocket. The pay channels or those that are free to air,” Vyas said.
While an analogue box will carry only 64 channels, a digital set top can carry over 300 channels. It was also pointed out that there were many channels from other countries like China and Japan that a cable op can offer a subscriber who has gone digital. ” Comparing an analogue box to a digital one is like comparing a VHS to a DVD. The consumer who goes in for a analogue box now will have to suffer the price of reinvesting for a digital box later on if he wants extra services.”
Elaborating on the benefits of CAS he said, “The operator enjoys longevity and additional revenue streams. The broadcaster gets complete declaration in connectivity while the consumer will enjoy superior sound and picture quality. He also pays only for those channels that he gets instead of being saddled with a whole bouquet. As far as additional services are concerned, in a month or so, we will be introducing video mail and voice mail.”
Elaborating further on the set top box rollout, he said, “We operate 104 channels at the moment. This number will increase. To give an example, education is going to be an important sphere with the number of channels catering to that segment set to explode to around 30. We have a two-way addressability system in most places. There is a gap but some services do not require a reverse path. Anyway the cost for two-way amplifiers for the last mile has come down drastically.”
“Services that a digital subscriber can enjoy include the Electronic Programme Guide and Video-on-demand. For the last one, the viewer selects a programme, which will be sent to a particular channel. The subscriber can watch it at his/her convenience and so there is no need to visit the local video store.
The sound will come from the server. Also archived footage from events like sports broadcasts will be made available. The EPG makes it easier for the consumer to navigate and find out exactly what is needed. There is a reminder service. Parents can restrict content that their kids have access to. Of course digital broadcast will mean greater interactivity between the operator and subscriber. The subscriber will also have different gaming modes to choose from.”
Despite fears that in a CAS regime, viewers would have to shell out far more for much less he maintained that CAS was consumer friendly. Vyas also said that due to research he was confident that the MSO would not face consumer resistance. One could buy a set top outright or hire it.
He was highly optimistic of convergence becoming a reality. For instance on a mobile phone in the near future you would be able to make calls, send emails, view television, Vyas pointed out.
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.
