News Broadcasting
InCableNet claims ESS misleading public
MUMBAI: Seems like Hinduja Group’s MSO InCableNet has finally decided to even the scores with ESPN Software India.
In a point-by-point rejoinder issued today, InCableNet accused ESPN Star Sports (ESS) of misleading viewers and the cable-operator fraternity in general, “with half-truths”.
InCableNet reserves the right of defending its commercial interest in court and will also seek to recover damages caused by ESPN’s actions, it says in a company release.
The MSO’s heated response comes after ESS’ statement yesterday, that it has filed a winding up petition against InCableNet in the Bombay High Court.
In the release, the MSO states that ESS’ version of the commercial negotiations that transpired between the two companies from May 2003 till first week of November 2003, is one-sided.
“InCableNet has not yet been served a copy of the winding up petition prior to its filing in the court, which is the standard corporate practice,” the release states.
Referring to the letter sent to ESS by IncableNet CFO Srinivas Palakodeti on 23 August, the release states, that the company had in fact, laid down three terms and conditions which ESS chose to ignore in its public statements.
The conditions were:
* Withdrawal of complaints/FIR’s filed by ESS
* Signing of the term sheet/agreement for CAS arrangement
* and that ESS agrees and takes steps to ensure that such defaulting operators do not migrate to other networks. It also insisted that ESS agreed to take steps on its discretion as may be necessary such as not issuing new decoders, switching off dummy operators in order to protect InCableNet and to ensure that business interests are not adversely affected.
InCableNet says, subsequent to this letter, commercial negotiations and exchange of correspondence have taken place till November 2003.
The MSO says that when ESS switched off signals to subscribers in Mumbai and Delhi on 10 November, they issued a letter to ESS expressing deep shock for the loss caused. However, ESS failed to respond to the letter in which InCableNet had requested them to adopt a constructive approach and switch on the signals.
InCableNet accuses ESS of having chosen to take an unconscionable step without any notice or provocation whatsoever, and without considering their will to discuss issues across the table.
Finally, the release says that they suspect ESPN of resorting to coercive measures as a prelude to increasing the rates on eve of a cricket season. “A similar step had been taken by ESPN on the occasion of the last World Cup cricket matches,” it specifies.
INCableNet states their digital CAS service is completely ready and a large number of set-top-boxes await deployment in Mumbai. “Failure of leading broadcasters like ESS to conclude CAS agreements has led to non-implementation of CAS and confusion in the minds of viewers. They must be made aware that their pay channel bills will again rise in January 2004 due to annual increase by broadcasters,” the release concludes
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.
