News Broadcasting
INCableNet’s Vyas, Hathway’s Bhatia quit
MUMBAI: Talk about bad timing. A key executive each from Mumbai’s Big Two MSOs – INCableNet and Hathway – have put in their papers.
INCableNet COO Rajiv Vyas has resigned from his post as on 31 October, a company statement says.
“Mr Rajiv Vyas served the company for over two years. He has resigned for personal reasons. We wish him all the success in his endeavours,” the official release from the Hinduja Group company says.
The Star India-backed rival MSO Hathway Cable and Datacom has also seen a departure. Hathway vice-president Neeraj Bhatia resigned mid-week.
Spokespersons from both companies said no replacements have been identified at this point but would be announced in due course.
Vyas’ case in particular comes at an awkward time since he was the key pointperson who represented INCableNet in meetings with both broadcasters and government officials these last few months, in negotiations linked to the (non)rollout of conditional access in the metros of Delhi, Mumbai and Kolkata.
December is expected to be a high action month for the MSOs as India kicks off its tour Down Under and the industry is expecting ESPN Star Sports (ESS) to announce its annual rate hike at the time. ESS has exclusive broadcast rights for the series. If the events of last year are any indicator, the other pay broadcasters should also announce their new rate cards soon after.
Additionally, INCableNet has already announced it will implement CAS unilaterally in December, using various ‘carrot’ options for consumers, including pay-per-view services, interactive games and a large offering of up to 114 channels.
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.
