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India Today – Business Today Budget Round Table 2025: Big bets & bold claims
MUMBAI: If Budget discussions were a high-stakes poker game, this year’s India Today – Business Today Budget Round Table saw ministers going all in with big bets and even bolder claims. From Finance minister Nirmala Sitharaman’s tax relief assurances to Piyush Goyal’s firm rejection of a BRICS currency, and Nitin Gadkari’s ambitious Rs 15 lakh crore infrastructure monetisation vision—this was no ordinary policy talk.
Sitharaman set the tone early, brushing aside concerns of a structural slowdown while underscoring the government’s commitment to taxpayers. “In every Budget, there is a clear sense that we respect taxpayers,” she declared, championing income tax rebates and relief measures under the new tax regime. She also expressed confidence that higher disposable incomes would fuel consumption and savings, giving sectors like FMCG and banking a much-needed boost.
Meanwhile, Commerce minister Piyush Goyal wasted no time in dismissing the idea of a BRICS currency. “We don’t support any BRICS currency… It is impossible to think of a BRICS currency,” he said, leaving no room for ambiguity. He also addressed rupee depreciation, maintaining that India must work towards a stronger currency to reduce import dependence.
Transport minister Nitin Gadkari, always one to bring numbers to the table, outlined his Rs 5 lakh crore plan for highway monetisation while acknowledging roadblocks like land acquisition and environmental clearances. His projections were ambitious—toll income hitting Rs 1.4 lakh crore in two years, scaling up to Rs 15 lakh crore with further monetisation—but execution remains the challenge.
Beyond taxation and infrastructure, the event also dived into global economic headwinds. Finance and Revenue secretary Tuhin Kanta Pandey flagged rising trade disruptions and protectionist policies, reassuring attendees that India remains committed to open markets. Meanwhile, Electronics & IT minister Ashwini Vaishnaw had exciting news on the tech front—India’s foundational AI model will be ready by the end of the year, with 10,000 GPUs already deployed for research.
For investors, the insights kept coming. Market veteran Vijay Kedia predicted continued market consolidation, advising investors to focus on government-driven themes like tourism. Value Research CEO Dhirendra Kumar urged a gradual investment strategy, while Mosaic Asset Management’s Maneesh Dangi remained bullish on IT and services.
With 10 power-packed sessions, 15+ industry leaders, and over 200 corporate executives and experts in attendance, the India Today – Business Today Budget Round Table 2025 delivered high-impact discussions and valuable takeaways. With NSE as an exchange partner, the event ensured that the country’s economic pulse was taken with precision.
As India steers through global uncertainties, the discussions reinforced the government’s commitment to taxpayers, economic stability, and infrastructure growth—while also highlighting challenges like trade tensions, currency fluctuations, and policy roadblocks that remain very much in play.
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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.
