News Broadcasting
MAX debunks DD-Nimbus’ claims on cricket ratings
MUMBAI: MAX executive vice president and business head Rajat Jain has lashed out at the viewership claims made earlier this week by DD-Nimbus for the Champions Trophy tournament. Jain questioned the claims of the DD-Nimbus combine, stating that apples and oranges were being compared.
He made references to the earlier releases that MAX had sent out to the media on the conclusion of the Championship Trophy to prove his point, saying that more analysis was being done by his team to give the real picture.
The earlier MAX release in October had stated that the average rating of India matches on DD was 1.4, compared to MAX’s 8.6.
The average rating of the lone non-India match on DD was 1, compared to MAX’s 4.4 for the semi final involving Sri Lanka and Australia, it had claimed.
Jain also claimed that the extremely successful performance of MAX during the Champion’s Trophy had vindicated the ratings that had propelled MAX to the top of the channel viewership heap in the week ended 28 September 2002.
He added that the statistics pertaining to the finals of the Champions Trophy had broken several myths.
The release had then said that MAX had made inroads in all TV homes, where Doordarshan usually has the numbers. The match shown on DD garnered a TRP of 9.52 on 29 September while the next day’s play got the pubcaster a TRP of 8.75. MAX, on the other hand, managed a TRP of 8.42 in all TV homes for play on 29 September and a TRP of 7.56 for play the following day.
TAM analysis made at that time also showed that MAX had matched the pubcaster’s TVRs of 6.5 in SEC ABC 4+ (all India) related to the simulcast of the five matches.
The release had also added that the exciting India-England tie on 22 September helped MAX rank number one in the ratings stake with a TRP of 11.83, while Kyunkii…, the reigning number one, stayed stable at number two with a TRP of 10.2. Kahaani…, the next favourite, followed a close third with a TRP of 10.19.
MAX, in fact, had bagged four of the top ten spots in the all-India C&S 4+ category surveyed by TAM, a feat unachieved by the channel till then. The India-England match also figured at number five, while the India-South Africa match bagged the eighth and tenth spot, the release had added then.
Interestingly, the channel’s programming around cricket, Extraaa Innings, was at the 17th and 18th spot, proving that while a section of the media had trashed Ruby Bhatia and the “masala” that the channel had drawn up, the viewers were quite willing to lap it all up.
Master Blaster, Bajaj Boxer, Total Knockout and Super Fours, were the other cricket-based shows that registered their presence in the Top 100.
In all, the channel had managed to corner 13 of the top 100 spots for shows in cable and satellite households in the country. MAX also managed entry into all TV households in the country, with the India-England match debuting at number 18. Seven of MAX’s shows featured in the Top 100 of the all-TV households category.
The channel had also mentioned that MAX’s cumulative reach had ballooned to 90 million C&S household individuals during the tournament then.
MAX officials affirm that if the Champions Trophy is seen as a trial run for the World Cup in March 2003 and if the Indian team performs as well as it did then, the channel is likely do well once again.
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.
