Cable TV
Mipcom: Hunting ground for InCable
CANNES: For those who believe that India’s cable industry is not really organised, it would be advisable that they think again. For the past four days one of India’s leading cable operators, InCable has been marching down the aisles of MipCom.
Representatives Rajiv Vyas and Ravi Mansukhani have been on the prowl. They have been hunting for content for their cable TV network.
“With pay TV and addressability coming in, we too wanted to get enough material to create content for our subscribers,” says Vyas. “At the end of the day cable TV is all about services,” he added.
Mansukhani said, “It has been a good market. We found quite a lot of programmes we could relay via our box. We will strike in the days to come.”
Both were wary to reveal what kind of content they had zoomed in on. “It’s not animation definitely. We are staying away from that,” says Vyas. “Let the agreements get pencilled we will talk a little more then.”
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
