GECs
MPA predicts robust growth for Star, Sony, Zee
MUMBAI: Revenue growth for the Big Three of Indian broadcasting — Star India, Sony Entertainment TV India and Zee Telefilms — are likely to remain robust over the next year. These are the findings put out in a new study by research and publishing firm Media Partners Asia (MPA).
According to the Hong Kong-based company, in terms of revenue, Star India will continue to remain the key driver for News Corp’s Star Group. MPA forecasts indicate that the Star Group’s EBITDA could reach $109 million for its FY 2005 (year ending June 30 2005) period with turnover growing 16 per cent year on year to $475 million.
As far as Star India is concerned the dominant programming property for the coming year is the second and final season of Kaun Banega Crorepati, which launches 5 August on Star Plus. A few other shows are also expected to launch during the next few months with which Star hopes to extend its lead in the market.
The MPA report quotes market estimates as indicating that KBC2 could realise at least $55 million in advertising revenue over its 85-week run with profit margins running over 65 per cent. The MPA numbers tie in well to the figures thrown up in an exclusive report filed by Indiantelevision.com last month that had pegged total ad sales revenue expected to be generated solely from KBC2 at Rs 2,550 million with actual profits standing somewhere around Rs 1,700 million. (Rs 2,550 million is equivalent to $ 56.7 million at a $ 1 = Rs 45 exchange rate).
Star has also won government approval for its 20 per cent directly held DTH JV with the Tatas in India. The JV requires a total investment of $370 million, which includes the funding of STB subsidies and operating losses.
Star’s principal rivals in the market – Zee and Sony – are also expected to grow significantly. Zee’s 20 per cent-owned Dish TV (one million subscribers target by March 2006) will be facing stiff competition from the Star JV but the company expects its recent rebound in advertising and improvement in ratings to continue and boost earnings through its FY 2005 period (year ending March 2006) with turnover potentially growing by 14 per cent to $366 million and EBITDA also up 14 per cent to $115 million, a 31 per cent margin.
For the same period, turnover for Sony Entertainment Television (SET) India is expected to grow by 25 per cent year on year to $245 million (fuelled by advertising growth and solid distribution gains) while EBITDA could reach $74 million (12 per cent year on year growth), a 30 per cent margin.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
