News Broadcasting
MSOs meet reaches dead-end on CAS
NEW DELHI/MUMBAI: The much-hyped multi-system operators’ (MSOs) meet in Delhi today failed to come up with concrete conclusions, though various issues arising out of postponement of conditional access were discussed.
According to the people who attended todays meeting, the prime concern of the cable industry is what would happen of the investment already made in setting up the infrastructure for CAS. Though seeking legal recourse against the deferment of rollout of addressability – an option suggested by a Mumbai-headquartered MSO – was discussed, but no final take was done.
This option needs to be studied further by lawyers before it is opted for, a senior executive of one of the MSOs told indiantelevision.com after the meeting. Another issue that was discussed revolved round the slow death of the cable industry if the broadcast and cable regulator and a certain section of the industry gave more prominence to alternate delivery mechanisms like DTH and broadband.
Representatives from Siti Cable, Hindujas-controlled INCablenet, Trinity (formerly Spectranet) and RPG attended todays meeting, amongst others. The MSOs are contending that with the Telecom Regulatory Authority of India (TRAI) putting a freeze on the cable services price in CAS and non-CAS areas, apart from postponing implementation of CAS for three months, the cable fraternity is increasingly feeling the pressure from all sides.
Add to this, the games that broadcasters play, a representative of a MSO said, adding, As it is the broadcasters have again started asking for a hike in subscriber base and charging for new channels launched.
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.
