News Broadcasting
NDTV issues statement on tax demand of Rs 4.3 bn
MUMBAI: NDTV has issued a statement on the immediate tax demand of Rs 4.3 billion.
It stated on its web site: “The attempt to intimidate and paralyze NDTV has expanded to epic proportions in the last 24 hours. There are new attacks from the CBI and the Enforcement Directorate. In short, there is a three-pronged attack on NDTV by the:
1) CBI
2) Enforcement Directorate
3) Income Tax Department”
“All three agencies are attacking NDTV over one transaction in which GE, USA, made a US$ 150 million investment in NDTV – a perfectly legitimate and publicly, officially declared investment – which they are calling a “sham transaction,” it stated.
“Especially shocking is a demand of Rs. 4.3 billion from the Income Tax Department. The Income Tax Department’s letter, (sent today — 27 July), says NDTV has to pay the amount “immediately now” (sic!). A demand for immediate payment without any notice period is unheard of and smacks of sinister motives by the IT Department,” it added.
NDTV says:
“The IT department has not even completed the assessment of NDTV as directed by the Income Tax Appellate Tribunal (ITAT).
The ITAT had told the IT Department to make a fresh assessment on no less than four issues. These instructions have been flat-out ignored by the IT Department in rushing its tax demand to NDTV.
It is unknown in law to make this sort of “partial tax demand” without completing the entire tax assessment.
Income Tax law only recognises one assessment order – and the IT Department must complete the assessment including the four new factors raised by the ITAT.
After the ITAT order (based on incorrect facts given by the IT Department), NDTV has, by law, 120 days to appeal. It is shocking that even before the appeal can be filed, the tax department has shown such alacrity in demanding the tax. This is the same Tax Department which dragged its feet for three years, seeking more than 20 adjournments in the ITAT.
The new urgency reflects instructions to punish NDTV and to issue a warning to the media at large of the consequences of balanced journalism.
In an undisguised fishing expedition, the CBI has sent NDTV a letter demanding documents from NDTV and its subsidiaries for an unspecified period – this despite NDTV having supplied more than 500 pages of documents only two weeks ago. Strangely, the CBI does not acknowledge the receipt of these documents.
Separately, the Enforcement Directorate informed the Bombay High Court yesterday that it is investigating NDTV for violations under PMLA (Prevention of Money Laundering Act) – it has never, of course, informed NDTV of any such charge. The ED has already spent a good part of the year summoning NDTV management and questioning them repeatedly, without informing the company of what it has done wrong.
The government is making clear the implications of fearless journalism. Despite the illegal and massive pressure, NDTV will not allow its coverage to be affected by these shameful tactics.”
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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.
