News Broadcasting
Rajesh Devraj quits Sony
MUMBAI: SET’s executive creative director Rajesh Devraj has put in his papers.
The resignation confirms the buzz that has been doing the industry rounds since early October that Devraj was on his way out. This was when veteran writer and filmmaker Venita Coelho joined SET with the brief to work along with Devraj in developing new shows.
When contacted, SET executive vice president Sunil Lulla would only say, “Rajesh had a contract with us which has come to an end.”
Devraj who joined Sony in January this year, says he had been working on a feature film script before joining SET and intends to go back to that now. Devraj has earlier worked with Channel [V], MTV and Hindustan Thompson Associates.
Among the highpoints of his tenure at SET, Devraj counts Jassi Jaissi Koi Nahin, definitely. “It was an enjoyable experience working with the SET team, and talented, intelligent people like Tony and Diya and Victor Acharya. It was equally gratifying that all the decisions we took on the adaptation – the story changes, the casting, the production design, the Punjabi flavour, the characterizations of Jassi and her family – everything connected with the audience as we’d planned. We tried to bring in a freshness lacking on television, and our efforts paid off,” he says of the Jassi experience.
Apart from Jassi, Devraj has also initiated a few projects that he believes are path-breaking in their own way. “I hope they do as well,” he says.
About the learnings he garnered at Sony, Devraj says, “Personally, I’ve learnt a great deal about shaping ideas. The sheer exposure to a large volume of scripts and ideas, the process of interacting with writers every day, all of this has helped sharpen my own creative skills.”
About his tenure at Sony, however, Devraj has a different opinion. “It’s been frustrating, I won’t deny that, but it’s been an incredible learning experience as well. So no regrets.”
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.
