News Broadcasting
Reserve Entry Fees
In Phase-I the Government divided the centers (cities where frequencies were offered to private bidders) in five categories for the purposes of license fee: A+ (reserved license fee Rs. 125 lacs), A (reserved license fee Rs. 100 lacs), B (reserved license fee Rs. 75 lacs), C (reserved license fee Rs. 50 lacs) and D (reserved license fee Rs. 20 lacs).
In light of the following:
Internationally (e.g. in case of Spectrum Allocation in Australia) the Government is free to determine a reserve price in case of scarce resources like frequencies so that due to imperfections, the market does not grossly undervalue the frequencies. In Phase I also, some licenses were granted to the bidders at the reserve price, as there were no other applicants. Even internationally, instances wherein there is only one bidder for a particular frequency are quite common (please see the note on Canada and Australia, Annexure III).
However, the purpose of such reserve price is again not meant for revenue maximization but only to prevent gross undervaluation. Reserve price must be objectively calculated on pre-published criteria in the light of alternate and probable uses of the frequency. It should necessarily reflect the lowest permissible price.
The Committee recommends that the historical reserve price of Phase I be followed. The Government can consider revising the reserve price in subsequent regimes.
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.
