GECs
Sony’s Shrimad Ramayan and the future of cable TV
MUMBAI: Can the recently launched Shrimad Ramayan give a shot in the arm to the struggling pay TV sector, especially cable TV? The jury is out and opinions are mixed, but there’s some movement afoot. One cannot forget that the earlier Ramyan on Doordarshan in the eighties resulted in India’s streets being deserted and during its rerun during the pandemic it attracted 76 million viewers on DD on 16 April 2020.
According to some cable TV operators, the signs are positive.
“I am glad that the show has launched as it has,” says Nagpur-based MSO UCN director Ajay Khamankar. “Shrimad Ramayan is only showing on TV which is good. I see a lot of potential in it slowing down the cord-cutting that has been plaguing the pay-TV sector.”
Mumbai-based MSO and OTT aggregator Sabot promoter Atul Saraf, however, disagrees. “We are getting some calls, but it’s not ground shifting. One show can’t change the fortunes of the cable TV sector. “
Khamankar contradicts this by saying that his company’s helplines have seen a lot of traction since 1 January when Shrimad Ramayan premiered with viewers asking for their cable TV connection to be restored. “We have been getting an unusual number of calls from subscribers who had earlier cancelled their subscriptions. It cuts across age groups, which is a good sign,” he highlights.
Saraf points out that he would like to monitor the situation for a few more weeks before concluding on Shrimad Ramayan being a standout for the cable TV sector. “Normally, we are seeing disconnections daily,” he reveals. “We will have to see whether the signups are more than the sign-outs over time.”
Shrimad Ramayan has been produced by the Siddharth Kumar Tewary-run Swastik Productions and airs at the premium 9 pm slot Monday to Friday. It stars Sujay Reu as Shri Ram, Prachi Bansal as Sita, and Basant Bhatt as Lakshman. It premiered on 1 January to rave reviews about its quality of production as well as story-telling. This is why it has been enamouring TV viewers at home. In just its first week, it zoomed up to No. 2 on the Sony ratings chart just behind Wagle Ki Duniya (1.1 TVR, TSV 15 minutes) and on the same rank as Pushpa Impossible (0.9 TVR; TSV: 18 minutes) with a TVR of 0.9 and TSV of 31 minutes.
“Obviously, the content is keeping viewers engaged and it can only grow from here,” says a media observer.
Shrimad Ramayan has also got an IMDB rating of 9.3 which shows a high audience approval. Critics too have given it a thumbs up with some like Tellychakkar mentioning “that the deep commitment to authenticity, cultural reverence and a contemporary sensibility is what makes the show a must-watch. “
Will the audience reciprocate as the show builds up in the coming weeks?
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.
