GECs
Star Utsav snatches crown from Dangal in FTA showdown
MUMBAI: Star Utsav has stormed back into the Free-to-Air (FTA) arena, snatching the No. 1 spot from long-time leader Dangal and catapulting itself to fourth place overall across the Hindi-speaking market, both pay and FTA, in urban and rural India.
Having rejoined DD Free Dish on 1 April, Star Utsav wasted no time making its presence felt—reaching 111 million viewers within just 11 days of its comeback. The channel says it managed to get 102 GRPs against Dangal’s 97 in BARC week 14 HSM U+R.
With heavy-hitters like RadhaKrishn, Rabba Ve, Yeh Rishta Kya Kehlata Hai and Ghum Hai Kisikey Pyaar Meiin, the channel seems to have found its old rhythm and then some.
“Star Utsav has risen to become the new no1 FTA channel, ushering in a transformative era in Hindi entertainment. This is just the beginning of a revolution in FTA television, reshaping India’s viewing habits for the future,” said the network’s advertising sales team in a post on Linkedin.
The timing couldn’t be better. With rising data costs, patchy rural internet, and pricey pay-TV packs, FTA TV is looking more attractive than ever. Add to that a boom in electrification and cheaper TV sets, and it’s a recipe for ratings gold.
The return of legacy FTA giants—Star Utsav, Sony Pal, Colors Rishtey and Zee Anmol—has breathed new life into DD Free Dish, Prasar Bharati’s free DTH service. As per the FICCI-EY report, FTA homes are set to rise from 49 million in 2024 to 57 million by 2030. And with ad revenues already north of Rs 2,000 crore, there’s more than just eyeballs at stake.
Star Utsav’s re-entry has shaken up the pecking order—and with more homes plugging in every year, the FTA slugfest has only just begun.
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.
