News Broadcasting
Telecom, cable ground realities different: industry
NEW DELHI/MUMBAI: The cable industry feels that Telecom Regulatory Authority of India’s assertions on mandating more service providers in cable areas to increase competition is something that would happen as the industry matures and intra-industry wrangling between the broadcasting and cable fraternity lessen.
But, more importantly the industry players pointed out that TRAI’s attempt to replicate telecom-like ground rules in cable service might not always work because “the ground rules are different as also the realities.”
A multi-system operator (MSO), when quizzed on the issue said if TRAI wants more than one cable service provider in an area, then it hasn’t studied the cable industry properly as technically such a scenario prevails.
“What makes things difficult to implement it is the non-cooperation from the broadcasters, especially those who also have interest in ground distribution companies (like Star and Zee Telefilms),” a senior executive of an MSO explained.
The newly-mandated regulator has sparked off another round of discussion in the industry when its chief Pradip Baijal told the Press Trust of India yesterday that he would like to see more than one cable operator in a designated area, on the lines of telecom norms, to increase competition that would benefit the consumers as monopolies would end.
The cable fraternity is not much off the mark when it says that in hypothesis such a scenario exists, but is not implemented in spirit as most big players follow a no-poaching-in-competiton’s- areas dictum. What’s more, if such attempts at evolving competition is made, it is alleged broadcasters play truant and refuse to give the channels’ boxes to the new entrant or make things difficult for the newcomer.
For example, two instances of Delhi areas were cited where at one place when a particular MSO’s monopoly was attempted to be broken by a cable operator, most broadcasters refused to give him the boxes for thew digital channels. In the other place, strong-arm tactics were employed by the newcomer to break into an upmarket residential area, which had been serviced by a big independent operator.
But, by and large, the cable fraternity plays by the you-scratch-my-back-I-scratch-your-back rule whereby, as per an unwritten rule, poaching is not encouraged, though minor skirmishes, like cutting of cables to express resentment, is also common.
Says Home Cable MD Vikki Chowdhry, whose network services an upmarket area of South Delhi, “TRAI still hasn’t understood the way cable industry functions. Ground monopolies can only be broken when cross service restrictions are enforced.”
Singing a similar tune was Cable Operators Federation of India’s Roop Sharma. According to her, in theory TRAI’s proposal to end monopoly is fine, but when it needs to be seen whether it would be able to implement and enforce such a rule actually on the ground as broadcasters may not play ball.
Now, one can ask why do most people seem to be angry with the broadcasters? To start off with, it is felt, even in the government, that the industry, led by broadcasters, derailed the CAS train.
Queried as to whether the broadcasters had formulated any common response to the TRAI’s recent pronouncements, Star India COO Sameer Nair said the matter was still being discussed. Nair did however, say that if there could be more than one operator in an area, it was good for the consumer as competition would automatically improve service.
Though TRAI may not be able to bring in order instantly in a growing, but chaotic, industry like broadcast and cable industry, it can make some attempts. For starters, the MSOs have been invited by TRAI for an interaction on 27 January where it is expected the cable industry would bare their feelings.
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.
