News Broadcasting
TVTN lists on BSE, hits a high of Rs 225 in first min of trading
MUMBAI: The big ticket issue of TV Today that had garnered overwhelming response from retail investors and was over subscribed 35 times listed today on the Bombay Stock Exchange (BSE).
TV Today Network (TVTN) chairman Aroon Purie put the proceedings on track with a short inaugural address. The podium was also shared by TVTN executive director and CEO G Krishnan who called Purie the ‘architect’ who built the network ‘brick by brick.’ The BSE executive director and CEO Dr Manoj Vaish welcomed the TV Today debut on the Stock Exchange.
ELAAN-E-DEBUT: TVTN chairman Aroon Purie sounds the gong on Friday, 16 January 2004 to mark TVTN’s debut on the BSE. ED & CEO G Krishnan (right) cheers him on.
Aroon Purie sounded off the gong at 9:55 am to flag off the trading at the BSE. Later, Purie couldn’t keep himself from sounding off the gong a number of times (!) – perhaps he was mentally recording the resonance of the gong to cull it back from memory later.
The TV Today scrip listed on the BSE at Rs 220 at a premium of 132 per cent over its issue price of Rs 95, the scrip hit a high of Rs 225 within the first one minute of commencing trade. However, the stock toned down to Rs 179 in a depressed market before recovering in later trades to close its first session on D Street at Rs 181.35. The scrip generated high interest amongst investors with over 64.61 lakh TVTN shares changing hands on the BSE alone.
On the NSE, the stock listed at Rs 190 paced up to touch a high of Rs 310 but pared down to close at Rs 182.70. A massive 1.12 crore shares were traded on the NSE.
This, however, does not come as a surprise for a big ticket issue like TV Today. The scrip had been expected to start off well given the strong fundamentals of the group and the popularity of the flagship television news channel Aaj Tak.
Apart from Purie and Krishnan, present in good numbers at the listing ceremony were reporters and presenters of Aaj Tak and top brass suits from the Network’s management including India Today director Anil Mehra. Basking in the glory of the moment were also seen senior officials of lead managers to the issue – JM Morgan Stanley and the co-lead managers Kotak Securities and ICICI Securities Ltd.
Replying to whether he was thinking of going the IPO way for Thomson Press as well – the India Today publishing company owned by him, Purie said there were no such plans in the pipeline at present. He confirmed that the funds raised through the maiden issue would be channeled into the existing network while he had no plans of diversifying into other television channels or entertainment properties.
The listing of the TV Today scrip kickstarts a new phase for the media sector as a number of major television players are expected to follow suit. The big daddies of television that are considering a foray into the capital markets this year include NDTV that according to market sources has a Rs 6000 million issue up its sleeve, B4U with a planned issue of Rs 1000 million, Sony Entertainment and possibly Star India as well. Others to walk that way are expected to be Nimbus Communications and Big B’s AB Corp.
So far, Zee has been the front runner in the media sector, being the only media scrip to figure in the benchmark 30-scrip BSE Sensex.
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.
