GECs
Well begun isn’t half done
MUMBAI: Television channels may continue to bet big on newer and more interesting formats but how well (or otherwise) these programmes fare, at least in the long run, is something that ultimately depends on the audience.
A case in point is the big fight between Star Plus’ Mahabharat and Colors’ Bigg Boss Season Seven. Battle lines were drawn between the rival channels as they had geared up for the launch of two of their biggest properties.
Promotions (on-air, print OOH and on-ground) went on for months. Colors left no stone unturned, with the heaven Vs hell theme and all the suspense built around who would be the inmates of the Bigg Boss house this year. Star Plus too pulled out all stops, promising viewers the mythological battle between good and evil in a contemporary avatar.
While both the channels were hoping to up their ante with these big-ticket shows, the results are now out for everyone to see.
As per the TAM ratings, Mahabharat got off to an epic start with 8445 TVTs whereas Bigg Boss lagged behind a bit with 7711 TVTs on the day of its premiere.
Subsequently, Mahabharat, aired from Monday to Friday, garnering 6356 TVTs and the daily Bigg Boss getting 5080 TVTs. So while media planners agree that both shows have done well, going by its opening ratings, there’s really no consensus as to its performance going forward.
The big question facing the channels is whether its shows will be able to sustain ratings and do justice to the kind of moolah that has been spent on them. Opines Helios Media managing director Divya Radhakrishnan: “Mahabharat is a very strong story and since, we know there are a finite number of episodes, the show won’t be dragged. Hence, I believe that it will continue to do well in the coming weeks as well. But for Bigg Boss to sustain ratings, it will depend a lot on the controversies it gets into.”
By contrast, a Delhi-based media planner feels that while Mahabharat started with a boom, it won’t be able to match up with the gossip and entertainment provided by Bigg Boss. He points out: “A lot of people want to see what is so different in the current shows but however sometimes get disappointed with the execution. I can only hope that the disappointment doesn’t turn into a blind eye for both the shows.”
Another media planner adds that garnering great TVTs in the opening episodes is nothing new. “Most shows, especially reality shows, are able to generate enough enthusiasm among viewers. The real test is about holding their attention.”
All we can say is while we can’t predict the future, for now, both shows have gotten off to a great start…
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.
