TV Vision revenue falls 73 per cent as insolvency process takes over

MUMBAI: TV Vision’s latest annual report makes for difficult reading, with revenue sharply lower, losses widening and insolvency proceedings now placing the company under the control of an Interim Resolution Professional.

The Mumbai-headquartered broadcaster, part of the Sri Adhikari Brothers Enterprise group, saw its standalone revenue from operations plunge 73.42 per cent to Rs 1,415.09 lakh in the financial year ended 31 March 2026, from Rs 5,324.01 lakh a year earlier.

Total standalone revenue, including Rs 1.40 lakh of other income, stood at Rs 1,416.49 lakh, while operating expenditure was Rs 3,355.29 lakh.

The steep fall in revenue pushed TV Vision’s standalone net loss after tax to Rs 3,447.21 lakh in FY26, compared with a loss of Rs 2,669.07 lakh in FY25. EBITDA loss also widened to Rs 1,938.80 lakh from Rs 1,126.22 lakh.

The consolidated numbers offered little relief. Total consolidated revenue was Rs 1,424.90 lakh, while consolidated net loss after tax stood at Rs 3,448.64 lakh.

Basic and diluted earnings per share fell further to a loss of Rs 8.90 from Rs 6.89 in the previous year.

The financial pressure eventually moved from the balance sheet to the courtroom.

On 30 July 2026, the National Company Law Tribunal’s Mumbai Bench admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against TV Vision.

The order suspended the powers of the board of directors, including chairman and managing director Ravi Gautam Adhikari, and transferred management of the corporate debtor to interim resolution professional Alok Kumar Murarka.

Murarka, registered with the Insolvency and Bankruptcy Board of India, has since taken over the responsibilities prescribed under the insolvency process.

The development marks a significant change in the company’s operating structure, with control now shifting from its board to the insolvency resolution framework as creditors and other stakeholders assess the company’s future.

TV Vision’s statutory auditors, P. Parikh & Associates, also highlighted several issues in their report.

One of the biggest discrepancies concerns Punjab National Bank. The bank filed an insolvency petition claiming outstanding dues of Rs 294.43 crore as of 31 December 2025. TV Vision’s books, however, showed a liability of only Rs 98.94 crore as of 31 March 2026.

The auditors said the Rs 195.49 crore difference represented unrecognised interest. As a result, finance costs for FY26 were understated by at least Rs 26.16 crore, according to the audit observations.

The auditors also raised concerns over investments in subsidiaries and an associate company.

TV Vision had investments worth Rs 300 lakh across HHP Broadcasting, MPCR Broadcasting and UBJ Broadcasting, along with Rs 3,012 lakh in associate company Krishna Showbiz Services. Despite the fair values of these investments falling below their carrying costs, the company had not made a provision for the decline in value.

Another concern relates to business and commercial rights worth Rs 1,250.39 lakh on the company’s books. The auditors noted that these intangible assets were not generating revenue and indicated that they should be fully impaired.

Other audit observations included unprovided interest on delayed vendor carriage fees, the absence of actuarial valuations for leave encashment and gratuity liabilities, and unreconciled input tax credit appearing in GSTR-2B records.

TV Vision’s capital structure remained unchanged during the year, with paid-up equity capital at Rs 3,875.45 lakh.

This comprised 3,87,44,500 equity shares of Rs 10 each and 10,000 redeemable preference shares of Rs 10 each.

The company’s financial position was further reflected in its consolidated reserves and surplus, which stood at a negative Rs 21,699.99 lakh.

Several key financial ratios also deteriorated sharply.

The debtors turnover ratio fell to 0.00 from 1.18, while the current ratio declined to 0.01 from 0.11. The interest coverage ratio sank to negative 99.76, highlighting the pressure on the company’s ability to meet its finance costs from operating earnings.

The operational footprint was also notably lean. As of 31 March 2026, TV Vision had only five permanent employees who were not directors, comprising two men and three women.

TV Vision’s 19th annual general meeting is scheduled for 29 September 2026 and will be held through video conferencing.

For now, however, the AGM is only one part of a much larger story. With revenue down sharply, losses mounting, auditors flagging significant financial discrepancies and the NCLT-led insolvency process under way, TV Vision faces the more immediate challenge of determining whether its business can be restructured and revived.

The next chapter will depend largely on the resolution process and whether a viable path emerges for a broadcaster whose financial performance has taken a dramatic turn.