NDTV Ltd (₹93.9): Rights-Funded Revival Amid Losses, Social Optimism & Strategic Bets.
~Sumon Mukhopadhyay.
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A Rights-Funded Rebirth:
In October 2025, NDTV completed a ₹396.49 crore rights issue, aimed at strengthening liquidity and expanding its digital footprint. Following this issue, the promoter holding increased from 64.71 % to 69.02 %, signaling long-term confidence from the Adani Group.
At the same time, NDTV merged four subsidiary entities (effective October 1, 2025) to simplify operations and improve efficiency — a key step in aligning its broadcast and digital business under a unified strategy.
“We are building NDTV for a digital-first world, while preserving the credibility and brand trust that define us.”
Financial Snapshot: Q2 FY26:
The company’s Q2 FY26 results show progress in revenue but continued pain at the bottom line.
- Revenue: ₹122.27 crore — up 9.8 % year-on-year and 13.6 % quarter-on-quarter.
- Net Loss: ₹74.11 crore — worsened by about 40 % YoY.
- Operating Margin: Still negative (−46.5 %), reflecting persistent cost pressure.
- Debt-to-Equity: Around 0.15, though some data sources show higher leverage due to low net worth.
- Employee Costs: Roughly 37 % of operational revenue, weighing on profitability.
- Promoter Holding: 69.02 %, up from 64.71 %.
For FY25, NDTV reported ₹490 crore in revenue (about 25 % growth YoY) but a net loss of ₹262 crore, hurt by restructuring costs and weak advertising demand. The book value per share stood near ₹5.3, resulting in a price-to-book ratio of 17–18× — a steep premium for a loss-making company.
In short: NDTV is growing at the top line but remains financially stretched.
Valuation Overview:
At the end of October 2025:
- Share Price: ₹93.9
- Market Capitalisation: Around ₹1,050–1,100 crore
- Price-to-Book: ~17–18×
- P/E Ratio: Negative, since the company is loss-making
- 52-Week Range: ₹91.5 to ₹144.8
- Institutional Holding: Less than 3 %
The stock trades at a valuation far higher than peers, driven mainly by expectations surrounding Adani Group’s ₹5,000 crore media expansion plan, which includes NDTV and AMG Media Networks.
Public & Social Sentiment:
Across social media platforms, investor sentiment is cautiously optimistic.
- On X (Twitter): Many users appreciate NDTV’s more balanced editorial tone and refined presentation style since the Adani acquisition. Comments frequently note that the channel appears “mature, less sensational, and more business-minded.”
- On Reddit: Communities like r/IndiaSpeaks and r/IndianStockMarket describe NDTV’s digital push and promoter stake increase as “good business sense.”Discussions highlight the potential to monetise NDTV’s vast archive, develop regional-language channels, and expand international reach — all of which could turn the company profitable within two years if executed well.
Overall, the mood is hopeful but not euphoric — investors respect the strategic changes but remain wary of the persistent red ink.
Investment Case:
The Verdict:
NDTV Ltd remains a high-risk, high-reward contrarian story. The rights-funded balance-sheet repair, promoter confidence, and digital realignment offer a path to revival — but profitability remains the missing link.
In broadcasting, visibility is valuable; in finance, viability is priceless.
📚 Sources:
- NDTV Ltd corporate filings (BSE) and Q2 FY26 Press Release.
- BestMediaInfo, Exchange4Media, Economic Times Markets, Screener.in.
- Business Standard and MarketsMojo for quarterly data verification.
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