Equity Research Report: New Delhi Television Ltd (NDTV)
Date: January 28, 2026
Current Market Price (CMP): ₹82.80 (Approx)
Market Cap: ~₹940 Cr
1️⃣ Business Model & Work
NDTV India ka ek trusted news broadcaster aur digital media house hai, jo ab Adani Group ka hissa hai (post-acquisition).
- Core Business: News broadcasting via satellite TV channels. Main channels hain:
- NDTV 24×7 (English News)
- NDTV India (Hindi News)
- NDTV Profit (Business News – Recently Relaunched)
- Regional Channels: NDTV Rajasthan, NDTV MP/CG (Madhya Pradesh/Chhattisgarh) aur Marathi (recent expansion).
- Digital Media: [suspicious link removed] aur social media handles se bada revenue generate hota hai. Digital traffic me ye India ke top news networks me se ek hai.
- Revenue Mix: Advertising (TV + Digital) revenue ka main source hai. Subscription revenue (Cable/DTH) secondary hai.
2️⃣ Industry & Sector Analysis
- Sector Status: Media & Entertainment (News Broadcasting). Ye sector abhi “Severe Disruption” face kar raha hai.
- Structural Shift: Ad spend TV se shift hokar Digital (YouTube, Google, Social Media) par ja raha hai. TV News industry ka ad revenue growth stagnant ya negative hai.
- Competition: Sector extremely crowded hai (Aaj Tak, Zee News, Republic, TV18).
- Adani Factor: Adani Group ki entry ke baad, industry consolidation expect kiya ja raha tha, lekin abhi tak NDTV aggressive expansion mode me hai.
3️⃣ Latest Financial Performance (Consolidated)
⚠️ FLASH UPDATE (28 Jan 2026): Company ne aaj hi apne Q3 FY26 results declare kiye hain.
(Figures in ₹ Crores)
| Particulars | FY 2023 | FY 2024 | FY 2025 (Full Year) | Q2 FY26 (Sep ’25) | Q3 FY26 (Latest – Dec ’25) |
| Revenue | 220 | 258 | 282 | 122 | 150.4 |
| Op. Profit (EBITDA) | 28 | (Loss) | (Loss) | (54) | (Loss) |
| Net Profit (PAT) | 52 | -22 | -200 | -74 | -80.2 |
| EPS (₹) | 8.0 | -3.4 | -31.1 | -11.5 | -12.4 |
Data Source: Exchange Filings (BSE/NSE) released on 28 Jan 2026.
Key Observations:
- Revenue Growth: Latest quarter (Q3 FY26) me revenue 13.3% YoY badhkar ₹150 Cr hua hai, jo ki festive season aur state elections ki wajah se boost hua.
- Deepening Losses: Revenue badhne ke bawajood, Net Loss badhkar ₹80.25 Cr ho gaya hai (vs ₹55 Cr in Q3 FY25).
- Reason for Loss: Company abhi heavy “Investment Phase” me hai. New channels launch karne, technology upgrade aur hiring (talent acquisition) ki wajah se operating expenses 21% badh gaye hain.
4️⃣ Management & Shareholding (Latest – Dec 2025)
- Promoters (Adani Group): 69.02%. Promoters ne open offer aur rights issue ke zariye stake badhaya hai. Ye commitment show karta hai, lekin minority shareholders ke liye free float kam ho gaya hai.
- FIIs: 0.05% (Almost Nil). Foreign investors ne stock se complete exit le liya hai post-takeover.
- DIIs: 0.00%. Mutual Funds is stock ko avoid kar rahe hain due to losses and volatility.
- Retail/Public: ~30.9%. Ownership ab largely Promoters aur Retailers ke paas hai.
5️⃣ Valuation (Latest Market Data)
- Current PE Ratio: Negative (NA). Kyunki company loss-making hai, PE ratio calculate nahi kiya ja sakta.
- Price to Sales (P/S): ~1.8x (Based on estimated FY26 Sales).
- Peer Comparison:
- TV18 Broadcast: Merger process me hai (with Star/Disney).
- ZEEL: Profitability issues face kar raha hai.
- NDTV: Valuation abhi “Earnings” par nahi, balki “Adani Brand Premium” aur “Future Turnaround” par tiki hai.
- Fair Value: Fundamentally, jab tak company break-even (no profit no loss) par wapas nahi aati, current price purely speculative hai.
6️⃣ Future Growth Triggers (3–5 Years)
- Regional Expansion: Company ka focus Hindi/English se hatkar regional markets (South, West) par hai. Ye long-term me revenue diversify karega.
- NDTV Profit Revamp: Business channel ko aggressive tareeke se revamp kiya gaya hai taaki CNBC-TV18 ko challenge kiya ja sake. Budget 2026 coverage iska pehla bada test hai.
- Synergies: Adani Group ke paas AMG Media Networks hai. Future me backend synergies aur cost optimization se margins improve ho sakte hain.
7️⃣ Present Situation (Current Outlook)
- Stock Phase: Downtrend/Correction. Stock ₹140+ (52-week high) se girkar ₹82 par aa gaya hai. Market “Losses” ko punish kar raha hai.
- Recent Event: Recent Rights Issue se company ne ~₹400 Cr raise kiye hain. Isse balance sheet strong hui hai aur expansion ke liye cash mila hai, lekin equity dilution bhi hua hai.
- Immediate Outlook: Weak. Q3 ke losses expect se zyada hain, isliye stock me selling pressure reh sakta hai.
8️⃣ Risk & Red Flags
- Sustained Losses: Lagatar 6-7 quarters se losses report ho rahe hain. Agar ye trend FY27 tak chala, to cash burn sustainable nahi hoga.
- Brand Erosion Risk: Ownership change ke baad audience perception change hua hai. Agar viewership ratings (BARC) girte hain, to ad revenue recover karna mushkil hoga.
- Business Viability: News business me margins historically kam hote hain. Itna heavy capex recover karne me saalon lag sakte hain.
9️⃣ Final Verdict
- Summary: NDTV abhi “Corporate Transition” ke sabse mushkil phase me hai. Purana profitable NDTV ab history hai; naya NDTV ek “Start-up” ki tarah cash burn karke grow karne ki koshish kar raha hai.
- For Conservative Investors: STRICTLY AVOID. Loss-making company hai aur sector me headwinds hain. Turnaround kab hoga, koi visibility nahi hai.
- For Aggressive Investors: Current price (₹80-82) ek support zone hai. Agar aap Adani Group ki execution capabilities par bharosa karte hain, to High Risk Bet le sakte hain (3-5 year view).
- Target Range: Fundamental target dena mushkil hai, lekin technical bounce-back ₹100-110 tak aa sakta hai agar news flow positive ho. Downside risk ₹60-65 tak open hai.
Disclaimer: Ye article sirf educational purpose ke liye hai. Kisi bhi nivesh se pehle apne Financial Advisor se salah zarur lein.