Are New Delhi Television Ltd latest results good or bad?

The latest financial results for New Delhi Television Ltd (NDTV) reveal a complex situation characterized by significant revenue growth alongside persistent operational challenges. In the quarter ending December 2025, NDTV reported net sales of ₹150.41 crores, reflecting a year-on-year growth of 13.31% and a quarter-on-quarter increase of 23.01%. This marks the highest quarterly revenue recorded by the company, indicating some success in monetizing its news platforms and digital properties. However, this revenue growth is overshadowed by substantial operating losses. The operating profit before depreciation, interest, and tax (excluding other income) showed a loss of ₹61.44 crores, which represents a deterioration of 48.43% compared to the same quarter last year. The operating margin stood at -40.85%, reflecting the company's ongoing struggle to manage costs effectively despite the increase in sales. This margin is slightly worse than the previous quarter's -46.51%, indicating a marginal decline in operational efficiency. The consolidated net loss for the quarter was ₹80.25 crores, widening by 44.10% year-on-year, which raises concerns about the company's profitability trajectory. The profit after tax (PAT) margin also deteriorated to -53.35%, compared to -41.80% in the previous year, further underscoring the challenges faced by NDTV in converting sales into profits. Additionally, NDTV's balance sheet shows alarming trends, with long-term debt surging to ₹243.05 crores, a significant increase from the previous year, indicating a reliance on debt financing to sustain operations amidst ongoing losses. The company's equity base has also been severely impacted, with shareholder funds declining dramatically. Overall, while NDTV has achieved record revenue figures, the underlying operational issues and financial distress present a challenging outlook. The company has seen an adjustment in its evaluation, reflecting these ongoing difficulties. Without significant changes to its cost structure and a clear path to profitability, NDTV's financial position remains precarious.