Revenue and Profitability Trends
Sun TV Network’s net sales have shown a generally upward trajectory over the past six years, rising from ₹3,782.54 crores in March 2019 to ₹4,019.87 crores in March 2025. Despite a slight dip in fiscal 2024, the overall trend reflects the company’s ability to sustain and grow its core operating income. The absence of other operating income throughout this period indicates a focus on its primary business activities.
Operating profit margins, excluding other income, have remained strong, though they have moderated from a peak of 68.91% in 2019 to 53.05% in 2025. This decline is partly attributable to rising manufacturing expenses and other operating costs, which have increased notably over the years. Nevertheless, the company’s operating profit (PBDIT) remained robust at ₹2,831.46 crores in 2025, supported by a significant contribution from other income, which rose from ₹227.11 crores in 2019 to ₹698.82 crores in 2025.
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Profit after tax (PAT) has also exhibited steady growth, increasing from ₹1,418.27 crores in 2019 to ₹1,708.32 crores in 2025. The PAT margin has remained healthy, fluctuating between 37.9% and 48.01% during this period, with a slight contraction to 42.38% in the latest fiscal year. Earnings per share (EPS) have mirrored this trend, rising from ₹36.37 in 2019 to ₹43.19 in 2025, reflecting consistent shareholder value creation.
Balance Sheet Strength and Asset Quality
Sun TV Network’s balance sheet reveals a strong financial position with shareholder’s funds growing from ₹7,053.71 crores in 2021 to ₹11,647.28 crores in 2025. The company has maintained a debt-free status throughout the period, with zero long-term and short-term borrowings, underscoring prudent financial management.
Total assets have expanded significantly from ₹6,506.57 crores in 2020 to ₹12,438.13 crores in 2025, driven by increases in both current and non-current assets. Notably, current investments surged from ₹1,972.92 crores in 2020 to ₹6,017.15 crores in 2025, indicating a strong liquidity position. Net block assets have also grown, reflecting ongoing capital expenditure and asset development.
Deferred tax liabilities have fluctuated, with a negative balance indicating deferred tax assets in recent years, which may provide future tax benefits. Contingent liabilities have remained relatively low and stable, suggesting limited off-balance-sheet risks.
Cash Flow and Operational Efficiency
Cash flow from operating activities has been consistently positive, rising from ₹1,655 crores in 2020 to ₹1,663 crores in 2025, despite some fluctuations. Investing activities have involved significant outflows, reflecting ongoing investments in growth and expansion, with cash outflows exceeding ₹1,000 crores annually in recent years.
Financing activities have generally seen cash outflows, consistent with the company’s debt-free stance and possible dividend payments or share buybacks. The net cash inflow/outflow has been relatively stable, with a slight negative outflow of ₹19 crores in 2025, balanced by a healthy opening cash balance.
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Summary and Investor Takeaways
Over the past six years, Sun TV Network has maintained a solid financial footing characterised by steady revenue growth, strong profitability, and a robust balance sheet free of debt. The company’s ability to generate consistent operating cash flows and maintain high margins, despite rising expenses, highlights operational efficiency and effective cost management.
Investors should note the company’s significant liquidity, reflected in growing current investments and cash reserves, which provides flexibility for future growth initiatives. While margins have slightly contracted in recent years, the overall financial health remains strong, supported by prudent capital allocation and a conservative approach to leverage.
Given these factors, Sun TV Network’s historical performance underscores its position as a resilient player in the media and entertainment sector, offering a stable investment proposition with potential for sustained value creation.
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