New Delhi Television Ltd Reports Mixed Quarterly Results Amidst Financial Struggles

Quarterly Revenue Growth and Sales Performance

NDTV’s net sales for the quarter ending December 2025 stood at ₹150.41 crores, marking the highest quarterly sales figure recorded by the company in recent periods. This represents a positive development compared to previous quarters, signalling some traction in revenue generation. However, this growth has not translated into profitability, as the company’s operating and net margins remain under severe pressure.

The improvement in sales is noteworthy given the broader industry challenges, including shifting consumer preferences and increased competition from digital platforms. Despite these headwinds, NDTV’s ability to post its highest quarterly sales suggests some resilience in its core broadcasting and content segments.

Margin Contraction and Profitability Concerns

Despite the uptick in sales, NDTV’s profitability metrics have deteriorated sharply. The company reported a PBDIT (Profit Before Depreciation, Interest and Taxes) loss of ₹61.44 crores for the quarter, the lowest in recent history. This operating loss has been compounded by a significant increase in interest expenses, which rose by 44.92% over the nine-month period to ₹25.10 crores.

The operating profit to interest ratio has plunged to -9.97 times, underscoring the company’s inability to cover interest costs from its core operations. This is a critical red flag for investors, highlighting the strain on cash flows and the heightened financial risk associated with the company’s capital structure.

Net Losses and Bottom-Line Impact

NDTV’s Profit Before Tax (PBT) less other income for the quarter was a negative ₹76.62 crores, while the net loss after tax (PAT) stood at ₹74.95 crores. These figures represent the lowest quarterly profitability levels recorded by the company, signalling a deepening of losses despite revenue growth.

The widening losses reflect both operational inefficiencies and the burden of financial costs. The company’s debt-equity ratio, interestingly, remains at a low of -5.24 times for the half-year, indicating a complex capital structure that may be weighing on investor confidence.

Financial Trend Improvement but Still Negative

NDTV’s financial trend score has improved from a very negative -23 to a negative -12 over the last three months, indicating some stabilisation but still reflecting an overall weak financial health. This shift suggests that while the company is making incremental progress, it remains far from a turnaround.

The company’s Mojo Score currently stands at 9.0 with a Mojo Grade of Strong Sell, upgraded from Sell on 2 May 2024. This grading reflects the persistent challenges NDTV faces in reversing its financial decline and improving shareholder value.

Stock Price Performance and Market Comparison

NDTV’s stock price closed at ₹81.22 on 29 January 2026, down 2.75% from the previous close of ₹83.52. The stock has traded within a 52-week range of ₹77.20 to ₹140.50, indicating significant volatility over the past year.

When compared to the broader market, NDTV’s returns have lagged considerably. Over the past week, the stock declined by 4.73% against a Sensex drop of 0.40%. Over one month, NDTV’s loss widened to 16.35%, far exceeding the Sensex’s 3.21% decline. Year-to-date, the stock is down 15.38%, while the Sensex has fallen 3.81%.

Longer-term performance also highlights underperformance. Over one year, NDTV’s stock has lost 27.23%, whereas the Sensex gained 7.11%. Over three years, NDTV’s cumulative loss is 60.09%, in stark contrast to the Sensex’s 38.17% gain. Even over a decade, NDTV’s 36.24% return pales against the Sensex’s 229.61% appreciation.

Sector and Industry Context

Operating within the Media & Entertainment sector, NDTV faces intense competition from both traditional broadcasters and emerging digital content providers. The sector has seen rapid transformation, with advertising revenues shifting towards digital platforms and consumer preferences evolving towards on-demand content.

NDTV’s financial struggles are emblematic of broader industry challenges, including rising content costs, regulatory pressures, and the need for digital innovation. The company’s current financial metrics suggest it has yet to fully adapt to these changes, impacting its profitability and market standing.

Outlook and Investor Considerations

NDTV’s recent quarterly results highlight a company at a crossroads. While revenue growth offers a glimmer of hope, the persistent losses and margin contractions raise concerns about the sustainability of its business model. The sharp increase in interest expenses and poor operating profit coverage further exacerbate financial risks.

Investors should weigh these factors carefully, considering NDTV’s strong sell rating and negative financial trend. The company’s ability to stabilise operations, reduce costs, and adapt to the evolving media landscape will be critical to any future recovery.

Given the stock’s underperformance relative to the Sensex and sector peers, cautious investors may prefer to explore alternative opportunities within the Media & Entertainment space that demonstrate stronger financial health and growth prospects.

Summary

In summary, New Delhi Television Ltd’s December 2025 quarter reflects a mixed bag of modest revenue gains overshadowed by deepening losses and financial strain. The company’s improved but still negative financial trend score and strong sell Mojo Grade underscore the challenges ahead. Market participants should remain vigilant as NDTV navigates a difficult operating environment amid sectoral shifts and competitive pressures.

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