Quarterly Financial Results (Q1 FY27)
Network18 Reports 10.3% Revenue Growth in Q1 FY27 Amid Strong Election Advertising Demand
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Network18 Media & Investments Limited reported a 10.3% year-on-year increase in consolidated operating revenue to ₹516 crore for Q1 FY27. The quarter was supported by strong advertising demand during multiple state elections, while profitability remained under pressure due to higher employee costs and industry-wide headwinds.
PRICE-SENSITIVE TRIGGER
Event: Network18 announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with its investor update.
Type: Quarterly Financial Results (Q1 FY27)
Impact: Positive
Immediate Effect: Revenue growth remained healthy on the back of election-led advertising demand, but operating margins stayed subdued due to higher employee costs and weaker non-government advertising spending.
Financials:
Key Financial Metrics (Consolidated)
- Revenue from Operations: ₹516 crore (vs ₹468 crore YoY | +10.3% YoY | -16.2% QoQ)
- Operating EBITDA: ₹8 crore (vs ₹4 crore YoY | +80.3% YoY | -75.3% QoQ)
- Operating EBITDA Margin: 1.5% (vs 0.9% YoY | 4.9% QoQ)
- Operating Expenses: ₹509 crore (vs ₹464 crore YoY | +9.7% YoY)
- Net Loss (Owners of the Company): ₹38.7 crore (vs loss of ₹148.0 crore profit in Q1 FY26 due to exceptional gains)
Standalone Highlights:
- Revenue from Operations: ₹475.3 crore (vs ₹430.4 crore YoY | +10.4% YoY)
- Profit Before Tax: Loss of ₹77.9 crore
- Net Loss: ₹77.9 crore
Highlight:
- Consolidated operating revenue increased 10.3% YoY to ₹516 crore, supported by strong election-related advertising demand.
What Happened ?
Network18 reported steady revenue growth during Q1 FY27, driven by robust advertising spending linked to multiple state elections and continued strength across its digital news platforms.
The company maintained leadership across digital news, YouTube, and financial content through Moneycontrol, while television advertising continued to face challenges from geopolitical uncertainties, weak corporate advertising demand, and the ongoing suspension of television ratings.
key details
Business Performance:
- Consolidated operating revenue grew 10.3% YoY to ₹516 crore.
- Advertising revenue benefited from election spending in states including West Bengal and Tamil Nadu.
- Government advertising increased sharply, while non-government advertising inventory declined by more than 10% YoY across the industry.
- Connected TV monetisation continued to emerge as an important revenue stream.
Digital Leadership:
- Network18 remained India’s No.1 digital news and information network, reaching approximately 360 million monthly users.
- Social media views crossed 32 billion during the quarter.
- YouTube viewership exceeded 6 billion monthly views, around 2x the nearest competitor.
- Social media footprint crossed 472 million followers.
Moneycontrol Performance:
- Moneycontrol continued to lead India’s financial intelligence segment.
- Moneycontrol Pro maintained over 1 million paid subscribers.
- The company introduced Portfolio X Ray, offering portfolio valuation analysis and stock risk identification.
- Fintech operations strengthened through improved lead quality and expanded lending partnerships, including Muthoot Finance, Muthoot Fincorp, Rupeek, and DSP Finance.
News18 & Firstpost:
- News18.com recorded an 8% sequential increase in unique users.
- AI-powered election analytics and multilingual content initiatives improved user engagement.
- Firstpost surpassed 270 million YouTube video views during the quarter, with over half originating from international audiences.
Industry Developments:
- Television ratings continued to remain suspended following directives from the Ministry of Information and Broadcasting (MIB).
- The absence of BARC ratings continued to affect advertising visibility across the television news industry.
Note: Comparative quarterly profitability is affected by exceptional gains recognised in the corresponding period of the previous year following the ETPL transaction.
Risk Analysis
Summary:
- Although digital businesses continued to perform strongly, profitability remains sensitive to advertising demand, operating cost inflation and regulatory developments affecting television measurement.
Key Risks:
- Weak corporate advertising spending may continue to impact revenue.
- Higher employee costs compressed operating margins.
- Suspension of television ratings creates uncertainty for broadcasters.
- Geopolitical events and macroeconomic conditions could affect advertising budgets.
Worst Case:
- A prolonged slowdown in advertising demand combined with continued suspension of television ratings could pressure both revenue growth and profitability.
Risk Level: Medium
Company Commentary
- Consolidated operating revenue increased 10.3% YoY to ₹516 crore.
- Network18 maintained leadership across digital news, YouTube and financial publishing.
- Moneycontrol continued expanding its subscription and fintech ecosystem.
- Chairman Adil Zainulbhai stated that while election advertising supported revenue, geopolitical uncertainties, weak monsoon expectations and television ratings suspension negatively affected industry sentiment. The company remains focused on strengthening its products to benefit when the broader macro environment improves.
Official Exchange Filing: Network18 Limited
