Quarter Ended: March 2026
Network18 Media & Investments – Q4 FY26 Results Analysis
NSE
network18
BSE
532798
Q4 remained loss-making despite improved revenue, but FY26 marked a major turnaround from FY25 losses into profitability, helped by associate contributions and exceptional gains.
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹615.78 crore
- QoQ Performance
- Previous Quarter: ₹539.37 crore
- Growth: +14.2%
- YoY Performance
- Previous Year: ₹561.32 crore
- Growth: +9.7%
- Profit After Tax (PAT):
- Current PAT: Loss ₹30.52 crore (owners basis)
- QoQ
- Previous Quarter: loss ₹5.98 crore
- Change: Loss widened materially
- YoY
- Previous Year: loss ₹30.31 crore
- Change: Nearly flat.
Margin Analysis
- Employee costs elevated
- Marketing and distribution costs high
- Finance costs remain heavy
- Core operating business still loss-making
Key Signal: Core profitability remains fragile despite revenue growth
Segment performance
Segment Insight:
The company appears to be in recovery mode, but media operating economics remain under pressure.
Characteristics:
- Revenue improving
- Cost structure still heavy
- Associates contributing meaningfully
- Exceptional gains supporting annual turnaround
Earning quality check
Positive:
- FY26 turned profitable
- Associate contribution improved
- Exceptional gains aided full-year results
Negative:
- Core Q4 still loss-making
- Profit not yet supported by operating earnings
- High dependence on non-core support
Interpretation: Earnings quality is mixed. Annual profit improvement is real, but Q4 suggests core business still needs stabilization.
balance sheet analysis
- Total Assets: ₹8,995.70 crore
- Total Liabilities: ₹4,008.68 crore
Equity
- FY26: ₹4,987.02 crore
- FY25: ₹4,808.37 crore
- Growth: 3.7%
Cash
- FY26: ₹38.51 crore
- FY25: ₹2.72 crore
- Growth: Very large increase
Indicates: Balance sheet improved modestly, liquidity improved sharply.
Cash flow analysis
Operating Cash Flow
- Negative ₹28.10 crore
- Improved vs negative ₹1,912 crore last year
Investing Cash Flow
- Negative ₹19.89 crore
Financing Cash Flow
- Positive ₹83.35 crore
Closing Cash
- ₹38.51 crore
Indicates: Cash flow profile improved substantially
key risks
- Core business still loss-making
- High operating cost structure
- Ad revenue cyclicality risk
- Continued dependence on associate contribution
- Weak standalone profitability visibility
management strategy
- Improve operating profitability
- Reduce cost intensity
- Monetize media assets
- Improve balance sheet strength
Financial Metrics
| Particular | In ₹ Crore | Q.O.Q (%) | Y.O.Y(%) |
|---|---|---|---|
| Total Income | 616.21 | +11.4 | +9.1 |
| PBT | -29.58 | Weaker | Flat |
| PAT | -30.52 | Worse | Flat |
| EPS | -0.20 | Worse | Flat |
Network18’s annual turnaround is encouraging. But Q4 shows core operating weakness remains unresolved.
Official Exchange Filing: Network18 Media & Investments Limited
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED