Financial Performance Overview
New Delhi Television Limited (NDTV) reported deteriorating financial performance for FY2025-26 with consolidated net loss widening to ₹3,226.06 million from ₹2,161 million in the previous year, despite achieving 13.6% revenue growth to ₹5,282.88 million. Standalone performance was even weaker with a net loss of ₹3,105.91 million. The company's basic and diluted loss per share increased to ₹36.86 from ₹33.52 in FY25.
Capital Structure and Fundraising Activities
NDTV successfully completed a rights issue of 48.35 million shares at ₹82 per share, raising ₹3,964.98 million that was oversubscribed 1.11 times. The proceeds were primarily deployed for debt reduction, with ₹229 crore used to repay borrowings, significantly reducing annual interest costs from over ₹21 crore to under ₹2 crore. Total borrowings stood at ₹1,860.21 million, including a ₹752.45 million loan from ultimate holding company Adani Enterprises Limited at 8.5% interest.
Corporate Restructuring and Leadership Changes
The company executed a major corporate restructuring by amalgamating four wholly-owned subsidiaries—NDTV Media Limited, NDTV Networks Limited, NDTV Labs Limited, and NDTV Worldwide Limited—effective October 1, 2025. Significant leadership changes included the appointment of Rahul Kanwal as Chief Executive Officer effective May 26, 2025, and Akhil Kumar Gupta as Chief Financial Officer from December 1, 2025.
Regulatory and Compliance Challenges
NDTV faces substantial regulatory challenges including income tax demands totaling approximately ₹9,000 million across various assessment years, SEBI penalties of ₹30.7 million for alleged non-disclosures, and ongoing FEMA investigations with show cause notices received in 2016 and 2019. The company has provided ₹114 million for estimated compounding fees and is engaged in multiple tax litigation cases at various judicial stages.
Annual General Meeting and Corporate Governance
The 38th Annual General Meeting is scheduled for June 26, 2026 via video conferencing, with June 19, 2026 as the cut-off date for shareholder eligibility. The meeting will consider adoption of financial statements, re-appointment of director Senthil Chengalvarayan, and ratification of cost auditor remuneration. The company has complied with SEBI Listing Regulations and corporate governance requirements, obtaining limited assurance on its Business Responsibility & Sustainability Report from Intertek India.
Operational and Market Position
Despite financial challenges, NDTV maintained strong market positions with NDTV 24x7 achieving highest-ever BARC viewership, NDTV India attaining 6% market share, and NDTV Profit exceeding 50% market share in key urban audiences. The group expanded its digital footprint to 45 million lifetime YouTube subscribers and 102 million combined social media followers across platforms.
Contingent Liabilities and Risk Factors
Significant contingent liabilities include income tax demands of approximately ₹4,203.6 million for AY 2008-09 and ₹4,953.65 million for AY 2009-10, various legal claims, and bank guarantees of ₹60.10 million. Assets with carrying amount of ₹3,596.14 million are pledged as security for borrowings. The auditor highlighted ongoing litigation with Enforcement Directorate and assessment of provisions for tax litigations as key audit matters requiring significant judgment.