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New Delhi Television Ltd

| Standalone and Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

BEARISH SENTIMENT

Report Source

⬤29th Apr 26

Summary : NDTV reported substantial losses, undertook a rights issue, and faces ongoing legal and regulatory challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Production expenses and cost of services.
  2. Employee benefits expense.
  3. Finance costs.
  4. Depreciation and amortisation.
  5. Operating and administrative expenses.
  6. Marketing, distribution and promotional expenses.
  7. Revenue from operations (Standalone: 34,089 Lakhs, Consolidated: 52,829 Lakhs).
  8. Other income (Standalone: 1,142 Lakhs, Consolidated: 1,203 Lakhs).
  9. Net cash used in operating activities (Standalone: -28,617 Lakhs, Consolidated: -25,791 Lakhs).
  10. Net cash used in investing activities (Standalone: -2,033 Lakhs, Consolidated: -2,059 Lakhs).
  11. Net cash from financing activities (Standalone: 30,960 Lakhs, Consolidated: 28,359 Lakhs).
  12. Legal and regulatory proceedings (SEBI, Income Tax, CBI).
  13. Total Assets (Standalone: 65,703 Lakhs, Consolidated: 70,421 Lakhs).
  14. Total Equity (Standalone: -2,909 Lakhs, Consolidated: 12,916 Lakhs).
  15. Total Liabilities (Standalone: 68,612 Lakhs, Consolidated: 57,505 Lakhs).
  16. Both standalone and consolidated financial results presented.

Corporate Overview

  1. India (primarily New Delhi, Noida, Mumbai)
  2. Significant net losses for the year.
  3. Ongoing legal and regulatory issues (SEBI, Income Tax, CBI).
  4. Auditors highlight going concern considerations.
  5. Television Media and related operations.
  6. Formal and factual, announcing financial results and board decisions.
  7. Revenue from operations
  8. Other income
  9. Utilizing Rights Issue proceeds for expansion and brand-building.
  10. Acquisition of 'GoodTimes' Channel and IP rights.

Risk Factors

  1. Significant net losses for the financial year.
  2. Multiple ongoing legal and regulatory issues.
  3. Income tax demands and reassessment challenges.
  4. Auditors highlight going concern uncertainties.

Key Drivers

  1. Acquisition of 'GoodTimes' Channel completed.
  2. Rights Issue for expansion and debt reduction.
  3. Amalgamation of subsidiaries for operational synergy.
  4. Statutory Auditors issued unmodified opinion.

Auditor’s Report

  1. Unmodified opinion on Standalone Financial Results.
  2. Unmodified opinion on Consolidated Financial Results.
  3. Assessment of going concern ability due to losses.
  4. Evaluation of internal financial controls effectiveness.
  5. Impact of Scheme of Amalgamation on financials.
  6. Scheme of Amalgamation effective October 1, 2025, restating comparatives.

Board Commentary

  1. Appointment of BDO India Services as Internal Auditor.
  2. Cessation of Mr. Debraj Bhadra as Internal Auditor.
  3. Multiple ongoing legal and regulatory proceedings.
  4. Income tax demands and reassessment issues.
  5. CBI investigation and related matters.
  6. SEBI settlement applications rejected, penalty notice.
  7. Income Tax reassessment, demand, and stay.
  8. CBI investigation and closure report acceptance.
  9. Enforcement Case Information Report (ECIR) quashed.
  10. Rights Issue proceeds for expansion, brand-building, debt reduction.
  11. Acquisition of 'GoodTimes' Channel and IP rights.

Corporate Governance

  1. Company adheres to ICAI's Code of Ethics.
  2. Audit Committee and Rights Issue Committee.

Management Discussion & Analysis

Future Strategy

  1. Expansion initiatives, brand building, debt reduction.
  2. Acquisition of 'GoodTimes' Channel and IP rights.

Operational Focus Areas

  1. Deploying rights issue proceeds for growth and debt.
  2. Integrating acquired 'GoodTimes' channel operations.

Risk Control Measures

  1. Challenging legal notices and seeking stays.
  2. Pursuing appellate remedies for tax demands.

Critical Risks

  1. Multiple ongoing legal and regulatory proceedings.
  2. Income tax demands and reassessment issues.
  3. CBI investigation and related matters.
  4. Auditors' concern regarding going concern ability.