New Delhi Television Limited

Communication Services — Broadcasting · NSE

₹64.81−₹0.53 (−0.81%)

DalalBaazaar Score

33 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of New Delhi Television Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

New Delhi Television Limited, together with its subsidiaries, operates as a news television and digital journalism company in India, the United States, Europe, and internationally.

IndustryBroadcasting

SectorCommunication Services

Employees845

Annual revenue₹528 Cr

How does it make money?

Turns over ₹528 Cr a year. Of every ₹100 of sales, about ₹-61 reaches shareholders as profit, with ₹-48 left at the operating level before interest, tax and depreciation. Each of its 845 employees supports ₹62.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹62.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -75.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE20.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +37% while net margin moved -584% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+37%

Margin effect-584%

DalalBaazaar Score

33/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 268.9 points over the period

Quality vs. Valuation

Company Quality

36/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

21/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 17.4% to -251.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 20.1% to -75.1% — often a sign of competition or overexpansion.

Red Flags

9 items require attention · 7 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 3333% over 3 years, from ₹8 Cr to ₹258 Cr.
🔴High leverageFinancial
Debt/Equity of 1.99x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -10.0x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹323 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 67.7 points, from 19.4% to -48.3%.
🔴Receivables growing faster than salesFinancial
Receivables up 117% against revenue up 37% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -10.0x to -10.0x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 39% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 19.4% to -48.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 1.99x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 117% against revenue up 37%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 17.4% to -251.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 11.0% CAGR
Latest reported year was 8.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -50%✓ -48.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹292 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -10.0x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ -75.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

0 good · 3 neutral · 8 weak

Market Cap

₹731 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

5.70x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-37.36

Loss-making

Negative earnings per share — the business is losing money

ROE

-251.5%

Weak

Weak capital efficiency

ROCE

-75.1%

Weak

Low return on total capital employed

Debt/Equity

1.99x

High

High leverage

Revenue Growth (YoY)

8.9%

Modest

Modest growth

Profit Growth (YoY)

-49.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹292 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-66.2%

Weak

Thin margins leave little room for error

Net Margin

-62.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.04

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.83

Market-like

Moves roughly in line with the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

67.9 / 71.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

24.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹386 Cr	₹370 Cr	₹465 Cr	₹528 Cr	+11.0%
EBITDA	₹75 Cr	-₹6 Cr	-₹167 Cr	-₹255 Cr	—
EBITDA Margin	19.4%	-1.7%	-35.8%	-48.3%	—
PAT (Net Profit)	₹49 Cr	-₹20 Cr	-₹216 Cr	-₹323 Cr	—
EPS	₹6	₹-2.49	₹-26.61	₹-36.86	—
ROE	17.4%	-7.8%	-368.0%	-251.5%	—
ROCE	20.1%	-3.8%	-50.2%	-75.1%	—
Total Debt	₹8 Cr	₹113 Cr	₹338 Cr	₹258 Cr	+225.0%
Free Cash Flow	-₹24 Cr	-₹105 Cr	-₹223 Cr	-₹292 Cr	—

🟢 Revenue has grown at 11.0% a year over 3 years.

🔴 EBITDA has turned negative, from ₹75 Cr to -₹255 Cr.

🔴 EBITDA Margin has fallen from 19.4% to -48.3% over 3 years (-67.7 pts).

🔴 PAT (Net Profit) has turned negative, from ₹49 Cr to -₹323 Cr.

🔴 EPS has turned negative, from ₹6 to ₹-36.86.

🔴 ROE has fallen from 17.4% to -251.5% over 3 years (-268.9 pts).

🔴 ROCE has fallen from 20.1% to -75.1% over 3 years (-95.2 pts).

🔴 Total Debt has grown at 225.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹704 Cr

Total Liabilities

₹575 Cr

Cash & Equivalents

₹15 Cr

Operating Cash Flow

-₹258 Cr

Capex

-₹34 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.5%

Corporate Actions

Ex-Dividend Date

12 Sept 2008

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 mixed5 general

NDTV Share Price

Upstox, 16 Oct

New Delhi Television Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

New Delhi Television Share Price Forecast: 3 Year Outlook to 2030

Univest, 22 Jul

New Delhi Television inks deal to acquire GoodTimes channel

Business Standard, 17 AugM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

NDTV consolidated net loss widens to ₹8,188 lakh in Q1FY27

scanx.trade, 21 Jul

Sebi drops case against NDTV for disclosure lapse

The Economic Times, 30 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 7 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑