Raj Television Network Limited

Communication Services — Broadcasting · NSE

₹8.65−₹0.45 (−4.95%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

Moderate

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Raj Television Network Limited operates as a television satellite broadcaster in India.

IndustryBroadcasting

SectorCommunication Services

Employees197

Annual revenue₹70 Cr

How does it make money?

Turns over ₹70 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 197 employees supports ₹35.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹35.6 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 2.8% 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?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -17% while net margin moved -15% 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-17%

Margin effect-15%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 6.2% a year
✗ Profit has declined at 11.1% a year

Quality vs. Valuation

Company Quality

32/ 100

Weak

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

Valuation

44/ 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

14.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 10% over 3 years.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.4x — little room if earnings dip.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.2 points, from 11.7% to 6.5%.
🟡Profit is decliningFinancial
Net profit is down 30% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹8 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 11.7% to 6.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 4.9x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 4%✓ 6.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 1.4x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 2.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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

4 good · 2 neutral · 5 weak

Market Cap

₹45 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

0.38x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.11

Loss-making

Negative earnings per share — the business is losing money

ROE

0.6%

Weak

Weak capital efficiency

ROCE

2.8%

Weak

Low return on total capital employed

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

-9.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

103.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-3.9%

Weak

Thin margins leave little room for error

Net Margin

-0.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.17

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.57

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

10.0 / 9.7

Bullish 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	₹85 Cr	₹106 Cr	₹126 Cr	₹70 Cr	-6.2%
EBITDA	₹10 Cr	₹5 Cr	-₹19 Cr	₹5 Cr	-23.0%
EBITDA Margin	11.7%	4.8%	-15.2%	6.5%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	-₹21 Cr	₹1 Cr	-11.1%
EPS	₹0.22	₹0.16	₹-4.05	₹0.15	-12.0%
ROE	0.8%	0.6%	-17.0%	0.6%	—
ROCE	3.2%	2.3%	-14.3%	2.8%	—
Total Debt	₹25 Cr	₹23 Cr	₹28 Cr	₹22 Cr	-3.5%
Free Cash Flow	₹7 Cr	₹4 Cr	-₹5 Cr	₹8 Cr	+2.7%

🔴 Revenue has shrunk at 6.2% a year over 3 years.

🔴 EBITDA has shrunk at 23.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 11.7% to 6.5% over 3 years (-5.2 pts).

🔴 PAT (Net Profit) has shrunk at 11.1% a year over 3 years.

🔴 EPS has shrunk at 12.0% a year over 3 years.

🟡 ROE has held roughly flat at 0.6% over 3 years.

🟡 ROCE has held roughly flat at 2.8% over 3 years.

🟢 Total Debt has shrunk at 3.5% a year over 3 years.

🟢 Free Cash Flow has grown at 2.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹171 Cr

Total Liabilities

₹46 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹8 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.3%

Corporate Actions

Ex-Dividend Date

19 Sept 2019

Peer Comparison

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

Recent News

1 mixed5 general

Raj Television Network Share Price and Stock Analysis

Kalkine India, 14 Oct

Kiran Kumar Jain M. sells 4.79 lakh shares in Raj TV Network

scanx.trade, 12 Oct

Why Is Raj Television Network Share Price Falling Key Reasons 2026

Univest, 24 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Momentum Stocks: Sportking India, TRF, Jindal Poly Films gain up to 13% on sheer momentum

Moneycontrol.com, 14 Oct

Raj Television Network Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 27 Aug

Kiran Kumar Jain M. reduces stake in Raj Television Network Ltd

scanx.trade, 17 Jun

Watch Items

Revenue growth is negative (-9.7%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · 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. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑