T.V. Today Network Limited

Communication Services — Broadcasting · NSE

₹106.44+₹4.09 (+4.00%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

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

What does this company do?

T.V. Today Network Limited, together with its subsidiaries, engages in the broadcasting of television news channels and other media operations in India, the United States, Ireland, the United Kingdom, Canada, the United Arab Emirates, Qatar, South Africa, Maldives, and Seychelles.

IndustryBroadcasting

SectorCommunication Services

Employees2,121

Annual revenue₹796 Cr

How does it make money?

Turns over ₹796 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 2,121 employees supports ₹37.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹37.5 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 3.5% 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 -7% while net margin moved -82% 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-7%

Margin effect-82%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 2.6% a year
✗ Profit has declined at 45.4% a year

Quality vs. Valuation

Company Quality

33/ 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.

Historical Valuation

Current P/E

40.9x

3Y Median

15.9x

40 monthly readings · mean 18.2x · range 7.9x–47.6x

Sector Median

21.7x

median of 2 sector peers

⚠️Current valuation is approximately 157% above its 3y median of 15.9x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 88% above the peer median of 21.7x.

vs. its own history

Expensive

15.9x median over 40 months · +157%

vs. sector peers

Expensive

21.7x median of 2 peers · +88%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

8.8x

PEG

1.03

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 57% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 10.7% to 1.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 14.3% to 3.5% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 2 high · 3 watch

🔴High leverageFinancial
Debt/Equity of 1.65x — earnings must service borrowings before shareholders see anything.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 11.3 points, from 20.2% to 9.0%.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹8 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 84% over 3 years.
🟡Receivables growing faster than salesFinancial
Receivables up 24% against revenue up -7% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 57% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 20.2% to 9.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 1.65x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 24% against revenue up -7%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 157% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 10.7% to 1.6%. 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.

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

1EBITDA margin holds above 7%✓ 9.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 3.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 15.9x✗ 40.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

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

4 good · 2 neutral · 5 weak

Market Cap

₹635 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

40.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.71x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.6

Profitable

Profitable on a per-share basis

ROE

1.6%

Weak

Weak capital efficiency

ROCE

3.5%

Weak

Low return on total capital employed

Debt/Equity

1.65x

High

High leverage

Revenue Growth (YoY)

4.6%

Modest

Modest growth

Profit Growth (YoY)

39.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.82%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹8 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

5.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

3.8%

Weak

Thin margins leave little room for error

Net Margin

2.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.89

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.10

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

104.3 / 109.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹860 Cr	₹919 Cr	₹941 Cr	₹796 Cr	-2.6%
EBITDA	₹174 Cr	₹134 Cr	₹146 Cr	₹71 Cr	-25.7%
EBITDA Margin	20.2%	14.6%	15.5%	9.0%	—
PAT (Net Profit)	₹88 Cr	₹56 Cr	₹75 Cr	₹14 Cr	-45.4%
EPS	₹14.79	₹9.45	₹12.49	₹2.4	-45.5%
ROE	10.7%	6.5%	8.4%	1.6%	—
ROCE	14.3%	11.1%	12.5%	3.5%	—
Total Debt	₹34 Cr	₹34 Cr	₹21 Cr	₹15 Cr	-24.6%
Free Cash Flow	₹9 Cr	-₹4 Cr	₹105 Cr	-₹8 Cr	—

🔴 Revenue has shrunk at 2.6% a year over 3 years.

🔴 EBITDA has shrunk at 25.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 20.2% to 9.0% over 3 years (-11.3 pts).

🔴 PAT (Net Profit) has shrunk at 45.4% a year over 3 years.

🔴 EPS has shrunk at 45.5% a year over 3 years.

🔴 ROE has fallen from 10.7% to 1.6% over 3 years (-9.0 pts).

🔴 ROCE has fallen from 14.3% to 3.5% over 3 years (-10.9 pts).

🟢 Total Debt has shrunk at 24.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹9 Cr to -₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,129 Cr

Total Liabilities

₹238 Cr

Cash & Equivalents

₹23 Cr

Operating Cash Flow

₹10 Cr

Capex

-₹18 Cr

Shareholding (proxy)

Institutional Holding

0.4%

Insider Holding

67.7%

Corporate Actions

Dividend Rate

₹3

Ex-Dividend Date

11 Sept 2025

Peer Comparison

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

Recent News

2 positive2 mixed2 general

TV Today Network Share Price Target 2027 to 2030: Analyst Outlook

Univest, 18 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

TV Today Network Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 29 Aug

TV Today Network confirms no final dividend for FY26

scanx.trade, 18 JunCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

T.V. Today Network consolidated net profit rises 39.59% in the June 2026 quarter

Business Standard, 06 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

T.V. Today Network Ltd

Equitypandit, 20 Feb

There May Be Some Bright Spots In T.V. Today Network's (NSE:TVTODAY) Earnings

Simply Wall Street, 19 NovResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

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 — Free cash flow remains positive; ROCE stays above 8%; Valuation vs its own median of 15.9x · see Key things to watch ↑