NETWORK18Network 18 Media & Investments Ltd.

Network 18 Media & Investments Q2 FY27 Results: Consolidated Net Profit ₹52.96 Crore on Total Income of ₹559 Crore

Earnings
Media operations

Blacklitt Research30 October 20263 min read

Television cameras and equipment in a broadcast studio. — Photo by Konrad Weber on Unsplash (Unsplash License). Illustrative image.

Network18 Media & Investments Limited (NSE: NETWORK18) reported consolidated total income of ₹559.49 crore and net profit of ₹52.96 crore for the quarter ended 30 Sep 2026, in a filing dated 30 Oct 2026. Standalone total income was ₹472.71 crore and the standalone net loss was ₹63.04 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹559.49 crore, up 11.7% YoY and 7.5% QoQ
Net profit and EPS: ₹52.96 crore, against a loss of ₹38.36 crore in the quarter ended 30 Jun 2026; basic EPS ₹0.34 against ₹0.27 a year earlier
Finance costs: ₹56.66 crore, up 17.3% YoY and 10.1% of total income
Share of associates: ₹107.19 crore, against ₹120.62 crore in the quarter ended 30 Sep 2025

Standalone

The company on its own, without its subsidiaries

Total income: ₹472.71 crore, down 1.3% YoY and 1.2% QoQ
Net loss and EPS: ₹63.04 crore, narrowed from ₹70.12 crore a year earlier; basic EPS -₹0.41 against -₹0.45
Other income: ₹14.41 crore, against ₹1.61 crore a year earlier; 3.0% of total income

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	559.49	500.84	+11.7%	520.39	+7.5%
Revenue from operations	544.67	497.81	+9.4%	516.26	+5.5%
Other income	14.82	3.03	+389.1%	4.13	+258.8%
	52.96	41.25	+28.4%	-38.36	n/a
Profit before tax	53.08	41.25	+28.7%	-38.36	n/a
Finance costs	56.66	48.31	+17.3%	56.68	0.0%
Depreciation	30.96	33.59	-7.8%	31.05	-0.3%
Tax expense	0.12	n/a	n/a	n/a	n/a
Net profit margin	9.47%	8.24%	+1.23 pp	-7.37%	+16.84 pp
EPS, basic (₹)	0.34	0.27	+25.9%	-0.25	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated net profit rose 28.4% YoY, faster than total income, which rose 11.7%. Profit before tax was ₹53.08 crore against ₹41.25 crore a year earlier, and the tax expense for the quarter is ₹0.12 crore.

The line before the share of associates and joint ventures, exceptional items and tax is a loss of ₹54.11 crore for the quarter. The share of profit of associates and joint ventures was ₹107.19 crore, against ₹120.62 crore a year earlier.

Other income was ₹14.82 crore, against ₹3.03 crore a year earlier. It is 2.6% of total income this quarter and 27.9% of profit before tax of ₹53.08 crore.

Finance costs rose 17.3% YoY to ₹56.66 crore, and depreciation fell 7.8% to ₹30.96 crore. News18 Marathi Private Limited, acquired from the joint venture partner on 29 Oct 2025, is reported as a wholly owned subsidiary from the quarter ended 31 Dec 2025, and the previous period figures are described as not comparable.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	472.71	478.79	-1.3%	478.33	-1.2%
Revenue from operations	458.30	477.18	-4.0%	475.28	-3.6%
Other income	14.41	1.61	+795.0%	3.05	+372.5%
	-63.04	-70.12	+10.1%	-77.92	+19.1%
Profit before tax	-62.92	-70.12	+10.3%	-77.92	+19.3%
Finance costs	56.62	48.28	+17.3%	56.65	-0.1%
Depreciation	28.62	30.81	-7.1%	28.63	0.0%
Tax expense	0.12	n/a	n/a	n/a	n/a
Net profit margin	-13.34%	-14.65%	+1.31 pp	-16.29%	+2.95 pp
EPS, basic (₹)	-0.41	-0.45	+8.9%	-0.51	+19.6%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone net loss narrowed from ₹70.12 crore to ₹63.04 crore, while total income fell 1.3% to ₹472.71 crore.

Revenue from operations fell 4.0% to ₹458.30 crore, while other income rose from ₹1.61 crore to ₹14.41 crore. Other income is 3.0% of total income this quarter.

Finance costs of ₹56.62 crore are 12.0% of total income this quarter, against ₹48.28 crore a year earlier. Depreciation fell 7.1% to ₹28.62 crore.

The statement prints a tax expense of ₹0.12 crore for the quarter. Basic EPS was -₹0.41, against -₹0.45 a year earlier.

Inference

The filing is the outcome of the board meeting on 30 Oct 2026, which approved the unaudited standalone and consolidated results for the quarter and half year ended 30 Sep 2026. Deloitte Haskins & Sells LLP issued limited review reports. For the consolidated results it did not review seven subsidiaries, whose revenue is printed as ₹70.20 crore for the quarter, and it relied on other auditors' reports for one joint venture, one associate and nine subsidiaries of an associate.

The NCLT Mumbai Bench sanctioned the amalgamation of News18 Marathi Private Limited with the Company by order dated 22 Oct 2026. The scheme takes effect on the day all its conditions precedent are fulfilled.

No description is given of the exceptional items printed for the half year ended 30 Sep 2025 (₹587.01 crore standalone and ₹150.64 crore consolidated), and the reason for the move in the share of associates and joint ventures from ₹120.62 crore to ₹107.19 crore is not stated.

Reference: Original filing (PDF)

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