T.V. Today Network Limited, the listed entity behind Aaj Tak, India Today Television, and a portfolio of Hindi and English news channels, has reported a mixed set of results for Q4FY26 that paint a picture of a media company managing a sharp structural revenue decline even as it executes a long-overdue exit from its loss-making radio business.
For Q4FY26, consolidated revenue from operations stood at ₹213.47 crore, down 14.3% year on year from ₹249.17 crore in Q4FY25 and broadly flat sequentially from ₹212.36 crore in Q3FY25. Total consolidated income came in at ₹227.03 crore against ₹261.24 crore a year ago. Consolidated net profit for the quarter was ₹9.02 crore, up from ₹6.15 crore in Q4FY25 — a 46.8% year-on-year improvement driven by lower production costs, which fell sharply to ₹34.41 crore from ₹63.99 crore a year ago, and a ₹2.72 crore exceptional income from labour code compensation realignment. EBITDA for the quarter came in at approximately ₹4.6 crore with margin at 2.14% versus 1.83% a year ago — a marginal improvement on an already thin base.
The full-year FY26 picture is considerably more concerning. Consolidated revenue from operations fell to ₹808.70 crore from ₹993.02 crore in FY25 — a decline of ₹184.32 crore or 18.56% year on year. Full-year consolidated net profit collapsed to ₹14.35 crore from ₹74.53 crore in FY25, a fall of 80.75%, as the revenue decline far outpaced cost reduction. Profit before tax from continuing operations for FY26 was ₹29.92 crore against ₹111.12 crore in FY25. The radio broadcasting discontinued operations contributed a pre-tax loss of ₹7.81 crore for the full year.
The radio business exit is a significant corporate event embedded within these results. TV Today Network had entered into a binding MoU with Creative Channel Advertising and Marketing Private Limited in February 2025 for the sale of its FM Radio Broadcasting operations, but Creative withdrew from the transaction in the quarter ended September 2025, triggering forfeit of the advance and impairment losses on radio assets. The company subsequently executed a fresh MoU in November 2025 with Abhijit Realtors and Infraventures Private Limited for the sale of the radio business for a total consideration of ₹10 crore, structured as a two-step transfer through wholly-owned subsidiary Vibgyor Broadcasting Private Limited. The Ministry of Information and Broadcasting granted in-principle approval in January 2026, and the Wireless Planning and Coordination Wing approved the licence migration in April 2026. The radio business is now classified as a discontinued disposal group held for sale as of March 31, 2026, with an impairment loss of ₹9.63 crore recognised during FY26.
At the subsidiary level, the board also approved a ₹50 lakh investment in Mail Today Newspapers Private Limited — a wholly-owned subsidiary with nil turnover for three consecutive years (FY23, FY24, FY25) and a FY26 PAT loss of approximately ₹35 lakh — through a rights issue of 5,00,000 equity shares at face value of ₹10 each, solely to support working capital and statutory dues. Mail Today’s net worth stands at just ₹2.77 lakh, making this a pure liquidity support measure rather than a growth investment.
The company’s balance sheet remains asset-rich — total assets of ₹1,129.16 crore and total equity of ₹890.86 crore — supported significantly by investments of ₹207.30 crore on the standalone balance sheet, which surged from ₹10.14 crore in FY25, and interest income of ₹29.76 crore for the year. Cash and cash equivalents stood at ₹23.43 crore, with bank balances at ₹13.40 crore. Net cash inflow from operating activities for FY26 was ₹10.43 crore against ₹121.59 crore in FY25 — a dramatic compression that reflects the scale of the revenue decline feeding through to operating cash generation.
The results were approved at a board meeting on May 15, 2026, with the audit conducted by S.R. Batliboi and Associates LLP, which issued an unmodified opinion on both standalone and consolidated financial statements. The filing was signed by Vice-Chairperson and Managing Director Kalli Purie Bhandal.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.