NDTV Q1 FY27 Results (NSE: NDTV)
Signal: Loss narrowed
The read
Revenue grew 8.9% YoY to ₹117 Cr, but operating loss widened to -81.6 Cr (PAT) as production costs rose sharply (46.3% of revenue vs 40.3% prior). EBITDA margin worsened to -55.5%. EPS loss per share improved to -₹7.24 from -₹10.92 solely due to 75% share dilution from amalgamation, not operational improvement. The trajectory remains concerning with no path to profitability visible.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1.17 Cr | 8.9% | -20.8% |
| EBIT | ₹-0.82 Cr | -16.4% | |
| Net profit | ₹-0.82 Cr | -16.0% | |
| EPS | ₹-7.24 | +33.7% | |
| EBIT margin | -55.5% |
P&L walk
Revenue growth of 8.9% YoY was insufficient to cover cost pressures; production cost spiked 600bps as % of revenue, causing gross margin to contract 600bps. EBITDA margin worsened to -55.5%. Net loss widened 16% to ₹81.64 Cr. EPS improvement is entirely due to 75% share dilution from amalgamation, not operational turnaround.
Key positives
- Marketing cost as % of revenue improved from 53.2% to 48.1%.
- Finance cost declined 25.6% YoY to ₹6.70 Cr.
- Amalgamation of four subsidiaries completed, simplifying group structure.
Key concerns
- Production cost surged to 46.3% of revenue from 40.3% YoY, compressing gross margin by 600bps.
- EBITDA margin eroded to -55.5% from -48.9% YoY, highlighting deep structural losses.
- Net loss widened 16% YoY to ₹81.64 Cr with no credible path to profitability.
- EPS improvement is purely arithmetic from 75% share dilution; operational per-share metrics worsened.
- Outstanding tax demand of ₹420 Cr and pending CBI investigation represent material contingent risks.
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