NDTV Q2 FY27 Results (NSE: NDTV)
Signal: Loss narrowed
The read
The loss improved sequentially to 6,351 lakh and consolidated marketing expense fell 22.5% QoQ, but this is not yet a durable turnaround: revenue declined 4.1% YoY, operating margin remained -53.5%, borrowings increased to 29,508 lakh and six-month operating cash flow was -8,932 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹117.23 Cr | -4.1% | -12.8% |
| Net profit | ₹-63.51 Cr | +14.3% | |
| EPS | ₹-5.61 | +51.2% | |
| EBIT margin | -53.5% |
P&L walk
Consolidated revenue fell 4.1% YoY to 11,723 lakh, while lower marketing spend and finance costs narrowed the net loss 14.3% YoY to 6,351 lakh; operating margin nevertheless remained deeply negative at -53.5%.
Segments
The filing reports no separate reportable segment; the material divergence is between standalone revenue growth of 22.0% YoY to 8,344 lakh and consolidated revenue decline of 4.1% to 11,723 lakh, indicating subsidiaries and group eliminations are weighing on the consolidated top line.
Key positives
- Consolidated net loss narrowed 14.3% YoY and 22.4% QoQ to 6,351 lakh, supported by a 24.7% YoY reduction in marketing, distribution and promotional expenses.
- Finance costs declined 22.5% YoY to 769 lakh, although they increased 14.8% QoQ as borrowings rose.
- Standalone revenue grew 22.0% YoY to 8,344 lakh, materially ahead of consolidated revenue growth of -4.1% YoY.
Key concerns
- Consolidated operating margin remained deeply negative at -53.5%, with expenses of 19,850 lakh against revenue from operations of 11,723 lakh.
- Six-month operating cash flow was negative at 8,932 lakh despite a reported six-month consolidated loss of 14,539 lakh.
- Consolidated employee cost rose 8.2% YoY to 5,030 lakh while revenue declined 4.1% YoY, increasing employee cost intensity to 42.9% of revenue.
- Borrowings increased to 29,508 lakh and consolidated total equity was negative at 1,491 lakh as at 30 September 2026.
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