T.V. Today Netw. Q2 FY27 Results (NSE: TVTODAY)

2 Nov 2026 · Analysis by Alpha Inflection

Signal: Margin expansion

The read

The operating inflection continued: consolidated EBITDA rose 25.3% YoY to ₹19.72 Cr and margin expanded 168bps to 10.2%, extending the prior-quarter margin recovery, but revenue fell 5.7% QoQ to ₹194.38 Cr and ₹10.54 Cr of other income was almost equal to profit before tax of ₹10.51 Cr.

P&L walk

Consolidated revenue increased 4.7% YoY to ₹194.38 Cr but fell 5.7% QoQ; EBITDA rose 25.3% YoY to ₹19.72 Cr as employee costs declined 2.5%, while PAT recovered to ₹7.75 Cr from a ₹1.98 Cr loss, supported by ₹10.54 Cr of other income.

Segments

Television and other media operations drove the recovery with segment result rising to ₹7.52 Cr from ₹1.95 Cr, while radio broadcasting turned profitable at ₹0.19 Cr from a ₹10.07 Cr loss and is classified as discontinued operations.

Key positives

• Consolidated EBITDA rose 25.3% YoY to ₹19.72 Cr versus revenue growth of 4.7%, with EBITDA margin expanding 168bps to 10.2%.
• Employee benefits expense declined 2.5% YoY to ₹84.05 Cr, reducing employee-cost intensity to 43.2% of revenue from 46.4%.
• Television and other media segment result increased 285.6% YoY to ₹7.52 Cr, while radio broadcasting turned profitable at ₹0.19 Cr from a ₹10.07 Cr loss.
• Operating cash flow improved to a ₹44.22 Cr inflow in H1FY27 from a ₹45.64 Cr outflow in H1FY26.

Key concerns

• Revenue declined 5.7% QoQ to ₹194.38 Cr despite 4.7% YoY growth, so the margin recovery is not yet accompanied by sequential top-line acceleration.
• Production cost increased 20.2% YoY to ₹22.60 Cr, compressing gross margin by 150bps to 88.4%.
• Consolidated other income of ₹10.54 Cr was slightly larger than profit before tax of ₹10.51 Cr, making reported PAT more dependent on non-operating income than the operating result suggests.

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