New Delhi Television Limited (NDTV) reported a consolidated loss after tax of Rs 63.51 crore for the September quarter of FY27, even as its revenue from operations increased year on year. The company has also proposed raising up to Rs 800 crore through the private placement of unsecured, non-convertible perpetual debentures, as it continues to deal with a challenging financial position.

According to a Reuters report, NDTV’s consolidated revenue from operations rose 5.9 per cent to Rs 129.47 crore in the quarter ended September 30, 2026, compared with Rs 122.27 crore in the corresponding quarter last year. The consolidated loss after tax narrowed from Rs 74.01 crore a year earlier and was also lower than the Rs 81.88 crore loss reported in the preceding June quarter.

However, the improvement in revenue has not yet translated into profitability. Consolidated total income, including other income, stood at Rs 134.34 crore, against Rs 124.96 crore in the year-ago quarter and Rs 119.96 crore in the previous quarter. Total expenses increased marginally to Rs 198.50 crore from Rs 197.90 crore a year earlier, keeping the company’s costs significantly above its income.

Production expenses and the cost of services rose to Rs 62.44 crore from Rs 51.67 crore in the corresponding quarter last year. Employee benefits expenses increased to Rs 50.30 crore from Rs 46.47 crore, while depreciation and amortisation expenses climbed to Rs 10.90 crore from Rs 8.83 crore. Operating and administrative expenses also increased to Rs 23.46 crore from Rs 22.94 crore.

Finance costs, however, declined to Rs 7.69 crore from Rs 9.93 crore. Marketing, distribution and promotional expenses also fell substantially to Rs 43.71 crore from Rs 58.06 crore. Despite the reduction in promotional spending and finance costs, the increase in other expenses left the overall cost base largely unchanged at a high level.

NDTV’s consolidated loss before tax stood at Rs 63.51 crore for the September quarter, compared with Rs 72.69 crore in the corresponding period last year. The company’s share of profit from associates and joint ventures, net of tax, increased to Rs 65 lakh from Rs 25 lakh. Tax expense for the quarter was recorded as a credit of Rs 9.58 crore, compared with a credit of Rs 7.78 crore a year earlier.

Standalone revenue rises, but losses continue

NDTV’s standalone financial performance also remained under pressure, despite a stronger increase in revenue. Revenue from operations rose around 22 per cent to Rs 83.44 crore in the September quarter, compared with Rs 68.38 crore in the year-ago period.

Standalone total income increased to Rs 88.67 crore from Rs 70.04 crore. However, total expenses remained high at Rs 147.70 crore, compared with Rs 146.41 crore a year earlier. The company consequently reported a standalone loss after tax of Rs 59.03 crore, narrower than the loss of Rs 76.37 crore recorded in the September 2025 quarter.

Production expenses and the cost of services increased to Rs 36.29 crore from Rs 28.80 crore, while employee benefits expenses rose to Rs 36.07 crore from Rs 33.92 crore. Finance costs declined to Rs 11.01 crore from Rs 12.46 crore, while depreciation and amortisation expenses increased to Rs 10.74 crore from Rs 8.67 crore.

Operating and administrative expenses rose to Rs 20.73 crore from Rs 20.15 crore. Marketing, distribution and promotional expenses declined to Rs 32.86 crore from Rs 42.41 crore. Other income increased to Rs 5.23 crore from Rs 1.66 crore, providing additional support to total income but remaining insufficient to offset the overall expense burden.

First-half performance remains challenging

The September-quarter results come against a difficult first half of FY27. For the six months ended September 30, 2026, NDTV’s consolidated revenue from operations increased to Rs 246.70 crore from Rs 229.92 crore in the corresponding period last year. Consolidated total income rose to Rs 254.30 crore from Rs 237.55 crore.

Expenses, however, increased to Rs 400.06 crore from Rs 380.57 crore. As a result, the consolidated loss after tax stood at Rs 145.39 crore, compared with Rs 144.32 crore in the first half of the previous financial year. The consolidated loss before tax was Rs 145.39 crore, against Rs 142.71 crore a year earlier.

During the six-month period, production expenses and the cost of services increased to Rs 116.75 crore from Rs 95.07 crore. Employee benefits expenses rose to Rs 99.44 crore from Rs 91.78 crore, while depreciation and amortisation expenses increased to Rs 20.79 crore from Rs 17.22 crore. Operating and administrative expenses also climbed to Rs 48.55 crore from Rs 42.25 crore.

Finance costs declined to Rs 14.39 crore from Rs 18.94 crore, while marketing, distribution and promotional expenses fell to Rs 100.14 crore from Rs 115.31 crore. The reduction in promotional spending did not prevent the overall expense base from remaining substantially higher than income. The group’s share of profit from associates and joint ventures stood at Rs 37 lakh, compared with Rs 31 lakh in the year-ago period.

On a standalone basis, revenue from operations for the first half increased to Rs 155.02 crore from Rs 122.62 crore. Total income rose to Rs 163.63 crore from Rs 129.34 crore, while expenses increased to Rs 299.13 crore from Rs 277.42 crore. The standalone loss after tax narrowed to Rs 135.50 crore from Rs 148.08 crore in the corresponding period last year.

Board approves proposed Rs 800 crore fundraise

Alongside the financial results, NDTV’s board approved a proposal to raise up to Rs 800 crore through the issue of unsecured, non-convertible perpetual debentures on a private placement basis. The proposed fundraising may be carried out in one or more tranches and is subject to the required regulatory and statutory approvals.

The proposed issue comprises up to 80,000 debentures, each carrying a face value of Rs 1 lakh. The instruments are not proposed to be listed and will have no fixed maturity date. They will carry a cumulative coupon of 9 per cent per annum, with interest payable if and when declared by the board of directors at its sole discretion.

The debentures will be unsecured, meaning no charge or security will be created over the company’s assets for the issue. While the proposed fundraising could provide NDTV with an additional source of capital, the company’s filing does not specify how the proceeds would be used.

Cash position and balance sheet under pressure

NDTV’s cash flow statement highlights the pressure on its finances during the first half of FY27. On a consolidated basis, the company used Rs 89.32 crore in operating activities during the six months, compared with Rs 104.32 crore in the corresponding period last year. Investing activities used a further Rs 16.92 crore, against Rs 7.94 crore a year earlier.

Financing activities generated Rs 96.51 crore during the period, compared with Rs 115.85 crore in the year-ago period. The resulting net decrease in consolidated cash and cash equivalents stood at Rs 9.73 crore, compared with a net increase of Rs 3.59 crore in the corresponding period last year.

Consolidated cash and cash equivalents fell to Rs 5.15 crore as of September 30, 2026, from Rs 14.88 crore at the end of March 2026. On a standalone basis, cash and cash equivalents declined to Rs 1.85 crore from Rs 7.96 crore. Net cash used in standalone operating activities stood at Rs 84.43 crore, compared with Rs 104.84 crore in the year-ago period.

The consolidated balance sheet showed total assets of Rs 719.91 crore at the end of September, compared with Rs 704.21 crore at the end of March. Total liabilities increased to Rs 734.82 crore from Rs 575.05 crore, while total equity moved from positive Rs 129.16 crore to negative Rs 14.91 crore.

The standalone balance sheet showed total assets of Rs 672.17 crore, against Rs 657.03 crore at March-end. Standalone liabilities increased to Rs 835.02 crore from Rs 686.12 crore, while total equity stood at negative Rs 162.85 crore, compared with negative Rs 29.09 crore at the end of the previous financial year.

GoodTimes acquisition remains pending

NDTV has also signed an asset purchase agreement with Lifestyle & Media Broadcasting Limited to acquire the GoodTimes channel and its associated intellectual property rights. The agreement was signed on August 14, 2026, following a binding term sheet dated September 19, 2025.

The transaction has not yet been completed and remains subject to closing conditions, including the necessary approvals from the Ministry of Information and Broadcasting and other customary requirements.

The company’s results also noted that the amalgamation of NDTV Networks Limited, NDTV Worldwide Limited, NDTV Media Limited and NDTV Labs Limited into New Delhi Television Limited became effective on October 1, 2025. The comparative figures for previous periods have been restated to reflect the merger.

The board approved the September-quarter and half-year financial results at its meeting on October 26, 2026. The results were reviewed by the company’s statutory auditors, S N Dhawan & Co. LLP.

NDTV’s latest results show some improvement in quarterly revenue and a narrower loss compared with the previous quarter and the year-ago September quarter. However, the company’s first-half losses, high expenses, declining cash balances and changes in its equity position underline the financial challenges it continues to face. The proposed Rs 800 crore perpetual debenture issue offers a potential funding avenue, while its eventual impact will depend on the completion of the fundraising and the company’s financial performance in the coming quarters.