Network18 Media & Investments Limited (NETWORK18) AI Stock Analysis

• Market Cap: ₹53.52B
• Dividend Yield: N/A
• Average Volume (3M): 272.74K
• Price to Earnings (P/E): 34.9
• Beta (1Y): 1.33
• Revenue Growth: -68.47%
• EPS Growth: -145.26%
• Country: IN
• Employees: 5,008
• Sector: Communication Services
• Sector Strength: 97
• Industry: Broadcasting
• EPS (TTM): -0.04
• Shares Outstanding: 1,542,000,000
• 10 Day Avg. Volume: 197,053
• 30 Day Avg. Volume: 272,740
• PEG Ratio: -0.01
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 1.00
• P/FCF Ratio: -2.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: ₹34.00 ▼(-22.59% Downside)
• Action: Downgraded Date: 10/25/25
• Date: Action: Downgraded 10/25/25

Network18 Media & Investments Limited receives a low overall stock score due to significant financial instability, as reflected in its declining revenues, high leverage, and negative cash flow. Technical analysis further indicates bearish momentum, with the stock trading below key moving averages and showing oversold conditions. Valuation metrics are concerning, with a negative P/E ratio and no dividend yield, highlighting profitability challenges and limited investor appeal.

Positive Factors

Diversified revenue mix

Network18 earns from multiple durable streams—TV advertising, carriage/subscription fees, digital ads and content licensing. That structural diversification reduces dependence on any single channel or cycle, supporting revenue resilience and longer-term monetization flexibility.

Multi-platform market presence

Owning both broadcast channels and digital properties gives Network18 cross-platform scale and audience reach. This structural distribution lets it package advertisers, repurpose content, and capture shifting viewership across TV and online—supporting sustainable ad monetization and audience growth.

Rising shareholders' equity

An increase in stockholders' equity provides a capital cushion that improves solvency metrics and supports future financing or content investment. Over months, higher equity can help absorb losses, reduce refinancing pressure, and enable strategic investments if operational performance stabilizes.

Negative Factors

Sharp revenue contraction

A very large recent revenue decline materially reduces scale and advertiser leverage, weakening pricing power and operating leverage. Over the medium term this undermines ability to invest in content and distribution, forcing cost cuts or strategic divestments to preserve viability.

High leverage

Significant leverage raises fixed interest costs and refinancing risk, constraining cash available for programming and digital investment. Persistently high debt limits strategic flexibility, increases vulnerability to rate moves, and can necessitate asset sales or equity raises over months.

Negative free cash flow

Ongoing negative free cash flow indicates weak cash conversion and liquidity strain. Over a 2–6 month horizon this forces reliance on external financing or balance-sheet measures, reducing the firm's ability to fund content, marketing, or digital initiatives critical for medium-term recovery.

Network18 Media & Investments Limited Business Overview & Revenue Model

Company Description

Network18 Media & Investments Limited operates as a media and entertainment company in India. The company engages in television, digital content, filmed entertainment, digital commerce, print, and allied businesses. It operates business news channels, such as CNBC-TV18, CNBC Awaaz, and CNBC Bajar; general news channels, including CNN News18, News18 India, News18 International, and News18; and regional news channels comprising News18 network. The company also operates Hindi general entertainment channels consisting of Colors, Colors Cineplex, Colors Rishtey, Rishtey Cineplex, MTV India, and MTV Beats; English entertainment channels, such as VH1, Comedy Central, and Colors Infinity; and regional entertainment channels consisting of Colors Kannada, Colors Super, Kannada Cinema, Colors Bangla, Colors Marathi, Colors Gujarati, Colors Oriya, and Colors Tamil. In addition, it operates kids entertainment channels comprising Nickelodeon, Sonic, Nick Jr., and Nick HD+; factual entertainment and lifestyle channels, such as HistoryTV18 and FYI TV18; VOOT, a Viacom18's video-on-demand platform; filmed entertainment channels, such as Viacom18 Motion Pictures; and IndiaCast, a content asset monetization channel, as well as Tipping Point for digital content production. Further, the company operates digital content websites, including MoneyControl, News18.com, CNBCTV18.com, and Firstpost, as well as bookmyshow.com, an online ticketing platform; and TopperLearning, a premier K-12 content, delivery, and assessment service provider. Additionally, it publishes Forbes India, Overdrive, and Better Photography magazines; and produces films and TV shows. The company was formerly known as Network18 Fincap Private Limited and changed its name to Network18 Media & Investments Limited in December 2007. Network18 Media & Investments Limited was incorporated in 1996 and is based in Mumbai, India. Network18 Media & Investments Limited operates as a subsidiary of Reliance Industries Limited.

How the Company Makes Money

Network18 generates revenue through multiple streams, primarily from advertising and subscription models. Advertising revenue is a significant contributor, with businesses seeking to promote their products and services through the company's television channels and digital platforms. The company also earns subscription fees from cable and direct-to-home (DTH) operators for its premium channels. Additionally, NETWORK18 receives revenue from content syndication and licensing, as well as strategic partnerships that enhance its reach and distribution capabilities. The company benefits from collaborations with major players in the media industry, enabling it to expand its audience base and increase advertising revenue.

Network18 Media & Investments Limited Financial Statement Overview

Summary

Network18 Media & Investments Limited faces significant financial challenges, with declining revenues and profitability concerns. The high leverage and negative cash flow indicate financial instability, necessitating strategic adjustments to improve operational efficiency and liquidity. While there are some strengths in equity growth, overall, the financial statements reflect a need for careful financial management and potential restructuring to secure long-term viability.

Income Statement

Network18 Media & Investments Limited shows inconsistent revenue trends with a notable decrease in total revenue from 2024 to 2025. The company experienced negative net income in recent years, highlighting profitability challenges. Negative EBIT and EBITDA margins in the latest period indicate operational inefficiencies and a need for cost management improvements. Despite some periods of revenue growth, the overall income statement reflects financial instability.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage and potential financial risk. However, a positive note is the increase in stockholders' equity over the years. The equity ratio remains moderate, reflecting a balance between debt and equity financing. The increasing total liabilities and decreasing cash reserves suggest a focus on managing debt levels and liquidity to ensure financial stability.

Cash Flow

The cash flow statement shows consistent negative free cash flow, indicating cash flow challenges. Operating cash flow to net income ratio is negative, suggesting inefficiencies in converting revenue to cash. The company has faced difficulty in generating positive cash flow from operations, and the recent large negative free cash flow highlights cash management issues. Efforts to improve cash generation and reduce capital expenditures are critical for financial health.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	42.14B	68.88B	92.97B	62.23B	58.80B	46.83B
Gross Profit	20.39B	12.64B	15.99B	17.93B	33.89B	28.99B
EBITDA	-9.15B	-12.95B	328.00M	2.35B	11.54B	8.15B
Net Income	-14.13B	-16.87B	-2.06B	-842.70M	2.08B	322.80M
Balance Sheet
Total Assets	0.00	84.98B	398.81B	139.84B	91.45B	82.57B
Cash, Cash Equivalents and Short-Term Investments	1.13B	1.15B	80.57B	3.48B	4.63B	3.80B
Total Debt	0.00	29.60B	81.56B	60.69B	22.84B	25.54B
Total Liabilities	-48.08B	36.89B	116.67B	93.89B	45.37B	44.90B
Stockholders Equity	48.08B	47.43B	152.27B	6.75B	7.55B	5.47B
Cash Flow
Free Cash Flow	0.00	-28.11B	-88.69B	-35.36B	4.57B	12.62B
Operating Cash Flow	0.00	-19.12B	-64.65B	-28.04B	6.41B	13.46B
Investing Cash Flow	0.00	13.13B	-51.69B	-7.22B	-2.50B	-848.30M
Financing Cash Flow	0.00	7.20B	11.39B	34.11B	-3.81B	-10.49B

Network18 Media & Investments Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 43.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NETWORK18, the sentiment is Negative. The current price of 43.92 is above the 20-day moving average (MA) of 37.25, above the 50-day MA of 39.62, and below the 200-day MA of 49.18, indicating a bearish trend. The MACD of -1.21 indicates Positive momentum. The RSI at 31.48 is Neutral, neither overbought nor oversold. The STOCH value of 7.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NETWORK18.

Network18 Media & Investments Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TVTODAY	65 Neutral	₹7.50B	65.54	―	2.22%	-15.80%	-79.80%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
HATHWAY	60 Neutral	₹18.98B	17.96	―	―	3.88%	-3.40%
ZEEMEDIA	57 Neutral	₹5.54B	-66.44	―	―	3.58%	18.64%
NDTV	45 Neutral	₹9.12B	-2.14	―	―	19.53%	-138.48%
NETWORK18	40 Underperform	₹53.52B	34.85	―	―	-68.47%	-145.26%
DISHTV	39 Underperform	₹5.51B	-0.61	―	―	-22.62%	66.73%

Network18 Media & Investments Limited Corporate Events

Network18 Board Clears Q3 FY26 Results as Losses Persist Despite Stable Revenues

Network18 Media & Investments Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025. The company reported revenue from operations of ₹500.42 crore for the quarter and ₹1,408.00 crore for the nine-month period, but continued to post losses, with a standalone loss before tax of ₹107.61 crore in the quarter and ₹196.77 crore over nine months. Despite modest operating margins and persistent negative net profit margins, net worth remains positive at ₹5,444.28 crore and leverage ratios such as debt-equity and total debt-to-assets stay relatively low, suggesting the balance sheet retains resilience even as profitability pressures persist in a challenging media environment.

Network18 Defies Ad Slump With Higher Q3 Revenue and Reinforced News Leadership

Network18 reported a 5% year-on-year rise in operating revenue from its news business to Rs 500.4 crore for the quarter ended December 31, 2025, despite a weak macro advertising environment and a more than 10% decline in TV news industry ad inventory demand. Operating EBITDA for the news segment edged up to Rs 11.8 crore with a 2.4% margin, supported by the group’s resilient inventory utilisation, strong leadership in Hindi, English and key regional TV markets, and its status as India’s top TV and digital news network by viewership share and monthly reach. The company also highlighted rapid growth in its YouTube footprint, maintaining the largest digital news presence by video views, renewed its long-term partnership with CNN International to reinforce its position in the English news genre, and continued scaling Creator18, its creator-led advertising vertical, which now has over 60 exclusive creators and an unduplicated reach exceeding 2 billion through its top talent, underscoring a strategic push to broaden monetisation channels beyond traditional advertising.

Network18 Publishes Notices on Special Window for Re‑lodgement of Physical Share Transfers

Network18 Media & Investments Limited has informed stock exchanges that it has published newspaper notices regarding a special window for re-lodgement of transfer requests for physical share certificates, in line with regulatory requirements for shareholders holding securities in physical form. The clippings, carried in Financial Express (all-India editions) and Navshakti (Mumbai edition), signal an operational step aimed at facilitating legacy shareholders’ compliance and smooth transfer of physical shares, which is relevant for investors who have yet to dematerialise their holdings and underscores the company’s adherence to evolving securities transfer norms.