NDTV Q2 revenue up 10% YoY and 14% QoQ; net losses widen

New Delhi: New Delhi Television (NDTV) on Wednesday reported consolidated revenue from operations of Rs 122.27 crore for the quarter ended September 30, 2025 (Q2FY26), up 9.8 per cent year-on-year and 13.6 per cent quarter-on-quarter from Rs 111.32 crore and Rs 107.65 crore, respectively. 

On profitability, the company posted a consolidated EBITDA loss of Rs 54.18 crore in Q2FY26, compared with a loss of Rs 52.68 crore in Q1FY26 and Rs 42.63 crore in Q2FY25. 

Consolidated net loss after tax widened to Rs 74.01 crore, against Rs 70.31 crore in the previous quarter and Rs 53.45 crore a year ago. 

Despite the growth, the quarter saw a deeper loss as expenses rose sharply. Total consolidated expenses increased to Rs 197.90 crore from Rs 182.67 crore in Q1 and Rs 164.76 crore a year ago. 

The key drivers were production costs at Rs 51.67 crore (up from Rs 43.40 crore QoQ and Rs 45.07 crore YoY), employee benefits at Rs 46.47 crore (Rs 45.31 crore QoQ; Rs 42.13 crore YoY), operating and administrative expenses at Rs 22.94 crore (Rs 19.31 crore QoQ; Rs 22.63 crore YoY), and marketing, distribution and promotional spends at about Rs 59.06 crore (Rs 57.25 crore QoQ; Rs 44.80 crore YoY).

For H1FY26, consolidated revenue from operations stood at Rs 229.92 crore, up 12.0 per cent year-on-year. 

The consolidated EBITDA loss for the six months widened to Rs 106.86 crore from Rs 84.27 crore in H1FY25, while net loss after tax increased to Rs 144.32 crore from Rs 100.56 crore a year earlier. 

Consolidated results include NDTV together with its subsidiaries – NDTV Convergence, NDTV Worldwide, NDTV Networks, NDTV Labs, and NDTV Media – and also reflect NDTV’s share of results from joint ventures (OnArt Quest, Lifestyle & Media Holdings, Lifestyle & Media Broadcasting) and its associate (Red-Pixels Ventures).

Standalone performance

On a standalone basis, Q2FY26 revenue from operations was Rs 63.44 crore, up 6.1 per cent year-on-year and 25.9 per cent sequentially from Rs 59.80 crore and Rs 50.40 crore, respectively. 

Expenses rose to Rs 139.43 crore from Rs 123.92 crore in Q1 and Rs 112.67 crore a year ago, led by production costs at Rs 28.02 crore (Rs 20.38 crore QoQ; Rs 21.41 crore YoY), employee benefits at Rs 28.59 crore (Rs 27.31 crore QoQ; Rs 25.13 crore YoY), marketing and promotional spends at Rs 42.41 crore (Rs 40.71 crore QoQ; Rs 33.57 crore YoY), operating and administrative costs at Rs 18.72 crore (Rs 15.24 crore QoQ; Rs 20.01 crore YoY).

Standalone EBITDA loss came in at Rs 48.70 crore, compared with a loss of Rs 45.27 crore in Q1FY26 and Rs 35.80 crore in Q2FY25. 

The standalone net loss after tax widened to Rs 70.39 crore from Rs 65.55 crore in the previous quarter and Rs 48.35 crore a year ago. 

For H1FY26, standalone revenue from operations was Rs 113.84 crore, up 4.9 per cent year-on-year. 

The standalone EBITDA loss widened to Rs 93.97 crore from Rs 71.84 crore in H1FY25, while the standalone net loss after tax increased to Rs 135.94 crore from Rs 92.50 crore a year earlier. 

Standalone results represent the financials of New Delhi Television Limited alone.

NDTV said that the strong performance reflects the Company’s focus on both content innovation and business consolidation.

“The quarter was marked by several strategic milestones. NDTV strengthened its on-air programming with the launch of new primetime shows and the addition of renowned anchors Padmaja Joshi, Syed Suhail, and Shubhankar Mishra, improving its editorial depth and audience engagement,” the company said in regulatory filings. 

On the business front, the company said it took decisive steps to drive efficiency and scale. 

“The Company successfully completed a Rights Issue to bolster future growth and undertook a structural consolidation by merging four entities into one, simplifying operations and enabling a sharper focus on core business priorities,” NDTV said.

The period also witnessed NDTV strengthen its presence as the leading media network for global conversations with the NDTV World Summit, held in New Delhi on October 17-18, the company said.

"The event marked an extraordinary moment in global dialogue, bringing together some of the most influential voices of our time, including Prime Minister Narendra Modi, Sri Lankan Prime Minister Harini Amarasuriya, former UK Prime Minister Rishi Sunak, and former Australian Prime Minister Tony Abbott, alongside many other global leaders, and changemakers," NDTV added.

NDTV also held its first mega concert under the Good Times banner with Sonu Nigam in Srinagar as a part of a significant cultural initiative to broaden the network’s entertainment and experiential footprint.

"As the valley’s first major concert since the Pahalgam incident, the event was historic and came to represent celebration, hope and unity for the people of Kashmir. The concert attracted a sizeable, exuberant audience and demonstrated NDTV’s commitment to bringing meaningful experiences to audiences across the country," the company said.

“While the quarter’s revenue performance remained robust, benefiting from the festive lead-up, the bottom-line was impacted by significant investments made to support NDTV’s ongoing transformation and growth initiatives. With a clear focus on content excellence, digital integration, and business strength, NDTV is well-positioned to sustain momentum through the festive quarter and beyond,” the company said.