Network18 Q2 profit reaches Rs 52.96 crore on associate earnings

Network18 Media & Investments Limited reported consolidated profit of Rs 52.96 crore for the quarter ended 30 September 2026, as Rs 107.19 crore of earnings from associates and joint ventures outweighed a Rs 54.11 crore loss before those earnings, exceptional items and tax. Revenue from operations was Rs 544.67 crore.

How did Network18 return to quarterly profit?

Network18 reported consolidated profit of Rs 52.96 crore in the quarter ended 30 September 2026, reversing a Rs 38.36 crore loss in the preceding June 2026 quarter and exceeding the Rs 41.25 crore profit reported in the quarter ended 30 September 2025. Profit before tax was Rs 53.08 crore, while current tax expense was Rs 12 lakh. No exceptional items were reported for the September 2026 quarter.

Profit attributable to Network18 owners was Rs 51.80 crore, while non-controlling interests received Rs 1.16 crore. Total comprehensive income was Rs 53.05 crore, including Rs 9 lakh of other comprehensive income. Network18 reported a net profit margin of 9.47% for the quarter, compared with negative 7.37% in June 2026 and 8.24% in September 2025.

What drove Network18’s September-quarter profit?

Network18’s share of profit from associates and joint ventures was the direct driver of its reported quarterly profit, at Rs 107.19 crore in the September 2026 quarter. That contribution was Rs 69.45 crore higher than the Rs 37.74 crore recorded in June 2026, although it was Rs 13.43 crore below the Rs 120.62 crore reported in September 2025. The associate and joint-venture share was almost twice the group’s Rs 54.11 crore pre-associate loss.

Network18’s loss before the associate and joint-venture contribution narrowed by Rs 21.99 crore sequentially from Rs 76.10 crore and by Rs 25.26 crore year on year from Rs 79.37 crore. The consolidated statements therefore show that the group’s positive bottom-line result depended on earnings accounted for from associates and joint ventures, rather than a positive result at the pre-associate, pre-exceptional-item and pre-tax line.

Did Network18’s operating income and costs improve?

Network18 increased revenue from operations to Rs 544.67 crore in the September 2026 quarter, up Rs 28.41 crore from Rs 516.26 crore in June 2026 and up Rs 46.86 crore from Rs 497.81 crore a year earlier. Total income, including Rs 14.82 crore of other income, reached Rs 559.49 crore. Other income was Rs 4.13 crore in June 2026 and Rs 3.03 crore in September 2025.

Total expenses were Rs 613.60 crore, exceeding total income by Rs 54.11 crore before the associate and joint-venture share. Operational costs rose to Rs 128.24 crore from Rs 91.73 crore in June 2026, while marketing, distribution and promotional expense fell to Rs 120.21 crore from Rs 141.03 crore. Employee-benefit expense was Rs 209.93 crore and finance costs were Rs 56.66 crore, compared with Rs 56.68 crore in the prior quarter.

Network18 reported an operating margin of 23.11% for the September 2026 quarter, up from 8.76% in June 2026 but below 24.13% in September 2025. Under Network18’s stated definition, operating margin is earnings before interest, tax, exceptional items, depreciation and amortisation, less other income, divided by revenue from operations. Depreciation and amortisation expense declined to Rs 30.96 crore from Rs 33.59 crore a year earlier.

How did Network18 perform in the first half?

Network18 reported consolidated profit of Rs 14.60 crore for the half year ended 30 September 2026, down from Rs 190.10 crore in the corresponding prior-year half. The comparison includes Rs 150.64 crore of exceptional items in the half year ended 30 September 2025, whereas Network18 reported no exceptional items in the latest half year. Before exceptional items and tax, profit was Rs 14.72 crore, compared with Rs 39.46 crore.

First-half revenue from operations rose to Rs 1,060.93 crore from Rs 965.67 crore, while total expenses increased to Rs 1,210.09 crore from Rs 1,130.33 crore. The resulting pre-associate loss narrowed to Rs 130.21 crore from Rs 151.48 crore. Share of profit from associates and joint ventures declined to Rs 144.93 crore from Rs 190.94 crore, leaving a smaller contribution to offset the pre-associate loss than in the prior-year period.

Network18’s total comprehensive income for the half year was Rs 44.85 crore, against Rs 210.11 crore a year earlier. Other comprehensive income was Rs 30.25 crore in the latest half year, compared with Rs 20.01 crore in the prior-year half. Net profit margin was 1.35%, versus 4.03% for the half year ended 30 September 2025, while operating margin was 16.13%, down from 20.15%.

What did Network18’s balance sheet and cash flow show?

Network18 had total assets of Rs 8,955.50 crore at 30 September 2026, compared with Rs 8,995.70 crore at 31 March 2026. Non-current investments rose to Rs 6,163.24 crore from Rs 5,998.57 crore, while cash and cash equivalents fell to Rs 4.65 crore from Rs 38.51 crore. Total equity increased to Rs 5,031.86 crore from Rs 4,987.02 crore, including Rs 4,961.45 crore attributable to Network18 owners.

Current borrowings were Rs 3,088.04 crore at 30 September 2026, lower than Rs 3,112.84 crore at 31 March 2026, while total liabilities declined to Rs 3,923.64 crore from Rs 4,008.68 crore. Net cash generated from operating activities was Rs 119.52 crore in the half year ended 30 September 2026, compared with net cash used of Rs 81.47 crore a year earlier. Financing activities used Rs 148.92 crore, including Rs 114.30 crore of finance costs paid.

Conclusion

Network18’s September-quarter consolidated profit of Rs 52.96 crore improved from the preceding quarter’s Rs 38.36 crore loss and the Rs 41.25 crore profit a year earlier. Revenue from operations rose to Rs 544.67 crore and the pre-associate loss narrowed, but the Rs 107.19 crore contribution from associates and joint ventures was the mechanism that converted the group’s Rs 54.11 crore pre-associate loss into reported profit.

What to watch is the unresolved pre-associate loss, which was Rs 130.21 crore in the half year ended 30 September 2026 despite Rs 1,060.93 crore of revenue from operations. Associate and joint-venture earnings fell to Rs 144.93 crore in that half year from Rs 190.94 crore a year earlier, making their future contribution material to the consolidated result disclosed by Network18.