Network18 lifts Q2 revenue 9.4% as news ad demand falls

Network18 Media & Investments Limited increased consolidated operating revenue by 9.4% year on year to Rs 545 crore in Q2 FY27, despite an estimated 13% decline in TV-news advertising inventory demand. Network18 said its content studio, government-linked advertising and connected-TV revenue supported growth while corporate advertising conditions remained subdued.

How did Network18 perform financially in Q2 FY27?

Network18 reported consolidated operating revenue of Rs 545 crore in Q2 FY27, up from Rs 498 crore in Q2 FY26 and Rs 516 crore in Q1 FY27. The increase was 9.4% year on year and 5.5% sequentially, while H1 FY27 operating revenue reached Rs 1,061 crore, compared with Rs 966 crore in H1 FY26.

Network18's consolidated operating expense increased 5.6% year on year to Rs 526 crore from Rs 498 crore, below the revenue growth rate. Consolidated operating earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 19 crore, compared with an operating EBITDA loss of Rs 50 lakh in Q2 FY26 and Rs 8 crore in Q1 FY27.

Operating EBITDA margin was 3.4% in Q2 FY27, versus negative 0.1% a year earlier and 1.5% in Q1 FY27. For H1 FY27, operating EBITDA rose to Rs 26 crore from Rs 4 crore and margin increased to 2.5% from 0.4% in H1 FY26.

The consolidated entity includes News18 Marathi from 29 October 2025, Moneycontrol Dot Com India Limited, History TV18, or AETN18, and content studio Colosceum. The reported revenue and EBITDA therefore cover businesses beyond the television-news operation.

Why did Network18 revenue grow while TV-news ad demand declined?

Network18 said TV-news advertising inventory consumption declined by about 13% year on year in Q2 FY27, although its consolidated operating revenue increased 9.4%. It attributed the industry decline to the West Asia conflict, a weak monsoon and the television-ratings blackout, which it said affected corporate advertising expenditure.

Network18 said its content-studio subsidiary was the primary revenue-growth driver because advertising growth was subdued. Centre and state government campaigns, public-sector undertaking advertising and political-party spending also remained strong for the second consecutive quarter, according to the company.

Connected TV was another revenue contributor, with engagement increasing 27% year on year during the quarter. Network18 said connected TV was an emerging revenue stream and that its diversified businesses and positions across markets helped it retain revenue momentum during the decline in news-genre advertising demand.

The gap between the 9.4% increase in consolidated revenue and the estimated 13% fall in TV-news inventory demand indicates that the reported growth came from activities outside the affected corporate TV-news advertising market. Network18 specifically identified content studio revenue, government-linked advertising and connected TV as those offsets.

What digital scale did Network18 report in the quarter?

Network18 reported more than 330 million monthly digital users in September 2026, representing 68% reach in the measured region. Its digital portfolio includes Moneycontrol, News18, Firstpost and CNBC-TV18, spanning financial information, general news, global affairs and business news.

Network18 recorded more than 15 billion YouTube video views in Q2 FY27, up 17% year on year and about twice the views of its nearest competitor. Combined views across YouTube and Facebook rose 30% year on year, while the network's social footprint exceeded 470 million followers.

Network18 said News18 India, CNN-News18, CNBC-TV18 and CNBC Awaaz held their respective number-one YouTube positions throughout the quarter, while eight regional brands led their markets. Connected-TV engagement rose 27% year on year, with the company reporting genre-leading average concurrent viewers in prime time across multiple channels.

Moneycontrol Pro had more than 1 million paid subscribers during the quarter, while Network18 said Moneycontrol's time spent and page views were three times those of the nearest competitor. The platform introduced Corp Lens for unlisted-company financials and Stock Note for users to record observations on stock pages.

How did the ratings suspension affect Network18 television news?

Network18 said news-genre television ratings had been suspended for more than six months as of 30 October 2026, while ratings for non-news genres had been suspended for more than three months. The Ministry of Information and Broadcasting directed the Broadcast Audience Research Council, or BARC, to pause weekly news viewership data in early March as the West Asia crisis began.

Ratings for non-news genres were suspended in early July over BARC's licence renewal under the Television Ratings Policy, 2026. Network18 said the absence of ratings was among the factors affecting corporate advertising spending in the news genre during Q2 FY27.

Before the suspension, Network18 said its portfolio of 20 news channels had an all-India viewership share of 13.8% in weeks 01 to 08 of 2026. It also reported monthly reach of 230 million people, 35% higher than the nearest competitor; these are pre-suspension measures rather than current-quarter ratings data.

Network18 cited pre-suspension category shares of 63.3% for CNBC-TV18 in the business-channel measure, 12.8% for News18 India in Hindi news and 36.0% for CNN-News18 in English news. It also reported regional shares of 28.0% in Marathi, 22.5% in Kannada and 21.2% in West Bengal for specified BARC windows in early 2026.

What changes are planned across Network18 businesses?

Network18 said the National Company Law Tribunal approved the merger of News18 Marathi with Network18, but the transaction will become effective only after regulatory approval. News18 Marathi has been included in the consolidated entity since 29 October 2025, making the pending merger distinct from its existing treatment in the reported financial results.

News18.com introduced a dedicated Commonwealth and Asian Games 2026 section, autoplay video previews, artificial-intelligence-powered frequently asked questions, topic timelines and data visualisations. Average session duration increased 7%, while Local18 contributed nearly one-quarter of the platform's overall traffic.

Firstpost's YouTube subscriber base neared 10 million, while its wider social ecosystem recorded more than 700 million views and had 21.5 million subscribers. Network18 also added The Revolutionary, a history-focused YouTube series, and Flaunt, an editorial section covering travel, automobiles, watches, lifestyle and home interiors.

Network18 said Moneycontrol's secured and unsecured lending activity grew through expanded partnerships, a stronger conversion funnel and improved organic acquisition. These product and distribution changes form part of the company's stated effort to build engagement and revenue sources beyond conventional television advertising.

Conclusion

Network18's Q2 FY27 results show consolidated revenue growth despite a declining TV-news advertising market. Operating revenue rose 9.4% to Rs 545 crore, operating EBITDA reached Rs 19 crore from a Rs 50 lakh loss, and digital activity included more than 330 million monthly users and more than 15 billion quarterly YouTube video views.

The next developments to watch are regulatory approval for the News18 Marathi merger and any restoration of television ratings data after BARC's licence-renewal issue. Network18 also disclosed continued product development at Moneycontrol, News18.com and Firstpost, while corporate advertising demand remains linked to the conditions it identified in Q2 FY27.