Radaan Mediaworks Q3 FY26: sales slip, losses persist

What the latest numbers show

Radaan Mediaworks India’s recent financial data points to a choppy operating run through FY26 so far, with revenue moving sharply quarter to quarter and profitability remaining under pressure. The quarterly table provided for the five quarters from Dec 2024 to Dec 2025 shows net sales falling to ₹1.57 crore in Dec 2025 from ₹1.89 crore in Sep 2025. Over the same period, operating profit stayed negative and profit after tax remained in loss.

The dataset also includes a separate narrative summary of quarterly performance that quotes revenue of ₹1.89 crore and a sharp quarter-on-quarter increase from ₹0.29 crore, along with operating profit of ₹1.44 crore. Those figures do not match the quarterly table shared alongside it, where net sales for Jun 2025 are ₹0.23 crore and operating profit for Sep 2025 is shown at ₹-2.13 crore. Investors typically track the audited or filed statement numbers, and the presence of multiple figure sets makes it important to verify which dataset is being referenced.

Quarterly revenue trend: Dec 2024 to Dec 2025

As per the quarterly table (all figures in ₹ crore), net sales were ₹2.36 crore in Dec 2024 and ₹2.30 crore in Mar 2025, before dropping sharply to ₹0.23 crore in Jun 2025. Revenue then recovered to ₹1.89 crore in Sep 2025 and softened again to ₹1.57 crore in Dec 2025.

This pattern suggests that revenue visibility has been inconsistent across quarters. The Sep 2025 rebound is notable in absolute terms, but it did not translate into operating profitability in the same quarter based on the table data. The company’s quarterly disclosures also show that changes in expenditure had a large influence on operating results.

Costs and operating performance remained weak

Total expenditure stood at ₹1.67 crore in Dec 2024 and ₹2.23 crore in Mar 2025. It then rose to ₹1.22 crore in Jun 2025 despite lower sales, and spiked to ₹4.02 crore in Sep 2025. In Dec 2025, total expenditure was ₹2.24 crore.

Operating profit moved from a positive ₹0.69 crore in Dec 2024 to ₹0.07 crore in Mar 2025, then turned negative at ₹-0.99 crore in Jun 2025. The sharpest decline in the sequence is Sep 2025, where operating profit is ₹-2.13 crore, before improving to ₹-0.67 crore in Dec 2025. This indicates that cost control, and not just revenue movement, has been central to quarterly outcomes.

Other income, interest and the profit line

Other income is shown as ₹0 crore in Dec 2024, ₹0.01 crore in Mar 2025, ₹0.01 crore in Jun 2025, and ₹1.02 crore in Sep 2025, before returning to ₹0 crore in Dec 2025. The Sep 2025 other income number stands out because it is large relative to quarterly revenue and appears alongside a steep operating loss in that quarter.

Interest costs declined steadily across the five quarters, from ₹0.67 crore in Dec 2024 to ₹0.55 crore in Mar 2025, ₹0.56 crore in Jun 2025, ₹0.42 crore in Sep 2025, and ₹0.32 crore in Dec 2025. Depreciation remained stable at ₹0.01 crore each quarter, and there were no exceptional items in the period.

Profit before tax was ₹0.02 crore in Dec 2024 but moved into losses thereafter: ₹-0.49 crore (Mar 2025), ₹-1.56 crore (Jun 2025), ₹-1.53 crore (Sep 2025), and ₹-1.00 crore (Dec 2025). Profit after tax followed a similar pattern: ₹0.03 crore (Dec 2024), ₹-0.48 crore (Mar 2025), ₹-1.56 crore (Jun 2025), ₹-1.53 crore (Sep 2025), and ₹-0.99 crore (Dec 2025).

Adjusted EPS in the quarterly table is reported as ₹0.00 (Dec 2024), ₹-0.09 (Mar 2025), ₹-0.29 (Jun 2025), ₹-0.28 (Sep 2025), and ₹-0.18 (Dec 2025).

Table: Quarterly snapshot (₹ crore)

FY25 annual picture: revenue grew, profit turned positive

The annual profit and loss table (₹ crore) shows net sales rising to ₹22.87 crore in Mar 2025 from ₹21.33 crore in Mar 2024, and from ₹12.43 crore in Mar 2023. Total expenditure in FY25 is listed at ₹20.10 crore, compared with ₹18.72 crore in FY24.

Operating profit for FY25 is ₹2.77 crore, slightly higher than ₹2.61 crore in FY24. Profit before tax for FY25 is ₹0.30 crore, improving from ₹-0.46 crore in FY24. Net profit for FY25 is ₹0.34 crore versus a loss of ₹-0.43 crore in FY24, with adjusted EPS at ₹0.06 in FY25 compared with ₹-0.08 in FY24.

Table: Annual performance (₹ crore)

FY24 annual report snapshot (converted from lakhs to ₹ crore)

In the directors’ report excerpt for FY24, revenue from operations is provided as 2,133.17 lakhs, which converts to ₹21.33 crore. Other income is 4.33 lakhs, or ₹0.04 crore, and finance cost is 306.36 lakhs, or ₹3.06 crore. Depreciation and amortisation is 5.69 lakhs, or ₹0.06 crore.

Profit after tax for FY24 in that summary is ₹-0.43 crore on a standalone basis, and ₹-0.45 crore on a consolidated basis (based on 45.07 lakhs). These conversions align directionally with the annual P&L table, reinforcing that interest cost remained a meaningful charge against operating profits.

A note on multiple datasets in the material

Alongside the annual and quarterly tables above, the material also includes another set of figures showing operating revenue of ₹324.44 crore for TTM ending Dec 31, 2024 and ₹213.32 crore for FY24. These numbers are materially higher than the ₹22.87 crore annual net sales shown for FY25 in the profit and loss table.

Because the source text does not explain the difference in scope or accounting classification between these datasets, they should not be treated as directly comparable without clarification. For readers, the practical takeaway is to rely on the same statement format consistently when tracking trends.

Market impact: what investors usually track from here

Based on the quarterly table, the main investor signals are the revenue volatility, the elevated expenditure in Sep 2025, and the continuing quarterly losses through Dec 2025. The reduction in quarterly interest cost from ₹0.67 crore (Dec 2024) to ₹0.32 crore (Dec 2025) is a measurable positive, but it has not been enough to offset operating losses in recent quarters.

From an annual perspective, FY25 shows a return to a small profit of ₹0.34 crore and a positive adjusted EPS of ₹0.06, after a loss in FY24. The key question for the next filings will be whether operating profit can stay positive on a consistent quarterly basis, and whether expenditure remains aligned with revenue.

Conclusion

Radaan Mediaworks’ disclosed numbers show a contrast between a modestly profitable FY25 and loss-making quarters through Dec 2025, with revenue and costs moving unevenly. The next clear datapoint will come from subsequent quarterly filings and any accompanying management commentary that reconciles the differing figure sets presented in the material.