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CRISIL Downgrades TV Today Network's Long-Term Rating to AA-/Negative
CRISIL has revised the long-term credit rating of TV Today Network Limited from CRISIL AA/Negative to CRISIL AA-/Negative. The downgrade is attributed to the company's recent operational performance, suggesting potential pressure on profitability or market share. However, the short-term rating remains strong, having been reaffirmed at CRISIL A1+. The 'Negative' outlook indicates that the rating agency remains cautious about the company's medium-term trajectory.
Key Highlights
Long-term rating downgraded from CRISIL AA to CRISIL AA-.
Short-term rating reaffirmed at CRISIL A1+, indicating strong liquidity.
Rating revision driven by concerns over the company's operational performance.
Outlook remains 'Negative', signaling potential for further rating pressure if performance does not stabilize.
💼 Action for Investors
Investors should closely monitor the company's upcoming quarterly earnings to identify specific operational weaknesses. While the rating remains high investment grade, the downgrade and negative outlook suggest a need for caution regarding margin sustainability.
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TV Today Q3 FY26: Revenue Declines 8% YoY to ₹212 Cr; Reports Net Loss of ₹0.76 Cr
TV Today Network reported a weak performance for Q3 FY26, with standalone revenue declining 8.4% YoY to ₹212.36 crore. The company swung to a net loss of ₹0.76 crore for the quarter, a sharp contrast to the ₹8.82 crore profit recorded in the year-ago period. For the nine-month period ended December 2025, net profit collapsed by over 93% to ₹4.52 crore from ₹68.60 crore. The company also announced a new MoU for the sale of its FM Radio operations following the termination of a previous agreement.
Key Highlights
Q3 FY26 standalone revenue from operations stood at ₹212.36 crore, down from ₹231.78 crore YoY.
Reported a net loss of ₹0.76 crore in Q3 FY26 versus a profit of ₹8.82 crore in Q3 FY25.
9M FY26 net profit plummeted to ₹4.52 crore from ₹68.60 crore in the previous year, a 93.4% decline.
Exceptional items of ₹12.18 crore related to the radio business impacted the nine-month performance.
Board approved the appointment of Mr. Abhishek Malhotra as an Independent Director for a 5-year term.
💼 Action for Investors
The sharp decline in profitability and revenue suggests significant headwinds in the core television business and advertising environment. Investors should remain cautious and monitor the completion of the radio business divestment and signs of margin recovery.