NEXTMEDIA - Next Mediaworks
📢 Recent Corporate Announcements
Next Mediaworks reported a net loss of ₹1.03 crore for the quarter ended December 31, 2025, with zero revenue from operations. The company's financial health is critical as its net worth is fully eroded due to accumulated losses and high finance costs of ₹1.14 crore. Most significantly, management and auditors have explicitly stated that the company is no longer a 'going concern' due to a lack of business operations and definitive future plans. The company faces uncertainty regarding its ability to settle inter-corporate borrowings due in August 2027.
- Revenue from operations was Nil for the quarter and nine months ended December 31, 2025
- Net loss for the quarter stood at ₹1.03 crore compared to a loss of ₹1.15 crore in the previous quarter
- Finance costs of ₹1.14 crore accounted for the bulk of total expenses of ₹1.20 crore
- Auditors issued an 'Emphasis of Matter' stating the going concern assumption is no longer appropriate
- Total comprehensive loss for the nine-month period ended December 31, 2025, reached ₹7.50 crore
Next Mediaworks Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by KFin Technologies Limited, covers the period from October 1, 2025, to December 31, 2025. The Registrar and Share Transfer Agent confirmed that no requests for dematerialization of equity shares were received during this quarter. This filing is a standard administrative requirement for listed companies in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar KFin Technologies Limited confirmed zero dematerialization requests during the period.
- The filing ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
- Covers the three-month period from October 1, 2025, to December 31, 2025.
Next Mediaworks Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This routine regulatory measure is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of financial results. The closure pertains to the un-audited standalone financial results for the quarter and nine months ending December 31, 2025. The trading window will reopen 48 hours after the results are officially declared to the stock exchanges.
- Trading window closure begins on Thursday, January 1, 2026.
- Closure is in anticipation of Q3 and nine-month financial results ending December 31, 2025.
- Restriction applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.
- The window will remain closed until 48 hours after the financial results are announced.
- The specific date for the Board Meeting to approve the results will be announced separately.
Financial Performance
Revenue Growth by Segment
Consolidated total income declined by 20.33% from INR 4,279 Lacs in FY 2023-24 to INR 3,409 Lacs in FY 2024-25, primarily due to the loss of control over its subsidiary, Next Radio Limited (NRL), effective February 7, 2025. Standalone income was INR 56 Lacs in FY 2024-25 compared to Nil in the previous year.
Geographic Revenue Split
The company operates in 7 prominent Indian cities including Delhi and Mumbai; however, the specific percentage contribution per city is not disclosed in available documents.
Profitability Margins
Net Profit After Tax (PAT) increased significantly to INR 53.9 Crore in FY 2024-25 from a loss of INR 38.7 Crore in FY 2023-24, driven by a one-time exceptional gain from the loss of control of its subsidiary. For H1 FY 2025-26, the company reported a loss before tax of INR 232 Lacs compared to a loss of INR 262 Lacs in H1 FY 2024-25.
EBITDA Margin
EBITDA margin declined to 3.6% in FY 2024-25 from 5.2% in FY 2023-24. This contraction was caused by the sharp decline in consolidated revenue following the deconsolidation of the radio broadcasting subsidiary.
Credit Rating & Borrowing
The company relies on inter-corporate borrowings of INR 3,684 Lacs from its holding company, which are due for settlement in August 2027. There are no external borrowings from banks or financial institutions as of September 30, 2025.
Operational Drivers
Raw Materials
Content acquisition and broadcasting rights (100% of operational input costs as the company does not hold physical inventory).
Import Sources
Domestic (India) for local FM programming and international for 'Radio One International' music content.
Key Suppliers
Music labels and content creators (specific company names not disclosed).
Capacity Expansion
Currently operates in 7 major cities; further expansion plans are not quantified in the documents.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company noted a decline in purchases leading to a Trade Payables Turnover ratio increase to 4.9 times in FY 2024-25 from 3.0 times in FY 2023-24.
Manufacturing Efficiency
Asset Turnover Ratio increased to 0.8 times in FY 2024-25 from 0.5 times in FY 2023-24, driven by the reduction in total assets following the subsidiary deconsolidation.
Strategic Growth
Growth Strategy
The company is recalibrating strategic priorities following a borrowing-led realignment in FY 2024-25. Growth is targeted through scaling digital and social media footprints, expanding live events across cities, and leveraging the HT Group's radio brand portfolio for monetization.
Products & Services
FM Radio broadcasting, audio dramas, celebrity-driven shows, live events, and digital content.
Brand Portfolio
Radio One International.
New Products/Services
Audio dramas and celebrity-driven shows; specific revenue contribution percentages are not disclosed.
Market Expansion
Scaling up events across multiple cities and genres to unlock additional monetization opportunities.
Strategic Alliances
Collaboration within the HT Group (HT Media Limited) for operational support and brand leveraging.
External Factors
Industry Trends
The industry is shifting toward a digital-first ecosystem. FM players are increasingly integrating live events and social media to maintain audience engagement as traditional radio listenership faces competition from streaming services.
Competitive Landscape
Competes with other private FM broadcasters and digital audio streaming platforms.
Competitive Moat
The company's moat is built on its 'Radio One International' brand and its presence in 7 major metro markets. Sustainability depends on the ability to transition these listeners to digital formats.
Macro Economic Sensitivity
Highly sensitive to the advertising landscape and corporate marketing budgets, which typically fluctuate with GDP growth.
Consumer Behavior
Shift toward on-demand audio content and pop-culture ecosystem engagement via live events.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations and FM broadcasting licenses. The company underwent a secretarial audit for FY 2024-25 with no qualifications.
Legal Contingencies
No qualifications, reservations, or adverse remarks were reported by the Statutory Auditors (S.R. Batliboi & Associates LLP) or the Secretarial Auditor for the fiscal year ended March 31, 2025.
Risk Analysis
Key Uncertainties
Negative net worth and reliance on the holding company for operational support. The company's ability to continue as a going concern is dependent on a 'Letter of Support' from HT Media Limited.
Geographic Concentration Risk
Operations are concentrated in 7 major Indian cities.
Third Party Dependencies
High dependency on HT Media Limited for financial and operational support to cover operating expense shortfalls.
Technology Obsolescence Risk
Risk of traditional FM radio becoming obsolete due to rapid digital platform emergence; mitigated by expanding digital and social media footprints.
Credit & Counterparty Risk
Debtors Turnover Ratio of 4.6 times indicates improved collection efficiency, but the company faces high credit risk due to its eroded net worth.