TV Vision Limited (TVVISION)
₹2.70 +3.45% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, TV Vision's revenue was ₹0.0 Cr (-100.0% year on year), and net profit ₹-13.0 Cr (a bigger loss than a year earlier).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | -100.0% | — |
| Operating profit | ₹-10.0 | loss widened | loss widened |
| Net profit | ₹-13.0 | loss widened | loss widened |
| EPS (₹) | -3.63 | loss widened | loss widened |
TVVISION exchange data
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📢 Recent Corporate Announcements
TV Vision Limited has announced that the 3rd meeting of its Committee of Creditors (CoC) is scheduled for October 19, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Financed under severe distress, TV Vision reported zero revenue in the last two quarters and a negative net worth of -₹144 Cr. Resolution proceedings remain crucial in determining whether the company will be revived via a resolution plan or headed toward liquidation.
- 3rd Meeting of the Committee of Creditors convened for October 19, 2026
- Company is currently undergoing CIRP under the Insolvency and Bankruptcy Code, 2016
- Intimation submitted by Resolution Professional Alok Kumar Murarka on October 16, 2026
TV Vision Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The confirmation, issued by RTA MUFG Intime India Private Limited on October 03, 2026, verifies the dematerialisation, mutilation, and cancellation of security certificates. The filing was signed and submitted by the Resolution Professional, Alok Kumar Murarka, as the company remains under Corporate Insolvency Resolution Process (CIRP). This is a purely administrative regulatory filing with no operational or financial impact.
- Compliance certificate under Regulation 74(5) submitted for the quarter ended September 30, 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Filing submitted on October 14, 2026, by Resolution Professional Alok Kumar Murarka
- Company continues to operate under the Corporate Insolvency Resolution Process (CIRP)
TV Vision Limited's Resolution Professional (RP), Alok Kumar Murarka, has published Form G dated September 28, 2026, inviting Expressions of Interest (EOI) under the Corporate Insolvency Resolution Process (CIRP). The company is severely distressed, reporting zero revenue in recent quarters (Q3 and Q4 FY26), a FY26 net loss of Rs 34 Cr, and a negative net worth of Rs -144 Cr. The issuance of Form G officially starts the search for resolution applicants to revive or liquidate the company. Given the insolvency proceedings, existing equity faces a high risk of complete write-off or dilution.
- Resolution Professional Alok Kumar Murarka issued Form G inviting Expressions of Interest for the company.
- Form G was dated and published on September 28, 2026, and disclosed to exchanges on October 06, 2026.
- The filing is pursuant to Regulation 30 read with Schedule III, Part A, Para A(16)(h) of SEBI LODR Regulations.
- The company's net worth stands at Rs -144 Cr with a TTM net loss of Rs -34 Cr.
TV Vision Limited reported voting results from the second Committee of Creditors (CoC) meeting held under its Corporate Insolvency Resolution Process (CIRP). The CoC decisively rejected (98.19% against) the ratification of actual CIRP costs of Rs 7,00,481, the appointment of routine legal counsel, and the Resolution Professional's monthly fee of Rs 2,00,000. Conversely, creditors approved employee dues of Rs 2,68,260 for August 2026, the appointment of two registered valuers to determine fair and liquidation values, and accounting/secretarial professionals. This friction between the CoC and the RP highlights operational gridlock amid the company's severe distress (TTM net loss of Rs 34 Cr and negative net worth of Rs -144 Cr).
- CoC rejected CIRP costs of Rs 7,00,481 incurred by the RP with 98.19% votes against
- CoC rejected the proposed monthly fee of Rs 2,00,000 for Resolution Professional Alok Kumar Murarka (98.19% against)
- Approved August 2026 employee dues totaling Rs 2,68,260 and resolved to discontinue two personnel effective October 2026
- Appointed two registered valuers (Bhavin R. Patel at Rs 2,00,000 and M/s V Rudra Asset Reckoners at Rs 2,25,000) to determine Fair and Liquidation Value
- Appointed accounting support at Rs 60,000/month and secretarial compliance support at Rs 45,000/month
TV Vision Limited submitted its voting results and scrutinizer's report for the 19th AGM held on September 29, 2026. Both ordinary resolutions—adopting the audited financial statements for FY26 and reappointing director Mr. Ravi Gautam Adhikari—were passed with 99.9998% approval. A total of 11,550,443 votes were polled, representing 29.8118% of the company's total 38,744,500 shares. The company remains under the Corporate Insolvency Resolution Process (CIRP).
- Resolution 1 (Adoption of FY26 financial statements) passed with 11,550,422 votes in favor (99.9998%) and 21 votes against (0.0002%)
- Resolution 2 (Re-appointment of director Ravi Gautam Adhikari) passed with 99.9998% votes in favor
- Total voter turnout stood at 29.8118%, with 11,550,443 shares polled out of 38,744,500 total shares
- Company is under Corporate Insolvency Resolution Process (CIRP), managed by Resolution Professional Alok Kumar Murarka
TV Vision Limited held its 19th Annual General Meeting on September 29, 2026, chaired by Resolution Professional Alok Kumar Murarka under Section 17 of the IBC. The company confirmed that because it is undergoing Corporate Insolvency Resolution Process (CIRP), there were no material business highlights or operational developments to report. The AGM considered routine business including the adoption of FY26 financial statements and director re-appointment. The company reported TTM net losses of ₹34 Cr and a negative net worth of ₹144 Cr against an annual FY26 revenue of ₹14 Cr.
- AGM held on September 29, 2026, via Video Conferencing with 48 members present.
- Received 6 authorized representations representing 1,18,23,160 equity shares (30.51% of paid-up capital).
- Powers of the Board remain suspended as CIRP proceedings continue under RP Alok Kumar Murarka.
- No material business highlights reported due to ongoing insolvency process.
TV Vision Limited announced that the 2nd meeting of its Committee of Creditors (CoC) is scheduled to be held on September 25, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Financially, TV Vision is severely distressed, reporting zero revenue in the last two quarters (Dec 2025 and Mar 2026) and a negative net worth of -₹144 Cr. Resolution of the insolvency proceedings remains crucial to determining whether the entity will be revived or liquidated.
- 2nd meeting of the Committee of Creditors convened on Friday, September 25, 2026
- Company is operating under Corporate Insolvency Resolution Process (CIRP) under IBC, 2016
- Meeting conducted under Regulation 30 and Para 16(g) of Part A of Schedule III of SEBI LODR
TV Vision Limited announced the closure of its trading window starting October 01, 2026, pursuant to SEBI Prohibition of Insider Trading Regulations. The restriction applies to all insiders and designated persons until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026. The date of the board meeting to approve the financial results will be intimated separately. Notably, the company remains under the Corporate Insolvency Resolution Process (CIRP).
- Trading window closes on October 01, 2026
- Closure extends until 48 hours after declaration of financial results for the quarter and half year ended September 30, 2026
- Board meeting date to consider results to be intimated separately
- Filing submitted under the authority of Resolution Professional Alok Kumar Murarka due to ongoing CIRP
TV Vision Limited has announced the completion of e-voting for resolutions considered at the 1st meeting of its Committee of Creditors (CoC) under ongoing Corporate Insolvency Resolution Process (CIRP). The first CoC meeting was held on August 31, 2026, and subsequent e-voting concluded on September 17, 2026. The company is under financial distress with a negative net worth of Rs -144 Cr and reported an annual loss of Rs -34 Cr on Rs 14 Cr revenue for FY26. The operations are currently managed by Interim Resolution Professional Alok Kumar Murarka.
- First CoC meeting was convened and conducted on August 31, 2026 at 12:30 p.m.
- E-voting on meeting resolutions commenced on September 3, 2026 at 10:00 A.M.
- E-voting concluded on September 17, 2026 at 07:00 P.M.
- Filing registered under insolvency case number C.P.(IB)/143/MB/2026
TV Vision Limited announced the completion of its 1st Committee of Creditors (CoC) meeting held on August 31, 2026, under the Corporate Insolvency Resolution Process (CIRP). The e-voting window for the resolutions considered during the meeting began on September 3, 2026, and concluded on September 17, 2026. The company remains deeply distressed, with FY26 revenue dropping to Rs 14 Cr, a net loss of Rs 34 Cr, and a negative net worth of Rs -144 Cr. Specific voting percentages and resolution outcomes were referenced via platform screenshots but omitted in text form.
- First CoC meeting conducted on August 31, 2026, at 12:30 p.m. under Section 24 of IBC 2016
- Electronic voting period opened on September 3, 2026 (10:00 A.M.) and closed on September 17, 2026 (07:00 P.M.)
- Insolvency proceeding referenced under case number C.P.(IB)/143/MB/2026
- Company is heavily distressed with FY26 net worth of Rs -144 Cr against Rs 9 Cr market cap
TV Vision Limited has issued the notice for its 19th Annual General Meeting scheduled for September 29, 2026, conducted via video conferencing. The company remains under the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated July 30, 2026, with the powers of the Board suspended and vested in Interim Resolution Professional Alok Kumar Murarka. Key agenda items include adopting the FY26 financial statements and the re-appointment of Director Ravi Gautam Adhikari, who retires by rotation. This administrative meeting occurs against a weak financial backdrop, with FY26 revenue at Rs 14 Cr and a net loss of Rs 34 Cr.
- 19th Annual General Meeting to be held on Tuesday, September 29, 2026, at 12:00 P.M. IST
- Company admitted to CIRP by NCLT Mumbai Bench vide order dated July 30, 2026
- Powers of the Board stand suspended and vested in IRP Alok Kumar Murarka
- Ordinary business includes adoption of FY26 financials and re-appointment of Director Ravi Gautam Adhikari
TV Vision Limited has announced that its 19th Annual General Meeting (AGM) will be held on Tuesday, September 29, 2026, at 12:00 PM IST via Video Conferencing. The company's Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026, for the AGM. The company is currently operating under the Corporate Insolvency Resolution Process (CIRP), managed by an Interim Resolution Professional.
- 19th AGM scheduled for Tuesday, September 29, 2026, at 12:00 PM IST via Video Conferencing
- Share transfer books and register of members closed from September 23, 2026, to September 29, 2026
- Annual Report and AGM Notice for financial year 2025-26 being dispatched to shareholders
- Company continues under Corporate Insolvency Resolution Process (CIRP) under an Interim Resolution Professional
TV Vision Limited announced that its Committee of Creditors (CoC) was constituted on August 22, 2026, pursuant to Section 21 of the Insolvency and Bankruptcy Code (IBC). The first meeting of the CoC is scheduled to take place on Monday, August 31, 2026, at 12:30 PM. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Mumbai Bench-I as intimated on July 31, 2026. The company remains in severe financial distress, posting FY26 net losses of Rs 34 Cr and carrying a negative net worth of Rs -144 Cr.
- Committee of Creditors (CoC) constituted on August 22, 2026, under Section 21 of the IBC.
- 01st meeting of the CoC convened for Monday, August 31, 2026, at 12:30 PM.
- Follows initial CIRP admission by NCLT Mumbai Bench-I intimated on July 31, 2026.
- Company operations are managed under Interim Resolution Professional (IRP) Alok Kumar Murarka.
TV Vision Limited's Interim Resolution Professional (IRP) has disclosed the certified list of creditors under the ongoing Corporate Insolvency Resolution Process (CIRP), which commenced on July 30, 2026. A total of 17 claims amounting to ₹403.84 Cr were received, of which ₹383.71 Cr have been admitted. Punjab National Bank is the sole secured financial creditor with admitted claims of ₹320.64 Cr, holding a 98.19% voting share in the Committee of Creditors (CoC). Operational creditor claims admitted stand at ₹57.17 Cr, with ₹19.63 Cr remaining under verification.
- Total claims received amounted to ₹4,03,83,66,908.04, with ₹3,83,71,04,181.04 admitted by the IRP.
- Punjab National Bank holds ₹3,20,63,54,303.70 in admitted secured debt, giving it a 98.19% voting share in the CoC.
- Operational creditors submitted ₹76.80 Cr in claims, with ₹57.17 Cr admitted and ₹19.63 Cr under verification.
- Unsecured financial creditors have admitted claims of ₹5,90,50,725.34.
TV Vision reported consolidated revenue of ₹24.45 Lakhs (₹0.24 Cr) for Q1 ended June 30, 2026, down 96.8% YoY from ₹758.46 Lakhs. Consolidated net loss stood at ₹364.13 Lakhs compared to a net loss of ₹519.48 Lakhs in Q1 FY25. The company has entered Corporate Insolvency Resolution Process (CIRP) following an NCLT admission on July 30, 2026, initiated by Punjab National Bank (PNB). Statutory auditors issued a qualified conclusion, citing unrecorded lender claims of ₹195.50 Cr and unprovided asset and investment impairments totaling over ₹41.96 Cr.
- Consolidated revenue from operations dropped 96.8% YoY to ₹24.45 Lakhs in Q1.
- Consolidated net loss recorded at ₹364.13 Lakhs with Basic EPS of ₹(0.94).
- NCLT Mumbai admitted the company to CIRP on July 30, 2026, following a petition by PNB.
- Auditors flagged a ₹195.50 Cr understatement in liabilities/losses against PNB's total claim of ₹294.43 Cr.
- Unprovided investment diminution of ₹3,312 Lakhs and commercial rights impairment of ₹884.10 Lakhs noted by auditors.
Financial Performance
Revenue Growth by Segment
The Company operates in a single primary business segment, Broadcasting. Total revenue for the year ended March 31, 2025, was INR 53.24 Cr, representing an 8.77% decline from INR 58.36 Cr in the previous year. This decline is attributed to a general fall in linear television advertising and subscription revenues across the industry.
Geographic Revenue Split
While specific percentage splits are not disclosed, the company maintains a presence in India (Mumbai, Vadodara, Kochi) and overseas (Dubai, London, New York, Melbourne), indicating a diversified but unquantified geographic reach.
Profitability Margins
Profitability has severely deteriorated. The Operating Profit Margin worsened from -10% in FY24 to -21% in FY25. The Net Profit Margin also declined from -41% to -50% in the same period, driven by rising losses and stagnant revenue.
EBITDA Margin
The EBITDA margin stands at -21% for FY25, a significant drop from -10% in FY24. This negative trend reflects the company's inability to cover its operating costs as the broadcasting business faces structural headwinds from digital competition.
Capital Expenditure
Capital expenditure is minimal; additions to fixed assets amounted to only INR 0.013 Cr (INR 1.31 lakhs) in FY25, down from INR 0.015 Cr (INR 1.56 lakhs) in the prior period, indicating a lack of investment in new infrastructure.
Credit Rating & Borrowing
The company is rated 'CARE D; ISSUER NOT COOPERATING', indicating default. It has defaulted on bank facilities totaling INR 24.39 Cr. Borrowing costs are not explicitly stated as banks have stopped charging interest or reversed unpaid interest due to the accounts being classified as Non-Performing Assets (NPA).
Operational Drivers
Raw Materials
The primary 'raw material' for broadcasting is content and programming rights. Depreciation and amortization on these intangible assets amounted to INR 14.81 Cr in FY25, representing a significant portion of the cost structure.
Capacity Expansion
The company has 39 permanent employees. There are no specific mentions of physical capacity expansion; however, the net block of intangible assets (content) stood at INR 27.19 Cr as of March 31, 2025.
Raw Material Costs
Content production and acquisition costs are high; the company notes that producing 'differentiated content' increases production costs, which is a major factor in the operating loss of INR 11.37 Cr before working capital changes.
Manufacturing Efficiency
Not applicable as the company is in the service-based broadcasting sector.
Logistics & Distribution
Distribution is handled via digital and satellite networks; costs are not specifically broken down but are linked to channel placement fees on DTH/Cable platforms.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
The company aims to achieve growth by expanding into digital media platforms and new-age media content to counter the decline in linear TV. It also seeks to grow its advertiser base and leverage government initiatives like the 100% FDI limit in cable and DTH to attract institutional funding.
Products & Services
TV Channel Broadcasting (channels like Mastiii and Dabangg) and the sale of program/content rights.
Brand Portfolio
Mastiii, Dabangg, and Sri Adhikari Brothers Enterprise.
New Products/Services
Expansion into digital media platforms and 'various genres of programming' based on demand, though specific revenue contribution percentages for new launches are not provided.
Market Expansion
The company targets international markets through branches in Dubai, London, New York, and Melbourne to diversify its viewership base.
External Factors
Industry Trends
The share of traditional media in the M&E sector fell to 41% in 2023. Connected TVs grew to 30 million units, siphoning viewership away from linear channels like Mastiii.
Competitive Landscape
Intense competition from both traditional broadcasters and rapidly growing OTT/Digital platforms.
Competitive Moat
The company has a weak moat. Low entry barriers in the broadcasting industry and the 'vast plethora of channels' available have led to intense competition and a loss of pricing power.
Macro Economic Sensitivity
Highly sensitive to corporate advertising budgets. While the Indian M&E sector is expected to grow at 7-10% CAGR, the traditional TV segment is underperforming the broader market.
Consumer Behavior
A significant shift in consumer preference toward digital and 'Free TV' (DD Free Dish) has led to a 3% fall in subscription revenues for the industry.
Geopolitical Risks
Operations in multiple international cities expose the company to varying regulatory and economic conditions in the UK, US, UAE, and Australia.
Regulatory & Governance
Industry Regulations
Subject to TRAI regulations and Ministry of Information and Broadcasting norms. The company notes that changes in tax laws and regulatory frameworks are a constant risk to revenue.
Taxation Policy Impact
The company paid INR 0.25 Cr in direct taxes in FY24, but nil in FY25 due to mounting losses.
Legal Contingencies
The company faces significant legal and financial risk; its accounts are classified as NPA, and secured lenders have invoked pledged shares and corporate guarantees. There is a 'material uncertainty' regarding its ability to continue as a going concern due to a negative total equity of INR 158.95 Cr as of September 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is 'Going Concern' status. With negative equity of INR 158.95 Cr and a current ratio of 0.11, the company lacks the liquidity to meet its INR 172.82 Cr in current liabilities.
Geographic Concentration Risk
Revenue is primarily concentrated in India, making it highly vulnerable to domestic economic cycles and Indian advertiser sentiment.
Third Party Dependencies
Heavy reliance on MSOs and DTH operators for channel carriage; any failure to pay carriage fees could result in the channels being taken off-air.
Technology Obsolescence Risk
High risk; the rapid adoption of 5G and broadband is accelerating the obsolescence of linear music and movie channels.
Credit & Counterparty Risk
Extremely high risk; the company itself is a credit risk to its lenders (CARE D rating), and its own debtors are taking longer to pay (turnover ratio fell 72%).
