TV Today Q1 FY27: PAT jumps 40% YoY to ₹10.3 Cr as margins expand on cost control

TV Today Network's consolidated revenue came in at ₹206.22 Cr, up 4.58% YoY but down 3.40% QoQ from Q4 FY26's ₹213.47 Cr. Consolidated net profit was ₹10.26 Cr, up 39.59% YoY from ₹7.35 Cr and up 13.75% QoQ from ₹9.02 Cr; basic EPS rose to ₹1.72 from ₹1.23 a year ago. Standalone PAT of ₹10.49 Cr (+43.31% YoY) tracks closely with the consolidated print, so there is no material divergence between the two bases. Neither the current nor the year-ago quarter carried exceptional items, so the YoY PAT growth is on a clean, comparable footing — unlike the QoQ comparison, where Q4 FY26 included a ₹2.72 Cr exceptional-item reversal that flattered that base. The margin story is the real driver of the print. Net profit margin (PAT/total income) expanded to 4.83% from 3.53% a year ago and 3.97% last quarter; operating margin (PBT before exceptional items/revenue from operations) rose to 6.66% from 5.07% YoY and 4.49% QoQ. This expansion came from cost discipline, not favourable other income — other income actually fell 39% YoY to ₹6.44 Cr from ₹10.64 Cr. Total expenses of the continuing television/media business grew just 0.55% YoY to ₹198.92 Cr (from ₹197.83 Cr) against 4.58% revenue growth: production cost rose 12.4% to ₹25.45 Cr, but employee benefits expense was nearly flat (+0.9%) and other expenses fell 3.5%, giving the topline growth full operating leverage. No quarter-specific street estimates for Q1 FY27 were found — the result was declared today (Aug 5, 2026) and no pre-result previews surfaced in a search; the only reference point available is a broader analyst view (Univest) projecting 15-20% full-year FY27 PAT growth, against which this quarter's 39.59% YoY PAT growth is running well ahead, though one quarter doesn't set the annual trend. Management has issued no formal guidance on record, so vsGuidance cannot be assessed either, and no management press-release commentary was available to cross-check against the print. The Radio business remains classified as a disposal group held for sale after MIB and WPC approvals for its sale to Abhijit Realtors for ₹10 Cr; it added a net ₹0.15 Cr to this quarter's consolidated profit. Also on record this quarter, none bearing materially on the P&L: no final FY26 dividend, AGM set for Sep 17, 2026, and a May 2026 ITAT ruling in the company's favour on a tax dispute. Going into Q2 FY27, the print sets up a test of whether the cost discipline behind this quarter's margin gain — achieved despite a revenue base that dipped sequentially and other income that fell YoY — can be sustained as the Radio divestiture moves toward completion and the core TV/media segment carries full operating weight.