Network18 slips to ₹38 Cr consolidated Q1 loss as one-off ETPL gain lapses; revenue +10% YoY

Network18 reported a consolidated net loss of ₹38.36 Cr for Q1 FY27 (quarter ended June 30, 2026), against a ₹148.85 Cr profit a year earlier — but that comparison flatters the decline. The entire year-ago profit came from a ₹150.64 Cr exceptional gain booked when Eenadu Television (ETPL) ceased to be an associate; stripping that out, Q1 FY26 was itself a ~₹1.79 Cr loss, so the clean, underlying picture is a loss in both periods that widened to ₹38.36 Cr. There was no exceptional item and effectively no tax this quarter. The loss also deepened sequentially, from ₹29.61 Cr in Q4 FY26.

Revenue from operations rose 10.3% YoY to ₹516.26 Cr (from ₹467.86 Cr), aided by advertising tailwinds from the West Bengal and Tamil Nadu state elections — management said ad-inventory consumption grew ~10% YoY versus an estimated ~3% for the industry, with 15 channels ranked No.1 in their categories in June and Moneycontrol Pro past one million paid subscribers. But revenue fell 16.2% QoQ off the seasonally stronger ₹615.78 Cr Q4, and the growth did not reach the bottom line: consolidated operating margin compressed sharply to 8.76% from 15.92% a year ago, with operating EBITDA at just ~₹8 Cr. Costs rose broadly — employee expense to ₹208.34 Cr and marketing/distribution to ₹141.03 Cr.

The stock went into the print at ₹28.62, down 13.7% over the past month of trading.

Two lines explain the swing to a wider loss. First, the associate/JV contribution halved to ₹37.74 Cr from ₹70.32 Cr YoY — this line (which houses the BookMyShow/Big Tree cluster) is what lifts the group above the ₹76.10 Cr standalone-level operating loss, and its shrinkage directly widened the deficit. Second, the standalone media business alone lost ₹77.92 Cr on ₹475.28 Cr revenue, showing the core operation remains structurally loss-making before associate income. Network18 gives no formal earnings guidance and no brokerage consensus estimate was on record for the quarter, so there is no beat/miss to strike; the read-through is simply that a 10% topline print masked continued operating losses and margin erosion once the prior-year one-off is removed.