New Delhi Television Ltd Forensic Report - SOIC x StockScans Report

as of Jul 2026

NDTV’s record is a study in scale mismatch: a ₹528 crore revenue base carries over ₹2,000 crore of contested government demands, and shareholder-approved related-party loan limits for the coming year alone reach ₹858.90 crore. The audit opinions have been unqualified since FY2022, but the company has not generated positive operating cash flow in four years, and other equity turned negative to ₹742.15 crore in FY2026.

Key findings

  1. Contested tax and regulatory demands exceed ₹2,000 crore, with multiple matters advancing through courts Major - A penalty of ₹436.8 crore for AY 2009-10 is stayed by the Delhi High Court, with a hearing scheduled 9 July 2026. A transfer-pricing demand of ₹420.36 crore received a complete stay on 28 April 2026. Two FEMA show-cause notices from the Directorate of Enforcement allege contraventions of ₹1,626.44 crore and ₹4,183.01 crore; compounding applications remain pending with the RBI as of 15 December 2025.
  2. A ₹157.51 crore impairment of an investment in a related entity drove the FY26 standalone loss Major - NDTV recognised a provision for other than temporary diminution in its investment in Lifestyle & Media Holdings Limited of ₹157.51 crore in the standalone profit and loss for FY2026. Consolidated goodwill stood at only ₹0.03 crore as of March 2025, and management stated it does not foresee any impairment risk because the subsidiary is a profitable Cash Generating Unit.
  3. Operating cash flows have been negative for four consecutive years, and no dividend has been paid for seven years Major - Operating cash flow was negative ₹258 crore in FY26, negative ₹144 crore in FY25, negative ₹67.59 crore in FY24, and negative ₹12.95 crore in FY23. The Board did not recommend a dividend for any year from FY2019-20 through FY2025-26. A rights issue in October 2025 raised ₹396.49 crore for expansion, brand-building, debt reduction, and general corporate purposes.
  4. Audit opinions have been unqualified since FY2022, but cash losses reached ₹248.89 crore in FY2026 Major - The standalone audit opinion was unqualified in every year from FY2019-20 through FY2025-26. The CARO report for FY2025-26 states the Company incurred cash losses of ₹248.89 crore in the current financial year and ₹175.89 crore (after including the amounts of merged entities) in the immediately preceding financial year. The auditor included a Material Uncertainty Related to Going Concern paragraph in FY2019-20 and FY2020-21, but no such paragraph has appeared since.
  5. A decade-long multi-front regulatory onslaught has seen several proceedings quashed, but significant matters remain pending Major - The Delhi High Court quashed the ED’s ECIR under PMLA on 18 August 2025. The CBI closure report was accepted by the Rouse Avenue Court on 23 January 2025, holding no criminality was found. SEBI concluded on 29 May 2026 that NDTV had not violated listing regulations regarding 2009 arrangements and disposed of proceedings without penalty. SEBI’s appeal to the Supreme Court against the SAT order reducing a penalty from ₹5 crore to ₹0.10 crore remains pending.

What to watch

Bottom line: This is a company whose legal record has improved materially, the CBI closure was accepted, the PMLA ECIR was quashed, and SEBI closed one proceeding without penalty, but whose financial position has deteriorated sharply. The core tension is between a ₹528 crore revenue base and obligations that dwarf it: over ₹2,000 crore in contested demands, ₹858.90 crore in approved related-party loan limits, and negative equity that turns the debt ratio inside out. Watch the 9 July 2026 Delhi High Court hearing and whether the inter-corporate loans from Adani group entities are drawn, because those two levers will define the balance sheet this company carries into the next financial year.