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Raj Television Network Ltd

RAJTV

NSE

₹8.22-4.97%19 Oct 2026

Reports

Entertainment Electronic Media

Raj Television Network Ltd

RAJTV

NSE

₹8.22

-4.97%

19 Oct 2026

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Entertainment Electronic Media

Indices

Business Overview: What the company does, in plain English.

Raj Television Network is fundamentally a family-run vault of South Indian screen culture that has spent three decades turning a single Tamil channel into a 14-channel network across five languages - its recurring approach is to own a deep library of retro and classic content, produce much of what it airs in-house, and distribute it everywhere from cable to a proprietary OTT app. The company began in 1983 as a video cassette lending library and electronics shop before launching India’s second Tamil satellite channel in 1994, and it still operates as a tightly held promoter-group business with no subsidiaries.

Business segments

A single integrated broadcasting engine that earns from advertising and subscription fees, supported by an in-house content factory and a small film-rights trading desk - all reported as one ‘Media and Entertainment’ unit.

1. Satellite broadcasting: the flagship engine that reaches over 95 million homes

Fourteen channels in five languages earn money the way all television does - advertisers pay for audiences, and cable and DTH operators pay for the signal.

A multi-language, multi-genre bouquet - the network carries 14 channels and holds 14 broadcasting licences across Tamil, Telugu, Kannada, Malayalam, and Hindi, spanning general entertainment, movies, music, news, and comedy, with a kids’ channel in the pipeline.
Paid by advertisers and platforms - revenue comes from advertising (air-time charges and slot sales) and from subscription fees billed to cable and DTH operators based on the number of subscriber points at contracted rates; two channels launched in April 2024 were converted to pay channels in July 2024, with Raj Nagaichuvai priced at ₹1.5 per subscriber and Raj Pariwar at ₹0.75.
Distribution is nationwide and cross-border - the signal travels through a network of cable and DTH platforms across India and reaches viewers in Southeast Asia, the Middle East, and more than 172 countries, with one international channel dedicated to non-Indian audiences in their native languages.
Infrastructure is owned, not rented - the company operates its own uplinking station and exclusive transponder facility, giving it control over transmission rather than depending entirely on third-party teleport operators.

2. Content production and library: the vault that feeds the channels

Over 100,000 hours of owned programming - much of it self-produced - gives the network a cost advantage and a unique pull with audiences who want retro and classic films.

Self-produced content builds an IP moat - in-house production lets the company retain complete rights to its shows and films, so it can re-air and re-license them without paying recurring licence fees.
A library that spans generations - the catalogue of more than 100,000 hours leans heavily on evergreen and classic movies, which creates a “unique cultural connect” and draws audiences looking for retro Tamil cinema that newer platforms often lack.
Studios, a music label, and a movie unit under one roof - the company houses an in-house TV studio, a film production and distribution arm, and its own music label, which means it can produce a variety of formats without outsourcing the entire pipeline.
Content acquisition fills the gaps - alongside its own productions, the company spends on acquiring movie and music rights for broadcast, digital, and international use, and has bought and resold film rights when market conditions were favourable.

3. Digital and OTT: the direct-to-consumer bet

A subscription video-on-demand app, launched in 2022, puts the library directly on phones and smart TVs - priced at as little as one rupee a day.

A low-cost, library-first app - RAJ DIGITAL TV offers over 1,000 Tamil movies, music videos, TV shows, and live channels in four South Indian languages, with subscription plans that start at a monthly ₹29 and top out at ₹299 per year.
Built on a partner’s rails - the platform runs on AIRTEL IQ as the technology and backend partner, so the company did not have to build streaming infrastructure from scratch.
A hybrid cable-plus-streaming box - the company also offers a hybrid Digital Cable TV and OTT service, letting customers access content at home through a single device rather than switching between cable and a separate streaming stick.

Group structure and partners

A standalone, promoter-held company with no subsidiaries - the four founding brothers run the business and sit on the board alongside one spouse.

The promoter group consists of the four brothers - M. Raajhendhran (Chairman & Managing Director), M. Rajaratnam, M. Ravindran, and M. Ragunathan (all Whole-Time Directors) - and Mrs. R. Vijayalakshmi, spouse of Mr. M. Ravindran, who serves as a Non-Executive Director.
The company has no subsidiaries, joint ventures, or associates; it does not prepare consolidated accounts.
The OTT platform’s technology partner is AIRTEL IQ, which provides the backend for RAJ DIGITAL TV.
The company is listed on both NSE and BSE, with a paid-up equity share capital of ₹25.95 crore divided into 5.19 crore shares of ₹5 each as of March 2025.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹43Cr

Close Price

₹8.22

Industry

Entertainment Electronic Media

Price To Earnings

—

Price To Sales

0.62

Revenue

₹68Cr

Rev Gr TTM

Revenue Growth TTM

-41.48%

PAT Gr TTM

PAT Growth TTM

84.96%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	40	16	25	36	43	22	17	16	16	21	15
Growth YoY Revenue Growth YoY%	60.7	137.2	-58.1	-6.8	53.2	8.0	34.1	-34.8	-56.1	-61.6	-1.9	-9.7
Expenses ExpensesCr	22	39	14	44	34	41	26	15	15	16	21	15
Operating Profit Operating ProfitCr	1	0	2	-18	2	1	-4	1	1	1	1	0
OPM OPM%	4.7	1.2	10.7	-71.2	4.2	3.1	-20.5	8.2	6.8	5.4	3.7	-2.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	1	-20	0	0	-6	1	0	0	0	-1
Tax TaxCr	0	0	0	-3	0	0	-1	0	0	0	0	0
PAT PATCr	0	0	1	-17	0	0	-4	0	0	0	0	-1
Growth YoY PAT Growth YoY%	109.1	-91.7	-34.4	-6,852.0	250.0	158.7	-552.5	102.1	142.9	-81.5	104.9	-388.6
NPM NPM%	0.1	-1.2	6.1	-66.4	0.2	0.6	-20.6	2.1	1.1	0.3	1.0	-6.8
EPS EPS₹	0.1	-0.1	0.2	-3.3	0.0	0.1	-0.9	0.1	0.0	0.0	0.0	-0.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	40	16	25	36	43	22	17	16	16	21	15
Growth YoY Revenue Growth YoY%	60.7	137.2	-58.1	-6.8	53.2	8.0	34.1	-34.8	-56.1	-61.6	-1.9	-9.7
Expenses ExpensesCr	22	39	14	44	34	41	26	15	15	16	21	15
Operating Profit Operating ProfitCr	1	0	2	-18	2	1	-4	1	1	1	1	0
OPM OPM%	4.7	1.2	10.7	-71.2	4.2	3.1	-20.5	8.2	6.8	5.4	3.7	-2.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	1	-20	0	0	-6	1	0	0	0	-1
Tax TaxCr	0	0	0	-3	0	0	-1	0	0	0	0	0
PAT PATCr	0	0	1	-17	0	0	-4	0	0	0	0	-1
Growth YoY PAT Growth YoY%	109.1	-91.7	-34.4	-6,852.0	250.0	158.7	-552.5	102.1	142.9	-81.5	104.9	-388.6
NPM NPM%	0.1	-1.2	6.1	-66.4	0.2	0.6	-20.6	2.1	1.1	0.3	1.0	-6.8
EPS EPS₹	0.1	-0.1	0.2	-3.3	0.0	0.1	-0.9	0.1	0.0	0.0	0.0	-0.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	82	61	62	62	59	78	69	85	106	126	70	68
Growth Revenue Growth%	-0.1	-25.8	0.6	1.0	-4.9	32.4	-11.6	22.4	25.6	18.2	-44.3	-41.5
Expenses ExpensesCr	77	54	51	49	48	67	58	79	102	146	66	66
Operating Profit Operating ProfitCr	5	8	10	14	11	12	12	6	5	-20	4	2
OPM OPM%	6.4	12.4	16.8	21.8	19.2	14.7	16.9	6.7	4.5	-15.7	5.9	3.5
Other Income Other IncomeCr	0	1	2	1	0	0	0	1	0	0	1	0
Interest Expense Interest ExpenseCr	5	5	5	5	4	5	4	3	3	4	3	3
Depreciation DepreciationCr	7	7	7	6	7	7	7	2	2	2	1	1
PBT PBTCr	-5	-3	0	4	0	0	1	2	1	-25	1	-1
Tax TaxCr	1	2	1	-2	0	0	0	1	0	-4	0	0
PAT PATCr	-6	-5	-1	5	0	0	1	1	1	-21	1	-1
Growth PAT Growth%	-174.2	20.9	71.3	493.1	-99.8	1,008.9	723.8	3.6	-28.4	-2,707.8	103.8	85.0
NPM NPM%	-7.3	-7.8	-2.2	8.7	0.0	0.2	1.6	1.3	0.8	-16.7	1.1	-0.8
EPS EPS₹	-1.2	-0.9	-0.3	1.0	0.0	0.0	0.2	0.2	0.2	-4.0	0.1	-0.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	82	61	62	62	59	78	69	85	106	126	70	68
Growth Revenue Growth%	-0.1	-25.8	0.6	1.0	-4.9	32.4	-11.6	22.4	25.6	18.2	-44.3	-41.5
Expenses ExpensesCr	77	54	51	49	48	67	58	79	102	146	66	66
Operating Profit Operating ProfitCr	5	8	10	14	11	12	12	6	5	-20	4	2
OPM OPM%	6.4	12.4	16.8	21.8	19.2	14.7	16.9	6.7	4.5	-15.7	5.9	3.5
Other Income Other IncomeCr	0	1	2	1	0	0	0	1	0	0	1	0
Interest Expense Interest ExpenseCr	5	5	5	5	4	5	4	3	3	4	3	3
Depreciation DepreciationCr	7	7	7	6	7	7	7	2	2	2	1	1
PBT PBTCr	-5	-3	0	4	0	0	1	2	1	-25	1	-1
Tax TaxCr	1	2	1	-2	0	0	0	1	0	-4	0	0
PAT PATCr	-6	-5	-1	5	0	0	1	1	1	-21	1	-1
Growth PAT Growth%	-174.2	20.9	71.3	493.1	-99.8	1,008.9	723.8	3.6	-28.4	-2,707.8	103.8	85.0
NPM NPM%	-7.3	-7.8	-2.2	8.7	0.0	0.2	1.6	1.3	0.8	-16.7	1.1	-0.8
EPS EPS₹	-1.2	-0.9	-0.3	1.0	0.0	0.0	0.2	0.2	0.2	-4.0	0.1	-0.1

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	26	26	26	26	26	26	26	26	26	26	26
Reserves ReservesCr	122	112	111	116	115	116	117	118	119	98	98
Current Liabilities Current LiabilitiesCr	43	18	26	29	42	39	29	45	25	45	29
Non Current Liabilities Non Current LiabilitiesCr	13	31	27	20	15	17	18	12	14	21	17
Total Liabilities Total LiabilitiesCr	203	187	189	191	199	198	190	201	183	190	171
Current Assets Current AssetsCr	82	49	57	57	65	70	66	57	39	51	34
Non Current Assets Non Current AssetsCr	121	138	132	134	134	128	123	144	144	139	137
Total Assets Total AssetsCr	203	187	189	191	199	198	190	201	183	190	171

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	26	26	26	26	26	26	26	26	26	26	26
Reserves ReservesCr	122	112	111	116	115	116	117	118	119	98	98
Current Liabilities Current LiabilitiesCr	43	18	26	29	42	39	29	45	25	45	29
Non Current Liabilities Non Current LiabilitiesCr	13	31	27	20	15	17	18	12	14	21	17
Total Liabilities Total LiabilitiesCr	203	187	189	191	199	198	190	201	183	190	171
Current Assets Current AssetsCr	82	49	57	57	65	70	66	57	39	51	34
Non Current Assets Non Current AssetsCr	121	138	132	134	134	128	123	144	144	139	137
Total Assets Total AssetsCr	203	187	189	191	199	198	190	201	183	190	171

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-12	12	19	17	8	3	31	4	-5	8
Investing Cash Flow Investing Cash FlowCr	-2	-11	-2	-7	-7	0	-1	-24	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	19	-10	-12	-10	-7	-3	-7	-4	3	-8
Net Cash Flow Net Cash FlowCr	2	-3	0	0	0	0	0	0	0	-2	0
Free Cash Flow Free Cash FlowCr	2	-21	11	13	17	7	3	7	4	-5	8
CFO To PAT CFO To PAT%	-73.7	242.3	-848.5	354.1	1,45,019.6	5,716.3	300.1	2,736.4	471.5	24.6	951.8
CFO To EBITDA CFO To EBITDA%	85.0	-153.3	112.6	141.1	151.5	65.3	27.9	539.9	78.4	26.2	183.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-12	12	19	17	8	3	31	4	-5	8
Investing Cash Flow Investing Cash FlowCr	-2	-11	-2	-7	-7	0	-1	-24	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	19	-10	-12	-10	-7	-3	-7	-4	3	-8
Net Cash Flow Net Cash FlowCr	2	-3	0	0	0	0	0	0	0	-2	0
Free Cash Flow Free Cash FlowCr	2	-21	11	13	17	7	3	7	4	-5	8
CFO To PAT CFO To PAT%	-73.7	242.3	-848.5	354.1	1,45,019.6	5,716.3	300.1	2,736.4	471.5	24.6	951.8
CFO To EBITDA CFO To EBITDA%	85.0	-153.3	112.6	141.1	151.5	65.3	27.9	539.9	78.4	26.2	183.1

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	296	306	278	188	171	162	206	204	304	442	173	43
Price To Earnings Price To Earnings				34.8		1,040.0	188.6	178.8	366.5		222.5
Price To Sales Price To Sales	3.6	5.0	4.5	3.0	2.9	2.1	3.0	2.4	2.9	3.5	2.5	0.6
Price To Book Price To Book	2.9	3.3	3.0	1.9	1.8	1.7	2.1	2.0	3.0	5.6	2.2	0.5
EV To EBITDA EV To EBITDA	61.9	45.0	30.3	15.7	17.1	15.8	19.4	38.9	66.3	-23.7	47.1	28.1
Profitability Ratios Profitability Ratios
GPM GPM%	50.4	65.6	72.2	69.8	75.3	47.3	50.3	42.5	26.0	7.0	36.6	36.6
OPM OPM%	6.4	12.4	16.8	21.8	19.2	14.7	16.9	6.7	4.5	-15.7	5.9	3.5
NPM NPM%	-7.3	-7.8	-2.2	8.7	0.0	0.2	1.6	1.3	0.8	-16.7	1.1	-0.8
ROCE ROCE%	-0.5	1.0	3.2	5.1	2.9	3.0	3.1	2.9	2.3	-14.0	2.7	2.7
ROE ROE%	-4.1	-3.5	-1.0	3.8	0.0	0.1	0.8	0.8	0.6	-17.0	0.6	0.6
ROA ROA%	-3.0	-2.6	-0.7	2.8	0.0	0.1	0.6	0.6	0.4	-11.1	0.5	0.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	296	306	278	188	171	162	206	204	304	442	173	43
Price To Earnings Price To Earnings				34.8		1,040.0	188.6	178.8	366.5		222.5
Price To Sales Price To Sales	3.6	5.0	4.5	3.0	2.9	2.1	3.0	2.4	2.9	3.5	2.5	0.6
Price To Book Price To Book	2.9	3.3	3.0	1.9	1.8	1.7	2.1	2.0	3.0	5.6	2.2	0.5
EV To EBITDA EV To EBITDA	61.9	45.0	30.3	15.7	17.1	15.8	19.4	38.9	66.3	-23.7	47.1	28.1
Profitability Ratios Profitability Ratios
GPM GPM%	50.4	65.6	72.2	69.8	75.3	47.3	50.3	42.5	26.0	7.0	36.6	36.6
OPM OPM%	6.4	12.4	16.8	21.8	19.2	14.7	16.9	6.7	4.5	-15.7	5.9	3.5
NPM NPM%	-7.3	-7.8	-2.2	8.7	0.0	0.2	1.6	1.3	0.8	-16.7	1.1	-0.8
ROCE ROCE%	-0.5	1.0	3.2	5.1	2.9	3.0	3.1	2.9	2.3	-14.0	2.7	2.7
ROE ROE%	-4.1	-3.5	-1.0	3.8	0.0	0.1	0.8	0.8	0.6	-17.0	0.6	0.6
ROA ROA%	-3.0	-2.6	-0.7	2.8	0.0	0.1	0.6	0.6	0.4	-11.1	0.5	0.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SAMBHAAV	BAWEJA	CYBERMEDIA	RAJTV	SAHARA	NEXTMEDIA	SITINET
Market CapitalizationMkt CapCr	112	49	47	43	34	23	21
Close PriceClose₹	5.87	26.40	18.02	8.22	15.65	3.49	0.24
IndustryIndustry	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media
Price To EarningsPE		8.02	7.33
Price To SalesPS	2.58	0.71	0.36	0.62			0.02
RevenueRevenueCr	44	69	128	68	0	0	1,134
Revenue Growth TTMRev Gr TTM%	3.7%	-8.8%	39.1%	-41.5%	-100.0%		-6.8%
PAT Growth TTMPAT Gr TTM%	-821.0%	-26.7%	152.1%	85.0%	-31.1%	-222.3%	-20.4%

	SAMBHAAV	BAWEJA	CYBERMEDIA	RAJTV	SAHARA	NEXTMEDIA	SITINET
Market CapitalizationMkt CapCr	112	49	47	43	34	23	21
Close PriceClose₹	5.87	26.40	18.02	8.22	15.65	3.49	0.24
IndustryIndustry	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media	Entertainment Electronic Media
Price To EarningsPE		8.02	7.33
Price To SalesPS	2.58	0.71	0.36	0.62			0.02
RevenueRevenueCr	44	69	128	68	0	0	1,134
Revenue Growth TTMRev Gr TTM%	3.7%	-8.8%	39.1%	-41.5%	-100.0%		-6.8%
PAT Growth TTMPAT Gr TTM%	-821.0%	-26.7%	152.1%	85.0%	-31.1%	-222.3%	-20.4%

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Jun 26