Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹450Cr
Rev Gr TTM
Revenue Growth TTM
17.38%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -40.4 | -32.2 | -22.2 | -2.3 | 21.2 | 25.3 | -13.8 | -4.7 | -12.9 | 3.6 | 36.7 | 50.7 |
| 148 | 160 | 172 | 193 | 153 | 161 | 162 | 153 | 164 | 163 | 162 | 162 |
Operating Profit Operating ProfitCr |
| 0.0 | -14.1 | -13.3 | -15.2 | 14.6 | 8.4 | -24.1 | 4.1 | -5.3 | 10.8 | 9.6 | 32.5 |
Other Income Other IncomeCr | -22 | 11 | 4 | 3 | 4 | 9 | 2 | 1 | -5 | 1 | 1 | 1 |
Interest Expense Interest ExpenseCr | 7 | 6 | 5 | 5 | 8 | 8 | 7 | 8 | 7 | 5 | 5 | 5 |
Depreciation DepreciationCr | 23 | 19 | 20 | 19 | 27 | 30 | 30 | 30 | 29 | 27 | 27 | 26 |
| -53 | -34 | -41 | -46 | -5 | -14 | -67 | -30 | -50 | -11 | -13 | 49 |
| -7 | -9 | -11 | -11 | 2 | -4 | -17 | -7 | -13 | -3 | 2 | -4 |
|
Growth YoY PAT Growth YoY% | 11.0 | -409.0 | -154.1 | -87.4 | 85.8 | 59.0 | -62.4 | 37.6 | -464.7 | 15.1 | 68.8 | 335.4 |
| -31.0 | -18.0 | -20.3 | -21.5 | -3.6 | -5.9 | -38.1 | -14.1 | -23.6 | -4.8 | -8.7 | 22.0 |
| -0.7 | -0.4 | -0.5 | -0.6 | -0.1 | -0.2 | -0.8 | -0.4 | -0.6 | -0.1 | -0.3 | 0.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 62.4 | -0.3 | -17.1 | 27.5 | 19.8 | -8.0 | 2.7 | 33.6 | -16.9 | -11.4 | -2.6 | 21.8 |
| 500 | 464 | 350 | 441 | 513 | 449 | 431 | 613 | 655 | 677 | 640 | 650 |
Operating Profit Operating ProfitCr |
| 8.2 | 14.5 | 22.2 | 23.2 | 25.3 | 28.9 | 33.6 | 29.3 | 9.1 | -6.1 | -3.0 | 14.1 |
Other Income Other IncomeCr | 3 | 12 | 14 | 4 | -51 | -314 | -6 | -204 | -17 | 22 | 8 | -2 |
Interest Expense Interest ExpenseCr | 53 | 49 | 15 | 18 | 18 | 24 | 24 | 38 | 30 | 24 | 30 | 22 |
Depreciation DepreciationCr | 50 | 47 | 27 | 41 | 55 | 88 | 81 | 85 | 92 | 85 | 119 | 108 |
| -56 | -4 | 71 | 79 | 49 | -243 | 107 | -73 | -73 | -127 | -160 | -25 |
| -12 | 1 | 23 | 30 | 36 | 28 | 31 | 45 | -4 | -28 | -40 | -17 |
|
| -302.4 | 89.5 | 1,162.1 | 1.7 | -73.1 | -2,158.0 | 127.9 | -255.4 | 41.5 | -43.0 | -21.3 | 93.0 |
| -7.9 | -0.8 | 10.7 | 8.5 | 1.9 | -42.9 | 11.7 | -13.6 | -9.6 | -15.4 | -19.2 | -1.1 |
| -1.3 | -0.1 | -0.4 | 0.4 | -0.1 | -5.8 | 1.6 | -2.1 | -1.1 | -1.6 | -1.9 | -0.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 36 | 44 | 47 | 47 | 47 | 47 | 47 | 63 | 63 | 63 | 63 | 63 |
| 325 | 500 | 469 | 625 | 591 | 318 | 469 | 353 | 284 | 186 | 67 | 134 |
Current Liabilities Current LiabilitiesCr | 328 | 190 | 212 | 239 | 271 | 206 | 266 | 313 | 331 | 531 | 502 | 515 |
Non Current Liabilities Non Current LiabilitiesCr | 295 | 356 | 442 | 120 | 134 | 155 | 307 | 203 | 155 | 148 | 158 | 126 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 206 | 316 | 230 | 232 | 358 | 328 | 730 | 521 | 234 | 252 | 279 | 277 |
Non Current Assets Non Current AssetsCr | 788 | 788 | 957 | 820 | 684 | 398 | 375 | 451 | 638 | 716 | 601 | 558 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -18 | 34 | 95 | 66 | 59 | 164 | 123 | 230 | 146 | 77 | 64 |
Investing Cash Flow Investing Cash FlowCr | 13 | -65 | -95 | -103 | -98 | -27 | -44 | -166 | -98 | 15 | -7 |
Financing Cash Flow Financing Cash FlowCr | 19 | 100 | -33 | -15 | 34 | -51 | -29 | -120 | -93 | -92 | -48 |
|
Free Cash Flow Free Cash FlowCr | -16 | -9 | 39 | -36 | 0 | 107 | 79 | 132 | 39 | 69 | 53 |
| 41.6 | -738.3 | 197.2 | 134.6 | 446.9 | -60.4 | 162.6 | -195.2 | -212.6 | -78.2 | -53.2 |
CFO To EBITDA CFO To EBITDA% | -40.3 | 42.6 | 95.2 | 49.6 | 33.9 | 89.8 | 56.5 | 90.6 | 222.9 | -196.4 | -344.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 833 | 866 | 1,667 | 1,798 | 864 | 171 | 300 | 1,036 | 538 | 652 | 806 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 91.0 | 0.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 1.5 | 1.6 | 3.7 | 3.1 | 1.3 | 0.3 | 0.5 | 1.2 | 0.8 | 1.0 | 1.3 |
Price To Book Price To Book | 1.8 | 1.5 | 3.2 | 2.7 | 1.4 | 0.5 | 0.6 | 2.5 | 1.6 | 2.6 | 6.2 |
| 27.7 | 14.7 | 17.1 | 14.4 | 5.9 | 1.2 | 2.6 | 4.9 | 11.0 | -22.7 | -52.3 |
Profitability Ratios Profitability Ratios |
| 90.3 | 91.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 8.2 | 14.5 | 22.2 | 23.2 | 25.3 | 28.9 | 33.6 | 29.3 | 9.1 | -6.1 | -3.0 |
| -7.9 | -0.8 | 10.7 | 8.5 | 1.9 | -42.9 | 11.7 | -13.6 | -9.6 | -15.4 | -19.2 |
| -0.4 | 4.9 | 14.2 | 12.1 | 8.2 | -47.1 | 14.9 | -5.3 | -7.9 | -20.8 | -42.7 |
| -12.0 | -0.8 | 9.3 | 7.3 | 2.1 | -74.3 | 14.7 | -28.4 | -19.9 | -39.7 | -92.2 |
| -4.3 | -0.4 | 4.1 | 4.7 | 1.3 | -37.3 | 6.8 | -12.1 | -7.9 | -10.2 | -13.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Company Snapshot**
**Zee Media Corporation Limited (ZMCL)** is a pioneering force in India’s 24/7 news broadcasting sector and one of the country’s largest and most diversified news media networks. Operating across **linear television, digital platforms, mobile applications, and live events**, ZMCL serves global, national, and regional audiences through a multi-platform distribution strategy. The company has successfully transitioned from a traditional broadcaster to a **multi-format, technology-driven media enterprise** with a strong digital footprint and an expanding international presence.
---
### **Core Business & Portfolio**
- **Linear TV Channels**: Operates **19 news channels**, including:
- 1 global channel: **WION**
- 4 national channels
- 11 regional channels across languages like Hindi, Marathi, Bengali, Tamil, Telugu, Urdu, Odia, Punjabi, and more.
- **Digital-Only Channels**: 3 digital-first news channels, with digital operations consolidated under **Indiadotcom Digital Private Limited (IDPL)**, a wholly owned subsidiary.
- **Digital Ecosystem**:
- Over **30 digital brands** (including Zee News, India.com, Zee Business, WION, Salaam TV, Pinewz)
- **14 mobile apps** available on iOS and Android (e.g., Zee News Live, Zee 24 Ghanta, Zee Punjab Haryana Himachal)
- Active presence across **social media platforms** (YouTube, Facebook, Instagram, X, LinkedIn, Snapchat)
- **Audience Reach**:
- **283 million** monthly individuals reached across India in FY 2024-25
- Digital platforms recorded **6.6 billion pageviews**, **193.1 million monthly average users**, and **299.2 million video views** in FY2024-25
- Zee Digital ranked **#3 in India’s news & information category** (ComScore, Feb 2025)
---
### **Strategic Transformation (2023–2025)**
ZMCL has undergone a significant shift to adapt to evolving media consumption patterns:
#### **1. Multi-Platform Expansion**
- Migrated beyond linear TV to build a **parallel digital ecosystem** (websites, apps, OTT, social media).
- **“Be Frugal” philosophy**: Emphasis on cost discipline and resource efficiency while scaling operations.
- **Dual strategy** of **hyper-local content** (regional languages) and **global outreach** (via WION).
- **Integrated content and packaging teams** ensure tailored storytelling across platforms.
#### **2. Digital-First Innovation**
- Launched **WION’s AI-powered podcast initiative** using Eleven Labs and NotebookLM:
- Over **2,000 AI-generated videos** produced
- One video surpassed **1 million views**
- 33% of AI podcast viewers from the **USA**, indicating strong global traction
- Increased **search traffic** and discoverability
- Introduced **India’s first AI news anchor, 'Zeenia'**, during General Elections Exit Poll coverage, enhancing digital engagement and setting a benchmark in election reporting.
- Deployed a new **in-house Content Management System (CMS)** for WION and Zee Rajasthan, enabling faster publishing, enhanced security, and streamlined editorial workflows.
- Implemented a **Central Intelligence Dashboard (COIN)** for real-time analytics on content performance, audience behavior, and monetization KPIs.
#### **3. Technology & Infrastructure**
- **National news network** spans **bureaus, correspondents, and stringers** across India, supported by **international correspondents** and partnerships with global news agencies.
- Equipped with **KU Band networks, OB vans, ENG systems**, enabling live, real-time reporting across platforms.
- Strategic collaborations with **Motion Content Group (GroupM)** and global news distributors (Etisalat, Sky UK) to expand reach.
#### **4. Audience & Brand Engagement**
- **Single Sign-On (SSO)** integration across digital platforms:
- 400,000+ sign-ups in 20 days
- Enables **hyper-personalization**, behavioral targeting, and improved user retention
- **“Switch”** platform launched to engage **Gen Z audiences** with youth-centric content.
- **Petuz**, a food-focused digital app, represents strategic diversification beyond news.
- Flagship show **"Kissa Kursi Ka"** and extensive election coverage for 200+ constituencies strengthened political journalism leadership.
- **WION's 'Trailblazers'** series features top global leaders, enhancing its premium positioning.
- **Zee Real Heroes** awards recognize social impact, building emotional connection with audiences.
---
### **Global Reach & WION's Growth**
- **WION (World Is One News)**:
- India’s first global English-language news channel with **an Indian perspective**
- Distributed in **over 190 countries** via OTT, smart TVs, and digital platforms
- **YouTube**: 24.8 million followers, ~352 million monthly video views
- **Facebook**: 14.7 million followers
- On-ground coverage of **Israel-Palestine War, Pokhara Air Crash**, and exclusive interviews (e.g., former PM Shinzo Abe)
- Won **12 awards at NT Awards 2023**, including Best Live Reporting
- Strong U.S. traction in AI podcast initiative—**33% of viewers from USA**
- Dedicated **LinkedIn channel** and **Snapchat presence** to engage professionals and younger users
---
### **Regionalization & Localization Strategy**
- Deep penetration into **linguistic and cultural niches** through 11 regional news channels and localized digital apps/websites.
- **Flagship regional channels dominate** their markets:
- *Zee Uttar Pradesh Uttarakhand*: **36.3% market share** (BARC, Oct 2024)
- *Zee Delhi NCR Haryana*: **67.8% share**
- *Salaam TV* (Urdu): **67.8% market share**, 16.8 min ATSV
- **Pinewz app** supports **12 Indian languages**, enabling mass-scale multilingual access.
---
### **Financial & Revenue Model**
- **Revenue Composition (as of 2024)**:
- **~95% from advertising**, making ZMCL sensitive to macroeconomic fluctuations in ad spending
- Actively working to **diversify into subscription-based models** and expand revenue streams
- **Funding & Investment**:
- Used recent capital raise (early 2025) to:
- Expand into **global markets**
- Launch **new digital products**
- Invest in **AI, content quality, and marketing**
- **Cost Rationalization & Focus**:
- Transferred digital operations to a dedicated subsidiary (IDPL) for strategic focus
- Implemented continuous cost optimization while scaling high-growth digital assets
---
### **Leadership & Expertise**
- **Mr. Manish Seth** (Appointed Oct 2025): Brings **25+ years of media experience**, credited with **doubling digital revenue at TV9 Network** via integrated sales models. Former senior roles at **Zee Unimedia, Zee Media, and Bennett Coleman & Co.**
- **Mr. Rajesh Sareen**: Veteran in **ad sales and business development** with 30+ years in media
- **Mr. Dinesh Kumar Garg**: CA with 25+ years; instrumental in ZMCL’s transformation from a two-channel entity to a public news conglomerate
---
### **Brand & Market Position**
- The **‘Zee’ brand** enjoys **strong brand equity**, built over four decades, with high consumer trust and recall
- **Unified brand identity** reinforces consistency across platforms and strengthens market leadership
- Diversified portfolio reduces **concentration risk** and allows tailored advertising solutions
- **Zee News** remains the flagship brand, committed to **"free, fearless, and foremost journalism"**
---
### **Key Risks & Mitigation**
- **High reliance on advertising revenue (~95%)**: Mitigated through audience growth, advertiser diversification, and exploration of subscription models.
- **Competition from digital platforms and new entrants**: Countered by innovation (AI, personalization), regional dominance, and first-mover advantages.
- **Leadership changes**: Proactively addressed through strategic hires and organizational restructuring.
---
### **Recent Milestones (2023–2025)**
| Milestone | Date |
|--------|------|
| Launch of AI anchor 'Zeenia' | Sep 2024 |
| Launch of Gen Z platform 'Switch' | Sep 2024 |
| Petuz food app launch | Sep 2024 |
| WION AI podcast initiative | Sep 2025 |
| 400,000+ SSO sign-ups in 20 days | Sep 2025 |
| COIN Dashboard rollout | Sep 2025 |
| Expansion of WION to Snapchat & LinkedIn | Sep 2025 |
| “Kissa Kursi Ka” political series | Sep 2025 |
| Appointment of Manish Seth as key leader | Oct 2025 |