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Zee Media Corporation Ltd

ZEEMEDIA

NSE

₹7.03-0.99%19 Oct 2026

Reports

Entertainment and Media

Zee Media Corporation Ltd

ZEEMEDIA

NSE

₹7.03

-0.99%

19 Oct 2026

SOICxStockScans Reports

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Entertainment and Media

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Zee Media is a news-first company built on the reach of the ‘Zee’ brand, which has been built over four decades in Indian media. It started as the country’s first private 24-hour news channel and has since expanded into a multi-language, multi-platform network spanning television, digital publishing, and live events, all anchored by a single recurring idea: use a vast, in-house newsgathering infrastructure to feed every screen a viewer might use. That approach now reaches over 283 million people every month across India.

Business segments

Two engines that feed each other - a 16-channel television news portfolio that generates nearly all the revenue, and a digital publishing arm that extends the same journalism to phones and browsers, building audience for the future.

1. Television news broadcasting: the advertising engine that funds the network

Sixteen news channels in ten languages reach over 283 million monthly viewers, and advertising provides more than nine-tenths of the company’s income.

The largest diversified news bouquet in the country - the portfolio spans one global English channel (WION), five national Hindi channels, and eleven regional channels in languages from Marathi to Kannada, giving advertisers a single point of access to audiences across India’s language markets.
Leadership in niche markets commands pricing power - several regional channels hold the #1 position in their genre: Salaam TV has a 75.5% share in Urdu news, Zee Rajasthan holds 44.4% in its state, and Zee Delhi NCR Haryana leads with 50.7%, which means advertisers who want those specific audiences have few alternatives.
A newsgathering machine few can replicate - the company runs one of the industry’s largest networks of bureaus, correspondents, and stringers across India, supplemented by KU Band networks and OB vans for live broadcasts, so it can break news from anywhere without relying on agencies.
Distribution independence was deliberately built - until early 2023, channels were distributed through Zee Entertainment; the company then built its own distribution ecosystem and later struck a new arrangement with ZEEL in July 2024 purely to boost reach and penetration across cable and DTH platforms.
The flagship show is a ratings anchor - Zee News’s ‘DNA’ was India’s most-watched news show for over five consecutive years, and its current primetime show ‘Baat Pate Ki’ rose from Rank 10 to Rank 1 in a single year, pulling the channel’s overall market share from 5.6% to 9.6%.

2. Digital news publishing: the same journalism, built for the phone

A portfolio of 29 websites, 14 apps, and three digital-only news channels that turns broadcast content into 6.6 billion annual page views - and reaches audiences linear TV cannot.

A separate subsidiary with its own balance sheet - the digital business sits inside Indiadotcom Digital Private Limited (IDPL), a wholly owned subsidiary that also absorbed Zee Entertainment’s digital publishing assets in 2021, creating a consolidated digital news house.
Three channels exist only online - Zee Tamil News, Zee Malayalam News, and Zee J&K Ladakh were launched as pure digital broadcasts, avoiding the cost of a satellite TV licence while still serving language markets that have growing smartphone penetration.
YouTube is a second broadcast tower - WION is the No. 1 English news channel in terms of video views on YouTube with 73 million video views in Mar'23, and Zee News’s YouTube and Facebook channels together crossed 40 million subscribers, creating a direct-to-viewer pipe that pays no carriage fees.
Content is remade, not just reposted - integrated packaging and content creation teams tailor every story for each platform, and the broadcast and digital editorial teams were merged under a ‘Digital First’ philosophy so that a single news break flows simultaneously to TV and every app.
AI is being woven into the product - the company launched India’s first AI news anchor ‘Zeenia’ for election coverage and is building a hyperlocal news app called PIN that uses AI to personalise feeds, experiments that lower the cost of producing niche content.

Group structure and partners

A listed holding company with three Indian subsidiaries, one US subsidiary, and a deep distribution tie to the wider Zee network - but news publishing and broadcasting is the only business segment.

Zee Media Corporation Limited is the listed parent, and it reports a single business segment: “News Publishing and Broadcasting Business”.
The three Indian wholly owned subsidiaries each have a distinct job: Zee Akaash News runs the Bengali channel Zee 24 Ghanta, Indiadotcom Digital runs the entire digital publishing operation, and Pinewz Digital is building the AI-driven hyperlocal app.
Zee Media Inc, incorporated in Delaware in April 2024, was set up to distribute content in the US and run event functions there, though no investment had been made in it as of FY25 pending regulatory approvals.
The company’s distribution muscle relies partly on Zee Entertainment: after a period of going independent, ZMCL re-engaged ZEEL in July 2024 to help increase channel reach across all distribution platform operators, and ZEEL has historically acted as the advertising sales agent to offer media buyers a combined package across genres.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

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Edit Ratios

Mkt Cap

Market Capitalization

₹460Cr

Close Price

₹7.02

Industry

Entertainment and Media

Price To Earnings

—

Price To Sales

0.60

Revenue

₹768Cr

Rev Gr TTM

Revenue Growth TTM

22.18%

PAT Gr TTM

PAT Growth TTM

98.80%

Consolidated

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	152	167	179	176	131	159	156	182	179	240	158	191
Growth YoY Revenue Growth YoY%	-22.2	-2.3	21.2	25.3	-13.8	-4.7	-12.9	3.6	36.7	50.7	1.3	4.7
Expenses ExpensesCr	172	193	153	161	162	153	164	163	162	162	167	175
Operating Profit Operating ProfitCr	-20	-25	26	15	-31	6	-8	20	17	78	-9	16
OPM OPM%	-13.3	-15.2	14.6	8.4	-24.1	4.1	-5.3	10.8	9.6	32.5	-5.9	8.5
Other Income Other IncomeCr	4	3	4	9	2	1	-5	1	1	1	9	2
Interest Expense Interest ExpenseCr	5	5	8	8	7	8	7	5	5	5	5	5
Depreciation DepreciationCr	20	19	27	30	30	30	29	27	27	26	25	26
PBT PBTCr	-41	-46	-5	-14	-67	-30	-50	-11	-13	49	-30	-13
Tax TaxCr	-11	-11	2	-4	-17	-7	-13	-3	2	-4	-3	-1
PAT PATCr	-31	-36	-7	-10	-50	-22	-37	-9	-16	53	-27	-12
Growth YoY PAT Growth YoY%	-154.1	-87.4	85.8	59.0	-62.4	37.6	-464.7	15.1	68.8	335.4	27.8	-37.6
NPM NPM%	-20.3	-21.5	-3.6	-5.9	-38.1	-14.1	-23.6	-4.8	-8.7	22.0	-16.8	-6.3
EPS EPS₹	-0.5	-0.6	-0.1	-0.2	-0.8	-0.4	-0.6	-0.1	-0.3	0.8	-0.4	-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	152	167	179	176	131	159	156	182	179	240	158	191
Growth YoY Revenue Growth YoY%	-22.2	-2.3	21.2	25.3	-13.8	-4.7	-12.9	3.6	36.7	50.7	1.3	4.7
Expenses ExpensesCr	172	193	153	161	162	153	164	163	162	162	167	175
Operating Profit Operating ProfitCr	-20	-25	26	15	-31	6	-8	20	17	78	-9	16
OPM OPM%	-13.3	-15.2	14.6	8.4	-24.1	4.1	-5.3	10.8	9.6	32.5	-5.9	8.5
Other Income Other IncomeCr	4	3	4	9	2	1	-5	1	1	1	9	2
Interest Expense Interest ExpenseCr	5	5	8	8	7	8	7	5	5	5	5	5
Depreciation DepreciationCr	20	19	27	30	30	30	29	27	27	26	25	26
PBT PBTCr	-41	-46	-5	-14	-67	-30	-50	-11	-13	49	-30	-13
Tax TaxCr	-11	-11	2	-4	-17	-7	-13	-3	2	-4	-3	-1
PAT PATCr	-31	-36	-7	-10	-50	-22	-37	-9	-16	53	-27	-12
Growth YoY PAT Growth YoY%	-154.1	-87.4	85.8	59.0	-62.4	37.6	-464.7	15.1	68.8	335.4	27.8	-37.6
NPM NPM%	-20.3	-21.5	-3.6	-5.9	-38.1	-14.1	-23.6	-4.8	-8.7	22.0	-16.8	-6.3
EPS EPS₹	-0.5	-0.6	-0.1	-0.2	-0.8	-0.4	-0.6	-0.1	-0.3	0.8	-0.4	-0.2

Consolidated

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	543	450	573	687	632	649	867	721	638	622	759	768
Growth Revenue Growth%	-0.3	-17.1	27.5	19.8	-8.0	2.7	33.6	-16.9	-11.4	-2.6	22.1	22.2
Expenses ExpensesCr	464	350	441	513	449	431	613	655	677	640	653	665
Operating Profit Operating ProfitCr	79	100	133	174	183	218	254	66	-39	-18	106	102
OPM OPM%	14.5	22.2	23.2	25.3	28.9	33.6	29.3	9.1	-6.1	-3.0	13.9	13.3
Other Income Other IncomeCr	12	14	4	-51	-314	-6	-204	-17	22	8	12	13
Interest Expense Interest ExpenseCr	49	15	18	18	24	24	38	30	24	30	19	20
Depreciation DepreciationCr	47	27	41	55	88	81	85	92	85	119	104	103
PBT PBTCr	-4	71	79	49	-243	107	-73	-73	-127	-160	-6	-8
Tax TaxCr	1	23	30	36	28	31	45	-4	-28	-40	-8	-6
PAT PATCr	-5	48	49	13	-271	76	-118	-69	-98	-119	2	-1
Growth PAT Growth%	89.5	1,162.1	1.7	-73.1	-2,158.0	127.9	-255.4	41.5	-43.0	-21.3	101.6	98.8
NPM NPM%	-0.8	10.7	8.5	1.9	-42.9	11.7	-13.6	-9.6	-15.4	-19.2	0.3	-0.2
EPS EPS₹	-0.1	-0.4	0.4	-0.1	-5.8	1.6	-2.1	-1.1	-1.6	-1.9	0.0	0.0

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	543	450	573	687	632	649	867	721	638	622	759	768
Growth Revenue Growth%	-0.3	-17.1	27.5	19.8	-8.0	2.7	33.6	-16.9	-11.4	-2.6	22.1	22.2
Expenses ExpensesCr	464	350	441	513	449	431	613	655	677	640	653	665
Operating Profit Operating ProfitCr	79	100	133	174	183	218	254	66	-39	-18	106	102
OPM OPM%	14.5	22.2	23.2	25.3	28.9	33.6	29.3	9.1	-6.1	-3.0	13.9	13.3
Other Income Other IncomeCr	12	14	4	-51	-314	-6	-204	-17	22	8	12	13
Interest Expense Interest ExpenseCr	49	15	18	18	24	24	38	30	24	30	19	20
Depreciation DepreciationCr	47	27	41	55	88	81	85	92	85	119	104	103
PBT PBTCr	-4	71	79	49	-243	107	-73	-73	-127	-160	-6	-8
Tax TaxCr	1	23	30	36	28	31	45	-4	-28	-40	-8	-6
PAT PATCr	-5	48	49	13	-271	76	-118	-69	-98	-119	2	-1
Growth PAT Growth%	89.5	1,162.1	1.7	-73.1	-2,158.0	127.9	-255.4	41.5	-43.0	-21.3	101.6	98.8
NPM NPM%	-0.8	10.7	8.5	1.9	-42.9	11.7	-13.6	-9.6	-15.4	-19.2	0.3	-0.2
EPS EPS₹	-0.1	-0.4	0.4	-0.1	-5.8	1.6	-2.1	-1.1	-1.6	-1.9	0.0	0.0

Consolidated

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	44	47	47	47	47	47	63	63	63	63	63
Reserves ReservesCr	500	469	625	591	318	469	353	284	186	67	70
Current Liabilities Current LiabilitiesCr	190	212	239	271	206	266	313	331	531	502	560
Non Current Liabilities Non Current LiabilitiesCr	356	442	120	134	155	307	203	155	148	158	89
Total Liabilities Total LiabilitiesCr	1,104	1,188	1,053	1,043	726	1,105	972	873	968	880	873
Current Assets Current AssetsCr	316	230	232	358	328	730	521	234	252	279	363
Non Current Assets Non Current AssetsCr	788	957	820	684	398	375	451	638	716	601	511
Total Assets Total AssetsCr	1,104	1,188	1,053	1,043	726	1,105	972	873	968	880	873

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	44	47	47	47	47	47	63	63	63	63	63
Reserves ReservesCr	500	469	625	591	318	469	353	284	186	67	70
Current Liabilities Current LiabilitiesCr	190	212	239	271	206	266	313	331	531	502	560
Non Current Liabilities Non Current LiabilitiesCr	356	442	120	134	155	307	203	155	148	158	89
Total Liabilities Total LiabilitiesCr	1,104	1,188	1,053	1,043	726	1,105	972	873	968	880	873
Current Assets Current AssetsCr	316	230	232	358	328	730	521	234	252	279	363
Non Current Assets Non Current AssetsCr	788	957	820	684	398	375	451	638	716	601	511
Total Assets Total AssetsCr	1,104	1,188	1,053	1,043	726	1,105	972	873	968	880	873

Consolidated

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	34	95	66	59	164	123	230	146	77	64	98
Investing Cash Flow Investing Cash FlowCr	-65	-95	-103	-98	-27	-44	-166	-98	15	-7	-4
Financing Cash Flow Financing Cash FlowCr	100	-33	-15	34	-51	-29	-120	-93	-92	-48	-83
Net Cash Flow Net Cash FlowCr	69	-33	-52	-5	87	51	-56	-45	-1	8	12
Free Cash Flow Free Cash FlowCr	-9	39	-36	0	107	79	132	39	69	53	93
CFO To PAT CFO To PAT%	-738.3	197.2	134.6	446.9	-60.4	162.6	-195.2	-212.6	-78.2	-53.2	5,197.5
CFO To EBITDA CFO To EBITDA%	42.6	95.2	49.6	33.9	89.8	56.5	90.6	222.9	-196.4	-344.0	93.0

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	34	95	66	59	164	123	230	146	77	64	98
Investing Cash Flow Investing Cash FlowCr	-65	-95	-103	-98	-27	-44	-166	-98	15	-7	-4
Financing Cash Flow Financing Cash FlowCr	100	-33	-15	34	-51	-29	-120	-93	-92	-48	-83
Net Cash Flow Net Cash FlowCr	69	-33	-52	-5	87	51	-56	-45	-1	8	12
Free Cash Flow Free Cash FlowCr	-9	39	-36	0	107	79	132	39	69	53	93
CFO To PAT CFO To PAT%	-738.3	197.2	134.6	446.9	-60.4	162.6	-195.2	-212.6	-78.2	-53.2	5,197.5
CFO To EBITDA CFO To EBITDA%	42.6	95.2	49.6	33.9	89.8	56.5	90.6	222.9	-196.4	-344.0	93.0

Consolidated

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	866	1,667	1,798	864	171	300	1,036	538	652	806	419	460
Price To Earnings Price To Earnings			91.0			4.0					223.3
Price To Sales Price To Sales	1.6	3.7	3.1	1.3	0.3	0.5	1.2	0.8	1.0	1.3	0.6	0.6
Price To Book Price To Book	1.5	3.2	2.7	1.4	0.5	0.6	2.5	1.6	2.6	6.2	3.2	2.9
EV To EBITDA EV To EBITDA	14.7	17.1	14.4	5.9	1.2	2.6	4.9	11.0	-22.7	-52.3	4.7	5.3
Profitability Ratios Profitability Ratios
GPM GPM%	71.1	80.8	81.4	80.2	78.7	83.3	81.4	76.1	71.7	73.2	75.2	75.2
OPM OPM%	14.5	22.2	23.2	25.3	28.9	33.6	29.3	9.1	-6.1	-3.0	13.9	13.3
NPM NPM%	-0.8	10.7	8.5	1.9	-42.9	11.7	-13.6	-9.6	-15.4	-19.2	0.3	-0.2
ROCE ROCE%	4.9	14.2	12.1	8.2	-47.1	14.9	-5.3	-7.9	-20.8	-42.7	6.3	6.3
ROE ROE%	-0.8	9.3	7.3	2.1	-74.3	14.7	-28.4	-19.9	-39.7	-92.2	1.4	1.4
ROA ROA%	-0.4	4.1	4.7	1.3	-37.3	6.8	-12.1	-7.9	-10.2	-13.6	0.2	0.2
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	866	1,667	1,798	864	171	300	1,036	538	652	806	419	460
Price To Earnings Price To Earnings			91.0			4.0					223.3
Price To Sales Price To Sales	1.6	3.7	3.1	1.3	0.3	0.5	1.2	0.8	1.0	1.3	0.6	0.6
Price To Book Price To Book	1.5	3.2	2.7	1.4	0.5	0.6	2.5	1.6	2.6	6.2	3.2	2.9
EV To EBITDA EV To EBITDA	14.7	17.1	14.4	5.9	1.2	2.6	4.9	11.0	-22.7	-52.3	4.7	5.3
Profitability Ratios Profitability Ratios
GPM GPM%	71.1	80.8	81.4	80.2	78.7	83.3	81.4	76.1	71.7	73.2	75.2	75.2
OPM OPM%	14.5	22.2	23.2	25.3	28.9	33.6	29.3	9.1	-6.1	-3.0	13.9	13.3
NPM NPM%	-0.8	10.7	8.5	1.9	-42.9	11.7	-13.6	-9.6	-15.4	-19.2	0.3	-0.2
ROCE ROCE%	4.9	14.2	12.1	8.2	-47.1	14.9	-5.3	-7.9	-20.8	-42.7	6.3	6.3
ROE ROE%	-0.8	9.3	7.3	2.1	-74.3	14.7	-28.4	-19.9	-39.7	-92.2	1.4	1.4
ROA ROA%	-0.4	4.1	4.7	1.3	-37.3	6.8	-12.1	-7.9	-10.2	-13.6	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	HTMEDIA	HMVL	BASILIC	ZEEMEDIA	ENIL	NILASPACES	POOJAENT
Market CapitalizationMkt CapCr	581	565	505	460	438	427	406
Close PriceClose₹	24.95	76.70	200.00	7.02	91.95	10.85	63.55
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE		6.31	11.03			13.73	158.87
Price To SalesPS	0.31	0.71	1.21	0.60	0.78	2.24	26.25
RevenueRevenueCr	1,896	793	417	768	562	191	15
Revenue Growth TTMRev Gr TTM%	4.2%	10.8%	10.5%	22.2%	2.6%	31.1%	91.6%
PAT Growth TTMPAT Gr TTM%	-80.9%	2.4%	-9.7%	98.8%	-167.1%	75.4%	68.9%

	HTMEDIA	HMVL	BASILIC	ZEEMEDIA	ENIL	NILASPACES	POOJAENT
Market CapitalizationMkt CapCr	581	565	505	460	438	427	406
Close PriceClose₹	24.95	76.70	200.00	7.02	91.95	10.85	63.55
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE		6.31	11.03			13.73	158.87
Price To SalesPS	0.31	0.71	1.21	0.60	0.78	2.24	26.25
RevenueRevenueCr	1,896	793	417	768	562	191	15
Revenue Growth TTMRev Gr TTM%	4.2%	10.8%	10.5%	22.2%	2.6%	31.1%	91.6%
PAT Growth TTMPAT Gr TTM%	-80.9%	2.4%	-9.7%	98.8%	-167.1%	75.4%	68.9%

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