Ad slump hits TV news margins as revenues split in Q3 FY26

India’s television news broadcasters closed Q3 FY26 in an environment shaped as much by macro advertising pressures as by internal strategy. 

The numbers, when read together, reveal a sector grappling with a double digit contraction in television ad volumes even as individual networks attempted to defend revenue and recalibrate costs.

According to the TAM AdEx 2025 Television Advertising Recap report, television advertising volumes declined 11 percent year on year in 2025 compared to 2024. 

The year began with some momentum, with ad volumes growing 6 percent sequentially in the April to June quarter. However, the pace moderated in the second half, and Q4 volumes fell 10 percent compared to Q3. The slowdown was broad based, underscoring the fragility of demand recovery.

Sectoral leadership within television advertising remained largely stable. Food and Beverages accounted for 21 percent of total ad volumes in 2025, retaining its dominance. The top six sectors held on to their rankings from the previous year, with Building, Industrial and Land Materials and Equipment being the only sector to record a positive rank shift. Overall, the top 10 sectors together contributed 87 percent of total ad volumes, highlighting the concentration of spends.

There were, however, pockets of growth. More than 170 categories registered positive growth during the year. In absolute terms, Toilet and Floor Cleaners recorded the highest increase in ad secondages, growing 13 percent year on year. Vocational Training Institutes led in percentage growth, expanding 2.5 times over 2024. 

Genre wise, General Entertainment Channels commanded 30 percent of total ad volumes in both 2024 and 2025. Along with News, the two genres together accounted for 56 percent of total ad volumes, reinforcing the structural importance of news within the television ad ecosystem.

It is against this backdrop that the Q3 FY26 financials of NDTV, Network18, Zee Media Corporation Limited and TV Today Network must be assessed.

Topline divergence in a shrinking market

Despite the 11 percent decline in overall television ad volumes during 2025, three of the four networks posted revenue growth in Q3 FY26, underscoring uneven impact and competitive repositioning.

Network18 reported operating revenue of Rs 500 crore in Q3 FY26 compared with Rs 476.4 crore in Q3 FY25, marking a 5 percent year on year rise. The company noted that advertising inventory demand for the TV news industry declined by more than 10 percent year on year, yet its inventory utilisation fell less sharply than the industry average. Strong market positions and a diversified portfolio across languages and platforms were cited as key factors.

NDTV recorded revenue from operations of Rs 150.41 crore in Q3 FY26, up from Rs 132.74 crore in the corresponding quarter last year. Total income increased to Rs 152.22 crore from Rs 134.15 crore. The growth suggests improved traction despite broader advertising headwinds.

Zee Media's profit (before tax, exceptional items and income from licensing of content archives) stood at Rs 48.8 cr from a loss of Rs 29.88 crore in the year ago period. Zee Media plunged back to profitability to Rs 52.7 crore from loss of Rs 22.4 crore in the year ago period.

In contrast, TV Today Network saw revenue from operations decline to Rs 212.36 crore in Q3 FY26 from Rs 231.78 crore in Q3 FY25. The contraction indicates that not all broadcasters were able to offset industry weakness through share gains or alternate monetisation.

Profitability remains fragile

If topline trends show divergence, profitability underscores the fragility of the sector.

Network18 reported EBITDA of Rs 11.8 crore in Q3 FY26 compared with Rs 11.6 crore a year earlier. The marginal improvement reflects disciplined cost management in a constrained advertising environment.

NDTV’s net loss widened to Rs 80.07 crore from Rs 59.62 crore in Q3 FY25. Despite revenue growth, higher costs or operating leverage weighed on the bottom line, illustrating the challenge of converting topline gains into profitability when advertising demand remains soft.

Zee Media narrowed its net loss to Rs 3.89 crore from Rs 7.46 crore in the year ago period. While still loss making, the improvement alongside strong revenue growth signals a measure of operational stabilisation.

TV Today Network moved from a net profit of Rs 8.86 crore in Q3 FY25 to a net loss of Rs 0.76 crore in Q3 FY26. The swing highlights the sensitivity of margins to revenue fluctuations in a high fixed cost broadcast model.

Scale versus vulnerability

The comparative data suggests that scale and diversification are emerging as key differentiators. Networks with broader language footprints and multi platform presence appear better positioned to defend inventory utilisation and capture category level growth, even when aggregate volumes decline.

At the same time, the TAM AdEx data shows that advertising remains concentrated in a handful of sectors, with Food and Beverages alone accounting for over a fifth of volumes. For news broadcasters, maintaining strong relationships with dominant advertising sectors and aligning programming to high spending categories may be increasingly critical.

The combined Q3 performance reflects an industry in transition. While News continues to command a significant share of total television ad volumes, the 11 percent annual decline in overall volumes underscores structural pressures. Revenue growth for some networks suggests competitive gains, but profitability remains uneven and in many cases fragile.

As the financial year progresses, the interplay between advertising recovery, cost rationalisation and portfolio strength will determine which broadcasters emerge stronger. For now, the quarter presents a clear comparative takeaway. In a contracting advertising market, revenue resilience is possible, but sustainable profitability remains the real test for India’s television news industry.