Q1: As ad market turns sour, most media companies report revenue degrowth

The first quarter of FY26 has delivered a contrasting performance across India’s media and entertainment sectors. Broadcast companies have largely reported revenue pressures, while the print segment has shown mixed fortunes, and the DTH business continues to face mounting losses alongside shrinking revenues.

In the broadcast space, the standout performer was JioStar, the media and entertainment arm of Reliance Industries, which reported a steep revenue of ₹11,222 crore which it attributed to a successful IPL 2025 season that drove growth across both TV and digital platforms. This figure could not be compared to the corresponding quarter last fiscal because the merged entity was formed in November last year.

Network18 revenues fell 15% to ₹478 crore. As per the company's media statement, revenue for the quarter declined on a YoY basis as the base quarter had a healthy contribution of election-linked advertising. Further, the ad environment for the genre continued to be soft due to weak consumer demand and a sports packed quarter. Advertising inventory consumption for the TV news industry declined by more than 20% YoY, highlighting the challenges faced by the segment. 

Zee Entertainment Enterprises Limited (ZEEL) also saw a revenue declined by 14% to ₹1,850 crore, primarily due to sharp declines across advertising, subscription, and other revenue streams. It reported a challenging start to FY26, as a soft advertising environment, reduced FMCG spending, and an extended sports calendar impacted revenues in the June quarter. However, disciplined cost management helped ZEEL post a 21% increase in net profit for the period.

Sun TV’s revenues remained flattish by 1.28% to ₹1,479 crore. Advertisement revenues for Q1 FY 26 fell to Rs 289.94 crore, registering a decline from Rs 323.77 crore in the same quarter last year, reflecting continued softness in the advertising environment.

NDTV reported a higher loss of ₹70.6 crore, up 48% from the previous year, despite a 15% rise in revenue to ₹112.5 crore. TV Today suffered one of the steepest setbacks, with profit plunging 85% to ₹7.35 crore and revenues falling 34% to ₹207.8 crore.          

The print sector painted a mixed picture in Q1 FY26.

HT Media reported a 6% rise in its revenue to Rs 451 crore in Q1, and also narrowed its loss by 60%, bringing it down from ₹28 crore in Q1 FY25 to ₹11 crore this quarter.

DB Corp revenues also slipped 4.7% to ₹587 crore, indicating strain on both advertising and circulation income. Jagran Prakashan emerged as the clear leader in print, recording a robust 14.3% rise in revenue to ₹442 crore, driven by stronger ad sales and operational efficiencies. 

According to reliable sources, a popular English daily also reported flattish revenue growth for 1-2 % in Q1.

The DTH segment remained the weakest performer in the media ecosystem. Dish TV’s revenues tumbled 28% to ₹329.4 crore, while losses soared from ₹1.6 crore in Q1 FY25 to ₹94.5 crore in Q1 FY26 — a staggering 58-fold increase. Bharti Airtel’s DTH arm reported a marginal 2% drop in revenue to ₹762.8 crore. While profit figures were not disclosed, the relatively smaller revenue decline suggests a more stable performance compared to Dish TV’s sharp deterioration. 

Overall, Q1 FY26 underscores the shifting dynamics of India’s media industry. Broadcast companies faced revenue challenges. The print segment continues to be a game of contrasts, with Jagran leading growth while DB Corp struggles and HT Media works toward recovery. The DTH business, however, faces the steepest uphill battle, as cord-cutting and the rapid adoption of OTT services continue to erode its subscriber and revenue base.