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Network18 Media & Investments Limited has announced its unaudited financial results for the quarter and half year ended September 30, 2026. The company's Board of Directors approved the standalone and consolidated results at its meeting held on October 30, 2026. The results show that the consolidated business reported a profit after tax of ₹52.96 crore in Q2 FY27, compared with a loss of ₹38.36 crore in the preceding June 2026 quarter.

The company's consolidated revenue from operations increased to ₹544.67 crore in the September 2026 quarter, compared with ₹497.81 crore in the corresponding quarter of the previous financial year. This represents year-on-year growth of approximately 9.4%.

For the first half of FY27, consolidated revenue from operations stood at ₹1,060.93 crore, compared with ₹965.67 crore in the corresponding period of FY26. Consolidated profit after tax for H1 FY27 was ₹14.60 crore, against ₹190.10 crore in the first half of the previous financial year.

The latest results present a mixed picture. Network18 reported year-on-year revenue growth in both the September quarter and the first half of FY27. Its consolidated profit also improved compared with the June 2026 quarter. However, the first-half consolidated profit was substantially lower than the previous year, when the comparable period included exceptional income of ₹150.64 crore.

The standalone results show a different financial picture from the consolidated numbers. Network18 reported a standalone loss of ₹64.61 crore in Q2 FY27 and a standalone loss of ₹140.96 crore in H1 FY27. The consolidated results benefited from the company's share of profit from associates and joint ventures, which contributed ₹107.19 crore during the September 2026 quarter.

This distinction is important for understanding the company's performance. The consolidated results include the financial performance of subsidiaries as well as the group's share of results from associates and joint ventures. The standalone results reflect the financial position and performance of the parent company itself.

The financial statements were accompanied by limited review reports from Deloitte Haskins & Sells LLP, the company's statutory auditors. The auditors stated that nothing had come to their attention that caused them to believe the financial statements contained a material misstatement or failed to disclose the information required under the applicable regulations.

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Q2 FY27 consolidated financial performance

Network18's consolidated financial performance improved sequentially in the September 2026 quarter. Revenue from operations increased to ₹544.67 crore from ₹516.26 crore in the June 2026 quarter. The company also reported a consolidated profit after tax of ₹52.96 crore, compared with a loss of ₹38.36 crore in the previous quarter.

The following table summarises the key consolidated financial figures:

All figures are in ₹ crore. Figures are based on the consolidated unaudited results.

The consolidated revenue from operations increased by approximately 9.4% year on year, from ₹497.81 crore in Q2 FY26 to ₹544.67 crore in Q2 FY27. Sequentially, revenue increased by approximately 5.5% compared with ₹516.26 crore in Q1 FY27.

Total income reached ₹559.49 crore during the quarter, compared with ₹500.84 crore in the September 2025 quarter. The increase in total income reflects higher operating revenue as well as an increase in other income.

However, total expenses also increased. Consolidated expenses stood at ₹613.60 crore in Q2 FY27, compared with ₹580.21 crore in Q2 FY26. The rise in expenses reflects movements across operational costs, marketing and promotional expenses, employee costs, finance costs, depreciation and other expenses.

An important factor in the consolidated results was the contribution from associates and joint ventures. Network18 reported a share of profit of ₹107.19 crore from these entities in Q2 FY27. This was higher than the ₹37.74 crore recorded in the preceding quarter but lower than ₹120.62 crore in Q2 FY26.

The company's consolidated profit before exceptional items and tax stood at ₹53.08 crore. After a tax expense of ₹0.12 crore, profit after tax was ₹52.96 crore.

The results therefore indicate that the consolidated business returned to profitability in the September quarter after reporting a loss in the preceding quarter. However, the contribution from associates and joint ventures remains a major factor in the reported consolidated profit.

Consolidated revenue growth in Q2 FY27

The company's consolidated revenue from operations increased from ₹497.81 crore in Q2 FY26 to ₹544.67 crore in Q2 FY27. This represents an increase of ₹46.86 crore over the corresponding quarter of the previous year.

The revenue growth indicates an improvement in the group's reported operating income. The company also recorded sequential growth compared with the June 2026 quarter.

The consolidated revenue figures are particularly relevant because they include the operating performance of the parent company and its subsidiaries. Network18's consolidated results cover several media and digital businesses, including entities operating in television, digital services, publishing and related media activities.

The company's consolidated total income increased to ₹559.49 crore from ₹500.84 crore a year earlier. Other income contributed ₹14.82 crore during the quarter, compared with ₹3.03 crore in Q2 FY26.

The increase in operating revenue is a positive development in the reported financial performance. However, investors should also examine the expense structure and profitability before drawing conclusions about the overall operating performance.

The consolidated expense base increased to ₹613.60 crore from ₹580.21 crore in the corresponding quarter. This means the company continued to report total expenses higher than total income before accounting for its share of profit from associates and joint ventures.

The reported consolidated profit was supported by the contribution from associates and joint ventures. Therefore, revenue growth and the contribution from associated businesses should be considered together when analysing Network18's quarterly performance.

Share of profit from associates and joint ventures supports earnings

One of the most important factors in Network18's Q2 FY27 consolidated results was the ₹107.19 crore share of profit from associates and joint ventures.

The company reported a loss of ₹54.11 crore before accounting for its share of profit from associates and joint ventures, exceptional items and tax. After adding ₹107.19 crore as its share of profit from associates and joint ventures, the consolidated profit before exceptional items and tax reached ₹53.08 crore.

This demonstrates the importance of the contribution from associated businesses in the company's consolidated earnings.

The contribution from associates and joint ventures was ₹37.74 crore in Q1 FY27 and ₹120.62 crore in Q2 FY26. Therefore, the September 2026 quarter recorded a substantial sequential improvement in this component, although it remained below the corresponding quarter of the previous year.

For investors, this is an important distinction. The consolidated profit of Network18 is not determined only by the revenue and expenses of its parent company and subsidiaries. Its share of earnings from associates and joint ventures also affects the final consolidated profit.

The company's consolidated financial statements include several associates and joint ventures operating across the broader media and entertainment ecosystem. The statutory auditor's report lists entities including Big Tree Entertainment Private Limited, BookMyShow-related businesses, Townscript entities and other associated companies.

The reported contribution from associates and joint ventures should not be confused with revenue generated directly by Network18's own operations. It is recognised separately in the consolidated results.

The company's Q2 FY27 performance therefore reflects a combination of operating revenue, expenses and earnings from associated businesses. Investors should monitor the consistency of these contributions in future quarters when assessing the sustainability of consolidated profitability.

Consolidated expenses increase during the quarter

Network18 reported total consolidated expenses of ₹613.60 crore in Q2 FY27, compared with ₹596.49 crore in Q1 FY27 and ₹580.21 crore in Q2 FY26.

The expense structure includes operational costs, marketing and promotional expenses, employee benefits, finance costs, depreciation and amortisation, and other expenses.

The major expense categories were as follows:

Operational costs increased to ₹128.24 crore from ₹100.09 crore in Q2 FY26. This was one of the significant movements in the expense structure.

Marketing, distribution and promotional expenses declined to ₹120.21 crore from ₹127.81 crore. Employee benefits expense also decreased slightly to ₹209.93 crore from ₹213.05 crore.

Finance costs increased to ₹56.66 crore from ₹48.31 crore, while depreciation and amortisation expense declined to ₹30.96 crore from ₹33.59 crore.

Other expenses increased to ₹67.60 crore from ₹57.36 crore.

The increase in total expenses should be viewed alongside the growth in revenue. While revenue from operations increased year on year, the expense base also expanded. The effect of these movements on operating profitability remains an important area to monitor.

H1 FY27 consolidated results: Revenue rises to ₹1,060.93 crore

For the six months ended September 30, 2026, Network18 reported consolidated revenue from operations of ₹1,060.93 crore, compared with ₹965.67 crore in the corresponding period of FY26.

This represents year-on-year growth of approximately 9.9%.

Consolidated total income increased to ₹1,079.88 crore from ₹978.85 crore. The company's consolidated profit before exceptional items and tax stood at ₹14.72 crore, compared with ₹39.46 crore in H1 FY26.

After accounting for tax, consolidated profit after tax was ₹14.60 crore, against ₹190.10 crore in the corresponding previous-year period.

The key H1 consolidated financial figures are:

The table shows that the company achieved higher consolidated revenue during the first half of FY27. However, profit after tax declined substantially compared with the previous year.

A key reason for the difference is the presence of exceptional income of ₹150.64 crore in H1 FY26. The previous year's first-half results also included a higher share of profit from associates and joint ventures at ₹190.94 crore, compared with ₹144.93 crore in H1 FY27.

The first-half comparison should therefore be examined using both revenue and profit before exceptional items. This provides a clearer understanding of the operating and associated-business contribution without treating exceptional income as recurring earnings.

Why H1 FY27 profit declined despite revenue growth

Network18's consolidated revenue increased by approximately 9.9% during H1 FY27. However, consolidated profit after tax declined from ₹190.10 crore to ₹14.60 crore.

This difference may appear significant when viewed only through the reported profit after tax figures. However, the previous year's comparable period included exceptional items of ₹150.64 crore, which increased the reported profit before tax.

The company reported no exceptional items in H1 FY27. In contrast, the corresponding period of FY26 included exceptional income of ₹150.64 crore.

The share of profit from associates and joint ventures also declined from ₹190.94 crore in H1 FY26 to ₹144.93 crore in H1 FY27.

These two factors are important when interpreting the year-on-year movement in consolidated earnings.

Profit before exceptional items and tax declined from ₹39.46 crore in H1 FY26 to ₹14.72 crore in H1 FY27. This indicates that the decline was not limited to the absence of exceptional income. The underlying consolidated profit measure before exceptional items also decreased.

At the same time, consolidated expenses increased from ₹1,130.33 crore to ₹1,210.09 crore. The increase in expenses was greater than the increase in operating revenue in absolute terms.

For investors, the key takeaway is that revenue growth did not translate into higher first-half consolidated profit. The company will need to demonstrate improvement in profitability and earnings contribution in subsequent quarters for a stronger financial performance.

Standalone Q2 FY27 results show a quarterly loss

The standalone results of Network18 present a different picture from the consolidated results.

For Q2 FY27, the parent company reported revenue from operations of ₹458.30 crore, compared with ₹477.18 crore in Q2 FY26. This represents a decline of approximately 4%.

Standalone total income stood at ₹472.71 crore, compared with ₹478.79 crore in the corresponding quarter of the previous year.

Total standalone expenses increased to ₹535.63 crore from ₹548.91 crore? The reported figures show ₹535.63 crore in Q2 FY27 and ₹548.91 crore in Q2 FY26, indicating a year-on-year reduction in expenses.

Despite the lower expense base, the company reported a standalone loss before tax of ₹62.92 crore, compared with a loss of ₹70.12 crore in Q2 FY26.

After a tax expense of ₹0.12 crore, the standalone loss after tax was ₹63.04 crore.

The key standalone figures are:

The standalone loss narrowed compared with the September 2025 quarter. However, the parent company continued to report a quarterly loss.

This is an important aspect of the results because the consolidated profit of ₹52.96 crore should not be interpreted as the standalone parent company's profit. The consolidated performance includes the contribution from subsidiaries, associates and joint ventures.

The difference between standalone and consolidated profitability highlights the importance of analysing both sets of financial statements.

Standalone H1 FY27 performance

For the first half of FY27, Network18 reported standalone revenue from operations of ₹933.58 crore, compared with ₹907.58 crore in H1 FY26.

This represents growth of approximately 2.9%.

Standalone total income increased to ₹951.04 crore from ₹917.68 crore. However, total expenses also increased to ₹1,091.88 crore from ₹1,058.64 crore.

The company reported a standalone loss before tax of ₹140.84 crore in H1 FY27, compared with a profit before tax of ₹446.05 crore in H1 FY26.

The previous year's first-half standalone results included exceptional items of ₹587.01 crore. As a result, the reported previous-year profit before tax was substantially higher than the profit before exceptional items.

In H1 FY27, there were no exceptional items reported in the standalone results. Consequently, the company reported a standalone loss after tax of ₹140.96 crore, compared with a profit after tax of ₹446.05 crore in H1 FY26.

The comparison shows why exceptional items need to be considered when assessing the company's financial performance. The large difference in reported standalone profit between the two periods was influenced by the exceptional income recorded in the previous year.

The standalone operating performance also deserves attention. Revenue increased by approximately 2.9%, while expenses increased by a slightly higher percentage. The company therefore continued to report a loss before exceptional items and tax during the first half.

Standalone and consolidated results: Understanding the difference

The difference between Network18's standalone and consolidated results is one of the most important aspects of the September 2026 financial announcement.

Standalone financial statements reflect the parent company's own financial performance. Consolidated financial statements combine the parent company and its subsidiaries and also account for the group's share of results from associates and joint ventures.

In Q2 FY27, the standalone parent company reported a loss after tax of ₹63.04 crore. The consolidated group, however, reported a profit after tax of ₹52.96 crore.

The main difference is the contribution from associates and joint ventures, which amounted to ₹107.19 crore during the quarter.

Similarly, for H1 FY27, the standalone business reported a loss after tax of ₹140.96 crore, while the consolidated group reported a profit after tax of ₹14.60 crore.

This difference does not mean that the standalone loss has disappeared. Instead, the consolidated statements include additional earnings and financial results from other entities within the group's reporting structure.

For investors, both sets of results are useful.

• Standalone results help assess the parent company's own revenue, expenses, debt and financial position.

• Consolidated results provide a broader view of the group, including subsidiaries and the contribution from associates and joint ventures.

A complete analysis should consider both rather than relying on only one headline profit number.

Consolidated balance sheet: Assets and liabilities

As of September 30, 2026, Network18 reported consolidated total assets of ₹8,955.50 crore, compared with ₹8,995.70 crore as of March 31, 2026.

The balance sheet provides information about the company's assets, investments, receivables, cash position, borrowings and other liabilities.

The major consolidated balance sheet figures were:

The company's total assets declined slightly between March and September 2026. Non-current assets increased, while current assets declined.

Consolidated investments under non-current assets stood at ₹6,163.24 crore, compared with ₹5,998.57 crore at the end of March 2026. The balance sheet also included goodwill of ₹1,236.99 crore.

Trade receivables declined to ₹641.91 crore from ₹690.42 crore. Current investments stood at ₹112.26 crore, compared with ₹124.81 crore.

The consolidated cash and cash equivalents balance declined to ₹4.65 crore from ₹38.51 crore.

These figures indicate that the company's cash balance reduced during the first half of FY27. The balance sheet also shows a substantial level of borrowings, which makes finance costs and cash flow important areas for investors to monitor.

Borrowings and debt position

Network18 reported consolidated current borrowings of ₹3,088.04 crore as of September 30, 2026, compared with ₹3,112.84 crore at the end of March 2026.

The company also reported lease liabilities and other financial obligations. Total consolidated liabilities stood at ₹3,923.64 crore.

The consolidated debt-equity ratio was reported at 0.62 for September 2026, compared with 0.63 in the corresponding previous-year period. The ratio was also 0.62 for the half year ended September 2026.

The total debt to total assets ratio stood at 0.34, compared with 0.34 in the corresponding previous-year period.

These ratios provide a broad indication of the relationship between the company's borrowings, equity and assets.

The consolidated current ratio was 0.24, while the current liability ratio stood at 0.93. These indicators should be considered alongside the company's working capital requirements, cash flows and short-term obligations.

The debt position is particularly relevant because consolidated finance costs amounted to ₹56.66 crore in Q2 FY27 and ₹113.34 crore in H1 FY27.

The company also reported finance costs paid of ₹114.30 crore during the first half of FY27 in its consolidated cash flow statement.

Investors should therefore continue monitoring borrowings, interest expenses and cash generation when assessing the company's financial position.

Cash flow performance: Operating cash flow remains positive

Network18 reported positive consolidated cash flow from operating activities of ₹119.52 crore during H1 FY27.

This compares with operating cash outflow of ₹81.47 crore in H1 FY26.

The improvement in operating cash flow is an important feature of the first-half results. It indicates that the company generated cash from operating activities during the six-month period, despite reporting consolidated profit after tax of ₹14.60 crore.

The consolidated cash flow statement showed cash generated from operations of ₹66.27 crore before the impact of taxes. The company also reported a net tax refund or receipt of ₹53.25 crore, resulting in net cash generated from operating activities of ₹119.52 crore.

The key consolidated cash flow figures are:

The positive operating cash flow is encouraging compared with the previous-year outflow. However, the company reported negative cash flow from financing activities of ₹148.92 crore.

This was mainly associated with net repayment of current borrowings, lease liability payments and finance costs paid.

The cash flow from investing activities was negative ₹4.46 crore. This included capital expenditure and investment-related movements.

Despite generating positive operating cash flow, the company's cash and cash equivalents declined by ₹33.86 crore during the first half, from an opening balance of ₹38.51 crore to ₹4.65 crore.

This makes cash management and the company's ability to maintain adequate liquidity important areas to watch in the coming quarters.

Standalone cash flow performance

The standalone cash flow statement also reported positive operating cash generation during H1 FY27.

Net cash generated from operating activities stood at ₹131.66 crore, compared with an outflow of ₹75.67 crore in H1 FY26.

Cash generated from operations before taxes was ₹77.50 crore. The company also reported a net tax refund or receipt of ₹54.16 crore, taking operating cash flow to ₹131.66 crore.

Standalone investing activities resulted in a cash outflow of ₹14 crore, while financing activities resulted in an outflow of ₹148.65 crore.

The net decrease in standalone cash and cash equivalents was ₹30.99 crore. The closing cash balance stood at ₹2.87 crore, compared with an opening balance of ₹33.86 crore.

The positive operating cash flow is an important financial indicator. However, the decline in the closing cash balance shows that cash generated from operations was offset by financing and investing outflows.

The standalone and consolidated cash flow statements should be considered separately because they reflect different reporting scopes.

Profitability ratios and operating margins

The consolidated results provide several financial ratios that help investors assess profitability, debt and operating efficiency.

For Q2 FY27, the consolidated operating margin was reported at 23.11%, compared with 24.13% in Q2 FY26. The net profit margin was 9.47%, compared with 8.24% in the corresponding quarter of the previous year.

For H1 FY27, the consolidated operating margin stood at 16.13%, compared with 20.15% in H1 FY26. The net profit margin was 1.35%, compared with 4.03%.

The reported ratios are based on the company's stated formulae. The operating margin calculation uses EBITDA less other income divided by revenue from operations, while the net profit margin uses profit after tax and before exceptional items divided by total income.

The consolidated debt-equity ratio was 0.62, while the current ratio was 0.24. The debt service coverage ratio and interest service coverage ratio were both reported at 1.99 for Q2 FY27.

These ratios provide additional context beyond the headline revenue and profit figures. The decline in the first-half operating margin and net profit margin indicates that profitability remains an important area to monitor despite the growth in consolidated revenue.

News18 Marathi merger receives NCLT approval

Another important development disclosed in the financial results relates to News18 Marathi Private Limited, formerly known as IBN Lokmat News Private Limited.

Network18 stated that it had acquired the equity shares, preference shares and debentures of News18 Marathi held by Lokmat Media Private Limited, its joint venture partner, on October 29, 2025.

Following the acquisition, News18 Marathi became a wholly owned subsidiary of Network18. The subsidiary was reported accordingly in the company's consolidated financial results from the quarter ended December 31, 2025 onwards.

The company further disclosed that the National Company Law Tribunal, Mumbai Bench, sanctioned the Scheme of Amalgamation of News18 Marathi Private Limited with Network18 Media & Investments Limited on October 22, 2026.

The scheme will become effective from the date on which all the conditions precedent specified in the scheme are fulfilled.

This development is relevant because it represents a corporate restructuring involving the Marathi news business and the parent company.

The amalgamation is subject to the fulfilment of the conditions set out in the approved scheme. The company has not stated in the supplied results that the scheme had already become effective as of the reporting date.

The acquisition and proposed amalgamation are also relevant when comparing the consolidated financial results across periods. The company specifically noted that the corresponding previous-period figures are not comparable because News18 Marathi became a wholly owned subsidiary during the reporting timeline.

Investors should therefore consider the impact of the change in consolidation scope when comparing historical financial figures.

Network18's business structure and reporting segment

Network18 reported that the company operates in a single reportable operating segment, identified as Media Operations.

The consolidated group also reported primarily one operating segment, Media Operations, under Ind AS 108.

This means the company has not presented separate reportable operating segment results in the supplied financial statements.

The consolidated auditor's report identifies subsidiaries including:

• AETN18 Media Private Limited

• Colosceum Media Private Limited

• Greycells18 Media Limited

• Infomedia Press Limited

• Moneycontrol Dot Com India Limited

• Network18 Media Trust

• News18 Marathi Private Limited

• Web18 Digital Services Limited

The report also identifies associates and joint ventures across media, entertainment, ticketing, events and digital services.

These entities form part of the wider group structure considered in the consolidated financial statements. Their results, together with those of the parent company and subsidiaries, contribute to the consolidated financial position.

The company's reported share of profit from associates and joint ventures is especially important in the September 2026 results because it contributed significantly to consolidated profitability.

Auditor's limited review report

The standalone and consolidated financial results were reviewed by Deloitte Haskins & Sells LLP, Chartered Accountants.

The auditors conducted their review under the applicable Standard on Review Engagements and the requirements of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

For the standalone results, the auditors stated that nothing had come to their attention that caused them to believe the statement was not prepared in accordance with the applicable accounting principles or contained any material misstatement.

The consolidated review report also contained an unmodified conclusion. The auditors stated that nothing had come to their attention that caused them to believe that the consolidated statement contained a material misstatement or failed to disclose the required information.

However, the consolidated review report included an important scope-related disclosure.

The auditors stated that they did not review the interim financial information or financial results of seven subsidiaries included in the consolidated results. These subsidiaries had total assets of ₹220.73 crore as of September 30, 2026.

Their reported revenue amounted to ₹70.20 crore for Q2 FY27 and ₹98.74 crore for H1 FY27. Their combined profit after tax was ₹4.62 crore for the quarter and ₹4.64 crore for the half year.

The auditors also stated that the consolidated results included the group's share of losses from one joint venture, one associate and nine subsidiaries of an associate, whose interim financial information had not been reviewed by them. The relevant financial information had been reviewed by other auditors, and the principal auditor relied on those reports for the amounts and disclosures concerned.

The auditors clarified that their conclusion was not modified in respect of their reliance on the work and reports of the other auditors.

For investors, this disclosure provides context about the review process and the entities included in the consolidated financial statements. A limited review is not the same as a full statutory audit, and the auditor's report specifically explains the nature and scope of the review performed.

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What investors should monitor after the Q2 FY27 results

The September 2026 financial results provide several important areas for investors to track over the coming quarters.

Revenue growth: Consolidated revenue from operations increased by approximately 9.4% year on year in Q2 FY27 and 9.9% in H1 FY27. Investors can monitor whether the company maintains this growth momentum.

Standalone profitability: The parent company reported a standalone loss of ₹63.04 crore in Q2 FY27 and ₹140.96 crore in H1 FY27. A sustained improvement in standalone profitability would be an important development.

Contribution from associates and joint ventures: The group's share of profit from associates and joint ventures was ₹107.19 crore in Q2 FY27 and ₹144.93 crore in H1 FY27. Investors should monitor whether these contributions remain stable.

Operating expenses: Consolidated expenses increased to ₹613.60 crore in Q2 FY27 from ₹580.21 crore in Q2 FY26. Expense growth relative to revenue growth will remain relevant for profitability.

Debt and finance costs: Consolidated borrowings stood at ₹3,088.04 crore, while finance costs were ₹56.66 crore in the quarter and ₹113.34 crore in the first half. Debt management and interest costs will remain important.

Cash position: Consolidated cash and cash equivalents declined to ₹4.65 crore from ₹38.51 crore at March 2026-end. The ability to generate and retain cash will be an important area to watch.

News18 Marathi amalgamation: The NCLT has sanctioned the scheme, but the company has stated that it will become effective only after the specified conditions precedent are fulfilled.

These factors will help investors assess whether revenue growth translates into stronger and more consistent earnings and cash generation.

Overall assessment of Network18 Q2 FY27 results

Network18's Q2 FY27 results show consolidated revenue growth and a return to quarterly consolidated profitability. Revenue from operations increased to ₹544.67 crore, while profit after tax reached ₹52.96 crore.

The company also recorded consolidated revenue of ₹1,060.93 crore during H1 FY27, compared with ₹965.67 crore in the previous year. This represents a year-on-year increase of approximately 9.9%.

However, the first-half consolidated profit after tax declined to ₹14.60 crore from ₹190.10 crore. The comparison is influenced by exceptional income of ₹150.64 crore in the previous year's first half and a lower share of profit from associates and joint ventures in H1 FY27.

The standalone results remain weaker, with a loss after tax of ₹63.04 crore in Q2 FY27 and ₹140.96 crore in H1 FY27. The consolidated group returned to profit largely with the support of its share of earnings from associates and joint ventures.

The company's cash flow from operating activities improved significantly, reaching ₹119.52 crore on a consolidated basis during the first half, compared with an outflow in the corresponding period last year. At the same time, the closing consolidated cash balance declined to ₹4.65 crore.

The balance sheet also shows borrowings of ₹3,088.04 crore and consolidated finance costs of ₹113.34 crore for H1 FY27. These figures make debt management and liquidity important considerations.

The NCLT approval of the News18 Marathi amalgamation scheme is another corporate development that investors should follow, particularly as the scheme is yet to become effective subject to the fulfilment of its conditions.

Overall, Network18's September 2026 results reflect healthy consolidated revenue growth, improved sequential profitability and stronger operating cash generation, but also highlight pressure on first-half earnings, continued standalone losses, finance costs and a reduced cash balance. Investors should evaluate the company's consolidated and standalone performance together rather than relying only on the headline quarterly profit figure.