From Pugalia to Kanwal: Adani’s NDTV bleeds another quarter as it plans to raise Rs 800 cr

Nearly four years after the Adani Group completed its takeover of NDTV, the news broadcaster continues to report losses. Its latest financial results, announced on October 26, show that while revenue has increased and quarterly losses have narrowed, the company's borrowings have risen and its consolidated equity has turned negative.

Comparing the quarter that ended September 30, 2026 with the corresponding quarter last year, NDTV reported a consolidated net loss of Rs 63.51 crore as against Rs 74.01 crore. Revenue from operations has risen by nearly six percent, from Rs 122.27 crore to Rs 129.47 crore. But overall expenditure remained nearly unchanged – total consolidated expenses stood at Rs 198.50 crore during the September quarter compared to Rs 197.90 crore for the period last year.

According to the financial results filed with the Bombay Stock Exchange and National Stock Exchange, NDTV's production and service costs increased by nearly 21 percent, from Rs 51.67 crore in September 2025 to Rs 62.44 crore in September 2026. Employee expenses also increased from Rs 46.47 crore to Rs 50.30 crore during the same period.

However, the company significantly reduced its marketing, distribution and promotional expenditure. It spent Rs 43.71 crore during the September quarter, compared with Rs 58.06 crore a year earlier.

Along with the September quarter results, NDTV's board approved a proposal to raise up to Rs 800 crore through unsecured, non-convertible perpetual debentures on a private placement basis. The proposed fundraising comes at a time when NDTV continues to incur losses and its borrowings have increased significantly.

During the first six months of the current financial year, from April to September 2026, NDTV reported consolidated revenue of Rs 246.70 crore, compared with Rs 229.92 crore during the corresponding period last year. Despite the increase in revenue, the company's consolidated net loss rose marginally from Rs 144.32 crore to Rs 145.39 crore.

The company’s financial position has also deteriorated. NDTV’s consolidated total equity, which stood at a positive Rs 129.16 crore in March 2026, turned negative at Rs 14.91 crore by September 2026. 

The standalone figures present an even more concerning picture. NDTV's non-current borrowings (the company’s long-term debt, excluding its subsidiaries) increased from Rs 273.20 crore in March 2026 to Rs 376.26 crore in September, while its standalone total capital stood at a negative Rs 162.85 crore.

How has NDTV performed under Rahul Kanwal?

Rahul Kanwal joined NDTV as CEO and Editor-in-Chief on May 26, 2025, taking charge of the broadcaster’s business and editorial operations. His appointment came more than two years after the Adani Group completed its takeover of NDTV in December 2022.

By the time Kanwal joined, NDTV had already been expanding its operations under the Adani Group, with Sanjay Pugalia playing a central role in shaping the group's news business.

The financial results for the year ended March 2025, announced a month before Kanwal’s appointment, showed that NDTV had reported consolidated revenue of Rs 465.03 crore and a net loss of Rs 218.01 crore.

A year later, for the financial year ended March 2026, NDTV's consolidated revenue increased to Rs 528.29 crore, a rise of nearly 13.6 percent. But its consolidated net loss also increased substantially, from Rs 218.01 crore to Rs 323.16 crore, a rise of more than 48 percent.

This means that while NDTV's annual revenue increased by approximately Rs 63 crore, its net loss widened by more than Rs 105 crore.

The company’s consolidated expenditure also increased from Rs 688.65 crore in FY25 to Rs 855.22 crore in FY26, an increase of approximately Rs 166.57 crore.

The comparison is significant because FY26 was the first financial year in which Kanwal headed NDTV’s business and editorial operations for most of the period. However, in 2025, he joined nearly two months after the financial year began, and the results also reflect decisions and investments made before his appointment.

NDTV's financial performance after the Adani takeover

The Adani Group completed its takeover of NDTV in December 2022, marking a significant change in the ownership of one of India's oldest private news broadcasters.

Following the takeover, NDTV embarked on an expansion of its news operations, including new channels, programming and distribution.

Sanjay Pugalia, who had joined the Adani Group before the NDTV acquisition, played an important role in the group’s media expansion. The financial filings show that the company's expansion has been accompanied by a substantial increase in expenditure.

For the financial year ended March 2024, NDTV reported consolidated revenue of Rs 370.01 crore and a net loss of Rs 21.35 crore. In FY25, consolidated revenue increased to Rs 465.03 crore, but the net loss widened sharply to Rs 218.01 crore. By FY26, consolidated revenue had reached Rs 528.29 crore, while the net loss increased further to Rs 323.16 crore.

Thus, between FY24 and FY26, NDTV’s annual consolidated revenue increased by approximately 43 percent, while its annual net loss rose from Rs 21.35 crore to Rs 323.16 crore.

Marketing, distribution and promotional expenditure was among the major contributors to the increase in costs. NDTV spent Rs 92.54 crore on these activities in FY24, which more than doubled to Rs 201.08 crore in FY25. In FY26, the expenditure increased further to Rs 243.29 crore.

Production and service costs also rose significantly, from Rs 123.57 crore in FY24 to Rs 189.13 crore in FY25 and Rs 251.28 crore in FY26.

The company has also continued expanding its operations. In August 2026, NDTV signed an asset purchase agreement to acquire the GoodTimes channel. Earlier, four of its subsidiaries – NDTV Networks, NDTV Worldwide, NDTV Media and NDTV Labs – were amalgamated into the parent company, effective October 1, 2025.

The latest financial results raise questions about the sustainability of NDTV’s expansion strategy. With consolidated equity turning negative, borrowings increasing and a proposal to raise up to Rs 800 crore, the question is no longer only how much NDTV is spending on expansion, but when that investment will translate into a financially sustainable business.

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