| TV Today Network Limited | ||||||
| Long-term rating downgraded to 'Crisil AA- / Negative'; Short-term rating reaffirmed | ||||||
| Rating Action | ||||||
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| Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. | ||||||
| 1 crore = 10 million | ||||||
| Refer to Annexure for Details of Instruments & Bank Facilities |
Detailed Rationale Crisil Ratings has downgraded its rating on the long-term bank facilities of TV Today Network Limited (TVTN) to ‘Crisil AA-/Negative’ from ‘Crisil AA/Negative’ and has reaffirmed the short-term rating at ‘Crisil A1+’.
The rating downgrade reflects the continued modest operating performance seen during the first nine months of fiscal 2026, with revenue recording a degrowth of ~20% on-year because of moderation in ad revenue from broadcasting division, resultantly impacting the operating margin, to 4.6% in the first nine months of fiscal 2026 versus 12.6% in fiscal 2025.
The continuation of the ‘Negative’ outlook reflects weaker-than-expected operating performance over the medium term due to slower-than-expected ramp-up of the digital segment which has not been able to offset the modest operating performance in the traditional television segment.
That said, the financial risk profile continues to be robust, and the business risk profile remains healthy. The financial risk profile will remain strong as reflected through nil debt and healthy cash balance. Cash and equivalents stood at Rs 317 crore as on September 30, 2025. Business risk profile is reflected through market leadership position in Hindi television news and online news (in segments such as YouTube and WhatsApp channels).
The ratings reflect the established market position of TVTN in the Hindi news segment and its robust financial risk profile because of strong liquidity and negligible debt. These strengths are partially offset by significant dependence on the flagship channel (Aaj Tak) for revenue, modest profitability of other businesses and slower-than-expected increase in the scale of operations impacting overall profitability. |
Analytical Approach To arrive at its ratings, Crisil Ratings has combined the business and financial risk profiles of TVTN and its subsidiaries, together referred to as TVTN. All the entities are under a common management and have strong business and financial linkages.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. |
Key Rating Drivers - Strengths Established market position in the Hindi news segment: TVTN’s flagship news channel, Aaj Tak, which was launched in December 2000, has demonstrated strong competitiveness among Hindi news channels. It has crossed the 72 million subscriber mark on YouTube and retained its position as the world’s most subscribed and watched news channel on YouTube. TVTN has nearly 30 dedicated digital-first video-channels, with the ‘Tak’ brand names, and is present across 10 content genres and five languages. The Lallantop is the first digital Hindi news platform, with over 34 million subscribers on YouTube. Aaj Tak, with the digital-first operations under the brand ‘Tak’ and ‘The Lallantop’ will continue to support the business risk profile.
Robust financial risk profile: Adjusted networth was strong at Rs 886 crore as on March 31, 2025. Debt protection metrics are healthy and likely to remain at similar levels, aided by nil debt obligation. Liquidity was around Rs 317 crore as on September 30, 2025. The company has purchased an immovable property in Noida for office use for around Rs 200 crore funded through cash balance. Despite this, the financial risk profile remains healthy in the long term, supported by strong liquidity. |
Key Rating Drivers - Weaknesses Significant dependence on Aaj Tak: Aaj Tak contributes to a significant portion of revenue and operating profit as other businesses are still at early stages. Although digital operations have witnessed healthy growth, dependence on Aaj Tak will continue. Steady revenue growth in other businesses will be monitorable.
Modest profitability of other businesses: Despite healthy revenue growth and cost rationalisation undertaken in other businesses, Aaj Tak remains the primary driver for profitability. Competition from digital platforms and shift in viewer preferences, as consumers increasingly turn to online media for news, have impacted ad volume resulting in a lower-than-expected growth in ad revenue.
Slower-than-expected increase in the scale of operations impacting overall profitability: The overall profitability of TVTN has come down to 4.6% during the first nine months of fiscal 2026 owing to high fixed costs. The company will be taking cost rationalisation measures in 2026, that coupled with improvement in profitability of digital segment is expected to gradually increase the margin, though remain moderate in the medium term.
For the radio segment, in November 2025, the company's board approved entering a memorandum of understanding (MoU) with Abhijit Realtors and Infraventures Pvt Ltd for the proposed sale of radio business which currently contributes negatively to profitability. The proposed sale consideration is Rs 10 crore, plus applicable taxes, to be paid in two tranches. An initial Rs 5 crore will be paid upon signing the MoU, with the remaining Rs 5 crore due within three months. The company aims for a completion date of May 31, 2026, although this may be extended by mutual agreement. This strategic divestment aims to streamline operations and focus resources on core profitable ventures.
However, timely ramp up of the digital business will be monitorable for improvement in operating profitability. |
Liquidity Strong Cash and liquid investments of Rs 317 crore as on September 30, 2025, against nil debt, will cover capital expenditure (capex) and working capital requirement over the medium term. |
Outlook Negative The ‘Negative’ outlook reflects the possibility of continuation of weaker-than-expected operating performance, primarily on account of slower ramp up of the digital segment and modest growth in ad revenue. |
Rating sensitivity factors Upward factors
Downward factors
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About the Company TVTN is promoted by the India Today group. The company broadcasts 24-hour news channels: Aaj Tak, Good News Today and Aaj Tak HD in Hindi, and India Today Television in English. TVTN acquired the digital operations business of Living Media India Ltd (LMIL) in fiscal 2018 and has further added new properties. The digital business comprises Aaj Tak and India Today websites, with various social media and online video channels. |
About the Group The India Today group, set up in 1975, has diverse business interests, including news channels, own publications (India Today and Business Today), publications under licence (Reader's Digest, Cosmopolitan), marketing and distribution of international publications (TIME), and book publishing and printing. |
Key Financial Indicators
NM: Not meaningful Note: These are numbers adjusted by Crisil Ratings and may not match the numbers reported by the company. Further, radio operations were discontinued in FY2025 and hence, not included in revenue. |
Any other information: Not applicable |
Note on complexity levels of the rated instrument: Annexure: List of instruments and names of regulators of the instruments As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:
* Includes securitisation transactions involving assignee payout, acquirer's payout. ~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators. ^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. # There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. @ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
Annexure - Details of Instrument(s)
& - Interchangeable with letter of credit, bank guarantee, and working capital demand loan |
Annexure – List of entities consolidated
*Effective from September 25, 2025 |
| Annexure - Rating History for last 3 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Annexure - Details of Bank Lenders & Facilities | ||||||||||||||||||||||||||||||||
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Criteria Details
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