Raj Television Network Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹44 Cr
- ROE
- 0.43%
- Price to sales
- 0.65
- Debt to equity
- 0.18
- 52W high / low
- ₹43.4 / ₹6.84
- Sales growth (5Y)
- -2.20%
- EBITDA margin
- 3.48%
- Net profit margin
- 0.76%
- Promoter holding
- 70.96%
- Sales (last year)
- ₹68 Cr
Incorporated in 1994, Raj Television Network Ltd is in the business of Operating Commercial Satellite Television Channels[1]
Potential multibaggers · Q2 FY27
Potential multibaggers in Entertainment
on management's own guidance
- Digikore StudiosGood growth2
- Phantom DigitalGood growth1
- PVR InoxGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Entertainment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Phantom Digital | 20–40% | Up 2%+ | ₹119 Cr | 3.6 |
| 2 | Digikore Studios | 20–40% | Up 2%+ | ₹43 Cr | 3.4 |
| 3 | PVR Inox | 20–40% | Flat | ₹15,656 Cr | 33.0 |
| 4 | 20–40% | Flat | ₹12,122 Cr | 48.7 | |
| 5 | 20–40% | Flat | ₹6,580 Cr | 36.9 | |
| 6 | 20–40% | Flat | ₹1,064 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Entertainment rankingFinancials of Raj Television
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Raj Television
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 71.23% | 71.20% | 71.01% | 70.95% | 70.90% | 70.88% | 70.88% | 70.88% | 70.88% | 70.91% | 70.96% | 70.96% |
| FIIs + | 0.00% | 0.00% | 0.00% | 0.05% | 0.05% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Public + | 28.77% | 28.81% | 28.99% | 29.01% | 29.06% | 29.12% | 29.13% | 29.11% | 29.10% | 29.07% | 29.01% | 29.01% |
| No. of Shareholders | 7,356 | 7,423 | 6,739 | 8,857 | 8,040 | 7,885 | 8,352 | 8,237 | 8,058 | 7,840 | 9,085 | 9,407 |
Financials of Raj Television
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 23.45 | 39.54 | 16.20 | 25.43 | 35.93 | 42.72 | 21.73 | 16.57 | 15.76 | 16.39 | 21.32 | 14.97 | 18.49 |
| YoY Sales growth | +60.73% | +137.19% | -58.12% | -6.75% | +53.22% | +8.04% | +34.14% | -34.84% | -56.14% | -61.63% | -1.89% | -9.66% | +17.32% |
| Expenses + | 22.34 | 39.09 | 14.46 | 43.53 | 34.43 | 41.38 | 26.18 | 15.22 | 14.68 | 15.50 | 20.53 | 15.35 | 15.54 |
| Operating Profit | 1.11 | 0.45 | 1.74 | -18.10 | 1.50 | 1.34 | -4.45 | 1.35 | 1.08 | 0.89 | 0.79 | -0.38 | 2.95 |
| OPM % | 4.73% | 1.14% | 10.74% | -71.18% | 4.17% | 3.14% | -20.48% | 8.15% | 6.85% | 5.43% | 3.71% | -2.54% | 15.95% |
| Other Income + | 0.02 | 0.12 | 0.21 | 0.05 | 0.00 | 0.19 | 0.00 | 0.11 | 0.00 | 0.00 | 0.49 | 0.00 | 0.00 |
| Interest | 0.64 | 0.60 | 0.56 | 1.18 | 1.03 | 0.82 | 0.75 | 0.75 | 0.64 | 0.61 | 0.76 | 0.61 | 0.58 |
| Depreciation | 0.46 | 0.46 | 0.13 | 0.38 | 0.38 | 0.38 | 0.38 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Profit before tax | 0.03 | -0.49 | 1.26 | -19.61 | 0.09 | 0.33 | -5.58 | 0.51 | 0.24 | 0.08 | 0.32 | -1.19 | 2.17 |
| Tax % | 33.33% | -6.12% | 21.43% | -13.92% | 22.22% | 21.21% | -19.71% | 33.33% | 33.33% | 25.00% | 31.25% | -15.13% | 22.58% |
| Net Profit + | 0.02 | -0.46 | 0.99 | -16.88 | 0.07 | 0.27 | -4.48 | 0.35 | 0.17 | 0.05 | 0.22 | -1.01 | 1.68 |
| EPS in Rs | 0.00 | -0.09 | 0.19 | -3.25 | 0.01 | 0.05 | -0.86 | 0.07 | 0.03 | 0.01 | 0.04 | -0.19 | 0.32 |
Financials of Raj Television
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 82.50 | 82.45 | 61.21 | 61.57 | 62.20 | 59.16 | 78.31 | 69.26 | 84.79 | 106.46 | 125.82 | 70.05 | 71.17 |
| Sales growth | +3.81% | -0.06% | -25.76% | +0.59% | +1.02% | -4.89% | +32.37% | -11.56% | +22.42% | +25.56% | +18.19% | -44.33% | -26.46% |
| Expenses + | 58.12 | 77.21 | 53.65 | 51.24 | 48.67 | 47.77 | 65.46 | 57.16 | 78.74 | 101.61 | 144.84 | 65.83 | 66.92 |
| Operating Profit | 24.38 | 5.24 | 7.56 | 10.33 | 13.53 | 11.39 | 12.85 | 12.10 | 6.05 | 4.85 | -19.02 | 4.22 | 4.25 |
| OPM % | 29.55% | 6.36% | 12.35% | 16.78% | 21.75% | 19.25% | 16.41% | 17.47% | 7.14% | 4.56% | -15.12% | 6.02% | 5.97% |
| Other Income + | 1.39 | 0.46 | 0.85 | 1.83 | 1.34 | 0.29 | 0.24 | 0.38 | 0.66 | 0.38 | 0.24 | 0.60 | 0.49 |
| Interest | 6.47 | 4.52 | 4.83 | 5.43 | 5.00 | 4.48 | 5.88 | 4.27 | 3.42 | 2.52 | 4.47 | 2.86 | 2.56 |
| Depreciation | 6.33 | 6.54 | 6.62 | 6.69 | 6.27 | 6.85 | 6.85 | 6.87 | 1.64 | 1.51 | 1.50 | 0.80 | 0.80 |
| Profit before tax | 12.97 | -5.36 | -3.04 | 0.04 | 3.60 | 0.35 | 0.36 | 1.34 | 1.65 | 1.20 | -24.75 | 1.16 | 1.38 |
| Tax % | 37.01% | 12.87% | 57.24% | 3,525.00% | -49.72% | 94.29% | 61.11% | 18.66% | 32.12% | 33.33% | -15.11% | 31.90% | |
| Net Profit + | 8.16 | -6.05 | -4.78 | -1.37 | 5.40 | 0.01 | 0.13 | 1.09 | 1.13 | 0.81 | -21.01 | 0.79 | 0.94 |
| EPS in Rs | 1.57 | -1.17 | -0.92 | -0.26 | 1.04 | 0.00 | 0.03 | 0.21 | 0.22 | 0.16 | -4.05 | 0.15 | 0.18 |
| Dividend Payout % | 31.81% | -21.45% | 0.00% | 0.00% | 9.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials of Raj Television
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 | 25.96 |
| Reserves | 129.34 | 121.73 | 112.02 | 110.65 | 116.05 | 115.43 | 115.57 | 116.65 | 117.78 | 118.58 | 97.57 | 98.36 | 99.03 |
| Borrowings + | 29.60 | 34.27 | 40.72 | 42.51 | 36.03 | 35.34 | 22.85 | 24.28 | 24.87 | 22.92 | 28.47 | 22.36 | 23.26 |
| Other Liabilities + | 15.29 | 21.46 | 8.21 | 9.95 | 12.73 | 22.19 | 33.94 | 22.91 | 32.81 | 15.93 | 37.57 | 23.99 | 29.94 |
| Total Liabilities | 200.19 | 203.42 | 186.91 | 189.07 | 190.77 | 198.92 | 198.32 | 189.80 | 201.42 | 183.39 | 189.57 | 170.67 | 178.19 |
| Fixed Assets + | 102.72 | 98.58 | 114.06 | 109.23 | 109.90 | 110.27 | 103.85 | 97.62 | 119.84 | 118.46 | 116.95 | 116.12 | 116.62 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets + | 97.47 | 104.84 | 72.85 | 79.84 | 80.87 | 88.65 | 94.47 | 92.18 | 81.58 | 64.93 | 72.62 | 54.55 | 61.57 |
| Total Assets | 200.19 | 203.42 | 186.91 | 189.07 | 190.77 | 198.92 | 198.32 | 189.80 | 201.42 | 183.39 | 189.57 | 170.67 | 178.19 |
Financials of Raj Television
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 15.39 | 4.46 | -11.59 | 11.64 | 19.10 | 17.24 | 7.54 | 3.26 | 30.80 | 3.80 | -5.17 | 7.53 |
| Cash from Investing Activity + | -0.58 | -2.40 | -10.55 | -1.77 | -6.92 | -7.17 | -0.43 | -0.62 | -23.80 | 0.01 | 0.00 | 0.23 |
| Cash from Financing Activity + | -19.66 | 0.02 | 19.00 | -9.76 | -11.81 | -9.87 | -7.07 | -2.68 | -7.01 | -3.61 | 2.91 | -7.94 |
| Net Cash Flow | -4.86 | 2.07 | -3.13 | 0.11 | 0.38 | 0.20 | 0.03 | -0.05 | -0.02 | 0.21 | -2.26 | -0.18 |
| Free Cash Flow | 13.27 | 2.06 | -22.31 | 9.78 | 12.16 | 10.02 | 7.11 | 2.61 | 6.95 | 3.51 | -5.17 | 7.53 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 76% | 183% | -153% | 113% | 143% | 154% | 62% | 29% | 496% | 127% | 47% | 169% |
Financials of Raj Television
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 274.57 | 293.33 | 257.01 | 289.65 | 309.49 | 333.47 | 281.34 | 306.50 | 232.46 | 87.67 | 132.60 | 156.26 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 274.57 | 293.33 | 257.01 | 289.65 | 309.49 | 333.47 | 281.34 | 306.50 | 232.46 | 87.67 | 132.60 | 156.26 |
| Working Capital Days | 171.70 | 154.68 | 172.45 | 176.60 | 152.10 | 125.31 | 131.77 | 181.76 | 40.42 | 49.13 | 15.11 | 23.92 |
| ROCE % | 10.06% | -0.46% | 0.90% | 3.01% | 4.80% | 2.69% | 3.66% | 3.37% | 2.99% | 2.13% | -12.70% | 2.56% |
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