# Entertainment & Media — company-by-company sector analysis

> Entertainment & Media: Zee Entertainment Enterprises Ltd owns the largest revenue base; City Pulse Multiventures Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 9 of 24 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Zee Entertainment Enterprises Ltd leads with revenue of ₹8,099 crore, based on 24 of 25 comparable companies through Mar 2026. City Pulse Multiventures Ltd has the fastest current revenue growth at 100%, across 23 of 25 comparable companies.

### Is the Entertainment & Media sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 9 of 24 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Entertainment & Media company is largest by revenue?

Zee Entertainment Enterprises Ltd leads with revenue of ₹8,099 crore, based on 24 of 25 comparable companies through Mar 2026.

### Which Entertainment & Media company is growing fastest?

City Pulse Multiventures Ltd has the fastest current revenue growth at 100%, across 23 of 25 comparable companies.

### Which Entertainment & Media company has the strongest 4-Factor Sector Score?

Nila Spaces Ltd ranks first at 68.2/100 with 76.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Entertainment & Media company reports the most CAPEX?

Amagi Media Labs Ltd reports the largest latest CAPEX at ₹7 crore, with 1 of 25 companies comparable.

### Which Entertainment & Media company has the least gross debt?

Bright Outdoor Media Ltd has the lowest comparable gross debt at ₹0 crore. PVR Inox Ltd has the highest at ₹6,779 crore.

### Which Entertainment & Media company has the lowest comparable PEG?

Zee Entertainment Enterprises Ltd has the lowest comparable Guarded PEG at 0.28, among 3 of 25 companies that pass the metric’s comparability rules.

### How much history does this Entertainment & Media comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Entertainment & Media against NIFTY 500 is not available from the current market series. 9 of 24 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. City Pulse Multiventures Ltd is the strongest against the sector itself at +42.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 9/24
Stocks leading sector: 6/22

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 25
Combined market value: ₹1.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Nila Spaces Ltd (NILASPACES): 68/100 — Favorable setup; evidence 77%
   - Growth & earnings 27.6/35 | Capital efficiency 17.5/25 | Valuation 11.7/20 | Relative strength 11.4/20
   - Exact sum: 27.6 + 17.5 + 11.7 + 11.4 = 68.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Nazara Technologies Ltd (543280): 68/100 — Favorable setup; evidence 66%
   - Growth & earnings 26.6/35 | Capital efficiency 17.9/25 | Valuation 10.8/20 | Relative strength 12.5/20
   - Exact sum: 26.6 + 17.9 + 10.8 + 12.5 = 67.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. PVR Inox Ltd (PVRINOX): 65/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 23.3/35 | Capital efficiency 9.0/25 | Valuation 16.8/20 | Relative strength 15.5/20
   - Exact sum: 23.3 + 9 + 16.8 + 15.5 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Hindustan Media Ventures Ltd (HMVL): 64/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 21.9/35 | Capital efficiency 16.1/25 | Valuation 13.6/20 | Relative strength 12.4/20
   - Exact sum: 21.9 + 16.1 + 13.6 + 12.4 = 64
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Prime Focus Ltd (PFOCUS): 60/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 24.7/35 | Capital efficiency 12.3/25 | Valuation 9.1/20 | Relative strength 13.7/20
   - Exact sum: 24.7 + 12.3 + 9.1 + 13.7 = 59.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. City Pulse Multiventures Ltd (542727): 56/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 22.5/35 | Capital efficiency 13.3/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Exact sum: 22.5 + 13.3 + 8.5 + 12 = 56.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Amagi Media Labs Ltd (AMAGI): 56/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 25.4/35 | Capital efficiency 11.6/25 | Valuation 9.0/20 | Relative strength 10.0/20
   - Exact sum: 25.4 + 11.6 + 9 + 10 = 56
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Sun TV Network Ltd (SUNTV): 54/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.3/35 | Capital efficiency 20.4/25 | Valuation 12.4/20 | Relative strength 4.7/20
   - Exact sum: 16.3 + 20.4 + 12.4 + 4.7 = 53.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. H T Media Ltd (HTMEDIA): 52/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 17.0/35 | Capital efficiency 10.1/25 | Valuation 14.1/20 | Relative strength 11.2/20
   - Exact sum: 17 + 10.1 + 14.1 + 11.2 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Media Matrix Worldwide Ltd (MMWL): 51/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 12.6/35 | Capital efficiency 10.4/25 | Valuation 8.7/20 | Relative strength 19.2/20
   - Exact sum: 12.6 + 10.4 + 8.7 + 19.2 = 50.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 22.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Basilic Fly Studio Ltd (BASILIC): 50/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 13.5/35 | Capital efficiency 19.0/25 | Valuation 14.4/20 | Relative strength 2.7/20
   - Exact sum: 13.5 + 19 + 14.4 + 2.7 = 49.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. Zee Media Corporation Ltd (ZEEMEDIA): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 20.9/35 | Capital efficiency 9.9/25 | Valuation 9.6/20 | Relative strength 5.1/20
   - Exact sum: 20.9 + 9.9 + 9.6 + 5.1 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Hathway Cable & Datacom Ltd (HATHWAY): 44/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 13.5/35 | Capital efficiency 11.3/25 | Valuation 9.4/20 | Relative strength 10.2/20
   - Exact sum: 13.5 + 11.3 + 9.4 + 10.2 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Den Networks Ltd (DEN): 43/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 11.8/35 | Capital efficiency 11.6/25 | Valuation 11.7/20 | Relative strength 7.8/20
   - Exact sum: 11.8 + 11.6 + 11.7 + 7.8 = 42.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Panorama Studios International Ltd (539469): 42/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 9.7/35 | Capital efficiency 12.5/25 | Valuation 9.4/20 | Relative strength 10.5/20
   - Exact sum: 9.7 + 12.5 + 9.4 + 10.5 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Zee Entertainment Enterprises Ltd (ZEEL): 41/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 8.4/35 | Capital efficiency 9.7/25 | Valuation 13.3/20 | Relative strength 9.2/20
   - Exact sum: 8.4 + 9.7 + 13.3 + 9.2 = 40.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
17. Dish TV India Ltd (DISHTV): 41/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 15.1/35 | Capital efficiency 12.6/25 | Valuation 10.0/20 | Relative strength 2.9/20
   - Exact sum: 15.1 + 12.6 + 10 + 2.9 = 40.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Network 18 Media & Investments Ltd (NETWORK18): 39/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 18.2/35 | Capital efficiency 6.5/25 | Valuation 10.0/20 | Relative strength 3.8/20
   - Exact sum: 18.2 + 6.5 + 10 + 3.8 = 38.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. T.V. Today Network Ltd (TVTODAY): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 10.2/35 | Capital efficiency 10.2/25 | Valuation 6.7/20 | Relative strength 6.5/20
   - Exact sum: 10.2 + 10.2 + 6.7 + 6.5 = 33.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. GTPL Hathway Ltd (GTPL): 31/100 — Adverse evidence; evidence 81%
   - Growth & earnings 10.7/35 | Capital efficiency 10.6/25 | Valuation 6.2/20 | Relative strength 3.7/20
   - Exact sum: 10.7 + 10.6 + 6.2 + 3.7 = 31.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. New Delhi Television Ltd (NDTV): 31/100 — Adverse evidence; evidence 69%
   - Growth & earnings 10.5/35 | Capital efficiency 1.4/25 | Valuation 10.0/20 | Relative strength 9.3/20
   - Exact sum: 10.5 + 1.4 + 10 + 9.3 = 31.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Entertainment Network (India) Ltd (ENIL): 30/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.8/35 | Capital efficiency 6.8/25 | Valuation 6.2/20 | Relative strength 8.9/20
   - Exact sum: 7.8 + 6.8 + 6.2 + 8.9 = 29.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Balaji Telefilms Ltd (BALAJITELE): 27/100 — Adverse evidence; evidence 69%
   - Growth & earnings 5.2/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 3.9/20
   - Exact sum: 5.2 + 7.8 + 10 + 3.9 = 26.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Bright Outdoor Media Ltd (543831): 63/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 20.4/35 | Capital efficiency 17.6/25 | Valuation 9.3/20 | Relative strength 15.7/20
   - Exact sum: 20.4 + 17.6 + 9.3 + 15.7 = 63
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. DAPS Advertising Ltd (543651): 52/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 18.0/35 | Capital efficiency 13.6/25 | Valuation 14.2/20 | Relative strength 6.4/20
   - Exact sum: 18 + 13.6 + 14.2 + 6.4 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Zee Entertainment Enterprises Ltd is the scale leader at ₹8,099 crore, 18.4% ahead of PVR Inox Ltd. City Pulse Multiventures Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 137.3% from a ₹8 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Zee Entertainment Enterprises Ltd is the scale benchmark; City Pulse Multiventures Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Zee Entertainment Enterprises Ltd's growth falls below City Pulse Multiventures Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Zee Entertainment Enterprises Ltd · ₹8,099 crore | 18.4% versus #2 · PVR Inox Ltd | 3/8 recent comparable periods | 24/25 companies · 342 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Zee Entertainment Enterprises Ltd (ZEEL): ₹8.1K Cr
2. PVR Inox Ltd (PVRINOX): ₹6.8K Cr
3. Prime Focus Ltd (PFOCUS): ₹4.7K Cr
4. Sun TV Network Ltd (SUNTV): ₹4.3K Cr
5. GTPL Hathway Ltd (GTPL): ₹3.8K Cr

### Revenue growth — fastest growers
1. City Pulse Multiventures Ltd (542727): 100%
2. Bright Outdoor Media Ltd (543831): 51% — older report
3. Nila Spaces Ltd (NILASPACES): 36%
4. Amagi Media Labs Ltd (AMAGI): 31%
5. Prime Focus Ltd (PFOCUS): 30%

### 20-quarter Revenue history
- 539469: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹196 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹320 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹250 Cr | Sep 2024 ₹319 Cr | Dec 2024 ₹535 Cr | Mar 2025 ₹520 Cr | Jun 2025 ₹499 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹406 Cr | Mar 2026 ₹398 Cr | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹15 Cr | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 — | Sep 2023 ₹11 Cr | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 ₹45 Cr | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 — | Sep 2023 ₹41 Cr | Dec 2023 — | Mar 2024 ₹65 Cr | Jun 2024 — | Sep 2024 ₹57 Cr | Dec 2024 — | Mar 2025 ₹70 Cr | Jun 2025 — | Sep 2025 ₹63 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 ₹773 Cr | Dec 2021 ₹858 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹841 Cr | Mar 2024 ₹873 Cr | Jun 2024 ₹813 Cr | Sep 2024 ₹897 Cr | Dec 2024 ₹909 Cr | Mar 2025 ₹979 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- SUNTV: Sep 2021 ₹849 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹859 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹826 Cr | Dec 2022 ₹887 Cr | Mar 2023 ₹840 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹923 Cr | Mar 2024 ₹961 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹936 Cr | Dec 2024 ₹829 Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹862 Cr | Mar 2026 ₹883 Cr | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹262 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹397 Cr | Jun 2026 —
- PVRINOX: Sep 2021 ₹120 Cr | Dec 2021 ₹614 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹981 Cr | Sep 2022 ₹687 Cr | Dec 2022 ₹940 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.6K Cr
- ZEEL: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 — | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- NETWORK18: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹561 Cr | Jun 2025 ₹468 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹616 Cr | Jun 2026 ₹516 Cr
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹478 Cr | Mar 2023 ₹460 Cr | Jun 2023 ₹499 Cr | Sep 2023 ₹484 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹493 Cr | Jun 2024 ₹503 Cr | Sep 2024 ₹513 Cr | Dec 2024 ₹511 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹530 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹546 Cr | Jun 2026 ₹565 Cr
- MMWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹321 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹280 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹272 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹336 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹277 Cr | Mar 2023 ₹283 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹249 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹241 Cr | Jun 2026 ₹243 Cr
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹165 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- NDTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹105 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹148 Cr | Jun 2026 ₹117 Cr
- TVTODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹231 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹223 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹247 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹213 Cr | Jun 2026 —
- HMVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹188 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- GTPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹686 Cr | Mar 2023 ₹692 Cr | Jun 2023 ₹774 Cr | Sep 2023 ₹779 Cr | Dec 2023 ₹851 Cr | Mar 2024 ₹808 Cr | Jun 2024 ₹843 Cr | Sep 2024 ₹856 Cr | Dec 2024 ₹887 Cr | Mar 2025 ₹891 Cr | Jun 2025 ₹904 Cr | Sep 2025 ₹959 Cr | Dec 2025 ₹933 Cr | Mar 2026 ₹924 Cr | Jun 2026 ₹1.0K Cr
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹441 Cr | Jun 2023 ₹393 Cr | Sep 2023 ₹394 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹464 Cr | Jun 2024 ₹379 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹490 Cr | Mar 2025 ₹514 Cr | Jun 2025 ₹412 Cr | Sep 2025 ₹452 Cr | Dec 2025 ₹497 Cr | Mar 2026 ₹511 Cr | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹552 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹500 Cr | Sep 2023 ₹479 Cr | Dec 2023 ₹470 Cr | Mar 2024 ₹407 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹299 Cr | Mar 2026 ₹243 Cr | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹134 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- ZEEMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹171 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹158 Cr | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹56 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹113 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539469: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -83% | Mar 2024 382% | Jun 2024 -50% | Sep 2024 58% | Dec 2024 2.2% | Mar 2025 -25% | Jun 2025 283% | Sep 2025 -5.2% | Dec 2025 -13% | Mar 2026 -70% | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -82% | Jun 2025 178% | Sep 2025 131% | Dec 2025 -8.1% | Mar 2026 1,255% | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5,436% | Mar 2024 -8.0% | Jun 2024 -1.6% | Sep 2024 7.4% | Dec 2024 67% | Mar 2025 95% | Jun 2025 100% | Sep 2025 65% | Dec 2025 -24% | Mar 2026 -23% | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -26% | Dec 2023 — | Mar 2024 -38% | Jun 2024 — | Sep 2024 -25% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 23% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 -8.9% | Dec 2023 — | Mar 2024 38% | Jun 2024 — | Sep 2024 39% | Dec 2024 — | Mar 2025 7.7% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 40% | Dec 2022 29% | Mar 2023 34% | Jun 2023 18% | Sep 2023 -5.2% | Dec 2023 -24% | Mar 2024 -39% | Jun 2024 -33% | Sep 2024 -13% | Dec 2024 8.1% | Mar 2025 12% | Jun 2025 26% | Sep 2025 18% | Dec 2025 33% | Mar 2026 41% | Jun 2026 —
- SUNTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 -2.7% | Dec 2022 -16% | Mar 2023 -2.2% | Jun 2023 11% | Sep 2023 27% | Dec 2023 4.1% | Mar 2024 14% | Jun 2024 -2.6% | Sep 2024 -11% | Dec 2024 -10% | Mar 2025 -2.0% | Jun 2025 -1.8% | Sep 2025 39% | Dec 2025 4.0% | Mar 2026 -6.3% | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 34% | Sep 2025 43% | Dec 2025 22% | Mar 2026 28% | Jun 2026 —
- PVRINOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,563% | Sep 2022 473% | Dec 2022 53% | Mar 2023 113% | Jun 2023 33% | Sep 2023 191% | Dec 2023 64% | Mar 2024 9.9% | Jun 2024 -8.7% | Sep 2024 -19% | Dec 2024 11% | Mar 2025 -2.1% | Jun 2025 22% | Sep 2025 12% | Dec 2025 7.8% | Mar 2026 26% | Jun 2026 12%
- ZEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.0% | Sep 2022 2.5% | Dec 2022 -0.2% | Mar 2023 — | Jun 2023 7.5% | Sep 2023 20% | Dec 2023 -3.0% | Mar 2024 2.8% | Jun 2024 7.4% | Sep 2024 -18% | Dec 2024 -3.3% | Mar 2025 0.7% | Jun 2025 -14% | Sep 2025 -1.6% | Dec 2025 15% | Mar 2026 -7.3% | Jun 2026 —
- NETWORK18: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.1% | Mar 2024 63% | Jun 2024 -3.0% | Sep 2024 -2.2% | Dec 2024 -23% | Mar 2025 -77% | Jun 2025 -85% | Sep 2025 -73% | Dec 2025 -60% | Mar 2026 9.8% | Jun 2026 10%
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.7% | Mar 2024 7.2% | Jun 2024 0.8% | Sep 2024 6.0% | Dec 2024 1.2% | Mar 2025 4.1% | Jun 2025 5.4% | Sep 2025 4.7% | Dec 2025 5.1% | Mar 2026 6.4% | Jun 2026 6.6%
- MMWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -39% | Mar 2024 7.6% | Jun 2024 -23% | Sep 2024 77% | Dec 2024 31% | Mar 2025 -3.0% | Jun 2025 1.0% | Sep 2025 -66% | Dec 2025 30% | Mar 2026 11% | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.4% | Mar 2024 -8.8% | Jun 2024 -9.2% | Sep 2024 -10% | Dec 2024 -4.4% | Mar 2025 -3.9% | Jun 2025 -2.8% | Sep 2025 -3.2% | Dec 2025 -3.8% | Mar 2026 -2.8% | Jun 2026 0.8%
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -6.9% | Jun 2024 -2.0% | Sep 2024 -28% | Dec 2024 -33% | Mar 2025 -51% | Jun 2025 -51% | Sep 2025 -66% | Dec 2025 -55% | Mar 2026 -27% | Jun 2026 —
- NDTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.7% | Mar 2024 60% | Jun 2024 34% | Sep 2024 16% | Dec 2024 36% | Mar 2025 19% | Jun 2025 15% | Sep 2025 9.9% | Dec 2025 13% | Mar 2026 17% | Jun 2026 8.3%
- TVTODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 14% | Jun 2024 39% | Sep 2024 -3.3% | Dec 2024 -12% | Mar 2025 0.7% | Jun 2025 -36% | Sep 2025 -10% | Dec 2025 -8.4% | Mar 2026 -14% | Jun 2026 —
- HMVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 -4.1% | Sep 2024 4.2% | Dec 2024 7.7% | Mar 2025 -3.2% | Jun 2025 13% | Sep 2025 15% | Dec 2025 -7.1% | Mar 2026 19% | Jun 2026 —
- GTPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 17% | Jun 2024 8.9% | Sep 2024 9.8% | Dec 2024 4.3% | Mar 2025 10% | Jun 2025 7.2% | Sep 2025 12% | Dec 2025 5.1% | Mar 2026 3.7% | Jun 2026 12%
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.2% | Jun 2024 -3.8% | Sep 2024 7.6% | Dec 2024 11% | Mar 2025 11% | Jun 2025 8.9% | Sep 2025 6.6% | Dec 2025 1.4% | Mar 2026 -0.5% | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 -19% | Jun 2024 -9.0% | Sep 2024 -17% | Dec 2024 -21% | Mar 2025 -15% | Jun 2025 -28% | Sep 2025 -27% | Dec 2025 -20% | Mar 2026 -29% | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 20% | Jun 2024 8.9% | Sep 2024 -3.3% | Dec 2024 -1.1% | Mar 2025 5.0% | Jun 2025 3.0% | Sep 2025 24% | Dec 2025 3.8% | Mar 2026 -10% | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -43% | Mar 2025 23% | Jun 2025 31% | Sep 2025 32% | Dec 2025 58% | Mar 2026 25% | Jun 2026 —
- ZEEMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.3% | Mar 2024 21% | Jun 2024 26% | Sep 2024 -14% | Dec 2024 -4.8% | Mar 2025 -13% | Jun 2025 3.4% | Sep 2025 37% | Dec 2025 51% | Mar 2026 1.3% | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 70% | Dec 2025 13% | Mar 2026 -16% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: City Pulse Multiventures Ltd leads opm at 78.6%; Hindustan Media Ventures Ltd leads margin change at +17 percentage points.

Investor read: City Pulse Multiventures Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: City Pulse Multiventures Ltd · 78.6% | 78.6% versus #2 · Sun TV Network Ltd | 6/8 recent comparable periods | 25/25 companies · 430 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. City Pulse Multiventures Ltd (542727): 79%
2. Sun TV Network Ltd (SUNTV): 44%
3. Nila Spaces Ltd (NILASPACES): 35%
4. Prime Focus Ltd (PFOCUS): 35%
5. PVR Inox Ltd (PVRINOX): 33%

### Margin change — fastest expanders
1. Hindustan Media Ventures Ltd (HMVL): +17.0 pp
2. H T Media Ltd (HTMEDIA): +11.5 pp
3. Prime Focus Ltd (PFOCUS): +11.0 pp
4. Amagi Media Labs Ltd (AMAGI): +10.0 pp
5. Nila Spaces Ltd (NILASPACES): +9.5 pp

### 20-quarter OPM history
- 539469: Sep 2021 -55% | Dec 2021 4.5% | Mar 2022 -55% | Jun 2022 -14% | Sep 2022 5.3% | Dec 2022 23% | Mar 2023 15% | Jun 2023 6.1% | Sep 2023 21% | Dec 2023 14% | Mar 2024 14% | Jun 2024 11% | Sep 2024 9.4% | Dec 2024 12% | Mar 2025 21% | Jun 2025 5.6% | Sep 2025 3.2% | Dec 2025 5.0% | Mar 2026 20% | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 42% | Jun 2022 — | Sep 2022 -26% | Dec 2022 -14% | Mar 2023 -212% | Jun 2023 -150% | Sep 2023 — | Dec 2023 73% | Mar 2024 57% | Jun 2024 76% | Sep 2024 64% | Dec 2024 45% | Mar 2025 245% | Jun 2025 82% | Sep 2025 74% | Dec 2025 81% | Mar 2026 79% | Jun 2026 —
- 543280: Sep 2021 15% | Dec 2021 16% | Mar 2022 7.4% | Jun 2022 13% | Sep 2022 5.2% | Dec 2022 -65% | Mar 2023 9.0% | Jun 2023 13% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 0.6% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 6.0% | Jun 2025 4.7% | Sep 2025 -31% | Dec 2025 17% | Mar 2026 11% | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 9.1% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 — | Mar 2024 0.8% | Jun 2024 — | Sep 2024 4.7% | Dec 2024 — | Mar 2025 9.0% | Jun 2025 — | Sep 2025 5.4% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 17% | Mar 2023 11% | Jun 2023 — | Sep 2023 13% | Dec 2023 27% | Mar 2024 26% | Jun 2024 — | Sep 2024 22% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 23% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 22% | Dec 2021 23% | Mar 2022 29% | Jun 2022 17% | Sep 2022 17% | Dec 2022 17% | Mar 2023 30% | Jun 2023 13% | Sep 2023 -1.0% | Dec 2023 3.0% | Mar 2024 5.0% | Jun 2024 9.0% | Sep 2024 24% | Dec 2024 29% | Mar 2025 24% | Jun 2025 24% | Sep 2025 28% | Dec 2025 33% | Mar 2026 35% | Jun 2026 —
- SUNTV: Sep 2021 62% | Dec 2021 69% | Mar 2022 66% | Jun 2022 63% | Sep 2022 65% | Dec 2022 66% | Mar 2023 59% | Jun 2023 59% | Sep 2023 69% | Dec 2023 64% | Mar 2024 54% | Jun 2024 55% | Sep 2024 58% | Dec 2024 54% | Mar 2025 44% | Jun 2025 48% | Sep 2025 58% | Dec 2025 49% | Mar 2026 44% | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -16% | Sep 2024 -15% | Dec 2024 0.0% | Mar 2025 -4.0% | Jun 2025 -2.0% | Sep 2025 -1.0% | Dec 2025 8.0% | Mar 2026 6.0% | Jun 2026 —
- PVRINOX: Sep 2021 -57% | Dec 2021 27% | Mar 2022 19% | Jun 2022 35% | Sep 2022 22% | Dec 2022 31% | Mar 2023 23% | Jun 2023 27% | Sep 2023 35% | Dec 2023 31% | Mar 2024 22% | Jun 2024 21% | Sep 2024 30% | Dec 2024 31% | Mar 2025 24% | Jun 2025 28% | Sep 2025 34% | Dec 2025 34% | Mar 2026 29% | Jun 2026 33%
- ZEEL: Sep 2021 20% | Dec 2021 22% | Mar 2022 23% | Jun 2022 15% | Sep 2022 16% | Dec 2022 18% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 14% | Dec 2023 10% | Mar 2024 10% | Jun 2024 13% | Sep 2024 16% | Dec 2024 16% | Mar 2025 14% | Jun 2025 13% | Sep 2025 8.0% | Dec 2025 11% | Mar 2026 -13% | Jun 2026 —
- NETWORK18: Sep 2021 18% | Dec 2021 23% | Mar 2022 16% | Jun 2022 3.5% | Sep 2022 2.1% | Dec 2022 0.1% | Mar 2023 4.0% | Jun 2023 -3.0% | Sep 2023 -12% | Dec 2023 -10% | Mar 2024 -8.0% | Jun 2024 -5.0% | Sep 2024 -10% | Dec 2024 -2.0% | Mar 2025 3.0% | Jun 2025 1.0% | Sep 2025 0.0% | Dec 2025 2.0% | Mar 2026 5.0% | Jun 2026 1.0%
- HATHWAY: Sep 2021 20% | Dec 2021 22% | Mar 2022 21% | Jun 2022 19% | Sep 2022 18% | Dec 2022 17% | Mar 2023 13% | Jun 2023 16% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 17% | Dec 2024 16% | Mar 2025 18% | Jun 2025 17% | Sep 2025 15% | Dec 2025 14% | Mar 2026 13% | Jun 2026 13%
- MMWL: Sep 2021 0.6% | Dec 2021 0.3% | Mar 2022 0.4% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 1.3% | Sep 2023 0.7% | Dec 2023 1.0% | Mar 2024 1.5% | Jun 2024 1.9% | Sep 2024 0.5% | Dec 2024 1.6% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 1.8% | Jun 2026 —
- DEN: Sep 2021 14% | Dec 2021 17% | Mar 2022 18% | Jun 2022 14% | Sep 2022 13% | Dec 2022 14% | Mar 2023 12% | Jun 2023 11% | Sep 2023 15% | Dec 2023 15% | Mar 2024 16% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 8.0% | Sep 2025 7.0% | Dec 2025 5.0% | Mar 2026 6.0% | Jun 2026 5.0%
- BALAJITELE: Sep 2021 -50% | Dec 2021 -28% | Mar 2022 -26% | Jun 2022 -17% | Sep 2022 -9.1% | Dec 2022 3.0% | Mar 2023 8.0% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 3.0% | Mar 2024 2.0% | Jun 2024 3.0% | Sep 2024 8.0% | Dec 2024 -12% | Mar 2025 -29% | Jun 2025 -13% | Sep 2025 -14% | Dec 2025 -76% | Mar 2026 -36% | Jun 2026 —
- NDTV: Sep 2021 16% | Dec 2021 33% | Mar 2022 28% | Jun 2022 28% | Sep 2022 18% | Dec 2022 21% | Mar 2023 -22% | Jun 2023 -14% | Sep 2023 5.0% | Dec 2023 -9.0% | Mar 2024 -15% | Jun 2024 -48% | Sep 2024 -39% | Dec 2024 -31% | Mar 2025 -38% | Jun 2025 -54% | Sep 2025 -47% | Dec 2025 -41% | Mar 2026 -58% | Jun 2026 -58%
- TVTODAY: Sep 2021 26% | Dec 2021 33% | Mar 2022 20% | Jun 2022 22% | Sep 2022 13% | Dec 2022 16% | Mar 2023 9.9% | Jun 2023 6.0% | Sep 2023 5.5% | Dec 2023 16% | Mar 2024 9.6% | Jun 2024 23% | Sep 2024 4.4% | Dec 2024 5.2% | Mar 2025 1.8% | Jun 2025 2.1% | Sep 2025 3.3% | Dec 2025 6.0% | Mar 2026 2.1% | Jun 2026 —
- HMVL: Sep 2021 1.6% | Dec 2021 13% | Mar 2022 6.5% | Jun 2022 -18% | Sep 2022 -18% | Dec 2022 -8.1% | Mar 2023 -5.0% | Jun 2023 -7.0% | Sep 2023 -16% | Dec 2023 -8.0% | Mar 2024 -11% | Jun 2024 -11% | Sep 2024 -8.0% | Dec 2024 1.0% | Mar 2025 13% | Jun 2025 -5.0% | Sep 2025 -5.0% | Dec 2025 11% | Mar 2026 30% | Jun 2026 —
- GTPL: Sep 2021 23% | Dec 2021 22% | Mar 2022 21% | Jun 2022 19% | Sep 2022 20% | Dec 2022 16% | Mar 2023 15% | Jun 2023 15% | Sep 2023 16% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 12% | Mar 2026 8.7% | Jun 2026 10%
- HTMEDIA: Sep 2021 3.4% | Dec 2021 16% | Mar 2022 5.3% | Jun 2022 -7.0% | Sep 2022 -12% | Dec 2022 -4.5% | Mar 2023 -8.9% | Jun 2023 -6.4% | Sep 2023 -8.5% | Dec 2023 -3.4% | Mar 2024 0.3% | Jun 2024 -11% | Sep 2024 -5.4% | Dec 2024 1.2% | Mar 2025 5.0% | Jun 2025 -7.2% | Sep 2025 -0.9% | Dec 2025 3.0% | Mar 2026 16% | Jun 2026 —
- DISHTV: Sep 2021 59% | Dec 2021 60% | Mar 2022 55% | Jun 2022 53% | Sep 2022 52% | Dec 2022 47% | Mar 2023 3.0% | Jun 2023 43% | Sep 2023 41% | Dec 2023 38% | Mar 2024 41% | Jun 2024 36% | Sep 2024 37% | Dec 2024 33% | Mar 2025 28% | Jun 2025 22% | Sep 2025 11% | Dec 2025 -14% | Mar 2026 -29% | Jun 2026 —
- ENIL: Sep 2021 13% | Dec 2021 36% | Mar 2022 17% | Jun 2022 6.1% | Sep 2022 19% | Dec 2022 9.2% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 19% | Dec 2023 29% | Mar 2024 18% | Jun 2024 6.6% | Sep 2024 9.8% | Dec 2024 19% | Mar 2025 19% | Jun 2025 6.5% | Sep 2025 8.1% | Dec 2025 9.3% | Mar 2026 7.5% | Jun 2026 —
- NILASPACES: Sep 2021 -65% | Dec 2021 -65% | Mar 2022 -88% | Jun 2022 -21% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 18% | Jun 2024 20% | Sep 2024 24% | Dec 2024 28% | Mar 2025 25% | Jun 2025 30% | Sep 2025 23% | Dec 2025 35% | Mar 2026 35% | Jun 2026 —
- ZEEMEDIA: Sep 2021 30% | Dec 2021 36% | Mar 2022 24% | Jun 2022 19% | Sep 2022 10% | Dec 2022 3.0% | Mar 2023 -3.0% | Jun 2023 -14% | Sep 2023 -13% | Dec 2023 -15% | Mar 2024 15% | Jun 2024 8.0% | Sep 2024 -24% | Dec 2024 4.0% | Mar 2025 -5.0% | Jun 2025 11% | Sep 2025 10% | Dec 2025 33% | Mar 2026 -6.0% | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 46% | Dec 2023 — | Mar 2024 50% | Jun 2024 — | Sep 2024 16% | Dec 2024 20% | Mar 2025 24% | Jun 2025 18% | Sep 2025 24% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —

### 20-quarter Margin change history
- 539469: Sep 2021 −89.9 pp | Dec 2021 +29.7 pp | Mar 2022 −34.6 pp | Jun 2022 +39.8 pp | Sep 2022 +60.4 pp | Dec 2022 +18.2 pp | Mar 2023 +69.9 pp | Jun 2023 +20.2 pp | Sep 2023 +16.1 pp | Dec 2023 −8.2 pp | Mar 2024 −0.8 pp | Jun 2024 +4.9 pp | Sep 2024 −12.0 pp | Dec 2024 −2.7 pp | Mar 2025 +6.7 pp | Jun 2025 −5.4 pp | Sep 2025 −6.2 pp | Dec 2025 −6.8 pp | Mar 2026 −1.0 pp | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −254.0 pp | Jun 2023 — | Sep 2023 −1,674.2 pp | Dec 2023 +86.8 pp | Mar 2024 +268.9 pp | Jun 2024 +225.6 pp | Sep 2024 +1,764.0 pp | Dec 2024 −27.2 pp | Mar 2025 +187.9 pp | Jun 2025 +6.0 pp | Sep 2025 +10.5 pp | Dec 2025 +35.7 pp | Mar 2026 −166.4 pp | Jun 2026 —
- 543280: Sep 2021 −2.4 pp | Dec 2021 −3.7 pp | Mar 2022 +0.2 pp | Jun 2022 −5.4 pp | Sep 2022 −9.3 pp | Dec 2022 −80.4 pp | Mar 2023 +1.6 pp | Jun 2023 −0.5 pp | Sep 2023 +3.8 pp | Dec 2023 +75.7 pp | Mar 2024 −8.4 pp | Jun 2024 −3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 +5.4 pp | Jun 2025 −5.3 pp | Sep 2025 −39.0 pp | Dec 2025 +10.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 — | Mar 2024 −8.3 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 — | Mar 2025 +8.1 pp | Jun 2025 — | Sep 2025 +0.7 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.0 pp | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 +9.6 pp | Mar 2024 +15.0 pp | Jun 2024 — | Sep 2024 +9.0 pp | Dec 2024 — | Mar 2025 −7.0 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 −6.1 pp | Dec 2021 +15.2 pp | Mar 2022 +4.8 pp | Jun 2022 −0.2 pp | Sep 2022 −5.1 pp | Dec 2022 −6.3 pp | Mar 2023 +0.9 pp | Jun 2023 −3.5 pp | Sep 2023 −17.6 pp | Dec 2023 −14.0 pp | Mar 2024 −25.0 pp | Jun 2024 −4.0 pp | Sep 2024 +25.0 pp | Dec 2024 +26.0 pp | Mar 2025 +19.0 pp | Jun 2025 +15.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +11.0 pp | Jun 2026 —
- SUNTV: Sep 2021 −2.4 pp | Dec 2021 +8.2 pp | Mar 2022 −2.8 pp | Jun 2022 +8.6 pp | Sep 2022 +3.1 pp | Dec 2022 −3.3 pp | Mar 2023 −6.8 pp | Jun 2023 −4.1 pp | Sep 2023 +4.0 pp | Dec 2023 −2.0 pp | Mar 2024 −5.0 pp | Jun 2024 −4.0 pp | Sep 2024 −11.0 pp | Dec 2024 −10.0 pp | Mar 2025 −10.0 pp | Jun 2025 −7.0 pp | Sep 2025 0.0 pp | Dec 2025 −5.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +14.1 pp | Sep 2025 +13.6 pp | Dec 2025 +8.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- PVRINOX: Sep 2021 +152.5 pp | Dec 2021 +198.9 pp | Mar 2022 +49.9 pp | Jun 2022 +187.9 pp | Sep 2022 +79.0 pp | Dec 2022 +4.2 pp | Mar 2023 +4.4 pp | Jun 2023 −7.8 pp | Sep 2023 +12.6 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −6.0 pp | Sep 2024 −5.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +7.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +5.0 pp | Jun 2026 +5.0 pp
- ZEEL: Sep 2021 +3.4 pp | Dec 2021 −0.7 pp | Mar 2022 −5.9 pp | Jun 2022 −4.3 pp | Sep 2022 −4.8 pp | Dec 2022 −4.4 pp | Mar 2023 −15.6 pp | Jun 2023 −6.6 pp | Sep 2023 −1.6 pp | Dec 2023 −8.0 pp | Mar 2024 +3.0 pp | Jun 2024 +5.0 pp | Sep 2024 +2.0 pp | Dec 2024 +6.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 −8.0 pp | Dec 2025 −5.0 pp | Mar 2026 −27.0 pp | Jun 2026 —
- NETWORK18: Sep 2021 +3.2 pp | Dec 2021 +0.1 pp | Mar 2022 −2.7 pp | Jun 2022 −11.6 pp | Sep 2022 −16.1 pp | Dec 2022 −22.4 pp | Mar 2023 −12.4 pp | Jun 2023 −6.5 pp | Sep 2023 −14.1 pp | Dec 2023 −10.1 pp | Mar 2024 −12.0 pp | Jun 2024 −2.0 pp | Sep 2024 +2.0 pp | Dec 2024 +8.0 pp | Mar 2025 +11.0 pp | Jun 2025 +6.0 pp | Sep 2025 +10.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 0.0 pp
- HATHWAY: Sep 2021 −8.0 pp | Dec 2021 −5.4 pp | Mar 2022 −5.2 pp | Jun 2022 −5.4 pp | Sep 2022 −2.0 pp | Dec 2022 −5.4 pp | Mar 2023 −7.6 pp | Jun 2023 −3.5 pp | Sep 2023 −0.9 pp | Dec 2023 −1.0 pp | Mar 2024 +3.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −5.0 pp | Jun 2026 −4.0 pp
- MMWL: Sep 2021 −1.1 pp | Dec 2021 −1.1 pp | Mar 2022 +1.0 pp | Jun 2022 +0.2 pp | Sep 2022 +0.8 pp | Dec 2022 +0.9 pp | Mar 2023 +0.6 pp | Jun 2023 −0.1 pp | Sep 2023 −0.7 pp | Dec 2023 −0.3 pp | Mar 2024 +0.5 pp | Jun 2024 +0.6 pp | Sep 2024 −0.2 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +1.2 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- DEN: Sep 2021 −3.8 pp | Dec 2021 −1.7 pp | Mar 2022 −1.7 pp | Jun 2022 −1.3 pp | Sep 2022 −0.4 pp | Dec 2022 −3.1 pp | Mar 2023 −6.1 pp | Jun 2023 −3.4 pp | Sep 2023 +1.9 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −5.0 pp | Jun 2025 −3.0 pp | Sep 2025 −4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −5.0 pp | Jun 2026 −3.0 pp
- BALAJITELE: Sep 2021 −34.4 pp | Dec 2021 −5.3 pp | Mar 2022 +28.8 pp | Jun 2022 +29.7 pp | Sep 2022 +41.2 pp | Dec 2022 +31.0 pp | Mar 2023 +34.4 pp | Jun 2023 +31.1 pp | Sep 2023 +18.1 pp | Dec 2023 0.0 pp | Mar 2024 −6.0 pp | Jun 2024 −11.0 pp | Sep 2024 −1.0 pp | Dec 2024 −15.0 pp | Mar 2025 −31.0 pp | Jun 2025 −16.0 pp | Sep 2025 −22.0 pp | Dec 2025 −64.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- NDTV: Sep 2021 −13.3 pp | Dec 2021 +4.3 pp | Mar 2022 +29.7 pp | Jun 2022 +9.0 pp | Sep 2022 +2.3 pp | Dec 2022 −12.2 pp | Mar 2023 −50.1 pp | Jun 2023 −41.7 pp | Sep 2023 −13.3 pp | Dec 2023 −30.0 pp | Mar 2024 +7.0 pp | Jun 2024 −34.0 pp | Sep 2024 −44.0 pp | Dec 2024 −22.0 pp | Mar 2025 −23.0 pp | Jun 2025 −6.0 pp | Sep 2025 −8.0 pp | Dec 2025 −10.0 pp | Mar 2026 −20.0 pp | Jun 2026 −4.0 pp
- TVTODAY: Sep 2021 +3.1 pp | Dec 2021 −1.6 pp | Mar 2022 −3.2 pp | Jun 2022 −4.0 pp | Sep 2022 −13.8 pp | Dec 2022 −17.6 pp | Mar 2023 −10.2 pp | Jun 2023 −15.6 pp | Sep 2023 −7.0 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +17.2 pp | Sep 2024 −1.2 pp | Dec 2024 −10.4 pp | Mar 2025 −7.8 pp | Jun 2025 −21.1 pp | Sep 2025 −1.0 pp | Dec 2025 +0.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- HMVL: Sep 2021 +9.5 pp | Dec 2021 +2.1 pp | Mar 2022 −9.3 pp | Jun 2022 +12.4 pp | Sep 2022 −19.8 pp | Dec 2022 −21.3 pp | Mar 2023 −11.5 pp | Jun 2023 +10.9 pp | Sep 2023 +2.1 pp | Dec 2023 +0.1 pp | Mar 2024 −6.0 pp | Jun 2024 −4.0 pp | Sep 2024 +8.0 pp | Dec 2024 +9.0 pp | Mar 2025 +24.0 pp | Jun 2025 +6.0 pp | Sep 2025 +3.0 pp | Dec 2025 +10.0 pp | Mar 2026 +17.0 pp | Jun 2026 —
- GTPL: Sep 2021 +0.2 pp | Dec 2021 +0.5 pp | Mar 2022 +5.4 pp | Jun 2022 −2.3 pp | Sep 2022 −2.6 pp | Dec 2022 −6.3 pp | Mar 2023 −6.0 pp | Jun 2023 −3.7 pp | Sep 2023 −4.1 pp | Dec 2023 −1.8 pp | Mar 2024 −1.1 pp | Jun 2024 −2.0 pp | Sep 2024 −3.4 pp | Dec 2024 −2.3 pp | Mar 2025 −2.1 pp | Jun 2025 −1.6 pp | Sep 2025 −1.7 pp | Dec 2025 +0.3 pp | Mar 2026 −3.1 pp | Jun 2026 −1.5 pp
- HTMEDIA: Sep 2021 +25.4 pp | Dec 2021 +13.3 pp | Mar 2022 −0.7 pp | Jun 2022 +26.4 pp | Sep 2022 −15.8 pp | Dec 2022 −20.1 pp | Mar 2023 −14.2 pp | Jun 2023 +0.6 pp | Sep 2023 +3.8 pp | Dec 2023 +1.0 pp | Mar 2024 +9.2 pp | Jun 2024 −4.5 pp | Sep 2024 +3.2 pp | Dec 2024 +4.6 pp | Mar 2025 +4.7 pp | Jun 2025 +3.7 pp | Sep 2025 +4.5 pp | Dec 2025 +1.9 pp | Mar 2026 +11.5 pp | Jun 2026 —
- DISHTV: Sep 2021 −2.6 pp | Dec 2021 −1.8 pp | Mar 2022 −1.8 pp | Jun 2022 −6.8 pp | Sep 2022 −7.0 pp | Dec 2022 −12.9 pp | Mar 2023 −51.9 pp | Jun 2023 −10.2 pp | Sep 2023 −11.5 pp | Dec 2023 −9.0 pp | Mar 2024 +38.0 pp | Jun 2024 −7.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −13.0 pp | Jun 2025 −14.0 pp | Sep 2025 −26.0 pp | Dec 2025 −47.0 pp | Mar 2026 −57.0 pp | Jun 2026 —
- ENIL: Sep 2021 +26.4 pp | Dec 2021 +11.5 pp | Mar 2022 −7.0 pp | Jun 2022 +49.5 pp | Sep 2022 +5.8 pp | Dec 2022 −26.7 pp | Mar 2023 −7.9 pp | Jun 2023 +4.1 pp | Sep 2023 −0.5 pp | Dec 2023 +19.4 pp | Mar 2024 +9.3 pp | Jun 2024 −3.5 pp | Sep 2024 −8.8 pp | Dec 2024 −9.3 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −1.8 pp | Dec 2025 −9.9 pp | Mar 2026 −11.1 pp | Jun 2026 —
- NILASPACES: Sep 2021 −87.0 pp | Dec 2021 −68.3 pp | Mar 2022 −58.6 pp | Jun 2022 −8.6 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +15.1 pp | Mar 2025 +7.8 pp | Jun 2025 +9.5 pp | Sep 2025 −0.6 pp | Dec 2025 +6.9 pp | Mar 2026 +9.5 pp | Jun 2026 —
- ZEEMEDIA: Sep 2021 −2.1 pp | Dec 2021 −1.0 pp | Mar 2022 −9.3 pp | Jun 2022 −7.4 pp | Sep 2022 −19.7 pp | Dec 2022 −33.0 pp | Mar 2023 −26.7 pp | Jun 2023 −33.3 pp | Sep 2023 −23.5 pp | Dec 2023 −18.0 pp | Mar 2024 +18.0 pp | Jun 2024 +22.0 pp | Sep 2024 −11.0 pp | Dec 2024 +19.0 pp | Mar 2025 −20.0 pp | Jun 2025 +3.0 pp | Sep 2025 +34.0 pp | Dec 2025 +29.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −30.0 pp | Dec 2024 — | Mar 2025 −25.6 pp | Jun 2025 — | Sep 2025 +8.0 pp | Dec 2025 −3.0 pp | Mar 2026 −3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Sun TV Network Ltd leads with ₹1,440 crore of TTM profit, 225.1% above PVR Inox Ltd. City Pulse Multiventures Ltd shows ≥100% on the scoring scale (125.2% uncapped) growth from a ₹4 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sun TV Network Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Sun TV Network Ltd · ₹1,440 crore | 225.1% versus #2 · PVR Inox Ltd | 0/8 recent comparable periods | 24/25 companies · 342 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Sun TV Network Ltd (SUNTV): ₹1.4K Cr
2. PVR Inox Ltd (PVRINOX): ₹443 Cr
3. Prime Focus Ltd (PFOCUS): ₹301 Cr
4. Zee Entertainment Enterprises Ltd (ZEEL): ₹271 Cr
5. Den Networks Ltd (DEN): ₹146 Cr

### Profit growth — fastest growers
1. City Pulse Multiventures Ltd (542727): 100%
2. Bright Outdoor Media Ltd (543831): 100% — older report
3. Network 18 Media & Investments Ltd (NETWORK18): 98%
4. Nila Spaces Ltd (NILASPACES): 96%
5. Nazara Technologies Ltd (543280): 41%

### 20-quarter Net profit history
- 539469: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 ₹9 Cr | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 ₹-47 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-90 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹-72 Cr | Sep 2023 ₹-257 Cr | Dec 2023 ₹-79 Cr | Mar 2024 ₹-80 Cr | Jun 2024 ₹-158 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹-99 Cr | Mar 2025 ₹-252 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹118 Cr | Jun 2026 —
- SUNTV: Sep 2021 ₹395 Cr | Dec 2021 ₹471 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹494 Cr | Sep 2022 ₹407 Cr | Dec 2022 ₹425 Cr | Mar 2023 ₹380 Cr | Jun 2023 ₹592 Cr | Sep 2023 ₹465 Cr | Dec 2023 ₹454 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹560 Cr | Sep 2024 ₹409 Cr | Dec 2024 ₹364 Cr | Mar 2025 ₹371 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹355 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-33 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- PVRINOX: Sep 2021 ₹-153 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-105 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹-334 Cr | Jun 2023 ₹-82 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹-130 Cr | Jun 2024 ₹-179 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹-125 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹186 Cr | Jun 2026 ₹56 Cr
- ZEEL: Sep 2021 ₹266 Cr | Dec 2021 ₹299 Cr | Mar 2022 — | Jun 2022 ₹107 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹-196 Cr | Jun 2023 ₹-53 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹-104 Cr | Jun 2026 —
- NETWORK18: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹-119 Cr | Dec 2023 ₹-102 Cr | Mar 2024 ₹-196 Cr | Jun 2024 ₹-195 Cr | Sep 2024 ₹-152 Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-30 Cr | Jun 2026 ₹-38 Cr
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹25 Cr
- MMWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹49 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹36 Cr | Jun 2026 ₹35 Cr
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- NDTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-53 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-70 Cr | Sep 2025 ₹-74 Cr | Dec 2025 ₹-80 Cr | Mar 2026 ₹-99 Cr | Jun 2026 ₹-82 Cr
- TVTODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- HMVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- GTPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹40 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-14 Cr | Jun 2026 ₹1 Cr
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-21 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-37 Cr | Dec 2024 ₹-47 Cr | Mar 2025 ₹-402 Cr | Jun 2025 ₹-95 Cr | Sep 2025 ₹-133 Cr | Dec 2025 ₹-276 Cr | Mar 2026 ₹-304 Cr | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-8 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ZEEMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-19 Cr | Mar 2023 ₹-46 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-50 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹-27 Cr | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹6 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹15 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 539469: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -93% | Mar 2024 644% | Jun 2024 3.9% | Sep 2024 -18% | Dec 2024 -43% | Mar 2025 13% | Jun 2025 46% | Sep 2025 -83% | Dec 2025 -217% | Mar 2026 -77% | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -45% | Jun 2025 120% | Sep 2025 102% | Dec 2025 29% | Mar 2026 378% | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,251% | Mar 2024 -100% | Jun 2024 14% | Sep 2024 -33% | Dec 2024 -53% | Mar 2025 — | Jun 2025 113% | Sep 2025 -313% | Dec 2025 -36% | Mar 2026 1,300% | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -43% | Dec 2023 — | Mar 2024 -48% | Jun 2024 — | Sep 2024 -20% | Dec 2024 — | Mar 2025 34% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 300% | Jun 2024 — | Sep 2024 125% | Dec 2024 — | Mar 2025 -17% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -2,436% | Dec 2023 -288% | Mar 2024 -142% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -92% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUNTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 3.0% | Dec 2022 -9.8% | Mar 2023 -7.3% | Jun 2023 20% | Sep 2023 14% | Dec 2023 6.8% | Mar 2024 9.2% | Jun 2024 -5.4% | Sep 2024 -12% | Dec 2024 -20% | Mar 2025 -11% | Jun 2025 -5.5% | Sep 2025 -13% | Dec 2025 -11% | Mar 2026 -37% | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 288% | Mar 2026 — | Jun 2026 —
- PVRINOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -255% | Sep 2023 — | Dec 2023 -19% | Mar 2024 — | Jun 2024 — | Sep 2024 -107% | Dec 2024 177% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 164% | Mar 2026 — | Jun 2026 —
- ZEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -49% | Sep 2022 -58% | Dec 2022 -92% | Mar 2023 — | Jun 2023 -150% | Sep 2023 8.9% | Dec 2023 142% | Mar 2024 — | Jun 2024 — | Sep 2024 70% | Dec 2024 183% | Mar 2025 1,346% | Jun 2025 22% | Sep 2025 -64% | Dec 2025 -5.5% | Mar 2026 -155% | Jun 2026 —
- NETWORK18: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,256% | Mar 2024 — | Jun 2024 -772% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 -126%
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 — | Jun 2024 -18% | Sep 2024 30% | Dec 2024 -36% | Mar 2025 0.0% | Jun 2025 72% | Sep 2025 -31% | Dec 2025 57% | Mar 2026 -69% | Jun 2026 -19%
- MMWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 86% | Mar 2024 — | Jun 2024 48% | Sep 2024 12% | Dec 2024 -37% | Mar 2025 -121% | Jun 2025 -1.1% | Sep 2025 -0.5% | Dec 2025 99% | Mar 2026 — | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.0% | Mar 2024 -39% | Jun 2024 2.4% | Sep 2024 13% | Dec 2024 -13% | Mar 2025 -22% | Jun 2025 26% | Sep 2025 -33% | Dec 2025 -4.8% | Mar 2026 -40% | Jun 2026 -35%
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -138% | Jun 2024 -118% | Sep 2024 -58% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -200% | Dec 2025 — | Mar 2026 -115% | Jun 2026 —
- NDTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -167% | Mar 2024 — | Jun 2024 — | Sep 2024 -983% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TVTODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.4% | Mar 2024 96% | Jun 2024 485% | Sep 2024 18% | Dec 2024 -70% | Mar 2025 -46% | Jun 2025 -86% | Sep 2025 -124% | Dec 2025 -102% | Mar 2026 47% | Jun 2026 —
- HMVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -8.3% | Jun 2024 -83% | Sep 2024 — | Dec 2024 — | Mar 2025 309% | Jun 2025 900% | Sep 2025 -29% | Dec 2025 -94% | Mar 2026 -40% | Jun 2026 —
- GTPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 — | Jun 2024 -57% | Sep 2024 -62% | Dec 2024 -61% | Mar 2025 -33% | Jun 2025 -51% | Sep 2025 -46% | Dec 2025 20% | Mar 2026 -229% | Jun 2026 -81%
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -119% | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -110% | Sep 2024 -840% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -219% | Dec 2024 -61% | Mar 2025 38% | Jun 2025 — | Sep 2025 — | Dec 2025 -168% | Mar 2026 -32% | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -68% | Mar 2025 115% | Jun 2025 128% | Sep 2025 45% | Dec 2025 118% | Mar 2026 100% | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 133% | Dec 2025 -25% | Mar 2026 -25% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Amagi Media Labs Ltd reports ₹7 crore of CAPEX; Amagi Media Labs Ltd has the highest covered intensity at 1.9%. Coverage is only 1 of 25 companies and 4 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Amagi Media Labs Ltd · ₹7 crore | Not enough peers | 2/4 recent comparable periods | 1/25 companies · 4 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Amagi Media Labs Ltd (AMAGI): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity
1. Amagi Media Labs Ltd (AMAGI): 1.9%

### 20-quarter CAPEX history
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Sun TV Network Ltd has the clearest covered balance-sheet capacity with ₹6,444 crore net cash and gross debt of ₹106 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Bright Outdoor Media Ltd · ₹0 crore | 100% versus #2 · DAPS Advertising Ltd | Not enough history | 25/25 companies · 299 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Bright Outdoor Media Ltd (543831): ₹0 Cr — older report
2. DAPS Advertising Ltd (543651): ₹2 Cr — older report
3. City Pulse Multiventures Ltd (542727): ₹4 Cr
4. Hathway Cable & Datacom Ltd (HATHWAY): ₹9 Cr
5. T.V. Today Network Ltd (TVTODAY): ₹15 Cr

### Net debt — lowest net debt
1. Sun TV Network Ltd (SUNTV): ₹-6.4K Cr
2. Den Networks Ltd (DEN): ₹-3.3K Cr
3. Zee Entertainment Enterprises Ltd (ZEEL): ₹-2.5K Cr
4. Hathway Cable & Datacom Ltd (HATHWAY): ₹-1.8K Cr
5. Amagi Media Labs Ltd (AMAGI): ₹-1.4K Cr

### 20-quarter Gross debt history
- 539469: Sep 2021 — | Dec 2021 — | Mar 2022 ₹74 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹33 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹78 Cr | Jun 2025 — | Sep 2025 ₹84 Cr | Dec 2025 — | Mar 2026 ₹130 Cr | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹219 Cr | Jun 2025 — | Sep 2025 ₹36 Cr | Dec 2025 — | Mar 2026 ₹215 Cr | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 ₹41 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 —
- SUNTV: Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹906 Cr | Jun 2024 ₹31 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹911 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- PVRINOX: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹8.3K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.3K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.5K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 —
- ZEEL: Sep 2021 ₹459 Cr | Dec 2021 ₹459 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹300 Cr | Dec 2022 ₹296 Cr | Mar 2023 ₹282 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹252 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹230 Cr | Sep 2024 ₹330 Cr | Dec 2024 — | Mar 2025 ₹321 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹286 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- NETWORK18: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.0K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹3.3K Cr | Jun 2026 —
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹9 Cr
- MMWL: Sep 2021 ₹17 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹29 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹20 Cr
- BALAJITELE: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- NDTV: Sep 2021 ₹52 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹338 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹464 Cr | Mar 2026 ₹258 Cr | Jun 2026 ₹258 Cr
- TVTODAY: Sep 2021 ₹15 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- HMVL: Sep 2021 ₹140 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹120 Cr | Sep 2022 ₹326 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- GTPL: Sep 2021 ₹221 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹325 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹375 Cr | Mar 2026 ₹502 Cr | Jun 2026 ₹502 Cr
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹876 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹869 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹890 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹717 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹766 Cr | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹378 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹75 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹19 Cr | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹235 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹197 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹193 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹177 Cr | Jun 2025 — | Sep 2025 ₹176 Cr | Dec 2025 — | Mar 2026 ₹171 Cr | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹96 Cr | Dec 2025 — | Mar 2026 ₹79 Cr | Jun 2026 —
- ZEEMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹244 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹199 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹246 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹174 Cr | Jun 2025 — | Sep 2025 ₹107 Cr | Dec 2025 — | Mar 2026 ₹83 Cr | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹51 Cr | Jun 2025 — | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹106 Cr | Jun 2026 —

### 20-quarter Net debt history
- PFOCUS: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- SUNTV: Sep 2021 ₹-3.4K Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-3.4K Cr | Jun 2022 ₹-3.5K Cr | Sep 2022 ₹-4.0K Cr | Dec 2022 ₹-4.0K Cr | Mar 2023 ₹-4.1K Cr | Jun 2023 ₹-4.2K Cr | Sep 2023 ₹-4.8K Cr | Dec 2023 ₹-4.8K Cr | Mar 2024 ₹-5.1K Cr | Jun 2024 ₹-5.1K Cr | Sep 2024 ₹-5.6K Cr | Dec 2024 ₹-5.6K Cr | Mar 2025 ₹-6.3K Cr | Jun 2025 ₹-6.3K Cr | Sep 2025 ₹-6.0K Cr | Dec 2025 ₹-6.0K Cr | Mar 2026 ₹-6.4K Cr | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-809 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-852 Cr | Jun 2025 ₹-633 Cr | Sep 2025 ₹-633 Cr | Dec 2025 ₹-633 Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- PVRINOX: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.6K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- ZEEL: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-603 Cr | Dec 2022 ₹-377 Cr | Mar 2023 ₹-517 Cr | Jun 2023 ₹-267 Cr | Sep 2023 ₹-314 Cr | Dec 2023 ₹-314 Cr | Mar 2024 ₹-958 Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 — | Mar 2025 ₹-2.1K Cr | Jun 2025 ₹-2.1K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 —
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.6K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-2.0K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-2.1K Cr | Sep 2025 ₹-2.3K Cr | Dec 2025 ₹-2.3K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 ₹-1.8K Cr
- MMWL: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-2.6K Cr | Dec 2022 ₹-2.6K Cr | Mar 2023 ₹-2.4K Cr | Jun 2023 ₹-2.7K Cr | Sep 2023 ₹-2.8K Cr | Dec 2023 ₹-2.8K Cr | Mar 2024 ₹-2.7K Cr | Jun 2024 ₹-2.6K Cr | Sep 2024 ₹-3.0K Cr | Dec 2024 ₹-3.0K Cr | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-3.1K Cr | Sep 2025 ₹-3.2K Cr | Dec 2025 ₹-3.2K Cr | Mar 2026 ₹-3.3K Cr | Jun 2026 ₹-3.3K Cr
- BALAJITELE: Sep 2021 ₹-24 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹-176 Cr | Jun 2025 ₹-171 Cr | Sep 2025 ₹-123 Cr | Dec 2025 ₹-123 Cr | Mar 2026 ₹-109 Cr | Jun 2026 —
- NDTV: Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹-94 Cr | Jun 2022 ₹-94 Cr | Sep 2022 ₹-110 Cr | Dec 2022 ₹-110 Cr | Mar 2023 ₹-88 Cr | Jun 2023 ₹-88 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹451 Cr | Dec 2025 ₹451 Cr | Mar 2026 ₹243 Cr | Jun 2026 ₹243 Cr
- TVTODAY: Sep 2021 ₹-549 Cr | Dec 2021 ₹-549 Cr | Mar 2022 ₹-778 Cr | Jun 2022 ₹-778 Cr | Sep 2022 ₹-816 Cr | Dec 2022 ₹-816 Cr | Mar 2023 ₹-424 Cr | Jun 2023 ₹-434 Cr | Sep 2023 ₹-414 Cr | Dec 2023 ₹-414 Cr | Mar 2024 ₹-433 Cr | Jun 2024 ₹-435 Cr | Sep 2024 ₹-481 Cr | Dec 2024 ₹-481 Cr | Mar 2025 ₹-393 Cr | Jun 2025 ₹-398 Cr | Sep 2025 ₹-205 Cr | Dec 2025 ₹-205 Cr | Mar 2026 ₹-207 Cr | Jun 2026 —
- HMVL: Sep 2021 ₹-750 Cr | Dec 2021 ₹-750 Cr | Mar 2022 ₹-739 Cr | Jun 2022 ₹-739 Cr | Sep 2022 ₹-366 Cr | Dec 2022 ₹-366 Cr | Mar 2023 ₹-456 Cr | Jun 2023 ₹-455 Cr | Sep 2023 ₹-605 Cr | Dec 2023 ₹-605 Cr | Mar 2024 ₹-754 Cr | Jun 2024 ₹-761 Cr | Sep 2024 ₹-966 Cr | Dec 2024 ₹-966 Cr | Mar 2025 ₹-988 Cr | Jun 2025 ₹-934 Cr | Sep 2025 ₹-913 Cr | Dec 2025 ₹-913 Cr | Mar 2026 ₹-891 Cr | Jun 2026 —
- GTPL: Sep 2021 ₹27 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹-51 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹435 Cr | Jun 2026 ₹435 Cr

## Return On Capital Employed

What the numbers say: Dish TV India Ltd leads ROCE at 70%, 38.7 percentage points above Nila Spaces Ltd. Dish TV India Ltd has the strongest latest improvement at +44 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Dish TV India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Dish TV India Ltd · 70% | 123.6% versus #2 · Nila Spaces Ltd | Not enough history | 25/25 companies · 188 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Dish TV India Ltd (DISHTV): 70%
2. Nila Spaces Ltd (NILASPACES): 31%
3. Nazara Technologies Ltd (543280): 27%
4. Basilic Fly Studio Ltd (BASILIC): 22%
5. Sun TV Network Ltd (SUNTV): 17%

### ROCE change — fastest improvers
1. Dish TV India Ltd (DISHTV): +44.0 pp
2. Zee Media Corporation Ltd (ZEEMEDIA): +32.0 pp
3. Nazara Technologies Ltd (543280): +25.0 pp
4. Amagi Media Labs Ltd (AMAGI): +20.3 pp
5. Prime Focus Ltd (PFOCUS): +14.7 pp

### 20-quarter ROCE history
- PFOCUS: Sep 2021 4.6% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 6.6% | Dec 2023 11% | Mar 2024 -5.1% | Jun 2024 -2.5% | Sep 2024 -3.0% | Dec 2024 5.1% | Mar 2025 8.0% | Jun 2025 9.9% | Sep 2025 16% | Dec 2025 12% | Mar 2026 23% | Jun 2026 —
- SUNTV: Sep 2021 26% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 21% | Dec 2023 27% | Mar 2024 20% | Jun 2024 26% | Sep 2024 16% | Dec 2024 21% | Mar 2025 14% | Jun 2025 20% | Sep 2025 13% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -19% | Jun 2025 -7.7% | Sep 2025 -3.9% | Dec 2025 — | Mar 2026 1.6% | Jun 2026 —
- PVRINOX: Sep 2021 -15% | Dec 2021 — | Mar 2022 -8.3% | Jun 2022 — | Sep 2022 2.7% | Dec 2022 — | Mar 2023 2.1% | Jun 2023 — | Sep 2023 3.9% | Dec 2023 6.8% | Mar 2024 4.3% | Jun 2024 4.3% | Sep 2024 1.7% | Dec 2024 3.0% | Mar 2025 2.1% | Jun 2025 4.2% | Sep 2025 4.3% | Dec 2025 5.6% | Mar 2026 6.1% | Jun 2026 —
- ZEEL: Sep 2021 23% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.1% | Dec 2022 5.5% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 5.2% | Dec 2023 1.3% | Mar 2024 6.5% | Jun 2024 7.5% | Sep 2024 7.2% | Dec 2024 7.0% | Mar 2025 7.7% | Jun 2025 8.4% | Sep 2025 6.1% | Dec 2025 6.9% | Mar 2026 1.1% | Jun 2026 —
- HATHWAY: Sep 2021 4.1% | Dec 2021 — | Mar 2022 2.6% | Jun 2022 — | Sep 2022 1.9% | Dec 2022 — | Mar 2023 0.9% | Jun 2023 — | Sep 2023 0.5% | Dec 2023 2.0% | Mar 2024 1.2% | Jun 2024 3.2% | Sep 2024 1.9% | Dec 2024 3.0% | Mar 2025 1.5% | Jun 2025 3.2% | Sep 2025 1.5% | Dec 2025 3.1% | Mar 2026 0.3% | Jun 2026 2.3%
- MMWL: Sep 2021 2.5% | Dec 2021 — | Mar 2022 0.6% | Jun 2022 — | Sep 2022 1.8% | Dec 2022 — | Mar 2023 7.0% | Jun 2023 — | Sep 2023 7.1% | Dec 2023 6.6% | Mar 2024 4.6% | Jun 2024 8.9% | Sep 2024 3.4% | Dec 2024 7.0% | Mar 2025 14% | Jun 2025 10% | Sep 2025 6.5% | Dec 2025 6.4% | Mar 2026 9.8% | Jun 2026 —
- DEN: Sep 2021 0.8% | Dec 2021 — | Mar 2022 2.1% | Jun 2022 — | Sep 2022 2.0% | Dec 2022 — | Mar 2023 1.5% | Jun 2023 — | Sep 2023 1.5% | Dec 2023 6.4% | Mar 2024 1.2% | Jun 2024 7.2% | Sep 2024 0.8% | Dec 2024 7.2% | Mar 2025 0.3% | Jun 2025 7.2% | Sep 2025 0.0% | Dec 2025 6.2% | Mar 2026 -0.6% | Jun 2026 5.0%
- BALAJITELE: Sep 2021 -30% | Dec 2021 — | Mar 2022 -31% | Jun 2022 — | Sep 2022 -25% | Dec 2022 — | Mar 2023 -7.1% | Jun 2023 — | Sep 2023 11% | Dec 2023 15% | Mar 2024 8.8% | Jun 2024 6.7% | Sep 2024 3.3% | Dec 2024 1.2% | Mar 2025 -3.1% | Jun 2025 -3.5% | Sep 2025 -8.1% | Dec 2025 -10% | Mar 2026 -12% | Jun 2026 —
- NDTV: Sep 2021 20% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 -2.8% | Dec 2023 -4.1% | Mar 2024 -9.4% | Jun 2024 -14% | Sep 2024 -31% | Dec 2024 -40% | Mar 2025 -52% | Jun 2025 -53% | Sep 2025 -173% | Dec 2025 -93% | Mar 2026 -76% | Jun 2026 -78%
- TVTODAY: Sep 2021 19% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 5.3% | Dec 2023 7.0% | Mar 2024 9.4% | Jun 2024 16% | Sep 2024 10% | Dec 2024 13% | Mar 2025 6.3% | Jun 2025 5.0% | Sep 2025 -0.7% | Dec 2025 2.4% | Mar 2026 -0.2% | Jun 2026 —
- HMVL: Sep 2021 -0.8% | Dec 2021 — | Mar 2022 -0.7% | Jun 2022 — | Sep 2022 -2.7% | Dec 2022 — | Mar 2023 -7.2% | Jun 2023 — | Sep 2023 -5.6% | Dec 2023 1.0% | Mar 2024 -6.3% | Jun 2024 -0.3% | Sep 2024 -5.7% | Dec 2024 2.9% | Mar 2025 -3.3% | Jun 2025 6.3% | Sep 2025 -2.3% | Dec 2025 5.0% | Mar 2026 1.7% | Jun 2026 —
- GTPL: Sep 2021 30% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 9.3% | Dec 2023 10% | Mar 2024 10% | Jun 2024 11% | Sep 2024 5.7% | Dec 2024 7.2% | Mar 2025 4.3% | Jun 2025 5.7% | Sep 2025 3.6% | Dec 2025 5.6% | Mar 2026 1.7% | Jun 2026 3.0%

### 20-quarter ROCE change history
- PFOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +31.3 pp | Dec 2022 — | Mar 2023 −6.9 pp | Jun 2023 — | Sep 2023 −29.3 pp | Dec 2023 — | Mar 2024 −15.3 pp | Jun 2024 — | Sep 2024 −9.6 pp | Dec 2024 −5.6 pp | Mar 2025 +13.1 pp | Jun 2025 +12.4 pp | Sep 2025 +19.4 pp | Dec 2025 +7.0 pp | Mar 2026 +14.7 pp | Jun 2026 —
- SUNTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −4.6 pp | Dec 2024 −5.6 pp | Mar 2025 −6.2 pp | Jun 2025 −6.1 pp | Sep 2025 −3.6 pp | Dec 2025 −3.8 pp | Mar 2026 −2.2 pp | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +20.3 pp | Jun 2026 —
- PVRINOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.7 pp | Dec 2022 — | Mar 2023 +10.4 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 +2.2 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 −3.8 pp | Mar 2025 −2.2 pp | Jun 2025 −0.1 pp | Sep 2025 +2.6 pp | Dec 2025 +2.6 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ZEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.4 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 −4.2 pp | Mar 2024 — | Jun 2024 +2.6 pp | Sep 2024 +2.0 pp | Dec 2024 +5.7 pp | Mar 2025 +1.2 pp | Jun 2025 +0.9 pp | Sep 2025 −1.1 pp | Dec 2025 −0.1 pp | Mar 2026 −6.6 pp | Jun 2026 —
- HATHWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 — | Mar 2023 −1.7 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +1.0 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 +0.1 pp | Mar 2026 −1.2 pp | Jun 2026 −0.9 pp
- MMWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 — | Mar 2023 +6.4 pp | Jun 2023 — | Sep 2023 +5.3 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 — | Sep 2024 −3.7 pp | Dec 2024 +0.4 pp | Mar 2025 +9.2 pp | Jun 2025 +1.4 pp | Sep 2025 +3.1 pp | Dec 2025 −0.6 pp | Mar 2026 −4.0 pp | Jun 2026 —
- DEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 +0.8 pp | Mar 2025 −0.9 pp | Jun 2025 0.0 pp | Sep 2025 −0.8 pp | Dec 2025 −1.0 pp | Mar 2026 −0.9 pp | Jun 2026 −2.2 pp
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 — | Mar 2023 +23.4 pp | Jun 2023 — | Sep 2023 +36.3 pp | Dec 2023 — | Mar 2024 +15.9 pp | Jun 2024 — | Sep 2024 −7.9 pp | Dec 2024 −13.5 pp | Mar 2025 −11.9 pp | Jun 2025 −10.2 pp | Sep 2025 −11.4 pp | Dec 2025 −11.6 pp | Mar 2026 −8.5 pp | Jun 2026 —
- NDTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.7 pp | Dec 2022 — | Mar 2023 −17.1 pp | Jun 2023 — | Sep 2023 −34.8 pp | Dec 2023 — | Mar 2024 −21.8 pp | Jun 2024 — | Sep 2024 −28.2 pp | Dec 2024 −36.2 pp | Mar 2025 −42.3 pp | Jun 2025 −38.7 pp | Sep 2025 −142.4 pp | Dec 2025 −52.7 pp | Mar 2026 −24.5 pp | Jun 2026 −24.7 pp
- TVTODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 — | Mar 2023 −6.6 pp | Jun 2023 — | Sep 2023 −8.4 pp | Dec 2023 — | Mar 2024 −1.4 pp | Jun 2024 — | Sep 2024 +4.7 pp | Dec 2024 +6.1 pp | Mar 2025 −3.1 pp | Jun 2025 −10.9 pp | Sep 2025 −10.7 pp | Dec 2025 −10.7 pp | Mar 2026 −6.5 pp | Jun 2026 —
- HMVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 — | Mar 2023 −6.5 pp | Jun 2023 — | Sep 2023 −2.9 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 +1.9 pp | Mar 2025 +3.0 pp | Jun 2025 +6.6 pp | Sep 2025 +3.4 pp | Dec 2025 +2.1 pp | Mar 2026 +5.0 pp | Jun 2026 —
- GTPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 — | Mar 2023 −13.0 pp | Jun 2023 — | Sep 2023 −12.4 pp | Dec 2023 — | Mar 2024 −1.7 pp | Jun 2024 — | Sep 2024 −3.6 pp | Dec 2024 −2.8 pp | Mar 2025 −5.8 pp | Jun 2025 −4.9 pp | Sep 2025 −2.1 pp | Dec 2025 −1.6 pp | Mar 2026 −2.6 pp | Jun 2026 −2.7 pp

## Valuation Against Growth & Quality

What the numbers say: Zee Entertainment Enterprises Ltd has the lowest comparable Guarded PEG at 0.28×, 54.1% below PVR Inox Ltd. Only 3 of 25 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Zee Entertainment Enterprises Ltd · 0.28× | 54.1% versus #2 · PVR Inox Ltd | 0/8 recent comparable periods | 3/25 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Zee Entertainment Enterprises Ltd (ZEEL): 0.3
2. PVR Inox Ltd (PVRINOX): 0.6
3. Sun TV Network Ltd (SUNTV): 1.4

### P/E — lowest P/E
1. H T Media Ltd (HTMEDIA): 4.3
2. Hindustan Media Ventures Ltd (HMVL): 4.4
3. DAPS Advertising Ltd (543651): 8.5 — older report
4. Den Networks Ltd (DEN): 8.7
5. Basilic Fly Studio Ltd (BASILIC): 9.4

### 20-quarter Guarded PEG history
- SUNTV: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 1.3 | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 2.2 | Mar 2024 1.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ZEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539469: Sep 2021 14.5 | Dec 2021 16.9 | Mar 2022 — | Jun 2022 159.0 | Sep 2022 209.7 | Dec 2022 — | Mar 2023 6.0 | Jun 2023 8.8 | Sep 2023 7.0 | Dec 2023 9.4 | Mar 2024 62.9 | Jun 2024 31.0 | Sep 2024 43.5 | Dec 2024 35.3 | Mar 2025 34.2 | Jun 2025 31.1 | Sep 2025 26.0 | Dec 2025 25.2 | Mar 2026 24.4 | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,158.6 | Sep 2024 5,733.9 | Dec 2024 1,076.1 | Mar 2025 943.8 | Jun 2025 1,999.0 | Sep 2025 1,890.3 | Dec 2025 2,609.7 | Mar 2026 1,506.2 | Jun 2026 —
- 543280: Sep 2021 — | Dec 2021 234.5 | Mar 2022 176.5 | Jun 2022 138.4 | Sep 2022 121.9 | Dec 2022 112.5 | Mar 2023 85.0 | Jun 2023 116.1 | Sep 2023 112.3 | Dec 2023 98.2 | Mar 2024 69.4 | Jun 2024 69.4 | Sep 2024 78.3 | Dec 2024 80.0 | Mar 2025 73.1 | Jun 2025 114.2 | Sep 2025 78.4 | Dec 2025 74.2 | Mar 2026 — | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.3 | Jun 2023 — | Sep 2023 7.3 | Dec 2023 — | Mar 2024 8.4 | Jun 2024 — | Sep 2024 13.7 | Dec 2024 — | Mar 2025 9.3 | Jun 2025 — | Sep 2025 9.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 59.4 | Jun 2023 — | Sep 2023 92.3 | Dec 2023 97.1 | Mar 2024 91.2 | Jun 2024 — | Sep 2024 48.2 | Dec 2024 — | Mar 2025 33.0 | Jun 2025 — | Sep 2025 38.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -15.9 | Dec 2022 -20.8 | Mar 2023 103.9 | Jun 2023 19.0 | Sep 2023 22.2 | Dec 2023 22.1 | Mar 2024 — | Jun 2024 — | Sep 2024 -21.1 | Dec 2024 — | Mar 2025 — | Jun 2025 -22.0 | Sep 2025 37.1 | Dec 2025 63.3 | Mar 2026 47.1 | Jun 2026 —
- SUNTV: Sep 2021 12.3 | Dec 2021 11.6 | Mar 2022 10.7 | Jun 2022 10.0 | Sep 2022 11.3 | Dec 2022 10.8 | Mar 2023 9.4 | Jun 2023 10.1 | Sep 2023 13.4 | Dec 2023 15.1 | Mar 2024 12.5 | Jun 2024 15.4 | Sep 2024 17.4 | Dec 2024 14.7 | Mar 2025 14.7 | Jun 2025 13.5 | Sep 2025 12.0 | Dec 2025 13.6 | Mar 2026 14.2 | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 98.5 | Jun 2026 —
- PVRINOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -52.8 | Sep 2022 — | Dec 2022 -98.3 | Mar 2023 — | Jun 2023 — | Sep 2023 -72.4 | Dec 2023 -69.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -45.1 | Mar 2025 — | Jun 2025 — | Sep 2025 -282.3 | Dec 2025 445.1 | Mar 2026 126.6 | Jun 2026 40.9
- ZEEL: Sep 2021 29.1 | Dec 2021 25.9 | Mar 2022 25.8 | Jun 2022 19.6 | Sep 2022 24.4 | Dec 2022 25.5 | Mar 2023 27.0 | Jun 2023 44.9 | Sep 2023 84.2 | Dec 2023 84.5 | Mar 2024 61.0 | Jun 2024 44.1 | Sep 2024 32.3 | Dec 2024 28.0 | Mar 2025 15.9 | Jun 2025 18.1 | Sep 2025 14.1 | Dec 2025 13.7 | Mar 2026 12.4 | Jun 2026 —
- NETWORK18: Sep 2021 52.0 | Dec 2021 62.0 | Mar 2022 48.4 | Jun 2022 32.4 | Sep 2022 34.7 | Dec 2022 58.0 | Mar 2023 387.5 | Jun 2023 394.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 732.3 | Mar 2026 130.6 | Jun 2026 136.0
- HATHWAY: Sep 2021 17.7 | Dec 2021 18.1 | Mar 2022 16.7 | Jun 2022 19.3 | Sep 2022 22.8 | Dec 2022 23.4 | Mar 2023 19.6 | Jun 2023 37.7 | Sep 2023 50.0 | Dec 2023 62.4 | Mar 2024 65.3 | Jun 2024 38.9 | Sep 2024 38.0 | Dec 2024 27.3 | Mar 2025 24.5 | Jun 2025 30.2 | Sep 2025 23.6 | Dec 2025 22.5 | Mar 2026 15.5 | Jun 2026 25.0
- MMWL: Sep 2021 756.0 | Dec 2021 910.0 | Mar 2022 1,255.0 | Jun 2022 878.0 | Sep 2022 1,105.0 | Dec 2022 1,224.0 | Mar 2023 599.0 | Jun 2023 1,217.0 | Sep 2023 1,223.0 | Dec 2023 971.0 | Mar 2024 551.7 | Jun 2024 450.2 | Sep 2024 453.4 | Dec 2024 340.8 | Mar 2025 162.8 | Jun 2025 537.7 | Sep 2025 382.3 | Dec 2025 337.7 | Mar 2026 225.0 | Jun 2026 —
- DEN: Sep 2021 12.6 | Dec 2021 10.9 | Mar 2022 11.2 | Jun 2022 8.9 | Sep 2022 10.5 | Dec 2022 10.7 | Mar 2023 8.0 | Jun 2023 6.7 | Sep 2023 8.8 | Dec 2023 10.1 | Mar 2024 8.3 | Jun 2024 11.8 | Sep 2024 11.6 | Dec 2024 8.8 | Mar 2025 6.8 | Jun 2025 8.9 | Sep 2025 7.7 | Dec 2025 7.9 | Mar 2026 6.1 | Jun 2026 9.0
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -10.1 | Jun 2023 -185.6 | Sep 2023 22.5 | Dec 2023 26.9 | Mar 2024 25.5 | Jun 2024 35.8 | Sep 2024 76.1 | Dec 2024 71.5 | Mar 2025 8.3 | Jun 2025 — | Sep 2025 19.6 | Dec 2025 19.2 | Mar 2026 15.4 | Jun 2026 —
- NDTV: Sep 2021 10.8 | Dec 2021 13.9 | Mar 2022 27.6 | Jun 2022 19.3 | Sep 2022 38.4 | Dec 2022 35.5 | Mar 2023 23.7 | Jun 2023 50.6 | Sep 2023 51.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TVTODAY: Sep 2021 11.3 | Dec 2021 14.4 | Mar 2022 12.7 | Jun 2022 8.6 | Sep 2022 9.2 | Dec 2022 9.6 | Mar 2023 9.2 | Jun 2023 12.4 | Sep 2023 18.8 | Dec 2023 23.5 | Mar 2024 22.6 | Jun 2024 22.0 | Sep 2024 13.0 | Dec 2024 11.0 | Mar 2025 10.3 | Jun 2025 12.9 | Sep 2025 26.2 | Dec 2025 28.1 | Mar 2026 25.0 | Jun 2026 —
- HMVL: Sep 2021 15.7 | Dec 2021 8.4 | Mar 2022 7.9 | Jun 2022 9.3 | Sep 2022 9.6 | Dec 2022 8.9 | Mar 2023 -8.1 | Jun 2023 -43.7 | Sep 2023 — | Dec 2023 — | Mar 2024 80.0 | Jun 2024 174.9 | Sep 2024 28.8 | Dec 2024 28.1 | Mar 2025 14.0 | Jun 2025 6.3 | Sep 2025 5.4 | Dec 2025 4.7 | Mar 2026 3.6 | Jun 2026 —
- GTPL: Sep 2021 12.9 | Dec 2021 14.8 | Mar 2022 9.9 | Jun 2022 7.6 | Sep 2022 8.4 | Dec 2022 8.0 | Mar 2023 6.1 | Jun 2023 10.4 | Sep 2023 16.8 | Dec 2023 20.9 | Mar 2024 21.0 | Jun 2024 18.5 | Sep 2024 22.0 | Dec 2024 24.2 | Mar 2025 24.2 | Jun 2025 28.2 | Sep 2025 28.0 | Dec 2025 27.4 | Mar 2026 15.4 | Jun 2026 42.6
- HTMEDIA: Sep 2021 — | Dec 2021 — | Mar 2022 41.8 | Jun 2022 26.2 | Sep 2022 9.8 | Dec 2022 10.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 34.1 | Dec 2025 25.4 | Mar 2026 10.2 | Jun 2026 —
- DISHTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 3.7 | Jun 2023 12.0 | Sep 2023 14.9 | Dec 2023 16.1 | Mar 2024 14.7 | Jun 2024 15.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ENIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 81.8 | Jun 2024 37.2 | Sep 2024 34.5 | Dec 2024 37.0 | Mar 2025 73.0 | Jun 2025 61.4 | Sep 2025 66.4 | Dec 2025 45.7 | Mar 2026 120.6 | Jun 2026 —
- NILASPACES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25.2 | Jun 2024 29.6 | Sep 2024 29.1 | Dec 2024 34.3 | Mar 2025 38.6 | Jun 2025 32.3 | Sep 2025 40.1 | Dec 2025 33.2 | Mar 2026 20.0 | Jun 2026 —
- ZEEMEDIA: Sep 2021 9.3 | Dec 2021 11.6 | Mar 2022 14.0 | Jun 2022 15.0 | Sep 2022 15.5 | Dec 2022 19.5 | Mar 2023 15.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 175.0 | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17.2 | Dec 2023 — | Mar 2024 21.7 | Jun 2024 — | Sep 2024 28.8 | Dec 2024 27.3 | Mar 2025 19.1 | Jun 2025 24.4 | Sep 2025 21.2 | Dec 2025 15.4 | Mar 2026 8.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Dish TV India Ltd leads ev/ebitda at 1.4×; Den Networks Ltd leads p/bv at 0.34×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Dish TV India Ltd · 1.4× | 12.5% versus #2 · DAPS Advertising Ltd | 8/8 recent comparable periods | 22/25 companies · 375 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Dish TV India Ltd (DISHTV): 1.4
2. DAPS Advertising Ltd (543651): 1.6 — older report
3. GTPL Hathway Ltd (GTPL): 2.6
4. Hindustan Media Ventures Ltd (HMVL): 3.2
5. Basilic Fly Studio Ltd (BASILIC): 4.5

### P/BV — lowest P/BV
1. Den Networks Ltd (DEN): 0.3
2. H T Media Ltd (HTMEDIA): 0.4
3. Hathway Cable & Datacom Ltd (HATHWAY): 0.4
4. Hindustan Media Ventures Ltd (HMVL): 0.4
5. GTPL Hathway Ltd (GTPL): 0.6

### 20-quarter EV/EBITDA history
- 539469: Sep 2021 15.8 | Dec 2021 — | Mar 2022 — | Jun 2022 24.6 | Sep 2022 63.0 | Dec 2022 24.0 | Mar 2023 4.9 | Jun 2023 6.9 | Sep 2023 5.0 | Dec 2023 6.6 | Mar 2024 36.0 | Jun 2024 19.6 | Sep 2024 26.4 | Dec 2024 25.9 | Mar 2025 24.4 | Jun 2025 20.6 | Sep 2025 17.7 | Dec 2025 17.0 | Mar 2026 16.2 | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 398.3 | Sep 2024 1,956.0 | Dec 2024 828.3 | Mar 2025 748.1 | Jun 2025 1,345.4 | Sep 2025 1,258.8 | Dec 2025 1,490.3 | Mar 2026 1,236.8 | Jun 2026 —
- 543280: Sep 2021 118.4 | Dec 2021 75.0 | Mar 2022 52.2 | Jun 2022 33.7 | Sep 2022 34.2 | Dec 2022 27.3 | Mar 2023 22.5 | Jun 2023 29.7 | Sep 2023 33.0 | Dec 2023 36.6 | Mar 2024 27.3 | Jun 2024 35.9 | Sep 2024 34.7 | Dec 2024 42.8 | Mar 2025 39.4 | Jun 2025 53.3 | Sep 2025 39.6 | Dec 2025 179.3 | Mar 2026 128.1 | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.5 | Jun 2023 — | Sep 2023 5.5 | Dec 2023 — | Mar 2024 2.7 | Jun 2024 — | Sep 2024 5.7 | Dec 2024 — | Mar 2025 1.5 | Jun 2025 — | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 36.5 | Jun 2023 — | Sep 2023 50.5 | Dec 2023 54.5 | Mar 2024 52.1 | Jun 2024 — | Sep 2024 32.4 | Dec 2024 — | Mar 2025 22.3 | Jun 2025 — | Sep 2025 26.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 9.2 | Dec 2021 9.5 | Mar 2022 8.7 | Jun 2022 6.0 | Sep 2022 6.3 | Dec 2022 6.0 | Mar 2023 5.8 | Jun 2023 5.8 | Sep 2023 5.4 | Dec 2023 7.2 | Mar 2024 8.0 | Jun 2024 17.9 | Sep 2024 25.1 | Dec 2024 12.3 | Mar 2025 9.7 | Jun 2025 8.8 | Sep 2025 14.4 | Dec 2025 19.4 | Mar 2026 20.9 | Jun 2026 —
- SUNTV: Sep 2021 8.0 | Dec 2021 7.6 | Mar 2022 6.7 | Jun 2022 6.1 | Sep 2022 6.6 | Dec 2022 6.2 | Mar 2023 5.5 | Jun 2023 5.9 | Sep 2023 8.4 | Dec 2023 9.2 | Mar 2024 7.6 | Jun 2024 9.2 | Sep 2024 10.5 | Dec 2024 9.0 | Mar 2025 9.0 | Jun 2025 8.2 | Sep 2025 7.4 | Dec 2025 7.6 | Mar 2026 7.9 | Jun 2026 —
- PVRINOX: Sep 2021 60.4 | Dec 2021 49.8 | Mar 2022 49.8 | Jun 2022 36.0 | Sep 2022 18.5 | Dec 2022 16.4 | Mar 2023 20.0 | Jun 2023 16.0 | Sep 2023 21.5 | Dec 2023 14.0 | Mar 2024 10.7 | Jun 2024 11.0 | Sep 2024 13.1 | Dec 2024 12.6 | Mar 2025 9.8 | Jun 2025 10.1 | Sep 2025 9.7 | Dec 2025 8.3 | Mar 2026 7.6 | Jun 2026 7.0
- ZEEL: Sep 2021 15.5 | Dec 2021 14.8 | Mar 2022 14.8 | Jun 2022 11.1 | Sep 2022 13.5 | Dec 2022 13.3 | Mar 2023 12.1 | Jun 2023 13.3 | Sep 2023 22.9 | Dec 2023 23.1 | Mar 2024 13.2 | Jun 2024 13.5 | Sep 2024 10.8 | Dec 2024 10.0 | Mar 2025 7.0 | Jun 2025 9.7 | Sep 2025 7.5 | Dec 2025 7.0 | Mar 2026 6.0 | Jun 2026 —
- NETWORK18: Sep 2021 7.8 | Dec 2021 10.8 | Mar 2022 9.6 | Jun 2022 7.7 | Sep 2022 9.2 | Dec 2022 11.7 | Mar 2023 14.6 | Jun 2023 26.6 | Sep 2023 34.6 | Dec 2023 25.3 | Mar 2024 31.9 | Jun 2024 98.8 | Sep 2024 101.2 | Dec 2024 132.1 | Mar 2025 39.2 | Jun 2025 33.6 | Sep 2025 25.8 | Dec 2025 21.9 | Mar 2026 20.4 | Jun 2026 22.1
- HATHWAY: Sep 2021 6.2 | Dec 2021 6.2 | Mar 2022 5.4 | Jun 2022 5.0 | Sep 2022 4.9 | Dec 2022 5.3 | Mar 2023 4.2 | Jun 2023 5.3 | Sep 2023 7.0 | Dec 2023 7.9 | Mar 2024 7.2 | Jun 2024 7.1 | Sep 2024 7.2 | Dec 2024 5.5 | Mar 2025 4.6 | Jun 2025 5.8 | Sep 2025 4.8 | Dec 2025 4.4 | Mar 2026 3.2 | Jun 2026 4.5
- MMWL: Sep 2021 61.9 | Dec 2021 226.1 | Mar 2022 213.6 | Jun 2022 102.3 | Sep 2022 115.6 | Dec 2022 128.6 | Mar 2023 109.4 | Jun 2023 110.9 | Sep 2023 198.5 | Dec 2023 136.4 | Mar 2024 123.2 | Jun 2024 113.9 | Sep 2024 133.8 | Dec 2024 97.5 | Mar 2025 47.0 | Jun 2025 86.5 | Sep 2025 63.4 | Dec 2025 54.1 | Mar 2026 47.7 | Jun 2026 —
- DEN: Sep 2021 4.9 | Dec 2021 4.9 | Mar 2022 5.0 | Jun 2022 3.9 | Sep 2022 2.8 | Dec 2022 3.2 | Mar 2023 2.0 | Jun 2023 3.5 | Sep 2023 3.7 | Dec 2023 6.2 | Mar 2024 4.5 | Jun 2024 3.4 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BALAJITELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20.0 | Dec 2023 11.5 | Mar 2024 11.8 | Jun 2024 15.1 | Sep 2024 19.5 | Dec 2024 30.1 | Mar 2025 58.9 | Jun 2025 87.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NDTV: Sep 2021 6.8 | Dec 2021 8.7 | Mar 2022 17.8 | Jun 2022 12.7 | Sep 2022 24.0 | Dec 2022 22.3 | Mar 2023 13.7 | Jun 2023 26.9 | Sep 2023 57.7 | Dec 2023 131.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TVTODAY: Sep 2021 5.9 | Dec 2021 8.2 | Mar 2022 7.3 | Jun 2022 4.6 | Sep 2022 5.5 | Dec 2022 5.6 | Mar 2023 4.5 | Jun 2023 5.8 | Sep 2023 8.8 | Dec 2023 10.0 | Mar 2024 9.8 | Jun 2024 10.5 | Sep 2024 6.3 | Dec 2024 4.8 | Mar 2025 4.0 | Jun 2025 5.7 | Sep 2025 7.5 | Dec 2025 10.4 | Mar 2026 7.3 | Jun 2026 —
- HMVL: Sep 2021 6.8 | Dec 2021 5.4 | Mar 2022 5.4 | Jun 2022 4.9 | Sep 2022 9.9 | Dec 2022 9.4 | Mar 2023 — | Jun 2023 — | Sep 2023 14.7 | Dec 2023 17.0 | Mar 2024 20.9 | Jun 2024 24.7 | Sep 2024 35.3 | Dec 2024 15.1 | Mar 2025 9.8 | Jun 2025 5.1 | Sep 2025 4.5 | Dec 2025 4.2 | Mar 2026 3.2 | Jun 2026 —
- GTPL: Sep 2021 4.4 | Dec 2021 5.1 | Mar 2022 3.6 | Jun 2022 2.8 | Sep 2022 3.0 | Dec 2022 2.7 | Mar 2023 2.0 | Jun 2023 2.4 | Sep 2023 3.6 | Dec 2023 4.4 | Mar 2024 3.9 | Jun 2024 3.8 | Sep 2024 4.0 | Dec 2024 3.6 | Mar 2025 3.0 | Jun 2025 3.2 | Sep 2025 3.1 | Dec 2025 3.1 | Mar 2026 2.0 | Jun 2026 2.6
- HTMEDIA: Sep 2021 20.0 | Dec 2021 8.6 | Mar 2022 7.4 | Jun 2022 5.8 | Sep 2022 7.6 | Dec 2022 13.1 | Mar 2023 19.8 | Jun 2023 20.9 | Sep 2023 23.6 | Dec 2023 21.7 | Mar 2024 22.0 | Jun 2024 11.7 | Sep 2024 13.4 | Dec 2024 9.2 | Mar 2025 7.1 | Jun 2025 6.7 | Sep 2025 7.4 | Dec 2025 6.5 | Mar 2026 5.8 | Jun 2026 —
- DISHTV: Sep 2021 2.5 | Dec 2021 2.0 | Mar 2022 1.9 | Jun 2022 1.7 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 2.0 | Jun 2023 3.0 | Sep 2023 3.9 | Dec 2023 4.5 | Mar 2024 4.7 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 2.6 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 —
- ENIL: Sep 2021 22.4 | Dec 2021 19.2 | Mar 2022 16.8 | Jun 2022 13.0 | Sep 2022 11.8 | Dec 2022 9.8 | Mar 2023 10.2 | Jun 2023 11.5 | Sep 2023 11.2 | Dec 2023 12.1 | Mar 2024 12.1 | Jun 2024 10.0 | Sep 2024 8.8 | Dec 2024 7.9 | Mar 2025 6.7 | Jun 2025 7.0 | Sep 2025 8.0 | Dec 2025 6.1 | Mar 2026 6.8 | Jun 2026 —
- NILASPACES: Sep 2021 19.2 | Dec 2021 16.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18.0 | Jun 2024 17.6 | Sep 2024 14.6 | Dec 2024 17.0 | Mar 2025 13.1 | Jun 2025 10.9 | Sep 2025 15.3 | Dec 2025 13.5 | Mar 2026 8.5 | Jun 2026 —
- ZEEMEDIA: Sep 2021 4.0 | Dec 2021 4.2 | Mar 2022 4.5 | Jun 2022 4.3 | Sep 2022 4.8 | Dec 2022 5.3 | Mar 2023 5.7 | Jun 2023 8.8 | Sep 2023 47.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 85.3 | Dec 2024 86.1 | Mar 2025 26.9 | Jun 2025 30.3 | Sep 2025 — | Dec 2025 15.7 | Mar 2026 4.7 | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.6 | Dec 2023 — | Mar 2024 19.5 | Jun 2024 — | Sep 2024 19.4 | Dec 2024 17.4 | Mar 2025 12.3 | Jun 2025 14.1 | Sep 2025 14.1 | Dec 2025 9.2 | Mar 2026 4.5 | Jun 2026 —

### 20-quarter P/BV history
- 539469: Sep 2021 3.1 | Dec 2021 3.1 | Mar 2022 4.4 | Jun 2022 2.6 | Sep 2022 5.8 | Dec 2022 9.1 | Mar 2023 8.2 | Jun 2023 13.8 | Sep 2023 5.0 | Dec 2023 6.4 | Mar 2024 15.5 | Jun 2024 18.2 | Sep 2024 12.3 | Dec 2024 9.7 | Mar 2025 9.3 | Jun 2025 9.1 | Sep 2025 7.9 | Dec 2025 4.9 | Mar 2026 4.4 | Jun 2026 —
- 542727: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 9.5 | Dec 2024 11.7 | Mar 2025 14.3 | Jun 2025 16.8 | Sep 2025 34.2 | Dec 2025 35.6 | Mar 2026 32.4 | Jun 2026 —
- 543280: Sep 2021 9.9 | Dec 2021 10.2 | Mar 2022 7.8 | Jun 2022 5.7 | Sep 2022 3.9 | Dec 2022 3.5 | Mar 2023 3.2 | Jun 2023 4.5 | Sep 2023 5.0 | Dec 2023 4.8 | Mar 2024 4.2 | Jun 2024 5.2 | Sep 2024 3.8 | Dec 2024 4.2 | Mar 2025 4.3 | Jun 2025 5.0 | Sep 2025 3.4 | Dec 2025 2.6 | Mar 2026 2.6 | Jun 2026 —
- 543651: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 — | Mar 2024 0.9 | Jun 2024 — | Sep 2024 1.0 | Dec 2024 — | Mar 2025 0.6 | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 543831: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.6 | Dec 2023 6.7 | Mar 2024 6.5 | Jun 2024 — | Sep 2024 5.3 | Dec 2024 — | Mar 2025 4.5 | Jun 2025 — | Sep 2025 4.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PFOCUS: Sep 2021 8.7 | Dec 2021 10.7 | Mar 2022 12.9 | Jun 2022 6.9 | Sep 2022 19.9 | Dec 2022 36.7 | Mar 2023 20.7 | Jun 2023 30.3 | Sep 2023 24.4 | Dec 2023 6.4 | Mar 2024 6.0 | Jun 2024 4.7 | Sep 2024 8.5 | Dec 2024 9.7 | Mar 2025 6.5 | Jun 2025 8.0 | Sep 2025 10.7 | Dec 2025 10.9 | Mar 2026 14.6 | Jun 2026 —
- SUNTV: Sep 2021 2.9 | Dec 2021 2.6 | Mar 2022 2.4 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.2 | Mar 2023 2.0 | Jun 2023 2.1 | Sep 2023 2.6 | Dec 2023 2.8 | Mar 2024 2.4 | Jun 2024 3.2 | Sep 2024 3.1 | Dec 2024 2.4 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- AMAGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.0 | Jun 2026 —
- PVRINOX: Sep 2021 5.0 | Dec 2021 5.4 | Mar 2022 7.6 | Jun 2022 6.1 | Sep 2022 7.9 | Dec 2022 7.6 | Mar 2023 6.7 | Jun 2023 6.0 | Sep 2023 2.3 | Dec 2023 2.2 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 1.3
- ZEEL: Sep 2021 3.0 | Dec 2021 3.0 | Mar 2022 2.7 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.1 | Mar 2023 1.9 | Jun 2023 1.6 | Sep 2023 2.3 | Dec 2023 2.5 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.3 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- NETWORK18: Sep 2021 9.9 | Dec 2021 16.0 | Mar 2022 15.1 | Jun 2022 12.3 | Sep 2022 9.4 | Dec 2022 9.6 | Mar 2023 7.5 | Jun 2023 8.7 | Sep 2023 9.9 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 12.3 | Sep 2024 12.7 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.4 | Mar 2026 0.9 | Jun 2026 1.0
- HATHWAY: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 0.5
- MMWL: Sep 2021 11.1 | Dec 2021 14.9 | Mar 2022 10.8 | Jun 2022 12.9 | Sep 2022 7.7 | Dec 2022 8.5 | Mar 2023 6.1 | Jun 2023 6.2 | Sep 2023 21.5 | Dec 2023 13.4 | Mar 2024 11.4 | Jun 2024 15.8 | Sep 2024 9.7 | Dec 2024 7.8 | Mar 2025 3.7 | Jun 2025 6.9 | Sep 2025 12.2 | Dec 2025 8.4 | Mar 2026 7.4 | Jun 2026 —
- DEN: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 0.4
- BALAJITELE: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.6 | Jun 2022 0.8 | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.8 | Mar 2025 1.4 | Jun 2025 2.1 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.4 | Jun 2026 —
- NDTV: Sep 2021 5.7 | Dec 2021 5.8 | Mar 2022 12.6 | Jun 2022 10.1 | Sep 2022 12.5 | Dec 2022 11.6 | Mar 2023 7.4 | Jun 2023 7.3 | Sep 2023 6.7 | Dec 2023 8.5 | Mar 2024 6.8 | Jun 2024 7.7 | Sep 2024 6.6 | Dec 2024 9.2 | Mar 2025 6.3 | Jun 2025 24.8 | Sep 2025 22.8 | Dec 2025 -12.9 | Mar 2026 -8.1 | Jun 2026 7.1
- TVTODAY: Sep 2021 1.8 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 0.7 | Jun 2026 —
- HMVL: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- GTPL: Sep 2021 2.9 | Dec 2021 3.2 | Mar 2022 2.3 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.6 | Jun 2026 0.6
- HTMEDIA: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- DISHTV: Sep 2021 1.5 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 0.8 | Sep 2022 3.5 | Dec 2022 3.6 | Mar 2023 2.6 | Jun 2023 2.9 | Sep 2023 -4.3 | Dec 2023 -4.4 | Mar 2024 -4.0 | Jun 2024 -3.6 | Sep 2024 -0.9 | Dec 2024 -0.7 | Mar 2025 -0.4 | Jun 2025 -0.3 | Sep 2025 -0.3 | Dec 2025 -0.2 | Mar 2026 -0.1 | Jun 2026 —
- ENIL: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.7 | Jun 2024 2.0 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- NILASPACES: Sep 2021 0.6 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 0.9 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 3.5 | Sep 2024 3.7 | Dec 2024 5.2 | Mar 2025 3.5 | Jun 2025 3.7 | Sep 2025 5.1 | Dec 2025 4.3 | Mar 2026 3.1 | Jun 2026 —
- ZEEMEDIA: Sep 2021 1.7 | Dec 2021 2.0 | Mar 2022 2.4 | Jun 2022 1.2 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 2.1 | Dec 2023 2.9 | Mar 2024 2.0 | Jun 2024 2.4 | Sep 2024 4.5 | Dec 2024 4.8 | Mar 2025 3.5 | Jun 2025 3.1 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 2.2 | Jun 2026 —
- BASILIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.6 | Jun 2024 — | Sep 2024 8.6 | Dec 2024 4.8 | Mar 2025 3.4 | Jun 2025 8.0 | Sep 2025 4.2 | Dec 2025 2.7 | Mar 2026 1.4 | Jun 2026 —

## Market action

Prime Focus Ltd has the strongest one-year price move in Entertainment & Media at +95.9%. It also leads on Mansfield relative strength against NIFTY at +27.6%. 9 of 24 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-27.

### Strongest one-year price performers
1. Prime Focus Ltd (PFOCUS): 96%
2. PVR Inox Ltd (PVRINOX): 6.4%
3. Bright Outdoor Media Ltd (543831): 4.4%
4. Nila Spaces Ltd (NILASPACES): -8.7%
5. Panorama Studios International Ltd (539469): -9.0%

### Strongest relative strength versus NIFTY 500
1. Prime Focus Ltd (PFOCUS): 28%
2. Hindustan Media Ventures Ltd (HMVL): 25%
3. Media Matrix Worldwide Ltd (MMWL): 22%
4. Bright Outdoor Media Ltd (543831): 17%
5. Nazara Technologies Ltd (543280): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- 8 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Prime Focus Ltd (PFOCUS) — market value ₹22.5K Cr; latest fundamentals Mar 2026
- Sun TV Network Ltd (SUNTV) — market value ₹19.2K Cr; latest fundamentals Mar 2026
- Amagi Media Labs Ltd (AMAGI) — market value ₹13.2K Cr; latest fundamentals Mar 2026
- Nazara Technologies Ltd (543280) — market value ₹11.2K Cr; latest fundamentals Mar 2026
- PVR Inox Ltd (PVRINOX) — market value ₹10.4K Cr; latest fundamentals Jun 2026
- Zee Entertainment Enterprises Ltd (ZEEL) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- Network 18 Media & Investments Ltd (NETWORK18) — market value ₹4.4K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Hathway Cable & Datacom Ltd (HATHWAY) — market value ₹1.9K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Media Matrix Worldwide Ltd (MMWL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Den Networks Ltd (DEN) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Panorama Studios International Ltd (539469) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Balaji Telefilms Ltd (BALAJITELE) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Bright Outdoor Media Ltd (543831) — market value ₹875 Cr; latest fundamentals Sep 2025
- New Delhi Television Ltd (NDTV) — market value ₹865 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- City Pulse Multiventures Ltd (542727) — market value ₹779 Cr; latest fundamentals Mar 2026
- T.V. Today Network Ltd (TVTODAY) — market value ₹695 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hindustan Media Ventures Ltd (HMVL) — market value ₹688 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- GTPL Hathway Ltd (GTPL) — market value ₹682 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- H T Media Ltd (HTMEDIA) — market value ₹565 Cr; latest fundamentals Mar 2026
- Dish TV India Ltd (DISHTV) — market value ₹519 Cr; latest fundamentals Mar 2026
- Entertainment Network (India) Ltd (ENIL) — market value ₹504 Cr; latest fundamentals Mar 2026
- Nila Spaces Ltd (NILASPACES) — market value ₹501 Cr; latest fundamentals Mar 2026
- Zee Media Corporation Ltd (ZEEMEDIA) — market value ₹498 Cr; latest fundamentals Mar 2026
- Basilic Fly Studio Ltd (BASILIC) — market value ₹481 Cr; latest fundamentals Mar 2026
- DAPS Advertising Ltd (543651) — market value ₹11 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 5. Unverified: 19. Withheld: 1. Graded companies: 25.

8 of 25 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 25 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Network 18 Media & Investments Ltd (NETWORK18) — its two data sources disagree by up to 232% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | NETWORK18 | Network 18 Media & Investments Ltd | diff_gt_2pct | disagreement up to 231.83% over 15 comparable periods

- UNVERIFIED | HATHWAY | Hathway Cable & Datacom Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MMWL | Media Matrix Worldwide Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DEN | Den Networks Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BALAJITELE | Balaji Telefilms Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NDTV | New Delhi Television Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TVTODAY | T.V. Today Network Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HMVL | Hindustan Media Ventures Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GTPL | GTPL Hathway Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-27.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Entertainment & Media index?

The Nifty Entertainment & Media index tracks India's listed Entertainment & Media companies as a single basket. This page follows the same 25 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Entertainment & Media sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Entertainment & Media stocks in India?

Ranked by this page's four-factor score, Nila Spaces Ltd places first among 25 listed Entertainment & Media companies, followed by Nazara Technologies Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Entertainment & Media stocks are listed in India?

This comparison covers 25 listed Entertainment & Media companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Entertainment & Media company is the biggest?

Zee Entertainment Enterprises Ltd is the largest, with trailing-twelve-month revenue of ₹8,099 crore, ahead of PVR Inox Ltd at ₹6,842 crore. That covers 24 of 25 companies with comparable reporting through Mar 2026.

### Which Entertainment & Media company is growing fastest?

City Pulse Multiventures Ltd has the fastest revenue growth at 100% year on year, across 23 of 25 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Entertainment & Media company has the best profit margins?

City Pulse Multiventures Ltd has the highest operating margin at 78.6%, from 25 of 25 comparable companies. Hindustan Media Ventures Ltd shows the biggest recent improvement, at +17 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Entertainment & Media company makes the most profit?

Sun TV Network Ltd earns the most, at ₹1,440 crore of trailing-twelve-month net profit, from 24 of 25 comparable companies. City Pulse Multiventures Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Entertainment & Media company earns the highest return on capital?

Dish TV India Ltd leads on return on capital employed at 70%, across 25 of 25 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Entertainment & Media stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Zee Entertainment Enterprises Ltd screens cheapest at 0.28×. Only 3 of 25 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Entertainment & Media company has the strongest balance sheet?

Bright Outdoor Media Ltd carries the lowest comparable gross debt at ₹0 crore, from 25 of 25 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Entertainment & Media stock has the strongest price momentum?

Prime Focus Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Entertainment & Media company scores highest for research priority?

Nila Spaces Ltd scores 68.2 out of 100 with 76.8% evidence confidence, from 27.6 points on growth and earnings, 17.5 on capital efficiency, 11.7 on valuation and 11.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Entertainment & Media companies does this comparison cover, and over what period?

It compares 25 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Entertainment & Media sector?

The 25 Entertainment & Media companies on this page carry ₹1,05,793 crore of combined market value. Prime Focus Ltd is the largest at ₹22,463 crore, about 21% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Entertainment & Media sector's P/E ratio?

The median price-to-earnings ratio across the 25 Entertainment & Media companies on this page is 32.9×, measured on the 21 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Entertainment & Media sector performing?

9 of the 24 covered Entertainment & Media companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/entertainment-media