NEW DELHI: NDTV is pressing the accelerator on its transformation strategy, ramping up investment in marketing and expansion even as revenue growth gains momentum. The Adani-controlled broadcaster posted a 12 per cent increase in half-year revenue to Rs 230 crore whilst completing a Rs 396 crore oversubscribed rights issue and merging four subsidiaries to streamline operations.
Revenue from operations rose 10 per cent year-on-year to Rs 123 crore in the September quarter on a consolidated basis, reflecting improving traction as the company positions itself for a new era. For the six months ended September, the top line climbed to Rs 230 crore from Rs 205 crore, signalling steady progress in a fiercely competitive media landscape.
The numbers reveal a company making bold strategic bets. Marketing, distribution and promotional expenses surged 33 per cent to Rs 115 crore for the half-year—a clear signal that management is prioritising audience acquisition and brand visibility over short-term profitability. The September quarter alone saw Rs 58 crore deployed towards growth initiatives, up 29 per cent year-on-year.
“This is classic growth investing,” said one analyst who tracks the media sector. “NDTV is leveraging its capital raise to build market share and strengthen its competitive position whilst the fundamentals improve.”
The rights issue, completed on 9 October, was oversubscribed 1.11 times, with proceeds specifically earmarked for expansion, brand-building, debt reduction and corporate purposes. The successful raise increased paid-up capital from Rs 26 crore to Rs 45 crore, providing ammunition for the company’s ambitious reinvention plans.
NDTV also executed a major structural overhaul, merging NDTV Networks, NDTV Worldwide, NDTV Media and NDTV Labs into the parent company with effect from 1 October. The consolidation, sanctioned by the regional director of the ministry of corporate affairs, is designed to eliminate operational silos and create a more agile organisation. Authorised share capital now stands at Rs 237 crore.
The broadcaster is simultaneously pursuing inorganic growth. NDTV has entered a binding term sheet to acquire the GoodTimes channel and associated intellectual property from Lifestyle & Media Broadcasting, pending regulatory approval from the ministry of information and broadcasting. The deal would expand the company’s content portfolio and distribution footprint.
Management changes underscore the focus on operational excellence. Akhil Kumar Gupta, a chartered accountant with 19 years’ experience spanning media, infrastructure, healthcare and entertainment, will assume the chief financial officer role from 1 December. Gupta, who previously held senior positions at Adani Enterprises, Zydus Lifesciences and Bharti Airtel, brings deep expertise in financial transformation, digital systems and strategic decision-making. He replaces Anup Dutta, who reaches superannuation.
The board also re-appointed independent director Viral Jagdish Doshi for a second three-year term beginning January 2026, ensuring continuity in governance as the company navigates its transition.
NDTV’s investment phase reflects a calculated gamble: sacrifice near-term margins to capture long-term market share in India’s rapidly evolving media ecosystem. With a freshly capitalised balance sheet, a streamlined corporate structure, and aggressive growth spending, the broadcaster is positioning itself as a serious player in the battle for eyeballs and advertising rupees.
Whether the strategy succeeds depends on execution—and whether revenue growth can eventually outpace the current marketing blitz. But for now, NDTV is signalling it has both the resources and the resolve to compete. The transformation is underway, and the company isn’t holding back.
