The Nifty Media index, a sector benchmark, has declined practically 20% whereas Network18 Media & Investments, the worst performer within the pack, has fallen by 40%. The subsequent in line are Ideas Music and Saregama India with share value erosion of 29% and 25%, respectively.
Others like Zee Leisure Enterprises, Hathway Cable & Datacom, PVR Inox, Solar TV Community, D.B. Corp and Nazara Applied sciences have misplaced between 24% and 10%.
Media shares exterior the index viz. NDTV and TV At this time are additionally down 29% and 37%, respectively.
Prime Focus, a inventory with market capitalization of Rs 17,329 crore stays in prime type regardless of uninspiring earnings. Firm’s consolidated internet revenue fell 89% within the September quarter to Rs 3.6 crore versus Rs 33 crore within the 12 months in the past interval. Its topline progress stood at 18% YoY within the July-September quarter.
The sector working out of favour in 2025 has a number of cause attributed to it.
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Kranthi Bathini, Director-Fairness Technique at WealthMills Securities, who has a ‘Impartial’ view on the sector, sees the altering dynamics of media as the explanation for insipid efficiency of the media shares. “The patron is shifting to web-based consumption and that’s evident from the proliferation of YouTube and OTT. Even on the tv units, which at the moment are changed with sensible TVs, the content material being consumed is shifting from conventional channel-based viewership to functions,” Bathini mentioned.
He additionally notes a shift in investor choice in direction of innovation-led firms, whereas mentioning that the scope for big-bang improvements able to grabbing investor consideration stays restricted in conventional media firms.
Analyst Khushi Mistry of labels media sector’s sharp underperformance as structural and never cyclical stress. “Linear TV continues to lose share to digital platforms, whereas advert spends stay fragmented and price-led. Excessive fastened prices, weak content material monetisation, and strain from international OTT gamers have squeezed margins. Shares like Network18 and PVR corrected sharply as earnings visibility deteriorated. The market is clearly discounting an extended transition part with restricted near-term catalysts and rising execution threat,” she mentioned.
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Earnings snapshot
The earnings surroundings has additionally turned-off the buyers. The most important loser Community-18, noticed its revenues decline 73% YoY in Q2FY26 although it swung to earnings of Rs 41 crore in the identical interval versus the lack of Rs 96 crore within the 12 months in the past interval.
In information for lately launched blockbuster film Dhurandhar, PVR reported revenue after tax (PAT) within the September quarter versus YoY loss whereas its revenues jumped 12% over the corresponding interval of the final monetary 12 months. But, the inventory has did not impress the Avenue.
Saregama India and Zee Leisure Enterprises reported declines of their Q2 PAT and income.
Hathway Cable recorded a 29% YoY consolidated PAT fall in Q2 whereas its income elevated 5%. Solar TV’s topline grew 39% in Q2 whereas revenue declined 13%.
In the meantime Ideas Music and DB Corp, every reported double-digit progress in gross sales PAT in Q2FY26.
2026 outlook
Mistry mentioned that 2026 might mark stabilisation reasonably than a pointy rebound. In her view, commercial spends might stay selective
and event-led, whereas consolidation and value rationalisation could enhance survivability.
“Any sustainable re-rating will depend upon profitable digital monetisation, pricing energy in cinemas, and balance-sheet self-discipline. The sector might even see stock-specific alternatives, however broad-based restoration seems unlikely with no clear enchancment in ROCE and free money circulate technology,” the Bonanza Analysis Analyst mentioned.
Bathini sees the strain on media shares to maintain within the medium time period.
(Information Inputs by Ritesh Presswala)
(Disclaimer: The suggestions, recommendations, views, and opinions given by the consultants are their very own. These don’t signify the views of The Financial Instances.)
