Sector analysis · India

Media sector earnings growth, Q4 FY24

The 20 largest Media, Entertainment & Publication companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q3 FY24.

The top 20 at Q4 FY24

Q4 FY24 vs Q3 FY24: combined net profit −₹1,546 cr (−218%), median EPS −17% (5 of 19 up), market-cap-weighted price −12%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Sun TV Network LimitedSUNTV	21.0%	11.52 → 10.53	−9%	−3.6 pp	−16%
2	Zee Entertainment Enterprises LimitedZEEL	11.8%	0.61 → 0.14	−77%	−4.2 pp	−24%
3	PVR InoxPVRINOX	11.5%	1.30 → −13.20	to loss	−13.3 pp	−20%
4	Network18 Media & Investments LimitedNETWORK18	8.0%	−0.55 → −0.92	loss, bigger	−3.5 pp	−1%
5	TV18 BroadcastTV18BRDCST · since delisted	7.1%	−0.07 → −0.30	loss, bigger	−3.7 pp	−8%
6	Saregama India LimitedSAREGAMA	5.9%	2.71 → 2.79	+3%	+0.1 pp	−6%
7	Tips MusicTIPSMUSIC	5.2%	2.70 → 2.01	−26%	−0.8 pp	+35%
8	Nazara Technologies LimitedNAZARA	4.4%	— → 0.27	sources disagree	—	−13%
9	D B CorpDBCORP	4.2%	6.96 → 6.88	−1%	−0.1 pp	−1%
10	Hathway Cable & Datacom LimitedHATHWAY	3.1%	0.13 → 0.20	+54%	+1.1 pp	−8%
11	Dish TV India LimitedDISHTV	2.7%	−0.02 → −10.81	loss, bigger one-off	−185.0 pp	−8%
12	Prime FocusPFOCUS	2.6%	−1.85 → −2.01	loss, bigger	−0.5 pp	−7%
13	MPSMPSLTD	2.3%	17.38 → 16.78	−3%	−0.1 pp	−10%
14	Jagran Prakashan LimitedJAGRAN	2.0%	3.39 → 1.05	−69%	−4.7 pp	+10%
15	Signpost India LimitedSIGNPOST	1.8%	1.77 → 3.33	+88%	+0.8 pp	—
16	GTPL Hathway LimitedGTPL	1.7%	2.11 → 1.17	−45%	−1.0 pp	−13%
17	R K SwamyRKSWAMY	1.2%	1.11 → 5.19	+368% one source	+1.9 pp	—
18	New Delhi Television LimitedNDTV	1.2%	−0.85 → −0.75	loss, smaller	+0.1 pp	−20%
19	Vertoz LimitedVERTOZ	1.2%	2.04 → 1.24	−39%	−0.1 pp	+32%
20	TV Today Network LimitedTVTODAY	1.1%	4.88 → 1.92	−61% one-off	−1.6 pp	−1%
	Sector earnings growth	100%			−218.3 pp

Who joined and who left

3 joined and 3 left the top 20 since Q3 FY24, as market caps moved.

Joined the top 20 since Q3 FY24 3

Left the top 20 since Q3 FY24 3

was #18 Repro India REPRO
was #19 OnMobile Global Limited ONMOBILE
was #20 S Chand And Company Limited SCHAND

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
— no data
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
SUNTV	−22%	−2%	−9%	+35%	−27%	−11%	+2%	+42%	−33%	−9%	−28%	+166%
ZEEL	turned profitable	−52%	−77%	+779%	+77%	−22%	+15%	−23%	−47%	+102%	to loss	turned profitable
PVRINOX	turned profitable	−92%	to loss	loss, bigger	loss, smaller	turned profitable	to loss	loss, smaller	turned profitable	−9%	+95%	−70%
NETWORK18	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller	turned profitable	−73%	to loss	loss, bigger	loss, bigger
TV18BRDCST	to loss	loss, smaller	loss, bigger	loss, smaller	—	outside	outside	outside	outside	outside	outside	outside
SAREGAMA	+10%	+9%	+3%	−32%	+22%	+39%	−3%	−39%	+19%	+17%	+47%	−32%
TIPSMUSIC	+46%	−13%	−26%	+70%	+11%	−8%	−31%	+50%	+16%	+10%	+1%	−26%
NAZARA	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	to loss	turned profitable	+370%	to loss
DBCORP	+27%	+24%	−1%	−4%	−30%	+43%	−56%	+54%	+15%	+2%	−35%	+62%
HATHWAY	−15%	+18%	+54%	−50%	+50%	−47%	+150%	−10%	−44%	+20%	−50%	+133%
DISHTV	−73%	to loss	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, bigger	outside	outside
PFOCUS	loss, bigger	loss, smaller	loss, bigger	loss, bigger	turned profitable	to loss	loss, bigger	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
MPSLTD	−1%	−1%	−3%	−10%	+36%	+16%	+16%	−25%	+57%	−36%	+33%	+7%
JAGRAN	−5%	+74%	−69%	+80%	+4%	+46%	to loss	turned profitable	−13%	−7%	−69%	+246%
SIGNPOST	outside	outside	+88%	−37%	+42%	−64%	−83%	+1,489%	+2%	+16%	+16%	−11%
GTPL	−5%	−31%	−45%	+9%	−10%	−21%	+6%	−1%	−13%	+20%	to loss	turned profitable
RKSWAMY	outside	outside	+368%	−92%	outside	+620%	+239%	−77%	outside	outside	outside	outside
NDTV	turned profitable	to loss	loss, smaller	loss, bigger	outside	outside	outside	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller
VERTOZ	outside	outside	−39%	−46%	+19%	+9%	outside	outside	outside	outside	outside	outside
TVTODAY	−20%	+314%	−61%	+348%	−84%	+5%	−29%	+19%	to loss	loss, smaller	turned profitable	+14%