Sector analysis · India

Media sector earnings growth, Q3 FY25

The 20 largest Media, Entertainment & Publication companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.

The top 20 at Q3 FY25

Q3 FY25 vs Q2 FY25: combined net profit −₹645 cr (−131%), median EPS −10% (8 of 19 up), market-cap-weighted price −13%. 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	22.3%	10.39 → 9.22	−11%	−4.0 pp	−18%
2	PVR InoxPVRINOX	10.6%	−1.20 → 3.66	turned profitable	+4.1 pp	−22%
3	Zee Entertainment Enterprises LimitedZEEL	9.6%	2.18 → 1.70	−22% one-off	−4.0 pp	−12%
4	Network18 Media & Investments LimitedNETWORK18	9.1%	−0.92 → −9.31	loss, bigger one-off	−115.5 pp	−13%
5	Tips MusicTIPSMUSIC	8.1%	3.77 → 3.46	−8%	−0.3 pp	+10%
6	Saregama India LimitedSAREGAMA	7.4%	2.33 → 3.23	+39%	+1.5 pp	−27%
7	Nazara Technologies LimitedNAZARA	6.4%	— → 0.90	sources disagree	—	−8%
8	D B CorpDBCORP	4.5%	4.63 → 6.63	+43%	+3.1 pp	−11%
9	Prime FocusPFOCUS	3.4%	1.11 → −2.01	to loss	−8.1 pp	−3%
10	Sri Adhik. Bros.SABTNL	3.3%	0.01 → −0.90	to loss one-off	−2.0 pp	+83%
11	MPSMPSLTD	2.8%	20.60 → 23.80	+16%	+0.5 pp	−8%
12	Hathway Cable & Datacom LimitedHATHWAY	2.3%	0.15 → 0.08	−47%	−1.0 pp	−23%
13	Signpost India LimitedSIGNPOST	1.6%	2.98 → 1.08	−64%	−0.9 pp	+43%
14	Dish TV India LimitedDISHTV	1.6%	−0.20 → −0.25	loss, bigger	−0.8 pp	−27%
15	Jagran Prakashan LimitedJAGRAN	1.5%	1.97 → 2.88	+46%	+1.7 pp	−11%
16	GTPL Hathway LimitedGTPL	1.3%	1.14 → 0.90	−21%	−0.2 pp	−18%
17	R K SwamyRKSWAMY	1.1%	0.10 → 0.72	+620%	+0.3 pp	+9%
18	TV Today Network LimitedTVTODAY	1.0%	1.39 → 1.46	+5%	0.0 pp	−12%
19	The Sandesh LimitedSANDESH	1.0%	50.45 → −27.47	to loss	−5.1 pp	−12%
20	Vertoz LimitedVERTOZ	1.0%	0.80 → 0.87	+9%	+0.1 pp	−56%
	Sector earnings growth	100%			−130.6 pp

Who joined and who left

2 joined and 2 left the top 20 since Q2 FY25, as market caps moved.

Joined the top 20 since Q2 FY25 2

now #17 R K Swamy RKSWAMY
now #19 The Sandesh Limited SANDESH

Left the top 20 since Q2 FY25 2

was #7 TV18 Broadcast TV18BRDCST
was #18 Zee Media ZEEMEDIA

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
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%
PVRINOX	turned profitable	−92%	to loss	loss, bigger	loss, smaller	turned profitable	to loss	loss, smaller	turned profitable	−9%	+95%	−70%
ZEEL	turned profitable	−52%	−77%	+779%	+77%	−22%	+15%	−23%	−47%	+102%	to loss	turned profitable
NETWORK18	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller	turned profitable	−73%	to loss	loss, bigger	loss, bigger
TIPSMUSIC	+46%	−13%	−26%	+70%	+11%	−8%	−31%	+50%	+16%	+10%	+1%	−26%
SAREGAMA	+10%	+9%	+3%	−32%	+22%	+39%	−3%	−39%	+19%	+17%	+47%	−32%
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%
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
SABTNL	outside	outside	outside	outside	turned profitable	to loss	loss, smaller	loss, bigger	turned profitable	−89%	outside	outside
MPSLTD	−1%	−1%	−3%	−10%	+36%	+16%	+16%	−25%	+57%	−36%	+33%	+7%
HATHWAY	−15%	+18%	+54%	−50%	+50%	−47%	+150%	−10%	−44%	+20%	−50%	+133%
SIGNPOST	outside	outside	+88%	−37%	+42%	−64%	−83%	+1,489%	+2%	+16%	+16%	−11%
DISHTV	−73%	to loss	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, bigger	outside	outside
JAGRAN	−5%	+74%	−69%	+80%	+4%	+46%	to loss	turned profitable	−13%	−7%	−69%	+246%
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
TVTODAY	−20%	+314%	−61%	+348%	−84%	+5%	−29%	+19%	to loss	loss, smaller	turned profitable	+14%
SANDESH	outside	outside	outside	outside	outside	to loss	turned profitable	outside	−93%	+897%	to loss	turned profitable
VERTOZ	outside	outside	−39%	−46%	+19%	+9%	outside	outside	outside	outside	outside	outside