Sector analysis · India

Media sector earnings growth, Q2 FY26

The 20 largest Media, Entertainment & Publication companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.

The top 20 at Q2 FY26

Q2 FY26 vs Q2 FY25: combined net profit ₹700 cr (−4%), median EPS −8% (7 of 18 up), market-cap-weighted price −29%. 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	19.8%	10.39 → 9.00	−13%	−4.6 pp	−37%
2	Zee Entertainment Enterprises LimitedZEEL	10.4%	2.18 → 0.80	−63%	−11.3 pp	−18%
3	PVR InoxPVRINOX	10.1%	−1.20 → 10.76	turned profitable	+10.0 pp	−35%
4	Nazara Technologies LimitedNAZARA	9.0%	— → −0.79	sources disagree one-off	—	+3%
5	Saregama India LimitedSAREGAMA	8.7%	2.33 → 2.27	−3%	−0.1 pp	−26%
6	Network18 Media & Investments LimitedNETWORK18	7.6%	−0.92 → 0.26	turned profitable	+11.6 pp	−37%
7	Tips MusicTIPSMUSIC	7.2%	3.77 → 4.16	+10%	+0.4 pp	−15%
8	Prime FocusPFOCUS	5.2%	— → 0.05	sources disagree	—	−50%
9	D B CorpDBCORP	4.6%	4.63 → 5.24	+13%	+0.9 pp	−21%
10	MPSMPSLTD	3.5%	20.60 → 32.41	+57%	+1.7 pp	−1%
11	Hathway Cable & Datacom LimitedHATHWAY	2.4%	0.15 → 0.10	−33%	−0.6 pp	−32%
12	Sri Adhik. Bros.SABTNL	2.2%	0.01 → 0.56	+5,500% one-off	+1.2 pp	+4%
13	Jagran Prakashan LimitedJAGRAN	1.5%	1.97 → 2.69	+37%	+1.3 pp	−23%
14	Balaji Telefilms LimitedBALAJITELE	1.4%	0.56 → −0.42	to loss	−0.9 pp	+91%
15	Signpost India LimitedSIGNPOST	1.3%	2.98 → 2.93	−2%	0.0 pp	+2%
16	New Delhi Television LimitedNDTV	1.3%	−4.68 → −6.57	loss, bigger	−1.8 pp	+7%
17	GTPL Hathway LimitedGTPL	1.2%	1.14 → 0.82	−28%	−0.3 pp	−35%
18	Dish TV India LimitedDISHTV	0.9%	−0.20 → −0.72	loss, bigger	−8.1 pp	−66%
19	The Sandesh LimitedSANDESH	0.9%	50.45 → 5.10	−90%	−2.9 pp	−35%
20	TV Today Network LimitedTVTODAY	0.8%	1.39 → −0.33	to loss one-off	−0.9 pp	−37%
	Sector earnings growth	100%			−4.4 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.

Joined the top 20 since Q1 FY26 1

now #19 The Sandesh Limited SANDESH

Left the top 20 since Q1 FY26 1

was #19 R K Swamy RKSWAMY

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, 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	+14%	+7%	+9%	−5%	−12%	−20%	−10%	−5%	−13%	−11%	−37%	+17%
ZEEL	+8%	+144%	turned profitable	turned profitable	+70%	+179%	+1,300%	+22%	−63%	−5%	to loss	−47%
PVRINOX	turned profitable	−51%	loss, smaller	loss, bigger	to loss	+182%	loss, smaller	loss, smaller	turned profitable	+166%	turned profitable	turned profitable
NAZARA	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	to loss
SAREGAMA	+4%	0%	+9%	−15%	−6%	+19%	+12%	−1%	−3%	−18%	+25%	+41%
NETWORK18	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller	turned profitable	turned profitable	loss, smaller	loss, bigger	to loss
TIPSMUSIC	+92%	+73%	+41%	+62%	+22%	+28%	+19%	+5%	+10%	+33%	+93%	−5%
PFOCUS	to loss	to loss	to loss	loss, bigger	turned profitable	loss, bigger	loss, bigger	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
DBCORP	+105%	+157%	+198%	+50%	−18%	−5%	−57%	−31%	+13%	−19%	+19%	+24%
MPSLTD	+12%	+1%	−11%	−15%	+17%	+37%	+64%	+36%	+57%	−13%	0%	+43%
HATHWAY	−35%	−19%	turned profitable	−23%	+36%	−38%	0%	+80%	−33%	+50%	−70%	−22%
SABTNL	outside	outside	outside	outside	sources disagree	loss, bigger	loss, smaller	loss, bigger	+5,500%	turned profitable	outside	outside
JAGRAN	sources disagree	sources disagree	sources disagree	−8%	+1%	−15%	to loss	+63%	+37%	−14%	turned profitable	−13%
BALAJITELE	outside	outside	outside	outside	outside	outside	outside	loss, bigger	to loss	loss, bigger	to loss	turned profitable
SIGNPOST	outside	outside	—	—	+146%	−39%	−95%	+36%	−2%	+214%	+2,089%	+22%
NDTV	−51%	to loss	to loss	loss, bigger	outside	outside	outside	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger
GTPL	−24%	−37%	turned profitable	−60%	−63%	−57%	−19%	−26%	−28%	+9%	to loss	−78%
DISHTV	−75%	loss, bigger	loss, bigger	to loss	to loss	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, bigger	outside	outside
SANDESH	outside	outside	outside	outside	outside	to loss	−87%	outside	−90%	turned profitable	to loss	+71%
TVTODAY	−64%	+5%	+96%	+486%	+18%	−70%	−46%	−86%	to loss	to loss	+47%	+40%