Den Networks share price & results
- Sept 2026
- Sept 2026
India's largest cable TV distributor across 450+ cities in 13 states, plus a broadband ISP arm.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 233 | −3.3% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 3.1 | −3.9 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 37.0 | +5.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 3.87 | +1.0 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -5.85 | −3.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -2.32 | +3.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −26.6% 1Y
1Y: ₹33.33 on 24 Oct 2025 → ₹24.47. High ₹33.65 (29 Oct 2025), low ₹22.98 (30 Mar 2026).
- Previous close
- ₹24.62
- Market cap
- ₹1.2k Cr
- 52-week range
- ₹22.98 – ₹33.65
- One year
- −26.45%
- Price to earnings (TTM to Sept 2026)
- 7.87×
- Return on equity (TTM to Sept 2026)
- 3.87%
Overview
- Symbol
- NSE:DEN
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What Den Networks Limited does
Based on the company's own presentations, annual report and earnings calls.
DEN Networks operates as a multi-system operator (MSO), distributing digital cable television signals to subscribers through a network of local cable operators (LMOs) spread across urban and semi-urban India, earning through subscription fees and placement/marketing income paid by broadcasters for channel positioning. Its wholly owned subsidiary, DEN Broadband Limited, holds a Unified License and separately provides wired broadband/internet services. DEN is a subsidiary of Reliance Industries Limited, giving it access to the wider Reliance content and distribution ecosystem.
Segments
- Cable TV Distribution
- Broadband
- States covered
- 13
- Cities/towns covered
- 450+
- Local cable operator (LMO) network
- 14,000+
- Market position
- Largest subscriber base among cable TV players in India
- Parent company
- Subsidiary of Reliance Industries Limited
- Broadband subsidiary
- DEN Broadband Limited (wholly owned, holds a Unified License)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +6% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 261 | 248 | 241 | 241 | 251 | 241 | 243 | 233 |
| Expenses | 233 | 220 | 222 | 223 | 238 | 225 | 231 | 225 |
| Operating profit | 27 | 28 | 19 | 18 | 13 | 15 | 12 | 7 |
| Operating margin | 10.0% | 11.0% | 8.0% | 7.0% | 5.0% | 6.0% | 4.7% | 3.1% |
| Other income | 55 | 67 | 71 | 52 | 58 | 55 | 55 | 61 |
| Interest | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 26 | 26 | 24 | 23 | 23 | 21 | 20 | 19 |
| Profit before tax | 55 | 69 | 65 | 46 | 48 | 49 | 46 | 49 |
| Tax rate | 24.0% | 13.0% | 17.0% | 24.0% | 16.0% | 26.0% | 26.0% | 25.0% |
| Net profit | 42 | 60 | 54 | 35 | 40 | 36 | 35 | 37 |
| EPS (₹ per share) | 0.84 | 1.30 | 1.14 | 0.74 | 0.80 | 0.80 | 0.77 | 0.76 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,132 | 1,081 | 1,006 | 974 |
| Expenses | 981 | 930 | 895 | 908 |
| Operating profit | 151 | 151 | 110 | 65 |
| Other income | 114 | 210 | 246 | 236 |
| Interest | 2 | 4 | 3 | 1 |
| Depreciation | 109 | 113 | 105 | 91 |
| Profit before tax | 155 | 245 | 248 | 208 |
| Net profit | 264 | 213 | 197 | 165 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 477 | 477 | 477 | 477 | 477 | 477 |
| Reserves | 2,731 | 2,943 | 3,143 | 3,232 | 3,308 | 3,381 |
| Borrowings | 28 | 26 | 23 | 22 | 20 | 12 |
| Other liabilities | 524 | 481 | 500 | 570 | 478 | 589 |
| Total liabilities | 3,759 | 3,927 | 4,142 | 4,301 | 4,283 | 4,458 |
| Fixed assets | 562 | 515 | 463 | 434 | 404 | 370 |
| Capital work in progress | 29 | 18 | 14 | 12 | 8 | 7 |
| Investments | 1,426 | 1,709 | 1,516 | 1,652 | 210 | 419 |
| Other assets | 1,741 | 1,685 | 2,149 | 2,204 | 3,661 | 3,661 |
| Total assets | 3,759 | 3,927 | 4,142 | 4,301 | 4,283 | 4,458 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 218 | 129 | 139 | 84 | 18 | -17 |
| Cash from investing | -361 | -258 | -54 | -66 | -22 | 24 |
| Cash from financing | 134 | 96 | -115 | -7 | -7 | -3 |
| Net cash flow | -9 | -33 | -30 | 11 | -11 | 4 |
| Free cash flow | 109 | 27 | 41 | 30 | -22 | -57 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 26 | 21 | 28 | 37 | 55 | 40 |
| Cash conversion cycle | 26 | 21 | 28 | 37 | 55 | 40 |
| Working capital days | -86 | -78 | -82 | -69 | -66 | -60 |
| Return on capital employed | 2.0% | 2.0% | 3.0% | 2.0% | 3.0% | 3.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Cable distribution network contributes 96.1% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Cable distribution network 96.1%
₹237.70 crore
- Broadband 3.9%
₹9.58 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Cable distribution network | 237.70 | 96.1% |
| Broadband | 9.58 | 3.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹247.27 crore
- Intersegment adjustment
- ₹4.50 crore
- Net segment revenue
- ₹242.77 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Cable distribution network | 95% | 96% | 96% | 96% | 95% | 96% | 96% | 96% | +1.0% |
| Broadband | 5% | 4% | 4% | 4% | 5% | 4% | 4% | 4% | -8.5% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
What the price assumes
Growth trapTo justify its price of ₹24, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~-14%. At that growth it is worth ₹3 — downside of 86%.
- Growth the price implies
- 22.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -14.5% a year
- net profit, FY23–FY26 · EPS -14.3%
- The gap
- 0.4 pp
- -86% downside if it only repeats history
Ownership
Who owns it
Promoters hold 74.90% as of Sept 2026; institutions cut 0.07 pts since Jun 2026.
- Promoters 74.90%
- Foreign institutions 0.33%
- Domestic institutions 0.00%
- Public 24.68%
- Others 0.10%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 1.02% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Den Networks Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 35.94% | unchanged | |
| 15.47% | unchanged | |
| 15.02% | unchanged | |
| 3.69% | unchanged | |
| 3.35% | unchanged | |
| 1.02% | newly disclosed | |
| 0.79% | unchanged | |
| 0.31% | unchanged | |
| 0.15% | unchanged | |
| VC / PE | 0.10% | unchanged |
| 0.08% | unchanged | |
| 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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