NDTV Plans ₹800 Crore Perpetual Debt Raise as Its Net Worth Turns Negative After Q2 Loss
The Adani-owned broadcaster's September-quarter loss narrowed to ₹63.51 crore on 5.9% revenue growth, but consolidated net worth slipped to minus ₹14.91 crore.
Why it mattersNDTV is spending faster than it earns, and a second large raise in a year shows how much capital it takes to fund a TV and digital news expansion while ad markets stay soft.
NDTV's board approved raising up to ₹800 crore through perpetual debentures on 26 October 2026, as the broadcaster reported a consolidated net loss of ₹63.51 crore for the September quarter and its net worth turned negative.
The loss narrowed from ₹74.01 crore a year earlier, while revenue from operations rose 5.9% to ₹129.47 crore from ₹122.27 crore, according to Indian Television and BestMediaInfo. Total expenses were ₹198.50 crore against total income of ₹134.34 crore.
How the money will be raised
- Instrument: unsecured, non-convertible perpetual debentures with no fixed maturity, sold by private placement in one or more tranches.
- Size: up to ₹800 crore, in up to 80,000 debentures of ₹1 lakh each.
- Coupon: 9% a year, cumulative, paid only when the board declares it. At the full amount that is about ₹72 crore a year.
Because the debentures do not convert into shares, existing shareholders are not diluted. NDTV has not said who will subscribe or how the money will be used.
A balance sheet under strain
Consolidated total equity fell to minus ₹14.91 crore at 30 September 2026, from ₹129.16 crore in March, as liabilities of ₹734.82 crore exceeded assets of ₹719.91 crore. For the first half of FY27, NDTV lost ₹145.39 crore on revenue of ₹246.70 crore. Cash and cash equivalents fell to ₹5.15 crore from ₹14.88 crore.
The raise comes a year after a rights issue in October 2025 that brought in ₹396.49 crore and lifted the Adani group's promoter stake from 64.71% to 69.02%, BestMediaInfo reported.
Where the quarter improved
Revenue grew from ₹117.23 crore in the June quarter, and the loss narrowed from ₹81.88 crore. Spending on marketing, distribution and promotion fell to ₹43.71 crore from ₹58.06 crore a year earlier.
The results come as broadcasters press for GST relief and as TV advertising fell during the BARC ratings blackout.
Questions readers ask
How much is NDTV raising?
NDTV's board approved raising up to ₹800 crore through unsecured, non-convertible perpetual debentures on a private placement basis, with a 9% cumulative coupon paid at the board's discretion.
What were NDTV's Q2 FY27 results?
For the quarter to 30 September 2026, NDTV reported a consolidated net loss of ₹63.51 crore, narrower than ₹74.01 crore a year earlier, on revenue of ₹129.47 crore, up 5.9%.
Will NDTV's fundraise dilute shareholders?
No. The debentures are non-convertible, so they do not turn into shares and existing holdings are not diluted.
Who owns NDTV?
NDTV is controlled by the Adani group, whose promoter stake rose to 69.02% after the October 2025 rights issue.
Sources
Swiggy's Q2 Loss Narrows 16% to ₹922 Crore as Ad Spend Climbs 25% to ₹1,298 Crore
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