NDTV: Post-SEBI Verdict – A Tactical Adani Play.

~Sumon Mukhopadhyay 

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Introduction:

SEBI’s September 18, 2025 clean chit on Hindenburg allegations unlocked ₹46,000–₹69,000 crore in Adani market cap. NDTV Ltd (Rs.131) was acquired by Adani in 2022. India's ₹15,000 crore media sector is compounding at 10% CAGR. Photo: Instagram.

Investment Triggers:

• Regulatory Reset: SEBI clearance removes overhang; NDTV rerates on sentiment (P/B 24.9x).
• Adani Capex Leverage: ₹20,000+ crore group spend fuels digital infra, ad tech, and distribution.
• Digital Surge: 39% YoY traffic growth; Quintillion acquisition expands global reach to 500M+ users.
• The conservative EPS for FY26: –₹7 to –₹8 (approximately).
• Share price target in 12-18 months: ₹140-₹160
• Risk Lens: Ad revenue cyclicality persists, but cost discipline and EBITDA margin recovery (–15% vs –18%) show traction.

Q1FY26 Results Snapshot:

• Revenue: ₹108 crore (+7% QoQ, –2% YoY).
• Net Loss: ₹70 crore (vs ₹62 crore in Q4).
• EPS: –₹6.24 (vs –₹5.52).
• Tech & Marketing Spend: ₹33 crore.
• FY25 Loss: ₹241 crore on ₹479 crore revenue.

Peer Comparison: NDTV Vs Listed Media Players:

Company	Market Cap (₹ Cr)	P/B Ratio	FY25 Revenue (₹ Cr)	FY25 Net Profit/Loss (₹ Cr)	Digital Reach
NDTV	1,463	24.9x	479	–241	500M+ (via Quintillion)
Zee Entertainment	15,000+	1.8x	8,000+	~400	200M+
TV18 Broadcast	6,000+	2.1x	5,500+	~250	150M+

Valuation Sensitivity Matrix (FY27 Breakeven Scenario):

EPS (FY27)	P/E 20x	P/E 25x	P/E 30x
₹5.00	₹100	₹125	₹150
₹7.50	₹150	₹187.5	₹225
₹10.00	₹200	₹250	₹300

Conclusion:

NDTV Ltd(Rs.131) is no longer a standalone media play—it’s a tactical lever in Adani’s digital empire. 

With regulatory clarity, capex tailwinds, and digital scale, breakeven by FY27 is plausible. Short-term rerating + long-term monetization = 30%+ return potential. 

Therefore, finally it's future share potential should be viewed with Adani Group's lens. 

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Disclaimer: This article is intended for informational and educational purposes only. It does not constitute investment advice, financial recommendations, or an offer to buy or sell any securities. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions. The views expressed are based on publicly available data and personal analysis, and may be subject to change without notice. Neither the author nor SumanspeaksPlus shall be held responsible for any financial outcomes resulting from decisions made based on this content.