TV Broadcasting & Software Production industry
20 companies · ₹34,068 cr · 3 with AI deep dives · Q1FY27 report
OTT inflection narrows losses as theatrical recovers, but traditional advertising remains durably impaired
- Revenue YoY
- +8.2%
- EBITDA margin
- 17.5%
- -230bps YoY
- Price, 1 year
- -27.5%
- 0% of names up
- P/E vs own 5y
- +73.9%
- 31.5x now
Exhibit 1The quarter in numbers
constant panel of 9 companies above ₹500 cr- Jun 26
- 5,711 cr
- Mar 26
- 5,141 cr
- QoQ
- +11.1%
- Jun 25
- 5,278 cr
- YoY
- +8.2%
- Peak
- 5,711 cr
- vs peak
- 0.0%
- Jun 26
- 17.5%
- Mar 26
- 4.2%
- QoQ
- +1330bps
- Jun 25
- 19.8%
- YoY
- -230bps
- Peak
- 20.4%
- vs peak
- -290bps
Breadth: 100% of 9 companies grew revenue year on year (was 56% a quarter earlier) and 33% expanded margin (was 11%).
Exhibit 2What it costs
14.9x - 41.49x across the panel todayThe median name trades at 31.5x, +73.9% against this industry's own 5-year median of 18.1x, and -26.4% against its own peak of 42.8x.
Exhibit 3Structure
₹34,068 crZee Entertainment Enterprises Ltd is 53.2% of this industry by market cap. The top 5 are 90.6% and the top 10 are 99.2%.
Exhibit 4Screen
P/E below the sub-industry median of 31.48x, 5y ROCE above its median of 4.76%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (20 of 20)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹8,234 cr
- P/E
- 40.4x
- EV/EBITDA
- 15.7x
- ROCE
- 1.7%
- Margin
- 4.8%
- Rev YoY
- +4.5%
- Mcap
- ₹13 cr
- P/E
- 13.7x
- EV/EBITDA
- 15.3x
- ROCE
- 9.9%
- Margin
- 3.5%
- Rev YoY
- -42.9%
Exhibit 6What managements said
from Entertainment earnings calls · as of 2026-06-30Five managements independently described a structurally weak advertising environment persisting beyond the post-COVID recovery window. ZEEL's linear ad revenue fell 11% YoY. ENIL…
- ZEEL (Q1FY27): “Advertising Revenue Growth: -11% YoY in Q1FY27.”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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