Dear Stakeholders,
It is my honour to present the Annual Report of NDTV for the financial year ended March 31, 2026.
Navigating Global Turbulence
We present this report at a moment of considerable global turbulence. The world economy, which had demonstrated commendable resilience through successive shocks, now confronts a more complex and uncertain environment. The outbreak of armed conflict in the Middle East has emerged as a significant new headwind, with the IMF's April 2026 World Economic Outlook projecting that global growth will slow to 3.1% in 2026, down from 3.3% in 2025, assuming the conflict remains limited in scope. The risks, however, are decidedly on the downside. A prolonged or broader conflict, deeper geopolitical fragmentation, renewed trade tensions stemming from sweeping tariff regimes, and the as-yet unrealised productivity potential of artificial intelligence could all significantly weaken growth and destabilise financial markets.
For much of the past year, the global economy wrestled with shifting trade alignments, elevated policy uncertainty, and the cascading consequences of geopolitical realignment. The recent wave of tariffs, while not triggering a collapse in global trade, has reshaped supply chains, strained bilateral relations, and introduced new layers of corporate uncertainty. Inflation, though moderating in most advanced economies, is projected to tick upward in 2026, particularly across emerging markets, as conflict-driven energy shocks ripple through commodity-import-dependent economies.
Against this sobering global backdrop, India stands apart as a beacon of structural resilience. India's real GDP growth for FY 2025-26 is estimated at 7.6%, due to robust domestic consumption, resilient services exports, and a sustained investment cycle across infrastructure and digital connectivity. The Union Budget FY 2026–27 has further enhanced this momentum, raising public capital expenditure to ₹ 12.2 lakh crore, a transformative investment reshaping infrastructure, logistics, urban development, and the digital economy. India's proactive trade diplomacy, with agreements concluded with the United Kingdom and negotiations progressing with the European Union, further strengthens its position in a world reconfiguring its economic architecture.
Waves of Change in a Digital Tide
When the World is at War: Media's Defining Moment
The escalation of armed conflicts across multiple theatres, from ongoing hostilities in the Middle East to persistent tensions in Eastern Europe, has placed extraordinary new demands on journalism. As of 2025, the world recorded the highest number of active state-based conflicts since the Second World War, according to the Institute for Economics and Peace. In this environment, news organisations shoulder a responsibility that goes far beyond information delivery.
The human cost of conflict journalism has been stark. UNESCO data recorded over 310 journalists killed between 2022 and September 2025, with the toll accelerating sharply in active war zones. In 2024 alone, 82 media workers lost their lives, the highest annual figure since the Committee to Protect Journalists began tracking such data. Self-censorship has spread, government control over media institutions has increased, and press freedom has come under unprecedented strain globally.
Yet conflict also creates journalism's most vital moments. Wars generate intense demand for credible, verified reporting. Audiences, overwhelmed by a torrent of social media content, propaganda, and synthetic narratives, turn to trusted news organisations to distinguish fact from fabrication. For NDTV, this reality reinforces both the weight of our editorial responsibility and the strategic value of the trust we have built over decades. In a world where misinformation travels at the speed of algorithms, verified journalism is not a service, it is a necessity.
The global media industry is undergoing profound transformation as audiences embrace digital-first consumption. Valued at approximately $ 2.58 trillion in 2025, growth is being propelled by online video, mobile advertising, and digital platforms.
In India, the Media and Entertainment sector reached ₹ 2.5 trillion in 2024 and is projected to expand to ₹ 3.07 trillion by 2027. Digital media has already emerged as the largest segment, generating revenues of nearly ₹ 802 billion in 2024.
Yet, television remains a formidable medium, particularly in news and current affairs – retaining its unmatched ability to shape national discourse and deliver credible information to diverse audiences.
For news organisations, this transformation presents both opportunity and responsibility. Audiences now demand immediacy, accuracy, and deeper context across multiple platforms. Sustaining relevance requires a seamless blend of editorial integrity with modern distribution capabilities.
For decades, NDTV has built its reputation on disciplined journalism and a commitment to factual journalism.
Crafting the Architecture of Tomorrow's News
Throughout the year, NDTV has invested strategically in newsroom modernisation, digital platforms, and distribution networks to strengthen its operational and technological base.
These initiatives have expanded our reach across television, web, and mobile, while enhancing our ability to respond to evolving audience behaviour.
We also broadened our international footprint, extending NDTV's presence across key global markets and amplifying the voice of Indian journalism worldwide. Editorial and business leadership was further reinforced with the appointment of Mr. Rahul Kanwal as CEO, bringing seasoned expertise to our newsroom.
Our integrated content infrastructure – combining broadcast operations with advanced digital workflows, content management systems, and production networks – enables us to deliver news seamlessly across formats and geographies.
Strengthening Our Financial Foundation: The Rights Issue
In October 2025, NDTV successfully completed a Rights Issue, raising ₹ 396.50 crore at ₹ 82 per share (entitlement ratio of 3:4). The Issue was oversubscribed 1.11 times, reflecting strong shareholder confidence.
The proceeds were fully utilised with no deviation from stated objectives. ₹ 229 crore were deployed towards debt repayment, ₹ 71 crore towards strategic initiatives including distribution, marketing, and IP development, and ₹ 96.50 crore for general corporate purposes.
The debt reduction has materially strengthened the balance sheet, lowering annual interest costs from over ₹ 21 crore to under ₹ 2 crore and enhancing financial flexibility. This milestone underscores disciplined capital allocation and a continued commitment to transparent governance.
The AI Frontier: Opportunity and Responsibility
Artificial intelligence is reshaping journalism, offering both opportunity and risk. It is already improving newsroom efficiency, from research and transcription to data analysis and distribution. At the same time, AI-driven content and disinformation pose serious challenges to trust.
Our approach is clear: leverage AI to enhance capabilities while safeguarding editorial integrity. We are adopting AI to improve efficiency and audience engagement, but not at the cost of credibility.
Verification, accountability, and human editorial judgement remain central. In an increasingly algorithm-driven environment, this commitment to trusted journalism will continue to define NDTV's value.
Beyond Screens: Stories That Live Everywhere
This year marked the launch of a new events vertical under the brand 'NDTV Good Times', extending the NDTV brand into lifestyle, travel, food, culture, and live entertainment. As audiences increasingly seek digital, on-demand, and shared cultural experiences, this initiative reflects our effort to meet those evolving expectations.
The platform has already hosted landmark cultural and entertainment events, drawing large audiences and enriching NDTV's engagement beyond traditional news. Meanwhile, our newsroom continued to demonstrate its strength during major national events, reaffirming NDTV's credibility in high-impact reporting.
The Currency of Credibility in a Noisy World
In an era where artificial intelligence, synthetic media, and information overload challenge public confidence, trust has become the defining currency of journalism.
For decades, NDTV has built its reputation on disciplined reporting and a steadfast commitment to truth. That foundation continues to guide every story we broadcast and publish, reinforced by strong governance and a culture of transparency and accountability.
Vision Forward: Shaping the Future of Media
The media industry will continue to evolve as technology advances, audience behaviour shifts, and digital platforms reshape the creation and distribution of content. NDTV's focus remains on fortifying the foundations of long-term growth – deepening technological capabilities, expanding digital reach, enhancing production infrastructure, and integrating data-driven insights to sharpen efficiency and engagement.
With strong institutional capabilities and a clear strategic vision, NDTV is well positioned to navigate the next phase of industry transformation while upholding its responsibility to deliver journalism with integrity.
None of this progress would be possible without the dedication of our stakeholders, whose commitment sustains the NDTV legacy. I extend my deepest gratitude for their continued support as we build the next chapter of NDTV with resilience, responsibility, and renewed purpose.
Warm regards,
Upendra Kumar Sinha
Chairperson