Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,905.00 last close on 16 Oct 2026 +2.75%
Research updated
Sun TV Network Ltd.
NSE: SUNTVCommunication ServicesBroadcasting
- Last close
- ₹638.00
- Day change
- +₹8.85 (+1.41%)vs
- Market cap
- ₹25,143 crIndian rupees
- Research updated
- 1 report
About Sun TV Network
Sun TV Network Ltd. is a prominent Indian television broadcaster known for its extensive reach across South India. The primary function of Sun TV Network is to provide a wide array of entertainment content, including television series, movies, news, music, and reality shows, catering to diverse audiences in Tamil, Telugu, Kannada, and Malayalam languages. The company has firmly established its position within the media and entertainment sector, significantly impacting how regional content is consumed in India. Sun TV Network owns and operates multiple channels, each tailored to a specific language demographic, thereby commanding a substantial viewer base that spans millions. Aside from television broadcasting, the company also has a presence in radio and digital platforms, adjusting its offerings to meet changing consumer preferences. Founded in 1993 and headquartered in Chennai, Tamil Nadu, Sun TV Network plays a crucial role in India's media landscape by consistently delivering high-quality regional content. As a significant player in the regional entertainment market, it continues to shape and influence trends in Indian entertainment consumption.
- Sector
- Communication Services
- Industry
- Broadcasting
- Listing
- NSE: SUNTV
- Employees
- 932
- Headquarters
- Chennai, India
- ISIN
- INE424H01027
- Website
- suntv.in
Public research · Report of
Business model & financial foundation
Sun TV (NSE: SUNTV), Television broadcasting, OTT, film production and cricket franchises: revenue of ₹4,335 crore in FY26 (+7.8% on FY25), an EBITDA margin of 51.1%, net profit of ₹1,440 crore and net cash of ₹7,884 crore.
- Revenue, FY26 (₹ crore)
- 4,335
- consolidated
- Revenue growth, FY26
- +7.8%
- on FY25
- EBITDA margin, FY26
- 51.1%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 1,440
- to owners
- Return on equity, FY26
- 11.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -7,884
- Net debt incl leases less unrestricted cash and treasury
- Market capitalisation (₹ crore)
- 18,224
- at the close of 16 Oct 2026
Company profile
Sun TV Network is a Chennai-based broadcaster operating satellite TV channels in seven languages (Tamil, Telugu, Kannada, Malayalam, Bangla, Marathi, Hindi) led by Sun TV, Gemini TV, Surya TV and Udaya TV, plus the Sun NXT OTT platform, FM radio and Sun Pictures film production. It earns advertising and subscription revenue on TV, and owns cricket franchises SunRisers Hyderabad (IPL), SunRisers Eastern Cape (SA20) and SunRisers Leeds (The Hundred), whose central media-rights income makes up a large share of the first quarter. Promoter Kalanithi Maran holds 75%.
| Item | Value |
|---|---|
| Legal name | Sun TV Network Limited |
| Exchange and ticker | NSE: SUNTV; BSE: 532733 |
| ISIN | INE424H01027 |
| CIN | L22110TN1985PLC012491 |
| Sector | Communication Services |
| Industry | Television broadcasting, OTT, film production and cricket franchises |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹18,224 crore (16 Oct 2026) |
| Shares outstanding | 39.41 crore shares (FY26) |
| Price | ₹629.2 (close, 16 Oct 2026) |
| 52-week range | ₹447.2 - ₹674.0 (to 16 Oct 2026) |
| Website | https://www.suntv.in |
Corporate structure and shareholding
Parent: Kalanithi Maran (promoter, 75% holding).
| Entity | Holding | Business |
|---|---|---|
| Kal Radio Limited | 96.57% | FM radio, 24 station licences in South India |
| South Asia FM Limited | 58.68% | FM radio (Red FM), 35 station licences; accounted as a joint venture under Ind AS |
| SunRisers Leeds Limited (formerly Northern Superchargers) | 100% | Franchise in England's The Hundred, acquired in FY26 for GBP 100.5 million |
SunRisers Hyderabad (IPL) and SunRisers Eastern Cape (SA20) are held directly in the listed company (with a South Africa branch office); Sun NXT OTT and movie production also sit in the standalone entity.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.47% | 6.64% | 5.80% | 5.53% |
| Domestic institutions | 10.64% | 10.91% | 11.30% | 10.81% |
| of which mutual funds | 9.89% | 10.27% | 11.09% | |
| Other | 7.89% | 7.45% | 7.90% | 8.66% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sun TV Network (NSE SUNTV) sells regional television advertising, subscription distribution and film rights; radio subsidiary Kal Radio is consolidated, South Asia FM equity-accounted. SunRisers Hyderabad and Eastern Cape sit in listed entity; Leeds acquired FY26. The issuer reports one segment, not separate sports/media EBIT; business-stream revenue cannot be mistaken for standalone subsidiaries' profit.
| Peer | Why the dossier compares them |
|---|---|
| Zee Entertainment Enterprises (ZEEL) | Largest listed general entertainment broadcaster with regional channels competing in South India |
| Network18 Media & Investments (NETWORK18) | Listed broadcaster (Viacom18/JioStar-linked) with regional and news channels; ad-revenue cycle peer |
| TV Today Network (TVTODAY) | Listed broadcaster, ad-funded, net-cash balance sheet |
| Saregama India (SAREGAMA) | Content library and film production; listed content-IP peer |
| Tips Music (TIPSMUSIC) | |
| PVR Inox (PVRINOX) | Theatrical exhibition; box-office cycle that drives Sun Pictures' movie revenue |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,585 | 3,772 | 4,282 | 4,020 | 4,335 |
| Cost of revenue (vendor classification) * | 546.5 | 621.0 | 818.1 | 958.4 | 1,037 |
| Other operating costs (vendor classification) * | 366.3 | 439.3 | 473.9 | 520.2 | 730.1 |
| EBITDA (vendor classification) * | 2,503 | 2,626 | 2,894 | 2,485 | 2,437 |
| EBIT * | 2,229 | 2,288 | 2,622 | 2,230 | 1,953 |
| Finance costs | 33.3 | 9.42 | 8.56 | 13.6 | 13.9 |
| Profit before tax | 2,195 | 2,278 | 2,613 | 2,217 | 1,939 |
| Income tax expense (current plus deferred) | 553.5 | 571.3 | 687.3 | 513.2 | 498.5 |
| Profit after tax including non-controlling interests | 1,642 | 1,707 | 1,926 | 1,703 | 1,441 |
| Diluted earnings per share (₹) | 41.66 | 43.31 | 48.86 | 43.22 | 36.56 |
| Operational Cost | 739.3 | 887.2 | 994.4 | ||
| Cricket Franchises Fees | 142.5 | 135.3 | 116.6 | ||
| Employee benefits expense | 320.3 | 332.7 | 338.7 | ||
| Other expenses | 442.0 | 532.0 | 671.0 | ||
| EBITDA excluding other income | 2,638 | 2,133 | 2,214 | ||
| Other income | 505.0 | 698.8 | 565.7 | ||
| Depreciation and amortisation expense | 531.7 | 540.6 | 722.6 | ||
| Share of profit/(loss) from joint venture | 10.3 | -4.90 | -31.2 | ||
| Exceptional items (signed) | 0.00 | -55.8 | -73.0 | ||
| Profit attributable to non-controlling interests | 0.73 | 1.34 | 1.05 | ||
| Profit attributable to owners of the company | 1,925 | 1,702 | 1,440 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 8,160 | 9,277 | 10,542 | 11,667 | 12,660 |
| Borrowings excluding lease liabilities | 94.9 | 62.9 | 37.8 | 0.00 | 0.00 |
| Cash and cash equivalents | 219.0 | 131.2 | 292.1 | 274.7 | 243.0 |
| Trade receivables | 1,466 | 1,474 | 1,254 | 1,224 | 1,433 |
| Trade payables * | 219.8 | 250.8 | 257.0 | 269.7 | 405.6 |
| Net property, plant and equipment * | 165.9 | 962.4 | 851.0 | 852.9 | 801.5 |
| Capital work in progress * | 244.1 | 0.00 | 7.38 | 17.3 | 30.5 |
| Total assets * | 8,898 | 10,148 | 11,421 | 12,636 | 13,841 |
| Lease liabilities current | 18.9 | 21.3 | |||
| Lease liabilities non-current | 105.4 | 84.7 | |||
| Current investments | 6,017 | 6,260 | |||
| Total non-current investments | 1,910 | 1,283 | |||
| Non-current taxable bonds at amortised cost | 1,837 | 1,205 | |||
| Bank deposits original maturity 3-12 months | 58.5 | 45.8 | |||
| Financial institution deposits residual maturity over 12 months | 83.2 | 76.8 | |||
| Film and programme broadcasting rights net | 570.2 | 354.6 | |||
| Other intangible assets net | 693.2 | 1,708 | |||
| Intangible assets under development | 326.9 | 857.0 | |||
| Goodwill | 4.80 | 4.80 | |||
| Net debt incl leases less unrestricted cash and treasury | -8,277 | -7,884 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,996 | 2,096 | 2,171 | 1,665 | 1,802 |
| Free cash flow (vendor definition) * | 503.6 | 1,526 | 1,660 | 1,279 | -412.6 |
| Dividends paid (the provider's sign: an outflow is negative) * | -541.9 | -591.1 | -660.1 | -591.1 | -492.6 |
| Capex: PPE and intangible purchases incl content/franchise rights | -1,130 | -569.9 | -511.2 | -383.9 | -2,214 |
| Purchase of PPE investment properties and CWIP | -28.9 | -83.9 | |||
| Purchase of intangibles content and franchise rights | -355.0 | -2,130 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 39.41 | 39.41 | 39.41 | 39.41 | 39.41 |
| Income from cricket franchises | 659.0 | 642.0 | 662.1 | ||
| Corresponding cricket franchise costs | 327.6 | 351.0 | 422.6 | ||
| Advertising and slots, consolidated | 1,493 | 1,446 | 1,292 | ||
| Subscription, consolidated all markets | 1,814 | 1,823 | 1,980 | ||
| Movie distribution and rights, consolidated | 108.8 | 405.3 | |||
| Cricket income per annual revenue Note22 | 641.7 | 652.4 | |||
| Non-cricket revenue residual | 3,623 | 3,378 | 3,673 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 935.7 | 828.8 | 941.8 | 1,290 | 1,300 | 862.2 | 882.5 | 1,458 |
| Cost of revenue (vendor classification) * | 0.00 | 0.00 | 857.7 | 94.4 | 0.00 | 4.19 | 151.5 | 123.3 |
| Other operating costs (vendor classification) * | 310.5 | 300.2 | -820.8 | 491.6 | 429.2 | 355.5 | 255.7 | 514.0 |
| EBITDA (vendor classification) * | 713.1 | 590.8 | 597.5 | 805.5 | 894.2 | 557.3 | 491.6 | 914.8 |
| EBIT * | 517.3 | 477.5 | 480.6 | 698.0 | 490.3 | 439.0 | 325.8 | 819.0 |
| Finance costs | 4.13 | 3.63 | 3.70 | 3.55 | 4.18 | 2.93 | 3.25 | 1.41 |
| Profit before tax | 513.4 | 474.2 | 477.0 | 694.5 | 486.1 | 436.1 | 322.5 | 817.6 |
| Income tax expense (current plus deferred) | 103.9 | 110.6 | 105.9 | 165.2 | 131.4 | 111.7 | 90.2 | 198.5 |
| Profit after tax including non-controlling interests | 409.5 | 363.6 | 371.1 | 529.2 | 354.7 | 324.3 | 232.3 | 619.1 |
| Diluted earnings per share (₹) | 10.39 | 9.23 | 9.42 | 13.43 | 9.00 | 8.23 | 5.90 | 15.71 |
| Operational Cost | 228.0 | 226.1 | 226.1 | 252.2 | 258.3 | 246.2 | 237.7 | 237.7 |
| Cricket Franchises Fees | 0.00 | 0.00 | 34.5 | 94.4 | 0.00 | 4.19 | 18.0 | 123.3 |
| Employee benefits expense | 84.0 | 83.3 | 82.3 | 84.9 | 86.2 | 82.9 | 84.6 | 85.3 |
| Other expenses | 82.8 | 74.5 | 170.2 | 239.5 | 170.9 | 109.2 | 151.5 | 276.3 |
| EBITDA excluding other income | 541.0 | 444.9 | 428.7 | 619.4 | 784.5 | 419.6 | 390.7 | 735.3 |
| Other income | 171.7 | 140.1 | 240.3 | 188.9 | 140.0 | 137.1 | 99.7 | 176.5 |
| Depreciation and amortisation expense | 195.9 | 113.5 | 118.1 | 107.5 | 403.9 | 113.2 | 98.0 | 95.8 |
| Share of profit/(loss) from joint venture | 0.68 | 6.32 | -14.4 | -2.73 | -30.2 | 0.53 | 1.21 | 2.94 |
| Exceptional items (signed) | 0.00 | 0.00 | -55.8 | 0.00 | 0.00 | -5.09 | -67.9 | 0.00 |
| Profit attributable to non-controlling interests | 0.18 | 0.18 | 0.30 | 0.11 | 0.36 | 0.27 | 0.32 | 0.25 |
| Profit attributable to owners of the company | 409.3 | 363.4 | 370.8 | 529.1 | 354.3 | 324.1 | 232.0 | 618.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.8% | 5.2% | 13.5% | -6.1% | 7.8% |
| EBITDA margin | 61.6% | 53.1% | 51.1% | ||
| Net margin | 45.0% | 42.3% | 33.2% | ||
| Return on equity | 19.4% | 15.3% | 11.8% | ||
| Return on capital employed | 29.0% | 26.0% | 26.3% | 20.1% | 16.1% |
| Return on assets | 17.9% | 14.2% | 10.9% | ||
| Net debt (₹ crore) | -8,277 | -7,884 | |||
| Net debt / EBITDA | -3.88x | -3.56x | |||
| Interest cover | 67.0x | 242.8x | 306.3x | 164.6x | 140.4x |
| Asset turnover | 0.43x | 0.40x | 0.40x | 0.33x | 0.33x |
| Receivable days | 149 | 143 | 107 | 111 | 121 |
| Payable days (on revenue) | 22 | 24 | 22 | 24 | 34 |
| Cash conversion | 1.13x | 0.98x | 1.25x | ||
| Capex intensity | 31.5% | 15.1% | 11.9% | 9.5% | 51.1% |
| Free cash flow (₹ crore) | 866.8 | 1,526 | 1,660 | 1,281 | -412.6 |
| Dividend payout | 34.3% | 34.7% | 34.2% | ||
| EPS, diluted (₹) | 41.66 | 43.31 | 48.86 | 43.22 | 36.56 |
| Book value per share (₹) | 207.1 | 235.4 | 267.5 | 296.1 | 321.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less unrestricted cash and treasury; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Sun TV Network includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Sun TV Network
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 17 Oct 2026.
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