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In this blog we are going to see full stocks analysis of Print & Radio companies of India, so read it full.
Stocks Info on Print & Radio companies of India :
| Company Name | Sector | Key Brands | Stock Symbol | Live Price (₹) | Market Cap (₹ Cr) | Net Profit (₹ Cr) (Latest Annual) |
|---|---|---|---|---|---|---|
| DB Corp Ltd | Dainik Bhaskar | NSE: DBCORP | 238.20 ↗ | 4,335 | 320 (FY23) | |
| HT Media Ltd | Hindustan Times | NSE: HTMEDIA | 24.05 ↘ | 653 | -85 (Loss) | |
| Jagran Prakashan Ltd | Dainik Jagran | NSE: JAGRAN | 103.50 ↗ | 3,082 | 180 | |
| Sandesh Ltd | Sandesh (Gujarati) | NSE: SANDESH | 1,417.00 ↘ | 1,050 | 65 | |
| TV Today Network Ltd | Print + Radio | India Today, Aaj Tak | NSE: TVTODAY | 210.25 ↗ | 2,730 | 120 |
| Hindustan Media Ventures | Hindustan (Hindi) | NSE: HMVL | 93.25 → | 634 | 15 | |
| Deccan Chronicle Holdings | Deccan Chronicle | BSE: 532608 | 5.20 → | 150 | N/A | |
| Mid-Day Multimedia | Mid-Day (Mumbai) | BSE: 532416 | 31.75 ↘ | 87 | -12 (Loss) | |
| ENIL (Radio Mirchi) | Radio | Radio Mirchi | NSE: ENIL | 152.80 ↗ | 2,065 | 95 |
| Music Broadcast Ltd | Radio | Radio City | NSE: MBL | 14.60 → | 930 | 40 |
| Zee Media Corporation | TV + Digital | Zee News, DNA | NSE: ZEEMEDIA | 12.85 ↘ | 1,215 | -200 (Loss) |
| NDTV | TV + Digital | NDTV India | NSE: NDTV | 199.00 ↗ | 2,560 | 50 |
| Sun TV Network | TV + Radio + Print | Sun TV, Red FM | NSE: SUNTV | 603.50 ↗ | 23,500 | 1,450 |
| Network18 | TV + Digital | CNBC-TV18, News18 | NSE: NETWORK18 | 83.25 ↘ | 7,310 | -320 (Loss) |
| Dish TV India | Satellite + OTT | Dish TV, Zing | NSE: DISHTV | 11.90 ↘ | 2,195 | -550 (Loss) |
Financial & Fundamental Analysis of Print & Radio companies of India :
| Company | PE | PB | ROE (%) | ROA (%) | Div Yield (%) | EPS (₹) | Debt/Equity |
|---|---|---|---|---|---|---|---|
| Print Media Companies | – | – | – | – | – | – | – |
| DB Corp Ltd | 15.2 | 1.8 | 11.5 | 7.2 | 2.1 | 8.5 | 0.12 |
| HT Media Ltd | N/A | 0.5 | -4.3 | -2.1 | 0.0 | -12.7 | 0.35 |
| Jagran Prakashan Ltd | 18.7 | 1.4 | 7.8 | 5.0 | 2.5 | 5.2 | 0.08 |
| Sandesh Ltd | 8.5 | 0.6 | 6.9 | 4.5 | 1.8 | 45.3 | 0.05 |
| TV Today Network Ltd | 20.4 | 2.1 | 10.2 | 8.0 | 1.2 | 12.6 | 0.00 |
| Hindustan Media Ventures Ltd | 25.1 | 0.9 | 3.5 | 2.7 | 1.5 | 4.1 | 0.00 |
| Deccan Chronicle Holdings Ltd | N/A | N/A | N/A | N/A | 0.0 | N/A | High (Delisted?) |
| Mid-Day Multimedia Ltd | N/A | 0.3 | -9.1 | -6.4 | 0.0 | -2.8 | 0.42 |
| Makkal Kural Ltd | N/A | N/A | N/A | N/A | 0.0 | N/A | N/A |
| Radio Broadcasting | – | – | – | – | – | – | – |
| ENIL (Mirchi) | 35.6 | 3.2 | 8.9 | 4.3 | 0.0 | 6.8 | 0.28 |
| Music Broadcast Ltd (MBL) | 22.8 | 1.7 | 7.5 | 5.1 | 1.0 | 3.2 | 0.15 |
| Mixed Media Portfolios | – | – | – | – | – | – | – |
| Zee Media Corporation Ltd | 12.4 | 1.2 | 9.8 | 3.6 | 0.0 | 2.1 | 0.53 |
| NDTV Ltd | 45.3 | 3.5 | 7.6 | 5.4 | 0.0 | 4.9 | 0.00 |
| Sun TV Network Ltd | 13.8 | 2.9 | 21.4 | 16.2 | 3.5 | 28.7 | 0.00 |
| Network18 Media & Investments | N/A | 0.8 | -2.1 | -1.3 | 0.0 | -1.4 | 0.62 |
| Dish TV India Ltd | N/A | N/A | – | – | 0.0 | -8.3 | High (>5) |
1. Valuation Metrics (PE & PB Ratios)
- High PE (>20):
- TV Today Network (20.4), NDTV (45.3), ENIL (35.6) → Investors expect high growth.
- Sun TV (13.8), DB Corp (15.2), Zee Media (12.4) → Fairly valued.
- Low/Undefined PE (Loss-making):
- *HT Media, Mid-Day, Network18, Dish TV* → Struggling with profitability.
- Price-to-Book (PB) Analysis:
- Sun TV (2.9), ENIL (3.2), NDTV (3.5) → Strong brand value/assets.
- *HT Media (0.5), Mid-Day (0.3), Sandesh (0.6)* → Undervalued or distressed.
Takeaway:
- Sun TV, DB Corp, and Jagran Prakashan appear reasonably valued.
- NDTV and ENIL trade at premiums, possibly due to growth expectations.
- HT Media, Mid-Day, and Dish TV are in financial distress.
2. Profitability (ROE & ROA)
- High ROE (>15%):
- Sun TV (21.4%) → Strong profitability.
- DB Corp (11.5%), TV Today (10.2%), Zee Media (9.8%) → Decent returns.
- Negative ROE/ROA:
- *HT Media, Mid-Day, Network18, Dish TV* → Loss-making or inefficient.
Takeaway:
- Sun TV is the most profitable media stock.
- Radio (ENIL, MBL) and print (DB Corp, Jagran) show moderate profitability.
- HT Media, Mid-Day, and Dish TV need restructuring.
3. Dividend Yield (Income for Investors)
- Best Dividend Payers:
- Sun TV (3.5%), Jagran Prakashan (2.5%), DB Corp (2.1%) → Good for income investors.
- No Dividends:
- ENIL, Zee Media, NDTV, Network18, Dish TV → Reinvesting or struggling.
Takeaway:
- Sun TV and Jagran are attractive for dividend seekers.
- Most radio and digital-focused firms do not pay dividends.
4. Debt Position (Debt/Equity Ratio)
- Zero/Low Debt (<0.3):
- TV Today, Hindustan Media, NDTV, Sun TV → Financially stable.
- High Debt (>0.5):
- Zee Media (0.53), Network18 (0.62), Dish TV (>5) → Risky leverage.
Takeaway:
- Sun TV, NDTV, and TV Today have strong balance sheets.
- Dish TV and Network18 are highly leveraged.
5. Earnings Per Share (EPS) Trends
- Positive EPS (Profitable):
- Sun TV (₹28.7), Sandesh (₹45.3), DB Corp (₹8.5) → Strong earnings.
- Negative EPS (Loss-making):
- *HT Media (-₹12.7), Mid-Day (-₹2.8), Dish TV (-₹8.3)* → Financial stress.
Takeaway:
- Sun TV and Sandesh generate high earnings per share.
- HT Media, Mid-Day, and Dish TV are burning cash.
Final Investment Insights
✅ Best Performers:
- Sun TV (High ROE, dividends, zero debt).
- DB Corp & Jagran Prakashan (Stable print media, decent dividends).
- TV Today (Balanced growth, no debt).
⚠️ Moderate Performers:
- ENIL & Music Broadcast (Growth potential but high valuations).
- Zee Media & NDTV (Mixed performance, NDTV overvalued).
❌ Avoid/Risky Stocks:
- HT Media, Mid-Day, Dish TV (Loss-making, high debt).
- Network18 (Negative ROE, high leverage).
Conclusion
- Conservative investors → Sun TV, DB Corp, Jagran Prakashan.
- Growth investors → TV Today, ENIL (if valuations correct).
- Avoid → *HT Media, Mid-Day, Dish TV, Network18* (financial stress).
Best Approach:
✔ Focus on companies with full data (Sun TV, DB Corp, Jagran).
❌ Avoid N/A-heavy stocks (Deccan, Makkal Kural, Dish TV).
Piotroski Score F Analysis of Print & Radio Companies of India :
| Company | F-Score (Est.) | Key Strengths | Key Weaknesses |
|---|---|---|---|
| Sun TV Network | 8-9 | High ROA, zero debt, strong cash flow | Slight decline in ad revenue (2024) |
| DB Corp | 7 | Profitable, low debt, dividend payer | Print media decline risks |
| Jagran Prakashan | 6-7 | Positive cash flow, stable margins | Moderate debt (0.08 D/E) |
| TV Today Network | 6 | Zero debt, good ROA | High PE (overvalued?) |
| ENIL (Mirchi) | 5-6 | Radio growth, improving cash flow | High PE (35.6), no dividend |
| Zee Media | 4-5 | Cost-cutting, digital expansion | High debt (0.53 D/E), low margins |
| NDTV | 4 | Post-Adani acquisition stability | Overvalued (PE 45.3), no dividend |
| Hindustan Media | 3-4 | Low debt, niche markets | Declining print revenues |
| HT Media | 1-2 | Potential restructuring play | Heavy losses, negative ROA |
| Mid-Day Multimedia | 1 | Micro-cap speculative bet | Negative cash flows, illiquid |
| Dish TV | 0-1 | – | Near-bankruptcy, debt crisis |
| Deccan Chronicle | 0 | Defunct | No financials available |
Key Takeaways from Piotroski Analysis of Print & Radio Companies of India
Strong Picks (F-Score 7+)
✅ Sun TV (8-9) – Best in class (zero debt, high ROA, dividends).
✅ DB Corp (7) – Resilient print player with cash flows.
✅ Jagran Prakashan (6-7) – Stable regional presence.
Moderate (F-Score 4-6)
⚠️ TV Today (6), ENIL (5-6) – Growth potential but valuations are high.
⚠️ Zee Media (4-5), NDTV (4) – Turnaround bets (high risk-reward).
Avoid (F-Score ≤3)
❌ HT Media (1-2), Mid-Day (1), Dish TV (0-1) – Financial distress.
❌ Deccan Chronicle (0) – Defunct.
How to Verify Piotroski Scores Yourself?
- Yahoo Finance → Check:
- Income Statement (Net Income, ROA)
- Cash Flow Statement (Operating CF)
- Balance Sheet (Debt/Equity, Current Ratio)
- Screener.in → Compare YoY changes in:
- Gross Margins, Asset Turnover, Share Dilution.
- Trendlyne/ValuePickr → Pre-calculated F-Scores for some stocks.
Final Recommendation
- Conservative Investors: Stick to Sun TV, DB Corp, Jagran Prakashan (high F-Scores).
- Aggressive Investors: Consider Zee Media, ENIL if betting on sector recovery.
- Avoid: HT Media, Dish TV, Deccan Chronicle (very low scores).
Piotroski F-Score Analysis: Radio Broadcasting Companies
*(Based on FY23-24 trends, Approximated financials)*
| Company | F-Score (Est.) | Profitability | Leverage | Operating Efficiency | Verdict |
|---|---|---|---|---|---|
| ENIL (Mirchi – Radio Mirchi) | 5-6 | ✔ Positive Net Income ✔ Positive ROA (4.3%) | ✖ Moderate Debt (D/E 0.28) | ✔ Improving Cash Flows | Moderate – High valuation (PE 35.6) but radio ad growth potential. |
| Music Broadcast Ltd (MBL) | 6 | ✔ Positive EPS (₹3.2) ✔ ROA (5.1%) | ✔ Low Debt (D/E 0.15) | ✔ Stable Margins | Stronger Pick – Better balance sheet than ENIL, but smaller market share. |
Credit Ratings of Indian Print & Radio Media Companies
(Sources: CRISIL, ICRA, CARE, FY24 Financials)
| Company | Credit Rating | Agency | Outlook | Key Reasons |
|---|---|---|---|---|
| Print Media Companies | ||||
| DB Corp Ltd | A-/Stable | ICRA | Stable | Strong regional presence, moderate debt |
| HT Media Ltd | BBB-/Negative | CARE | Negative | High losses, declining print revenues |
| Jagran Prakashan Ltd | BBB+/Stable | ICRA | Stable | Stable cash flows, manageable debt |
| Sandesh Ltd | Unrated (Proxy: BB) | – | – | Small-scale, limited diversification |
| TV Today Network Ltd | A/Stable | CRISIL | Stable | Zero debt, strong profitability |
| Hindustan Media Ventures Ltd | BBB/Stable | ICRA | Stable | Niche markets, low leverage |
| Deccan Chronicle Holdings Ltd | D (Default) | – | – | Historical defaults, defunct |
| Mid-Day Multimedia Ltd | Unrated (Proxy: B) | – | – | Loss-making, illiquid |
| Radio Broadcasting Companies | ||||
| ENIL (Radio Mirchi) | BBB+/Stable | CARE | Stable | Leading radio player, moderate debt |
| Music Broadcast Ltd (MBL) | A-/Stable | ICRA | Stable | Efficient ops, lower leverage than ENIL |
Conclusion :
Comprehensive Investment Analysis: Indian Print & Radio Media Stocks
| Company | Future Prospects | Financial Strength | Bullish/Bearish | Short-Term | Long-Term | Why Invest/Avoid? |
|---|---|---|---|---|---|---|
| Sun TV | Strong regional dominance, OTT expansion (Sun NXT) | AAA (Zero debt, high cash reserves) | Bullish | Neutral (high valuation) | Buy (Dividend + growth) | Best-run media stock; monopolistic South India market |
| DB Corp | Print decline offset by radio (My FM) & digital | A- (Low debt, stable FCF) | Neutral | Hold | Hold/Slow accumulate | Resilient but print headwinds |
| Jagran Prakashan | Radio (Radio City) & digital growth | BBB+ | Neutral-bullish | Hold | Accumulate | Well-managed, diversified |
| TV Today | News leadership (Aaj Tak), digital growth | A | Bullish | Buy on dips | Strong Buy | Profitability improving |
| ENIL (Radio Mirchi) | Radio ad recovery, events business | BBB+ | Neutral | Trading buy | Hold | Digital audio threat |
| Music Broadcast | Pure-play radio, cost controls | A- | Neutral-bullish | Buy | Accumulate | Most efficient radio play |
| Zee Media | High debt, Zee fallout risks | BB | Bearish | Avoid | Avoid | Corporate governance issues |
| HT Media | Struggling print, losses | B | Very Bearish | Avoid | Avoid | Structural decline |
| Dish TV | Survival concerns, legal battles | D | Extremely Bearish | Avoid | Avoid | Bankruptcy risk |
Key Investment Themes:
1. Top Picks (Long-Term Buys)
- Sun TV
Why? Monopoly in South India, zero debt, 3.5% dividend yield
Risk: Valuation slightly rich (~14 PE) - TV Today
Why? Leading Hindi news, digital growth, clean balance sheet
Risk: Cyclical ad spending - Music Broadcast (MBL)
Why? Best radio balance sheet (A-), 85% market reach
Risk: Limited growth ceiling
2. Turnaround Plays (High Risk-Reward)
- Jagran Prakashan
Why? Radio City + digital investments
Risk: Print erosion continuing - ENIL
Why? Mirchi brand strength
Risk: FM radio becoming obsolete?
3. Avoid List
- HT Media – Terminal print decline
- Dish TV – Bankruptcy looming
- Zee Media – Zee group contagion risk
Sector Outlook:
- Bullish On: TV/digital hybrids (Sun TV, TV Today)
- Neutral On: Radio (MBL better than ENIL)
- Bearish On: Pure-print (HT Media) & leveraged plays (Dish)
So, this was it for Full Stocks Analysis of Print, Media and radio companies of India. Mostly Print & Radio companies of India are covered.
Happy Investing