Sun TV Network Limited (NSE: SUNTV | BSE: 532733)
Source: Sun TV Network Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Sun TV Network Limited |
| Corporate Identity Number (CIN) | L22110TN1985PLC012491 |
| ISIN | INE424H01027 |
| NSE Symbol & BSE Scrip Code | SUNTV | 532733 (Scrip Id: SUNTV) |
| Date of Incorporation / Founding Year | December 18, 1985 |
| Founders / Key Founding Figures | Mr. Kalanithi Maran |
| Registered Office & Corporate Headquarters | Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai – 600 028, Tamil Nadu, India |
| Telephone & Investor Relations Contact | Tel: +91-44-44676767, Fax: +91-44-40676161, Email: tvinfo@sunnetwork.in |
| Chairman / Managing Director & CEO | Kalanithi Maran (Executive Chairman), Mahesh Kumar Rajaraman (Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | V C Unnikrishnan (Chief Financial Officer), R. Ravi (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Group Sun (Mr. Kalanithi Maran) |
| Industry / Sector Classification | Media and Entertainment / Satellite Television Broadcasting and Radio Programming |
| Total Employees / Permanent & Contractual Workforce | 1,010 employees (as of March 31, 2026) |
| Manufacturing Plants / Branches / Offices Count | Branch office in South Africa; operational centers in Chennai, Coimbatore, Tirunelveli |
| Countries / States Served | India, Sri Lanka, Singapore, Malaysia, United Kingdom, Europe, Middle East, United States, Australia, South Africa, and Canada |
| Statutory Auditors | M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, Chennai |
| Registrar and Share Transfer Agent (RTA) | M/s. KFin Technologies Limited, Hyderabad |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Sun TV Network Limited stands as one of the largest television broadcasters in India, operating an expansive footprint of satellite television channels across seven major regional languages. Alongside its core linear broadcasting business, the enterprise runs FM radio stations across India, manages digital OTT platforms, produces and acquires motion picture content, and holds prominent international sports franchise licenses across cricket leagues. The company’s multifaceted operations serve a loyal global diaspora alongside massive domestic audiences in southern and eastern markets.
The Founders, Promoters & Their Legacy
The enterprise is spearheaded by Mr. Kalanithi Maran, who serves as the Executive Chairman and holds a promoter stake of 75.00% in the company. Alongside executive leadership roles held by Mrs. Kavery Kalanithi and Ms. Kaviya Kalanithi Maran, the promoter group has maintained steady long-term stewardship, successfully scaling the network into a premier media conglomerate with diversified interests spanning linear broadcast, digital streaming, and professional sports franchises.
The Journey: History & Evolution
Originally incorporated on December 18, 1985, as Sumangali Publications Private Limited, the company subsequently transitioned into broadcasting and entertainment under the corporate umbrella of Sun TV Network Limited. Over the decades, the network expanded its reach from its southern stronghold in Tamil Nadu, Andhra Pradesh, Kerala, and Karnataka into additional linguistic markets including Bangla, Marathi, and Hindi, while concurrently integrating radio broadcasting through subsidiaries and joint ventures, entering movie production, and acquiring international sports assets.
The Corporate Umbrella
The consolidated operational structure of Sun TV Network includes its principal subsidiary Kal Radio Limited, specializing in FM radio software programming, alongside international sports vehicle Sunrisers Leeds Limited in the United Kingdom and joint venture entities such as South Asia FM Limited. The network leverages synergistic capabilities across these subsidiaries to drive multi-platform content monetization and expand its international footprint.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The primary operations of Sun TV Network are classified under a single operating segment: Media and Entertainment. Within this overarching segment, activities are categorized across television broadcasting in multiple languages, FM radio operations, digital OTT streaming through ‘SUN NXT’, motion picture production, distribution, and sports franchise management across domestic and international leagues.
The Product & Service Catalog
The company’s offerings encompass general entertainment channels, movie broadcasts, music channels, news programming, children’s content, and lifestyle programming. Monetization streams include advertising slots, direct subscription fees from DTH and cable operators, digital subscription revenues from the ‘SUN NXT’ platform, theatrical movie distribution, digital rights licensing, and cricket franchise match revenues, ticket sales, and sponsorships.
The Names You Know
The network’s flagship channel, Sun TV, remains the most watched channel in India. Other prominent satellite television channels operated by the Group include Surya TV, Gemini TV, Udaya TV, Sun Bangla, Sun Marathi, and Sun Neo. In the sports domain, the company operates the Indian Premier League franchise ‘SunRisers Hyderabad’, South Africa’s T20 League franchise ‘SunRisers Eastern Cape’, and the United Kingdom’s ‘The Hundred’ cricket league franchise ‘SunRisers Leeds Limited’.
Mapping the Domestic & Global Reach
Sun TV Network broadcasts its programming domestically across India and internationally to viewers in Sri Lanka, Singapore, Malaysia, the United Kingdom, Europe, the Middle East, the United States, Australia, South Africa, and Canada. Domestic revenues account for the vast majority of the network’s commercial intake, complemented by substantial international earnings.
| Geographic Region | Revenue from Operations (₹ Crores, FY 2025-26) | Revenue from Operations (₹ Crores, FY 2024-25) | % Share of Total Revenue (FY 2025-26) | Latest YoY (%) |
|---|---|---|---|---|
| India | 3,901.29 | 3,793.19 | 89.99% | +2.85% |
| Outside India | 433.53 | 226.68 | 10.01% | +91.25% |
| Total | 4,334.82 | 4,019.87 | 100.00% | +7.83% |
The Brick & Mortar Footprint
The company’s registered office and corporate headquarters are anchored at Murasoli Maran Towers in MRC Nagar, Chennai. Additional operational infrastructure includes branch offices in South Africa, radio broadcasting stations spanning 24 Frequency Modulation stations operated by Kal Radio Limited, and 35 FM stations operated through joint venture South Asia FM Limited.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
For the financial year ended March 31, 2026, the Group generated total income of ₹4,900.47 crores compared to ₹4,718.69 crores in the previous fiscal year. Profit before tax stood at ₹1,939.17 crores, while profit for the year attributable to owners of the company was ₹1,439.58 crores.
| Consolidated Statement of Profit and Loss Particulars | Year Ended March 31, 2026 (₹ Crores) | Year Ended March 31, 2025 (Restated) (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| Income | |||
| Revenue from Operations | 4,334.82 | 4,019.87 | +7.83% |
| Other Income | 565.65 | 698.82 | -19.06% |
| Total Income (I) | 4,900.47 | 4,718.69 | +3.85% |
| Expenses | |||
| Operational Cost | 1,110.92 | 1,022.49 | +8.65% |
| Employee Benefits Expense | 338.65 | 332.71 | +1.79% |
| Finance Costs | 13.91 | 13.55 | +2.66% |
| Depreciation and Amortization Expenses | 722.60 | 540.59 | +33.67% |
| Other Expenses | 671.04 | 532.03 | +26.13% |
| Total Expense (II) | 2,857.12 | 2,441.37 | +17.03% |
| Profit Before Share of Profit / (Loss) of a Joint Venture, Exceptional Items and Tax (I) – (II) | 2,043.35 | 2,277.32 | -10.27% |
| Share of profit/(loss) from Joint venture (net of tax) | (31.20) | (4.90) | +536.73% |
| Profit before Exceptional Items and Tax | 2,012.15 | 2,272.42 | -11.45% |
| Exceptional Items (Loss) | (72.98) | (55.80) | +30.79% |
| Profit before Tax | 1,939.17 | 2,216.62 | -12.52% |
| Current Taxes | 506.71 | 547.92 | -7.52% |
| Deferred Taxes | (8.17) | (34.72) | -76.47% |
| Income Tax Expenses | 498.54 | 513.20 | -2.86% |
| Profit for the year | 1,440.63 | 1,703.42 | -15.43% |
| Profit for the year Attributable to: | |||
| – Owners of the Company | 1,439.58 | 1,702.08 | -15.42% |
| – Non-Controlling Interests | 1.05 | 1.34 | -21.64% |
| Total Comprehensive Income for the year, net of tax | 1,485.53 | 1,702.90 | -12.76% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet reflects a robust financial position with total assets of ₹13,841.11 crores as of March 31, 2026. Total equity attributable to owners of the company stood at ₹12,643.36 crores, supported by strong reserves and surplus.
| Consolidated Balance Sheet Particulars | As at March 31, 2026 (₹ Crores) | As at March 31, 2025 (Restated) (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 721.61 | 757.33 | -4.72% |
| Capital Work-in-Progress | 30.51 | 17.26 | +76.77% |
| Investment Properties | 23.75 | 25.64 | -7.37% |
| Goodwill | 4.80 | 4.80 | 0.00% |
| Other Intangible Assets | 1,707.55 | 693.20 | +146.33% |
| Right-of-use Assets | 79.84 | 97.69 | -18.27% |
| Intangible Assets under development | 856.99 | 326.94 | +162.12% |
| Investment in Joint Venture (accounted for using equity method) | 277.39 | 375.82 | -26.19% |
| Investments (Non-Current Financial Assets) | 1,283.21 | 1,909.64 | -32.80% |
| Other Financial Assets (Non-Current) | 138.75 | 137.18 | +1.14% |
| Non Current Tax Assets (Net) | 44.49 | 55.49 | -19.82% |
| Deferred Tax Assets (Net) | 191.73 | 198.58 | -3.45% |
| Other Non-current Assets | 25.87 | 10.15 | +154.88% |
| Current Assets | |||
| Investments (Current Financial Assets) | 6,260.07 | 6,017.15 | +4.04% |
| Trade Receivables | 1,433.46 | 1,224.06 | +17.11% |
| Cash and Cash Equivalents | 243.04 | 274.66 | -11.51% |
| Bank Balances other than Cash and Cash Equivalents | 46.49 | 68.88 | -32.51% |
| Other Financial Assets (Current) | 82.22 | 99.22 | -17.13% |
| Other Current Assets | 389.34 | 357.17 | +9.01% |
| TOTAL ASSETS | 13,841.11 | 12,650.86 | +9.41% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 197.04 | 197.04 | 0.00% |
| Other Equity | 12,446.32 | 11,454.45 | +8.66% |
| Equity attributable to the owners of Company | 12,643.36 | 11,651.49 | +8.51% |
| Non-Controlling Interest | 16.50 | 15.44 | +6.87% |
| Total Equity | 12,659.86 | 11,666.93 | +8.51% |
| Non-Current Liabilities | |||
| Lease liabilities (Non-Current) | 84.68 | 105.41 | -19.67% |
| Other Non Current Financial Liabilities | 11.02 | 11.02 | 0.00% |
| Government Grants (Non-Current) | 1.63 | 1.90 | -14.21% |
| Current Liabilities | |||
| Lease Liabilities (Current) | 21.25 | 18.93 | +12.26% |
| Trade Payables (MSME & Others) | 405.62 | 269.70 | +50.40% |
| Other Current Financial Liabilities | 219.12 | 243.16 | -9.89% |
| Government Grants (Current) | 0.32 | 0.32 | 0.00% |
| Other Current Liabilities | 401.85 | 307.86 | +30.53% |
| Provisions (Current) | 30.37 | 25.63 | +18.49% |
| Current Tax Liabilities (Net) | 5.39 | – | – |
| TOTAL EQUITY AND LIABILITIES | 13,841.11 | 12,650.86 | +9.41% |
Cash Flow: Tracking the Money Movement
Operating activities remained a robust source of liquidity, generating net cash inflows of ₹1,801.64 crores for the year ended March 31, 2026. Capital deployment was directed toward investing activities, including investments in mutual funds, bonds, and intangible asset acquisitions.
| Consolidated Statement of Cash Flows Particulars | Year Ended March 31, 2026 (₹ Crores) | Year Ended March 31, 2025 (Restated) (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| Profit before tax | 1,939.17 | 2,216.61 | -12.52% |
| Net Cash Flow from Operating Activities (A) | 1,801.64 | 1,664.51 | +8.24% |
| Net cash (used in) Investing Activities (B) | (1,311.46) | (1,065.78) | +23.05% |
| Net cash (used in) financing activities (C) | (524.90) | (618.13) | -15.08% |
| Exchange differences on translation of foreign currency cash and cash equivalents (D) | 3.10 | 1.73 | +79.19% |
| Net (decrease) / increase in cash and cash equivalents (A+B+C+D) | (31.62) | (17.67) | +78.95% |
| Cash and cash equivalents at beginning of the year | 274.66 | 292.33 | -6.04% |
| Cash and cash equivalents at end of the year | 243.04 | 274.66 | -11.51% |
Funding the Future: CapEx, CWIP & R&D Spending
The company funded its capital expenditures entirely through internal accruals. Additions to property, plant, and equipment stood at ₹63.29 crores, while intangible assets under development stood at ₹856.99 crores, representing investments in movie production and broadcasting rights.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
The Group’s consolidated structure encompasses subsidiary Kal Radio Limited, international subsidiary Sunrisers Leeds Limited, and joint venture South Asia FM Limited.
| Entity Name | Relationship | Country | % Shareholding | Turnover (₹ Crores) | Profit / (Loss) After Tax (₹ Crores) |
|---|---|---|---|---|---|
| Kal Radio Limited | Subsidiary | India | 96.57% | 138.17 | 30.81 |
| SunRisers Leeds Limited | Subsidiary | United Kingdom | 100.00% | 94.52 (GBP 123.69 total assets) | 16.33 |
| South Asia FM Limited | Joint Venture | India | 58.68% | 242.12 (Total Income) | (53.17) (Loss for the year) |
Strategic Investments & Treasury Holdings
The company maintains a conservative treasury investment policy, avoiding volatile asset classes such as direct equities or illiquid real estate. Surplus funds are deployed into AAA-rated taxable bonds, tax-free bonds, mutual funds, and debt instruments, ensuring capital preservation and liquidity.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The Board comprises seasoned executives and independent directors providing robust governance oversight.
| Name of Director / KMP | Designation | Category | DIN / Employee ID |
|---|---|---|---|
| Mr. Kalanithi Maran | Executive Chairman | Promoter, Executive | 00113886 |
| Mr. Mahesh Kumar Rajaraman | Managing Director | Executive | 05263229 |
| Mrs. Kavery Kalanithi | Executive Director | Executive | 00113905 |
| Mr. Krishnaswamy Vijaykumar | Executive Director | Executive | 03578076 |
| Ms. Kaviya Kalanithi Maran | Executive Director | Executive | 07883203 |
| Mr. Desmond Hemanth Theodore | Independent Director | Non-Executive Independent | 06925291 |
| Mr. Sridhar Venkatesh | Independent Director | Non-Executive Independent | 01662866 |
| Mrs. Mathipoorana Ramakrishnan | Independent Director | Non-Executive Independent | 08362613 |
| Mr. Ravivenkatesh Pragadish Karthik | Independent Director | Non-Executive Independent | 10207143 |
| Mrs. Jagadeesan Gayathri | Independent Director | Non-Executive Independent | 10540454 |
| Mr. Mandalapu Harinarayanan Harshavardhan | Independent Director | Non-Executive Independent | 10540455 |
| Mr. V C Unnikrishnan | Chief Financial Officer | KMP | – |
| Mr. R. Ravi | Company Secretary & Compliance Officer | KMP | – |
Who Owns the Stock? Shareholding Pattern
The shareholding structure of the company reflects concentrated promoter holding alongside institutional and public participation.
| Category of Shareholder | Number of Shares | % to Total Capital |
|---|---|---|
| Promoter Group (Mr. Kalanithi Maran) | 29,55,63,457 | 75.00% |
| Mutual Funds / DIIs | – | 10.27% |
| Non Residents (NRI / OCB / FIIs) | – | 8.32% |
| Others / Public Retail | – | 6.41% |
| Total | 39,40,84,620 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Sun TV Network’s primary economic moats include its dominant market share in South Indian broadcasting markets, an extensive proprietary film library spanning multiple languages, full ownership of original content, zero-debt balance sheet strength, and substantial treasury reserves. These assets provide strong pricing power in both advertising and subscription monetization.
What Could Go Wrong? Key Challenges & Business Risks
Key business risks identified by management include intense competitive pressure from OTT platforms and digital-first content providers, content piracy and unauthorized distribution, regulatory changes in broadcasting policies, fluctuations in advertising spending patterns, and rising costs associated with premium sports broadcasting rights and creative talent.
The Next Chapter: Growth & CapEx Initiatives
Strategic growth initiatives focus on expanding digital streaming operations through ‘SUN NXT’, scaling movie production and distribution activities, and integrating newly acquired international sports assets such as the SunRisers Leeds franchise in the United Kingdom alongside existing cricket franchises in India and South Africa.
The Verdict: Strategic Outlook & Conclusion
Sun TV Network enters future fiscal periods with a fortified balance sheet, debt-free operations, and proven cash generation capabilities. While structural shifts toward digital media present ongoing challenges, the company’s localized content leadership, disciplined capital allocation, and diversified sports and digital investments position it favorably for sustainable long-term value creation.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.suntv.in