Den Networks Limited (DEN)

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Den Networks Limited (DEN) · mywealthgrid

About

Den Networks operates in TV broadcasting and software production within consumer discretionary entertainment. The company serves a mid-sized market with ₹1.3k Cr market cap and recent quarterly revenues of ₹240–260 Cr (standalone). Despite stable profitability (net profit ₹34–40 Cr/quarter), revenue has been flat.

Founded: 2007
Face value: ₹10

Market cap

₹1,213 Cr

P/E

8.2×

P/B

0.3×

Dividend yield

ROE

4.5%

ROCE

5.5%

Debt / equity

OPM

EPS (TTM)

₹3.1

Book value

₹79.4

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Revenue stagnation: ₹240–260 Cr quarterly range shows no growth despite stable net profits, suggesting market headwinds or limited expansion opportunity.
Low capital returns: ROE of 4.48% indicates poor shareholder returns on equity, a structural profitability concern even at the current low PE of 8.85.
Operating margin volatility (2.35%–7.87% range, 7.02% average): thinness and swings create earnings uncertainty and vulnerability to cost inflation or pricing pressure.
Stock down 24.11% YoY with minimal institutional ownership (FII 0.35%, DII 0.05%)—verify whether weakness reflects company-specific or sector-wide concerns.

Generated analysis · source review pending

Growth drivers

Operating margin recovery: margins reached 7.87% in Q2 FY26 and could stabilize toward higher end without revenue growth, improving earnings.
Financial flexibility from debt-free balance sheet (D/E 0) enables capex or acquisition into broadcast technology or software—verify current strategic plans.
Dual revenue from TV broadcasting and software production creates optionality; verify breakdown and relative trajectory of each segment.
Consolidated revenue exceeds standalone (₹256.96 Cr vs ₹242.77 Cr in Jun 2026), implying subsidiaries; verify acquisition or consolidation pipeline.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹25.4-1.9%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 111.4×
+High promoter holding of 74.9% with no pledge

Cons

−Low return on equity of 5.5% (3-yr avg)
−Thin operating margin of 7%
−Profit declined 3.5% a year over the last 5 years
−Revenue shrank over the last 5 years (-5.7% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 42
Growth: 5

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	948	1,157	1,285	1,206	1,291	1,307	1,226	1,130	1,081	1,005	974
	1,060	979	1,007	1,029	1,079	1,059	1,024	979	928	893	905
	-112	179	278	177	213	249	201	152	153	112	69
OPM %	-11.8%	15.5%	21.6%	14.7%	16.5%	19%	16.4%	13.4%	14.2%	11.2%	7.1%
Depreciation	206	276	249	242	247	251	148	119	113	106	91
Interest	79	65	66	59	32	3	0	1	3	2	2
	123	72	30	-165	176	191	121	112	207	244	232
Profit before tax	-409	-155	-7	-288	110	186	174	143	245	249	208
Tax	22	33	10	13	51	-3	3	-93	32	52	42
Tax %	5.3%	21.3%	139.3%	4.5%	46.6%	-1.8%	1.6%	-65%	13%	20.9%	20.4%
	-431	-188	-17	-301	59	189	171	236	213	197	166
PAT margin %	-45.5%	-16.2%	-1.3%	-24.9%	4.5%	14.5%	14%	20.9%	19.7%	19.6%	17%
EPS (₹)	-24.2	-11.3	-1.8	-11.6	1.5	4.2	3.7	5.1	4.5	4.2	3.5
EPS adjusted (₹)	-24.3	-11.7	-1.8	-5.8	1.5	4.2	3.7	5.1	4.5	4.2	3.5
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	178	178	194	477	477	477	477	477	477	477	477
Reserves	1,213	692	620	2,069	2,126	2,298	2,476	2,731	2,943	3,143	3,308
Minority interest	79	71	90	78	71	65	60	49	43	40	41
	722	613	311	331	213	0	0	0	0	0	0
	910	1,273	1,194	1,001	803	615	496	503	463	483	457
Total equity & liabilities	3,102	2,826	2,407	3,956	3,690	3,454	3,509	3,759	3,927	4,142	4,283
	996	1,218	1,136	772	601	609	557	562	515	463	404
CWIP	104	129	45	19	21	37	21	29	18	14	8
Investments	—	77	74	2,139	2,147	2,140	1,913	1,426	1,709	1,516	210
	2,001	1,402	1,151	1,026	921	668	1,018	1,741	1,685	2,149	3,661
Total assets	3,102	2,826	2,407	3,956	3,690	3,454	3,509	3,759	3,927	4,142	4,283

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cable distribution network	950.19	-19.99	901.48	432.76	468.72	-4.26
Broadband	42.09	-2.86

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	15.2%	16.4%	19.6%	16.6%	13.5%	14.3%	11.2%	7%
EBIT margin %	-4.9%	-2.7%	0.4%	4.5%	2.9%	3.9%	0.6%	-2.3%
PAT margin %	-24.9%	4.5%	14.5%	14%	20.9%	19.7%	19.6%	17%
Working capital
Receivable days	68	38	26	21	28	37	55	40
Inventory days	—	—	0	0	0	0	0	0
Payable days	94	0	101	89	100	103	119	115
NWC days	—	—	-74	-67	-72	-67	-65	-75
Leverage
Current ratio	3.39	3.23	5.28	6.48	6.64	7.64	7.67	8.36
Debt to EBITDA	1.81	1.01	0	0	0	0	0	0
Debt to equity	0.13	0.08	0	0	0	0	0	0
Interest coverage	-0.2	4.4	58.6	629.5	103.5	96.8	119.8	111.4
Asset turnover	0.3	0.35	0.38	0.35	0.3	0.28	0.24	0.23
Return ratios
Return on assets %	-7.6%	1.6%	5.5%	4.9%	6.3%	5.4%	4.7%	3.9%
Return on capital employed %	-0.5%	4.6%	6.7%	5.8%	4.5%	7.3%	6.9%	5.5%
Return on equity %	-11.8%	2.3%	6.8%	5.8%	7.4%	6.2%	5.4%	4.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%
	1.3%	0.98%	1.11%	0.96%	0.76%	0.73%	0.82%	0.63%	0.48%	0.51%	0.45%	0.35%
	0.21%	0.16%	0.17%	0.18%	0.19%	0.2%	0.14%	0.14%	0.14%	0.14%	0.14%	0.05%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.49%	23.86%	23.72%	23.86%	24.05%	24.07%	24.04%	24.23%	24.38%	24.35%	24.41%	24.6%
No. of shareholders	—	—	—	—	—	—	—	—	1,58,377	1,53,581	1,48,675	1,47,480

Promoter holding up 0 percentage points since Sep 2023.

8 deals · 8 Jan 2024 – 10 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	35,79,627	₹66.90	₹23.95 Cr
10 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	35,79,627	₹66.90	₹23.95 Cr
10 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	28,56,258	₹66.72	₹19.06 Cr
10 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	26,36,112	₹66.68	₹17.58 Cr
8 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	33,61,515	₹62.66	₹21.06 Cr
8 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	33,61,515	₹62.66	₹21.06 Cr
8 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	26,80,497	₹62.72	₹16.81 Cr
8 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	22,95,146	₹62.61	₹14.37 Cr

1–8 of 8

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SAMEER MANCHANDANon-Executive - Non Independent Director-Chairperson
Mr. ANUJ JAINNon-Executive - Non Independent Director
Ms. GEETA KALYANDAS FULWADAYANon-Executive - Non Independent Director
S N SharmaChief Executive Officer
Mr. SAURABH SANCHETINon-Executive - Non Independent Director
Satyendra JindalChief Financial Officer
Mr. RAJENDRA HINGWALANon-Executive - Independent Director
Mr. RAHUL DUTTNon-Executive - Independent Director
Mr. ACHUTHAN SIDDHARTHNon-Executive - Independent Director
Ms. NAINA KRISHNA MURTHYNon-Executive - Independent Director
Mr. Omesh UppalChief Operating Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Den Networks Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

4 announcementsExport CSV

30 Sept 2026, 11:18 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	15.2%	16.4%	19.6%	16.6%	13.5%	14.3%	11.2%	7%
EBIT margin %	-4.9%	-2.7%	0.4%	4.5%	2.9%	3.9%	0.6%	-2.3%
PAT margin %	-24.9%	4.5%	14.5%	14%	20.9%	19.7%	19.6%	17%
Working capital
Receivable days	68	38	26	21	28	37	55	40
Inventory days	—	—	0	0	0	0	0	0
Payable days	94	0	101	89	100	103	119	115
NWC days	—	—	-74	-67	-72	-67	-65	-75
Leverage
Current ratio	3.39	3.23	5.28	6.48	6.64	7.64	7.67	8.36
Debt to EBITDA	1.81	1.01	0	0	0	0	0	0
Debt to equity	0.13	0.08	0	0	0	0	0	0
Interest coverage	-0.2	4.4	58.6	629.5	103.5	96.8	119.8	111.4
Asset turnover	0.3	0.35	0.38	0.35	0.3	0.28	0.24	0.23
Return ratios
Return on assets %	-7.6%	1.6%	5.5%	4.9%	6.3%	5.4%	4.7%	3.9%
Return on capital employed %	-0.5%	4.6%	6.7%	5.8%	4.5%	7.3%	6.9%	5.5%
Return on equity %	-11.8%	2.3%	6.8%	5.8%	7.4%	6.2%	5.4%	4.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sun Tv Network LimitedSUNTVSUNTV	₹23,642 Cr	₹23,642 Cr	₹4,502 Cr	₹2,330 Cr	51.1%	₹1,530 Cr	33.2%	16.8%	11.9%	-13
Hathway Cable & Datacom LimitedHATHWAYHATHWAY	₹1,650 Cr	₹1,650 Cr	₹2,184 Cr	₹310 Cr	15%	₹76 Cr	3.8%	2.4%	1.9%	-49
Den Networks LimitedDENDEN	₹1,213 Cr	₹1,213 Cr	₹976 Cr	₹60 Cr	7%	₹148 Cr	17%	5.5%	4.5%	-75
New Delhi Television LimitedNDTVNDTV	₹768 Cr	₹954 Cr	₹523 Cr	₹-271 Cr	-49.3%	₹-330 Cr	-61.2%	-72.7%	-345%	34
Gtpl Hathway LimitedGTPLGTPL	₹623 Cr	₹850 Cr	₹3,831 Cr	₹403 Cr	10.9%	₹8 Cr	0.3%	3.5%	1.4%	-31
Tv Today Network LimitedTVTODAYTVTODAY	₹607 Cr	₹622 Cr	₹820 Cr	₹37 Cr	3.8%	₹17 Cr	1.8%	4.6%	1.6%	76
Zee Media Corporation LimitedZEEMEDIAZEEMEDIA	₹472 Cr	₹482 Cr	₹768 Cr	₹102 Cr	13.9%	₹-1 Cr	0.3%	5.3%	0.9%	69
Dish Tv India LimitedDISHTVDISHTV	₹396 Cr	₹396 Cr	₹1,099 Cr	₹-188 Cr	-0.6%	₹-999 Cr	-69.4%	—	—	-1,724
Aqylon Nexus LimitedAQYLONAQYLON	₹392 Cr	₹392 Cr	₹5 Cr	₹-0 Cr	6.1%	₹-24 Cr	-366.5%	21.4%	—	-31
B.a.g Films And Media LimitedBAGFILMSBAGFILMS	₹89 Cr	₹89 Cr	₹157 Cr	₹20 Cr	11.9%	₹5 Cr	3.4%	5.8%	2.3%	290
Raj Television Network LimitedRAJTVRAJTV	₹56 Cr	₹77 Cr	₹69 Cr	₹3 Cr	5.9%	₹-0 Cr	1.1%	2.7%	0.6%	99
Crystal Business System LtdCRYSTALCRYSTAL	₹19 Cr	₹22 Cr	₹17 Cr	₹2 Cr	4%	₹1 Cr	1.4%	2.8%	0.8%	126

Date	Category	Subject	Filing
30 Sept 2026, 11:18 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
3 Sept 2026, 8:21 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
3 Sept 2026, 8:13 pm	AGM/EGM AGM	Disclosure Of Voting Results - Nineteenth Annual General Meeting Of The Company	PDF
2 Sept 2026, 7:48 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8	202	185	42	268	218	129	139	84	18	-17
	186	-3	-83	-2,047	429	-361	-258	-54	-66	-22	24
	-161	-277	-41	1,933	-688	134	96	-115	-7	-7	-3
Net cash flow	33	-78	61	-72	9	-9	-33	-30	11	-11	4
Free cash flow	—	—	—	—	—	106	26	40	30	-23	-58
CFO / Operating profit %	—	113.1%	66.3%	22.8%	126.6%	85%	63.4%	91.5%	54.3%	16.3%	-24.3%

Den Networks Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

1

Announcements

Not in the F&O segment

No fund holdings on record

1

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Broadband · revenue

Den Networks Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Broadband · revenue

1

1