TV Today: India’s Foremost News Franchise With Large Online Presence

Krish Mehta of Enam Holdings presented his investment thesis on TV Today Network (India: TVTN) at Best Ideas 2025. Krish presented this idea in his personal capacity and not on behalf of Enam Holdings.

Thesis summary:

TV Today is India’s foremost news franchise operating in the television broadcasting and digital space. Promoted by the Purie family, TV Today has been a bellwether in the news segment for over five decades. With channels such as Aaj Tak, India Today, Lallantop, Good News Today, Business Today, and many more, TV Today is a staple in most Indian households. With a market cap of 1160 crores ($134 million) and a net cash balance of 512 crores ($59 million), the business is available at an EV of 650 crores ($75 million), while making revenue of close to 1000 crores ($115 million) and PAT of over 56 crores ($6.5 million) in FY24. While the business benefitted from the General Elections (once in 5-year event), in just the first half of FY25, the company has already made a revenue of close to 520 crores ($60 million) with a PAT of 60 crores ($7 million). Adjusting for cash, the operating PAT in FY24 was close to 30 crores ($3.5 million) and is over 43 crores ($5 million) in H1 FY25.

In terms of ratings, in FY24, Aaj Tak was the #1 Hindi News Channel in India (as per BARC) and India Today was the leader in the English News Genre at 9 pm primetime (as per BARC). TV Today is poised to reap the benefits of its digital franchise given the sea change in the news media landscape with the move from traditional TV to digital viewership. With 31 digital first properties, TV Today stands to benefit immensely from the growing trend in digital viewership. The company has a subscriber base of over 100 million on YouTube that is consistently growing. Aaj Tak is the most followed news channel in the world on YouTube with over 69 million subscribers and the only news channel with a custom button in the world. To put this in context, the second most subscribed news channel on YouTube globally has over 46 million subscribers. Lallantop, TV Today’s digital only franchise, has a subscriber base of 32.2 million, making it the 5th most subscribed news channel on YouTube globally. The management has also been very quick to embrace new technology, having launched the world’s first AI news anchor in 2023 and has several AI news anchors today.

TV Today is a highly profitable and cash generative business. The company has consistently generated FCF over the last decade and delivered FCF/PAT conversion ratios north of 100% during most of those years. Additionally, the excess cash has been used to pay back shareholders with cumulative dividends over the last five years equaling over 50% of the current market capitalization. While the traditional broadcast media sector has faced big disruption over the past several years, TV Today has adapted to the changing trends with best-in-class digital properties. Having invested in the digital space over the past five years, the business is well placed to reap the benefits of these investments. With impeccable corporate governance, the current valuation provides a large margin of safety to make asymmetric returns. TV Today is significantly undervalued, not only on an absolute but also on a relative basis, as is indicated by the stock price, having made no return over 21 years.

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About the instructor:

Krish Mehta is an investor from Mumbai, India. He is an Investment Analyst at Enam Holdings in Mumbai, a reputed family office. Krish’s role at Enam involves conducting bottom-up, fundamental research of Indian and global equities across sectors, portfolio management, and covering global macro. Krish graduated from the NYU Stern Undergraduate School of Business in 2019 with a BS in Finance and Accounting and interned at a long/short hedge fund in London, Theleme Partners, for two summers prior to joining Enam.