DEN
Den Networks Limited
Cable TV distribution and broadband ISP services provider
Consumer Discretionary›Media, Entertainment & Publication›Entertainment›TV Broadcasting & Software Production
dennetworks.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹26.15
Market cap
1,247 Cr
Stock P/E
8.3
P/B
0.32
Dividend yield
0.1%
ROE (FY26)
4.3%
ROCE (FY26)
5.5%
Operating margin (FY26)
-2.3%
OCF / EBITDA (FY26)
-24.3%
OCF / EBITDA (3Y)
25.6%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
DEN Networks runs a cable television distribution network and a smaller broadband internet business in India, earning most of its revenue from cable distribution.
Company snapshot
4thBy market cap
Ranked among 15 companies in TV Broadcasting & Software Production.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 95.7% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Broadband | 4.3% | 11 Cr | 3 Cr | 38 Cr |
| Cable distribution network | 95.7% | 250 Cr | -2 Cr | 918 Cr |
What we see
Positives
- ✓Net margin of 17.0% — the business keeps a healthy share of every rupee it earns.
Concerns
- ✗Only 26% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 273 Cr | 258 Cr | 248 Cr | 249 Cr | 261 Cr | 248 Cr | 241 Cr | 241 Cr | 251 Cr | 241 Cr | 243 Cr | 233 Cr |
| Operating expenses (approx.) | 232 Cr | 218 Cr | 219 Cr | 221 Cr | 233 Cr | 220 Cr | 220 Cr | 222 Cr | 238 Cr | 225 Cr | 230 Cr | 223 Cr |
| EBITDA | 41 Cr | 40 Cr | 28 Cr | 28 Cr | 28 Cr | 28 Cr | 21 Cr | 19 Cr | 13 Cr | 15 Cr | 13 Cr | 10 Cr |
| OPM % | 14.9% | 15.5% | 11.4% | 11.2% | 10.6% | 11.5% | 8.7% | 7.9% | 5.2% | 6.4% | 5.2% | 4.3% |
| Other income | 51 Cr | 55 Cr | 55 Cr | 69 Cr | 55 Cr | 65 Cr | 71 Cr | 52 Cr | 57 Cr | 53 Cr | 55 Cr | 61 Cr |
| Interest | 0.59 Cr | 0.64 Cr | 0.56 Cr | 0.52 Cr | 0.51 Cr | 0.50 Cr | 0.55 Cr | 0.46 Cr | 0.45 Cr | 0.43 Cr | 0.41 Cr | 0.30 Cr |
| Depreciation | 28 Cr | 28 Cr | 26 Cr | 27 Cr | 26 Cr | 26 Cr | 24 Cr | 23 Cr | 23 Cr | 21 Cr | 20 Cr | 19 Cr |
| Profit before tax | 62 Cr | 69 Cr | 55 Cr | 69 Cr | 55 Cr | 69 Cr | 65 Cr | 46 Cr | 48 Cr | 49 Cr | 46 Cr | 49 Cr |
| Tax % | 22.7% | -12.0% | 22.0% | 25.0% | 24.4% | 12.9% | 17.4% | 23.5% | 15.8% | 26.0% | 25.6% | 24.8% |
| Net profit | 48 Cr | 77 Cr | 43 Cr | 52 Cr | 42 Cr | 60 Cr | 54 Cr | 35 Cr | 40 Cr | 36 Cr | 35 Cr | 37 Cr |
| EPS (₹) | ₹0.99 | ₹1.66 | ₹0.95 | ₹1.09 | ₹0.85 | ₹1.30 | ₹1.14 | ₹0.74 | ₹0.80 | ₹0.81 | ₹0.77 | ₹0.76 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,157 Cr | 1,285 Cr | 1,206 Cr | 1,291 Cr | 1,307 Cr | 1,226 Cr | 1,130 Cr | 1,081 Cr | 1,005 Cr | 974 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 979 Cr | 1,007 Cr | 1,023 Cr | 1,080 Cr | 1,051 Cr | 1,022 Cr | 978 Cr | 926 Cr | 893 Cr | 906 Cr | Sign in free for the trailing twelve months |
| EBITDA | 179 Cr | 278 Cr | 183 Cr | 212 Cr | 256 Cr | 203 Cr | 152 Cr | 155 Cr | 112 Cr | 68 Cr | Sign in free for the trailing twelve months |
| OPM % | 15.5% | 21.7% | 15.1% | 16.4% | 19.6% | 16.6% | 13.5% | 14.3% | 11.1% | 7.0% | Sign in free for the trailing twelve months |
| Other income | 41 Cr | 30 Cr | 46 Cr | 176 Cr | 191 Cr | 121 Cr | 112 Cr | 207 Cr | 244 Cr | 232 Cr | Sign in free for the trailing twelve months |
| Interest | 65 Cr | 66 Cr | 59 Cr | 32 Cr | 3 Cr | 0.28 Cr | 1 Cr | 3 Cr | 2 Cr | 2 Cr | Sign in free for the trailing twelve months |
| Depreciation | 276 Cr | 249 Cr | 242 Cr | 247 Cr | 251 Cr | 148 Cr | 119 Cr | 113 Cr | 106 Cr | 91 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -155 Cr | -7 Cr | -288 Cr | 110 Cr | 186 Cr | 174 Cr | 143 Cr | 245 Cr | 249 Cr | 208 Cr | Sign in free for the trailing twelve months |
| Tax % | -21.3% | -139.3% | -4.5% | 46.6% | -1.8% | 1.6% | -64.9% | 13.0% | 20.9% | 20.4% | Sign in free for the trailing twelve months |
| Net profit | -188 Cr | -17 Cr | -301 Cr | 59 Cr | 189 Cr | 171 Cr | 236 Cr | 213 Cr | 197 Cr | 166 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-11.28 | ₹-1.77 | ₹-11.63 | ₹1.47 | ₹4.15 | ₹3.69 | ₹5.09 | ₹4.50 | ₹4.20 | ₹3.48 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.4% | 0.1% | 0.9% | 1.3% | 0.6% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 194 Cr | 195 Cr | 477 Cr | 477 Cr | 477 Cr | 477 Cr | 477 Cr | 477 Cr | 477 Cr | 477 Cr |
| Reserves | 620 Cr | 591 Cr | 2,069 Cr | 2,126 Cr | 2,298 Cr | 2,476 Cr | 2,731 Cr | 2,943 Cr | 3,143 Cr | 3,308 Cr |
| Borrowings | 311 Cr | 419 Cr | 331 Cr | 213 Cr | — | — | — | — | — | — |
| Other liabilities | 1,194 Cr | 1,048 Cr | 1,001 Cr | 803 Cr | 614 Cr | 496 Cr | 503 Cr | 463 Cr | 483 Cr | 457 Cr |
| Total liabilities | 2,407 Cr | 2,357 Cr | 3,956 Cr | 3,690 Cr | 3,454 Cr | 3,509 Cr | 3,759 Cr | 3,927 Cr | 4,142 Cr | 4,283 Cr |
| Fixed assets (net) | 1,121 Cr | 1,008 Cr | 759 Cr | 594 Cr | 443 Cr | 398 Cr | 403 Cr | 353 Cr | 307 Cr | 251 Cr |
| CWIP | 45 Cr | 50 Cr | 19 Cr | 21 Cr | 37 Cr | 21 Cr | 29 Cr | 18 Cr | 14 Cr | 8 Cr |
| Investments | 101 Cr | 127 Cr | 2,139 Cr | 69 Cr | 2,140 Cr | 1,913 Cr | 1,426 Cr | 1,709 Cr | 1,516 Cr | 210 Cr |
| Loans & advances | — | — | 27 Cr | 27 Cr | 7 Cr | 0.15 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Trade receivables | 235 Cr | 302 Cr | 226 Cr | 134 Cr | 94 Cr | 72 Cr | 87 Cr | 109 Cr | 150 Cr | 107 Cr |
| Cash & bank | 87 Cr | 151 Cr | 79 Cr | 88 Cr | 79 Cr | 46 Cr | 16 Cr | 27 Cr | 16 Cr | 20 Cr |
| Other assets | 818 Cr | 719 Cr | 707 Cr | 2,757 Cr | 654 Cr | 1,059 Cr | 1,798 Cr | 1,711 Cr | 2,138 Cr | 3,687 Cr |
| Total assets | 2,407 Cr | 2,357 Cr | 3,956 Cr | 3,690 Cr | 3,454 Cr | 3,509 Cr | 3,759 Cr | 3,927 Cr | 4,142 Cr | 4,283 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 202 Cr | 185 Cr | 42 Cr | 268 Cr | 218 Cr | 129 Cr | 139 Cr | 84 Cr | 18 Cr | -17 Cr |
| Cash from investing | -3 Cr | -83 Cr | -2,047 Cr | 429 Cr | -361 Cr | -258 Cr | -54 Cr | -66 Cr | -22 Cr | 24 Cr |
| Cash from financing | -277 Cr | -41 Cr | 1,933 Cr | -688 Cr | 134 Cr | 96 Cr | -115 Cr | -7 Cr | -7 Cr | -3 Cr |
| Net cash flow | -78 Cr | 61 Cr | -72 Cr | 9 Cr | -9 Cr | -33 Cr | -30 Cr | 11 Cr | -11 Cr | 4 Cr |
| Free cash flow (OCF − Capex) | 9 Cr | 28 Cr | -62 Cr | 190 Cr | 106 Cr | 26 Cr | 40 Cr | 30 Cr | -23 Cr | -58 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | -7.4% | 4.5% | -7.8% | 4.9% | 6.7% | 5.8% | 4.4% | 7.1% | 6.8% | 5.5% |
| ROE % | -23.1% | -3.9% | -10.6% | 2.6% | 7.0% | 5.8% | 7.5% | 6.2% | 5.5% | 4.3% |
| Debtor days | 74 | 86 | 68 | 38 | 26 | 21 | 28 | 37 | 54 | 40 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days payable | 104 | 98 | 80 | 70 | 81 | 74 | 86 | 89 | 106 | 107 |
| Cash conversion cycle | -30 | -12 | -12 | -32 | -54 | -52 | -58 | -52 | -51 | -67 |
| OCF / EBITDA % | 113.0% | 66.3% | 22.8% | 126.6% | 85.0% | 63.4% | 91.5% | 54.3% | 16.3% | -24.3% |
| OCF / EBITDA % (3 years) | — | — | 67.0% | 73.5% | 81.1% | 91.6% | 79.4% | 69.0% | 57.7% | 25.6% |
| Debt / equity | 0.38 | 0.53 | 0.13 | 0.08 | — | — | — | — | — | — |
| Current ratio | 0.81 | 1.01 | 3.39 | 3.23 | 5.28 | 6.48 | 6.64 | 7.64 | 7.67 | 8.36 |
| Net debt / EBITDA | 1.25 | — | 1.38 | 0.59 | -0.31 | -0.23 | -0.10 | -0.17 | -0.14 | -0.29 |