Sun TV Network Q2 FY27 Results Analysis: Revenue Plunges 31%, Margin Compresses 1,210 bps (SUNTV)

Cofacto Research Published October 30, 2026 3 min read

Negative

Sun TV Network Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 801.76 Cr (-31.41% YoY) and PAT growth of +3.66% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 801.76 Cr (-31.41% YoY)
PAT (Q2)	Rs. 341.87 Cr (+3.66% YoY)
EBITDA margin	52.05% (-1210 bps YoY)
EPS (Q2)	Rs. 8.68 (+3.70% YoY)

Quarter Snapshot

Standalone revenue fell 31.41% YoY and EBITDA margin compressed ~1,210 bps to 52.05%, driven by a steepening ad decline (-13.48% YoY) and a collapse in the residual content bucket. Reported PAT growth of 3.66% is attributable to the D&A base effect and a deferred-tax credit; normalized PAT declined 2.21% YoY. Offsets include stable subscription revenue, 93% cash conversion, a zero-borrowing balance sheet with Rs.7,675.57 Cr treasury, and a 36.15% H1 dividend payout.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Advertising	"behind" — in-window TV ad activity −8.6% YoY	Ad −13.48% YoY, worse than Q1	Played out
Cricket	"ahead on the calendar" — full Hundred season in-quarter	Income +6.21% YoY, but net contribution −6.69%	Partially
Subscription	"broadly stable"	+2.34% YoY	Played out
Margins	"flat-to-compressing mix shift"	52.05% vs 64.15% YoY; flat vs Q1 51.50%	Played out
GBP tailwind	"mild tailwind" on other income/translation	Other income +1.26%; OCI +16.25 — mild	Played out
Watch: ad-cap monetization, related-party billing, COO succession, demerger denial	flagged for the call	Not addressed in the filing — remain open	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	What happened	Verdict
"Half year PAT up ~11.11% @ Rs. 953.84 crs"	Locked: +11.11% reported (+8.51% normalized)	Confirmed
"YoY Sept PAT up ~3.66% @ Rs. 341.87 crs"	Locked: +3.66% reported, but (2.21)% vs normalized base	Confirmed on the reported number; misleading on underlying
"Revenues @ Rs. 801.76 crs" (no YoY given)	−31.41% YoY; EBITDA −44.36% — selective emphasis	Contradicted by omission
"Domestic Subscription revenues up ~2.34% @ Rs. 487.23 crs"	Consistent with the stable-subscription trend	Confirmed
"SunRisers Leeds records Revenues of Rs. 98.61 crs & PBT of Rs. 18.50 crs"	Ties exactly to consol-minus-standalone cricket income (100.39 − 1.78)	Confirmed

Key Numbers, Quarter by Quarter

Metric	Q1 FY26	Q2 FY26	Q1 FY27	Q2 FY27
Advertisement (Rs. Cr)	289.94	292.15	282.51	252.76
Ad YoY %	—	—	(2.56)	(13.48)
Domestic subscription (Rs. Cr)	470.12	~476.07 (implied)	485.46	487.23
Sub YoY %	—	—	+3.26	+2.34
Cricket franchises, consol (Rs. Cr)	473.03	94.52	629.83	100.39
Cricket YoY %	—	—	+33.15	+6.21

Key Investment Insights

Key Positives

Domestic subscription revenue grew 2.34% YoY to Rs.487.23 Cr, remaining stable
Reported standalone PAT grew 3.66% YoY to Rs.341.87 Cr; consolidated owners' PAT grew 2.82% to Rs.364.31 Cr
H1 standalone PAT grew 11.11% reported (+8.51% normalized) to Rs.953.84 Cr
EBITDA margin was sequentially stable at 52.05% vs 51.50% in Q1
H1 consolidated CFO of Rs.914.21 Cr was 92.94% of PAT; trade receivables fell Rs.132.78 Cr
Zero-borrowing balance sheet with Rs.7,675.57 Cr treasury corpus; H1 dividend payout of 36.15% of standalone PAT (Rs.8.75/share declared)
SunRisers Leeds recorded Rs.98.61 Cr revenue and Rs.18.50 Cr PBT in its first full in-window period

Risk Factors

Standalone revenue fell 31.41% YoY to Rs.801.76 Cr; EBITDA fell 44.36% YoY to Rs.417.30 Cr
Advertisement revenue declined 13.48% YoY, steeper than Q1's 2.56% decline
Standalone EBITDA margin compressed ~1,210 bps YoY to 52.05% from 64.15%
Normalized Q2 PAT declined 2.21% YoY; reported growth was driven by D&A base effect and deferred-tax credit
Cricket franchise net contribution fell 6.69% YoY in Q2 (costs +10.08% vs income +6.21%)
H1 FCF was negative at Rs.(270.97) Cr consolidated on capex of Rs.1,185.18 Cr