Den Networks financials and balance sheet

NSE: DENBSE: 533137EntertainmentSmall Cap

₹24.07₹0.81 (3.26%)BSE ₹24.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹24.88.

52-week range of traded prices to 23 Oct 2026

₹22.52Low, 30 Mar 2026₹34.39High, 22 Jun 2026

Market cap: ₹1,149 Cr1,341st largest listed
P/E: 7.7
P/B: 0.3
Dividend yield: Nonein the last 12 months
ROE: 4.0%
ROCE: −0.8%
Debt to equity: 0.00
Volume, NSE: 4,03,10664.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Den Networks annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,307 Cr, year to Mar 2021A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue974
Employee costs−69
Other expenses−837
Operating profit68
Depreciation−91
Other income+232
One-off items0.0
Finance costs−1.9
Profit before tax207
Tax−42
Joint ventures+0.6
Net profit166

What the company owns

Cash and bank₹3,139 Cr
Plant, investments and other assets₹894 Cr
Current investments₹144 Cr
Receivables₹107 Cr

What pays for it: net worth and liabilities

Net worth₹3,826 Cr
Owed to suppliers₹286 Cr
Other liabilities₹171 Cr

Den Networks business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Den Networks segment results by quarter

Revenue by segment

₹992 CrTotal

Cable distribution network₹950 Cr95.8% of total
Broadband₹42 Cr4.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cable distribution network
Revenue, ₹ crore
1,139
1,221
1,233
1,163
1,089
1,044
978
950
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−34
−15
22
73
60
53
12
−20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Broadband
Revenue, ₹ crore
67
71
75
63
41
37
45
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−25
−20
−16
−17
−27
−11
−6
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,206	1,291	1,307	1,226	1,130	1,081	1,023	992
Company revenue, as in its results	1,206	1,291	1,307	1,226	1,130	1,081	1,005	974
Revenue	1,139	1,221	1,233	1,163	1,089	1,044	978	950
Revenue growth	–	7.2%	1.0%	−5.7%	−6.3%	−4.1%	−6.3%	−2.8%
Profit	−34	−15	22	73	60	53	12	−20
Profit growth	–	–	–	232.6%	−18.0%	−10.4%	−76.6%	–
Margin	−3.0%	−1.2%	1.8%	6.2%	5.5%	5.1%	1.3%	−2.1%
Return on capital	−6.3%	−3.8%	6.4%	19.5%	12.7%	11.8%	2.9%	−4.3%
Assets	1,365	1,158	932	846	946	887	894	901
Liabilities	823	770	590	474	475	434	458	433
Capital employed	542	388	342	372	471	453	436	469
Revenue	67	71	75	63	41	37	45	42
Revenue growth	–	5.7%	5.8%	−15.9%	−34.1%	−11.5%	23.6%	−7.2%
Profit	−25	−20	−16	−17	−27	−11	−6	−3
Margin	−36.6%	−28.8%	−21.6%	−27.8%	−64.4%	−31.1%	−13.6%	−6.8%
Return on capital	−40.0%	−42.7%	−43.4%	−74.4%	−167.7%	−75.8%	−53.4%	−32.1%
Assets	84	79	61	45	44	44	36	33
Liabilities	22	31	24	22	28	29	25	24
Capital employed	61	48	37	24	16	15	12	9

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Den Networks quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 17 Apr	Mar 2022Filed 15 Apr	Mar 2023Filed 15 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Apr
Revenue from operations	1,157	1,285	1,206	1,291	1,307	1,226	1,130	1,081	1,005	974
	979	1,007	1,023	1,080	1,051	1,022	978	926	893	906
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	96	95	91	85	83	80	80	69
Other expenses	–	–	928	985	961	937	895	846	814	837
Operating profit before depreciation	179	278	183	212	256	203	152	155	112	68
Operating margin	15.5%	21.7%	15.1%	16.4%	19.6%	16.6%	13.5%	14.3%	11.1%	7.0%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	7.9%	7.4%	6.9%	6.9%	7.4%	7.4%	7.9%	7.1%
Other expenses, % of revenue	–	–	76.9%	76.3%	73.5%	76.5%	79.2%	78.3%	80.9%	85.9%
Depreciation and amortisation	278	249	242	247	251	148	119	113	106	91
Operating profit after depreciation	−99	30	−59	−35	6	55	33	42	6	−23
Other income	41	30	46	176	191	121	112	207	244	232
Finance costs	65	66	59	32	3	0	1	3	2	2
Profit before one-off items and tax	−123	−6	−71	109	193	176	144	246	248	207
One-off items	−31	0	−211	0	0	0	0	0	0	0
Profit before tax	−154	−7	−282	109	193	176	144	246	248	207
	33	10	13	51	−3	3	−93	32	52	42
Current tax	32	27	14	3	2	2	0	6	23	80
Deferred tax	1	−17	−1	49	−5	1	−94	26	29	−38
Share of profit of joint ventures and associates	–	−1	−5	1	−8	−2	0	−2	0	1
	−190	−17	−301	59	189	171	236	213	197	166
Belonging to the company's shareholders	–	–	−277	70	198	176	243	215	200	166
Belonging to outside owners of subsidiaries	–	–	−23	−11	−9	−5	−6	−2	−3	0
Other comprehensive income	–	–	1	0	−17	6	13	1	1	0
Total comprehensive income	–	–	−299	58	172	177	249	213	197	166
Net margin	−16.4%	−1.3%	−24.9%	4.5%	14.5%	14.0%	20.9%	19.7%	19.6%	17.0%
Net margin without joint ventures and associates	–	−1.3%	−24.5%	4.5%	15.0%	14.1%	20.9%	19.8%	19.5%	16.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 17 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 17 Apr	Mar 2022Filed 15 Apr	Mar 2023Filed 15 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Apr	Sep 2026Half yearFiled 13 Oct
	2,624	2,673	2,839	3,013	3,256	3,463	3,660	3,826	3,896
	2,546	2,603	2,775	2,953	3,207	3,420	3,620	3,785	3,858
Share capital	477	477	477	477	477	477	477	477	477
Reserves	2,069	2,126	2,298	2,476	2,731	2,943	3,143	3,308	3,381
Belonging to outside owners of subsidiaries	78	71	65	60	49	43	40	41	38
	331	213	0	0	0	0	0	0	0
Repayable after a year	266	0	0	0	0	0	0	0	0
Repayable within a year	65	213	0	0	0	0	0	0	0
	787	809	488	417	432	410	445	424	537
Trade payables	264	246	290	249	267	262	292	286	407
Other financial liabilities	321	147	25	9	17	22	36	23	19
Other liabilities	134	201	170	157	145	122	115	113	103
Provisions	1	2	2	2	3	4	2	2	2
Tax owed	2	0	0	0	0	0	0	0	7
	545	207	127	79	70	53	38	33	25
Other financial liabilities	0	–	0	0	26	23	20	17	9
Other liabilities	265	192	113	63	32	19	13	11	10
Provisions	12	13	12	14	12	11	5	5	6
Deferred tax	1	2	2	2	0	0	0	0	–
Total assets	3,956	3,690	3,454	3,509	3,759	3,927	4,142	4,283	4,458
	1,285	1,079	880	808	888	790	732	737	693
Plant in use, after depreciation	759	594	443	398	403	353	307	251	–
Plant being built	19	21	37	21	29	18	14	8	–
Intangible assets	13	8	4	6	6	8	6	3	2
Goodwill	162	162	162	153	153	153	150	150	150
Investments	68	69	62	67	67	65	65	66	62
Loans given	6	3	2	0	0	0	0	0	0
Other financial assets	–	0	0	2	3	3	3	3	3
Deferred tax	93	45	49	48	140	113	84	122	118
Other assets	165	178	121	113	87	75	101	133	133
	2,671	2,610	2,574	2,701	2,870	3,137	3,411	3,547	3,765
Trade receivables	226	134	94	72	87	109	150	107	153
Cash and cash equivalents	79	88	79	46	16	27	16	20	11
Other bank balances	146	2,143	237	655	1,318	1,260	1,679	3,119	3,049
Current investments	2,071	0	2,078	1,846	1,359	1,644	1,451	144	357
Loans given	27	27	7	0	0	0	0	0	0
Other financial assets	88	163	31	30	38	27	51	96	124
Other assets	33	55	48	52	53	70	63	61	71
Net debt	−1,965	−2,018	−2,394	−2,547	−2,693	−2,931	−3,146	−3,283	−3,417

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 17 Apr	Mar 2022Filed 15 Apr	Mar 2023Filed 15 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Apr	Sep 2026Half yearFiled 13 Oct
	218	129	139	84	18	−17	3
	155	119	104	91	50	69	8
	−134	−65	−24	−44	−57	−9	−8
Receivables	25	18	−4	−21	−40	25	−49
Payables	−66	−16	24	1	38	8	120
Other working capital	−94	−66	−44	−25	−55	−42	−80
Tax paid	63	10	35	−7	−32	−86	−5
Capital spending	112	103	99	54	41	41	10
Free cash flow	106	26	40	30	−23	−58	−7
	−361	−258	−54	−66	−22	24	−9
Plant and property sold	3	1	1	1	1	1	0
Interest received	152	11	13	59	107	41	147
	134	96	−115	−7	−7	−3	−4
Borrowings repaid	−213	0	0	0	0	0	0
Interest paid	−4	0	0	0	0	−2	−1
Lease payments	0	0	−3	−4	−5	−3	−1
Dividends paid	1	0	2	3	1	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−9	−33	−30	11	−11	4	−9

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 17 Apr	Mar 2022Filed 15 Apr	Mar 2023Filed 15 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Apr
Earnings per share	−₹11.35	−₹1.77	−₹11.63	₹1.47	₹4.15	₹3.69	₹5.09	₹4.50	₹4.20	₹3.48
Diluted earnings per share	−₹11.35	−₹1.77	−₹11.63	₹1.47	₹4.15	₹3.69	₹5.09	₹4.50	₹4.20	₹3.48
Book value per share	–	–	₹53.35	₹54.59	₹58.20	₹61.94	₹67.27	₹71.74	₹75.92	₹79.39
Shareholder yield	–	–	–	–	0.0%	0.0%	0.2%	0.1%	0.1%	0.0%
Market cap at the year end (₹ crore)	1,605	1,980	1,404	1,446	2,350	1,761	1,279	2,245	1,488	1,097

Ratios

Consolidated, years to March.Den Networks PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 17 Apr	Mar 2022Filed 15 Apr	Mar 2023Filed 15 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Apr
Revenue growth	−8.0%	11.0%	−6.2%	7.1%	1.2%	−6.3%	−7.8%	−4.4%	−7.0%	−3.1%
Operating profit growth	41.5%	55.6%	−34.4%	15.9%	21.1%	−20.7%	−25.2%	1.7%	−27.6%	−39.0%
Net profit growth	–	–	–	–	222.2%	−9.4%	38.2%	−10.0%	−7.5%	−15.8%
Earnings per share growth	–	–	–	–	182.3%	−11.1%	37.9%	−11.6%	−6.7%	−17.1%
	–	–	−10.9%	2.7%	7.4%	6.1%	7.9%	6.5%	5.7%	4.5%
	–	–	–	13.6 pts	4.6 pts	−1.2 pts	1.7 pts	−1.4 pts	−0.8 pts	−1.2 pts
From the net margin	–	–	–	13.5 pts	4.9 pts	−0.4 pts	3.0 pts	−0.6 pts	0.0 pts	−0.8 pts
From asset turnover	–	–	–	0.3 pts	0.6 pts	−0.3 pts	−1.1 pts	−0.7 pts	−0.7 pts	−0.3 pts
From borrowing	–	–	–	−0.1 pts	−0.9 pts	−0.6 pts	−0.2 pts	−0.1 pts	−0.1 pts	0.0 pts
Return on capital employed	–	–	−2.0%	−1.2%	0.2%	1.8%	1.0%	1.2%	0.2%	−0.6%
Cash conversion	–	–	–	–	115.3%	75.4%	58.9%	39.5%	9.3%	−10.0%
Interest cover	–	0.5	–	–	1.7	198.2	23.4	16.3	3.0	–
Debt to equity	–	–	0.13	0.08	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	68	38	26	21	28	37	55	40
Working capital days	–	–	−105	−61	−86	−78	−82	−69	−66	−60
Asset turnover	–	–	0.30	0.34	0.37	0.35	0.31	0.28	0.25	0.23
Assets per rupee of net worth	–	–	1.55	1.49	1.33	1.22	1.18	1.16	1.15	1.14
Sales per rupee of plant	–	–	1.59	2.18	2.95	3.08	2.81	3.06	3.27	3.87
Capital spending to depreciation	–	–	–	–	0.45	0.70	0.83	0.48	0.39	0.45
Plant being built, % of plant in use	–	–	2.5%	3.5%	8.4%	5.2%	7.3%	5.1%	4.7%	3.3%

Interest cover is left blank for the years to Mar 2017, Mar 2019, Mar 2020 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: −24.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−2.5%	−5.7%	−4.8%
Profit growth, yearly rate	–	−3.5%	−12.0%
Return on equity, average	–	6.1%	5.5%
Return on capital employed, average	–	0.7%	0.3%
Operating margin, average	15.1%	12.5%	10.8%
Net margin, average	6.7%	18.2%	18.8%
Asset turnover, average	–	0.29	0.25
Interest cover, average	–	60.2	9.7
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	354	86	−17
Cash from investing	−376	−64	24
Cash from financing	−37	−18	−3
Capital spending	339	136	41
Dividends paid	6	4	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	7	5	5	4	4	3
Altman Z-scorePublished threshold 1.1	6.52	8.10	11.36	13.29	13.69	15.28	15.54	16.41
Beneish M-scorePublished threshold −1.78	–	–	−2.65	−2.61	−2.06	−2.11	−1.95	−2.49
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	9.31	8.62	4.17	5.08	4.96	3.75
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	0.81	0.57	0.37	0.15
Receivables growth less revenue growthOur threshold 0 percentage points	–	−47.82	−30.77	−17.46	28.25	30.28	44.78	−25.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	7.51	−10.68	0.24	0.81	0.55	1.69	4.42
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.25	0.37	0.20	0.24	0.29	0.24	0.23
Effective tax ratePublished threshold 17.16 per cent	–	47.09	−1.76	1.60	−64.83	12.92	20.87	20.48
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−3.88	−89.08	10.10	8.13	−20.99

A threshold marked as ours has no published figure; it is the line we read the check against.