Siti Networks financials and balance sheet

NSE: SITINETBSE: 532795EntertainmentSmall Cap

Formerly Siti Cable Network

₹0.24₹0.01 (4.35%)BSE ₹0.49

Share price at the NSE close on 23 Oct 2026. Previous close ₹0.23.

52-week range of traded prices to 23 Oct 2026

₹0.22Low, 9 Oct 2026₹0.47High, 23 Oct 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹21 Cr3,678th largest listed
P/E: No recent results
P/B: No recent results
Dividend yield: Nonein the last 12 months
Volume, NSE: 7,55,250

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 10 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 0.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹1,291 Cr, differs from its quarters added, ₹1,197 Cr.

Results for the year to Mar 2025

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

From revenue to net profit

Revenue1,179
Materials and goods−2.2
Employee costs−62
Other expenses−1,131
Operating profit−16
Depreciation−125
Other income+33
One-off items0.0
Finance costs−96
Profit before tax−205
Tax−8.2
Joint ventures−0.3
Net profit−213

What the company owns

Plant, investments and other assets₹740 Cr
Receivables₹255 Cr
Cash and bank₹216 Cr
Current investments₹100 Cr
Inventory₹3 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹1,044 Cr
Borrowings₹770 Cr

Profit and loss

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

₹ crore	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 1 Oct	Mar 2025Filed 30 Jun
Revenue from operations	1,189	1,195	1,410	1,442	1,619	1,537	1,446	1,345	1,291	1,179
	890	992	1,102	1,119	1,278	1,295	1,260	1,226	1,262	1,195
Materials and goods bought	38	16	3	4	2	3	3	0	0	2
Employee costs	–	–	–	81	75	70	70	67	63	62
Other expenses	–	–	–	1,033	1,202	1,222	1,187	1,159	1,198	1,131
Operating profit before depreciation	299	203	309	324	341	242	186	119	30	−16
Operating margin	25.1%	17.0%	21.9%	22.4%	21.0%	15.8%	12.9%	8.9%	2.3%	−1.4%
Materials, % of revenue	–	–	–	0.3%	0.1%	0.2%	0.2%	0.0%	0.0%	0.2%
Employee costs, % of revenue	–	–	–	5.6%	4.6%	4.5%	4.8%	5.0%	4.9%	5.2%
Other expenses, % of revenue	–	–	–	71.6%	74.2%	79.5%	82.1%	86.1%	92.8%	96.0%
Depreciation and amortisation	163	241	326	365	346	349	331	344	258	125
Operating profit after depreciation	136	−38	−18	−41	−5	−107	−145	−225	−228	−142
Other income	24	26	16	32	17	17	15	35	29	33
Finance costs	138	127	140	171	158	126	120	115	82	96
Profit before one-off items and tax	22	−140	−141	−180	−146	−216	−250	−306	−281	−205
One-off items	0	−20	−16	−74	−50	−30	−9	−8	70	0
Profit before tax	22	−160	−158	−254	−196	−245	−259	−314	−211	−205
	13	19	12	10	−7	−2	2	1	−7	8
Current tax	–	–	7	14	9	8	10	14	8	10
Deferred tax	–	–	4	−4	−15	−10	−8	−13	−15	−2
Share of profit of joint ventures and associates	–	0	−1	0	1	2	0	0	0	0
	−2	−179	−170	−264	−188	−241	−261	−315	−205	−213
Belonging to the company's shareholders	−2	–	−170	−266	−189	−242	−252	−280	−184	−209
Belonging to outside owners of subsidiaries	–	–	–	2	1	0	−9	−35	−21	−4
Other comprehensive income	–	–	–	0	−1	0	1	1	1	0
Total comprehensive income	–	–	–	−265	−189	−242	−260	−315	−205	−213
Net margin	−0.1%	−15.0%	−12.0%	−18.3%	−11.6%	−15.7%	−18.0%	−23.4%	−15.9%	−18.1%
Net margin without joint ventures and associates	–	−15.0%	−12.0%	−18.3%	−11.7%	−15.8%	−18.0%	−23.4%	−15.8%	−18.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2016, Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because fewer than three other periods state the split to compare it with.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2025, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 1 Oct	Mar 2025Filed 30 Jun	Sep 2025Half yearFiled 8 Apr
	303	114	−154	−414	−729	−933	−1,146	−1,225
	198	9	−245	−497	−776	−959	−1,169	−1,245
Share capital	87	87	87	87	87	87	87	87
Reserves	111	−79	−332	−584	−863	−1,047	−1,256	−1,332
Belonging to outside owners of subsidiaries	105	106	91	82	47	26	23	19
	905	562	358	983	916	771	770	765
Repayable after a year	742	423	215	106	13	13	12	8
Repayable within a year	162	139	143	877	904	759	758	757
	1,634	1,766	1,732	1,885	2,047	2,164	2,367	2,480
Trade payables	658	738	644	684	720	963	1,044	1,139
Other financial liabilities	673	756	845	225	330	362	482	495
Other liabilities	140	130	96	96	93	75	78	84
Provisions	1	3	5	4	1	5	6	5
	877	544	284	181	92	95	94	91
Other financial liabilities	101	100	52	50	52	52	53	53
Other liabilities	4	4	4	7	12	14	14	15
Provisions	9	10	12	17	15	16	14	15
Deferred tax	20	6	1	1	0	0	0	0
Total assets	2,814	2,423	1,862	1,652	1,411	1,326	1,315	1,346
	1,927	1,637	1,359	1,158	863	662	596	552
Plant in use, after depreciation	1,408	1,183	971	778	556	385	294	–
Plant being built	95	58	55	86	61	69	78	–
Intangible assets	240	210	152	110	58	11	7	5
Goodwill	49	49	49	49	49	49	49	49
Intangible assets being developed	5	1	0	0	0	0	0	0
Property held to earn rent	66	66	65	70	69	68	75	74
Investments	0	11	8	0	0	0	0	0
Stakes in joint ventures and associates	15	10	4	3	2	2	2	1
Other financial assets	46	31	24	24	20	16	25	11
Deferred tax	1	3	12	20	32	47	51	51
Other assets	3	17	19	18	15	15	16	20
	887	786	503	494	548	664	719	793
Inventories	2	1	2	2	2	2	3	4
Trade receivables	390	325	232	255	252	265	255	259
Cash and cash equivalents	72	176	111	56	103	72	80	35
Other bank balances	7	2	4	31	80	131	136	173
Current investments	0	0	0	11	0	78	100	119
Other financial assets	181	106	35	38	41	50	61	103
Tax paid in advance	7	10	13	14	12	16	24	22
Other assets	230	166	106	85	59	50	59	77
Net debt	827	384	243	884	734	491	453	437

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 2016, 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 2025, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 1 Oct	Mar 2025Filed 30 Jun	Sep 2025Half yearFiled 8 Apr
	299	178	181	410	83	14
	281	176	177	422	103	13
	21	−29	44	344	78	3
Receivables	55	−51	−16	−50	−24	−12
Inventories	−1	0	0	0	−1	−1
Payables	−93	45	57	251	86	90
Other working capital	59	−22	3	143	18	−73
Tax paid	19	1	4	−12	−20	2
Capital spending	149	0	42	94	48	12
Free cash flow	150	178	139	316	35	2
	−139	−182	−64	−214	−72	−53
Plant and property sold	0	−155	1	1	1	0
Interest received	4	2	11	8	14	7
	−225	−51	−76	−227	−2	−6
Borrowings raised	13	0	0	−145	−1	−5
Borrowings repaid	−177	−34	−65	−1	0	0
Interest paid	−60	−17	−11	−81	−1	−2
Lease payments	−1	0	1	0	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−64	−55	41	−31	8	−45

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 2016, Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 1 Oct	Mar 2025Filed 30 Jun
Earnings per share	−₹2.20	−₹1.90	−₹3.00	−₹2.20	−₹2.80	−₹3.00	−₹3.62	−₹2.35	−₹2.45
Diluted earnings per share	−₹2.20	−₹1.90	−₹3.00	−₹2.20	−₹2.80	−₹3.00	−₹3.62	−₹2.35	−₹2.45
Book value per share	–	–	₹2.27	₹0.10	−₹2.81	−₹5.69	−₹8.90	−₹11.00	−₹13.40
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	3,014	1,295	432	48	74	249	100	48	41

Ratios

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

Ratio	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 1 Oct	Mar 2025Filed 30 Jun
Revenue growth	–	0.5%	18.0%	2.2%	12.2%	−5.0%	−5.9%	−7.0%	–	−8.7%
Operating profit growth	–	−32.1%	52.1%	4.9%	5.3%	−28.9%	−23.2%	−35.9%	–	–
	–	–	–	−134.4%	−183.1%	204.6%	68.1%	44.0%	21.2%	19.7%
	–	–	–	–	−48.6 pts	387.7 pts	−136.5 pts	−24.1 pts	−22.8 pts	−1.5 pts
From the net margin	–	–	–	–	49.4 pts	−63.3 pts	22.6 pts	13.1 pts	−13.9 pts	5.2 pts
From asset turnover	–	–	–	–	−17.5 pts	−39.6 pts	33.5 pts	5.5 pts	2.2 pts	−1.4 pts
From borrowing	–	–	–	–	−80.5 pts	490.5 pts	−192.6 pts	−42.7 pts	−11.2 pts	−5.3 pts
Return on capital employed	–	–	–	−3.4%	−0.7%	−52.3%	−25.4%	−119.9%	–	–
Interest cover	1.0	–	–	–	–	–	–	–	–	–
Debt to equity	–	–	–	2.99	4.93	–	–	–	–	–
Receivable days	–	–	–	99	73	55	64	68	75	79
Inventory days	–	–	–	154	325	278	256	–	2,283	495
Payable days	–	–	–	56,109	1,78,014	86,067	79,723	–	11,99,984	1,71,788
Cash conversion cycle, days	–	–	–	−55,857	−1,77,615	−85,734	−79,402	–	−11,97,626	−1,71,214
Working capital days	–	–	–	−168	−230	−285	−155	−211	−289	−374
Asset turnover	–	–	–	0.51	0.62	0.72	0.82	0.88	0.94	0.89
Assets per rupee of net worth	–	–	–	14.21	25.36	−18.15	−4.74	−2.41	−1.58	−1.24
Sales per rupee of plant	–	–	–	1.02	1.37	1.58	1.86	2.42	3.35	4.01
Capital spending to depreciation	–	–	–	–	–	0.43	0.00	0.12	0.36	0.38
Plant being built, % of plant in use	–	–	–	6.7%	4.9%	5.6%	11.1%	10.9%	17.9%	26.5%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2024 and Mar 2025: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2016, 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 2025.

Return on assets, latest year: −15.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−6.1%	−6.6%
Return on equity, average	–	71.5%	28.3%
Operating margin, average	14.6%	7.7%	3.3%
Net margin, average	−14.8%	−18.2%	−19.1%
Asset turnover, average	–	0.85	0.90
Cash conversion cycle, days, average	–	−3,83,494	−6,84,420

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 2025.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,151	674	83
Cash from investing	−671	−350	−72
Cash from financing	−581	−305	−2
Capital spending	333	183	48
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	277	67	0

Accounting checks

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

Check	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	5	5	7	6	4
Altman Z-scorePublished threshold 1.1	–	–	–	−1.69	−2.81	−5.42	−7.45	−10.27	−11.09	−12.37
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−4.15	−3.76	−4.26	−4.64	−3.51
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	−18.74	−14.62	−28.25	−29.29	−16.98
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−28.90	−23.62	16.07	5.49	9.45	4.91
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	39.50	−26.26	−8.90	89.08	–	−592.78
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	−8.35	−8.37	−1.10	−1.92	0.31	2.41
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.48	0.40	0.63	0.50	0.79	2.28
Effective tax ratePublished threshold 17.16 per cent	59.40	–	–	–	–	–	–	–	–	–

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

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
18 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	50
18 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT-BG/LC	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	37
16 Apr 2026	Brickwork Ratings India Private Limited (opens in a new tab)	Bank Loan Ratings	BWR DReview, Re-affirm	883.46

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.