Sun TV profit rose despite a 12.50-point YoY margin drop
Revenue fell 27.66% YoY as expenses declined only 4.86%, while lower tax and other income supported reported profit.
Filed 30 Oct 2026, 16:48 IST · after market close · Sun TV Network Ltd (SUNTV)
Key takeaways
- Consolidated net profit rose 2.79% YoY to Rs 364.59 cr despite a -27.66% revenue decline.
- Operating margin narrowed 12.50 percentage points YoY as expenses fell only -4.86% against the revenue decline.
- Other income accounted for 29.06% of pre-tax profit, while the tax rate fell 5.12 percentage points YoY to 21.91%.
Price around the results
Revenue fell sharply, but profit held up YoY
Consolidated revenue declined -27.66% YoY and -35.50% QoQ to Rs 940.31 cr, taking operating profit down -42.64% YoY and -38.80% QoQ. Net profit still rose +2.79% YoY because depreciation fell -71.36%, other income increased +23.64% and tax declined -22.17%. Sequentially, however, net profit fell -41.11% as operating profit dropped and the tax charge remained higher than a year ago.
Costs outpaced revenue on both comparisons
Expenses fell only -4.86% YoY against the -27.66% revenue decline, which narrowed operating margin by 12.50 percentage points to 47.85%. QoQ, expenses declined -32.14% while revenue fell -35.50%, leading to a further 2.59 percentage-point margin contraction. Other income represented 29.06% of pre-tax profit, and the lower 21.91% tax rate also supported reported net profit.
Margin remains above peers but below the Q1 peak
Operating margin fell from 50.44% in Q1FY27 to 47.85% in Q2FY27, after rising from 44.27% in Q4FY26; this is a sequential pullback, not a third straight quarterly decline. Sun TV remained 34.76 percentage points above the 13.09% median operating margin of 129 Consumer Discretionary peers that had reported the quarter.
The market reaction is still pending
The consolidated results were filed after market close, so there is no post-results price reaction to assess yet. After the previous eight results, the stock rose five times and fell three times, with a median absolute move of 2.03%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹940 cr | ₹1,458 cr | -35.50% | -27.66% |
| Other income | ₹136 cr | ₹179 cr | -24.40% | +23.64% |
| Expenses | ₹490 cr | ₹723 cr | -32.14% | -4.86% |
| Operating profit | ₹450 cr | ₹735 cr | -38.80% | -42.64% |
| Operating margin (%) | 47.85% | 50.44% | — | — |
| Interest | ₹3 cr | ₹1 cr | +119.86% | -25.84% |
| Depreciation | ₹116 cr | ₹96 cr | +20.77% | -71.36% |
| Profit before tax | ₹467 cr | ₹818 cr | -42.89% | -3.96% |
| Tax | ₹102 cr | ₹198 cr | -48.47% | -22.17% |
| Net profit | ₹365 cr | ₹619 cr | -41.11% | +2.79% |
| EPS (₹) | ₹9.25 | ₹15.71 | -41.12% | +2.78% |
Operating margin of 47.85% compares with a Consumer Discretionary sector median of 13.09% across 129 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 47.85% after the Q1FY27 peak of 50.44%.
- Whether revenue recovers from Rs 940.31 cr after the -35.50% sequential decline.
- Whether other income's 29.06% share of pre-tax profit reduces.