SUNTV Q4 FY26 Results Analysis: PAT Plunges 40%, Domestic Subscription Revenue Grows 10%

SUNTV's Q4 FY26 numbers came in mixed, with revenue of Rs. 848.48 Cr (-6.66% YoY) and PAT growth of -39.63% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

SUNTV reported mixed Q4 FY26 results with Q4 revenue declining 6.66% YoY due to lower cricket franchise activity, though full-year revenue grew 5.76%. Domestic subscription revenue showed resilience with 9.7% YoY growth demonstrating pricing power in the broadcasting business. PAT declined 39.63% YoY driven by a Rs.70.98 crore JV impairment and lower other income. The company maintains a strong balance sheet with zero debt and Rs.6,122 crore in liquid assets, providing flexibility for future acquisitions. Cricket franchise margin compression to 36.2% from 45.3% and rising operational costs remain key concerns.

Key Investment Insights

Key Positives

• Full-year revenue grew 5.76% YoY to Rs.4,102.13 crore
• Domestic subscription revenue grew 9.7% YoY to Rs.1,891.68 crore showing pricing power
• CFO/PAT ratio of 1.25x indicating strong cash conversion
• Zero-debt balance sheet with Rs.6,122.86 crore liquid assets
• Depreciation declined 17.2% YoY to Rs.93.20 crore in Q4 providing margin relief
• Dividend of Rs.12.50 per share (250%) declared for FY26

Risk Factors

• Q4 revenue declined 6.66% YoY driven by lower cricket franchise activity
• PAT declined 39.63% YoY in Q4 due to Rs.70.98 crore JV impairment
• EBITDA margin compressed 223 bps YoY to 44.73%
• Cricket franchise margin declined to 36.2% from 45.3% in FY25
• Operational costs grew faster than revenue (+6.27% vs -6.66%)
• Trade receivables increased 17.8% YoY to Rs.1,390.41 crore