Network 18 Media & Investments Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

FORWARD-LOOKING STATEMENTS

Statements in the Management Discussion and Analysis, that describe the Companys objectives, projections, estimates and expectations, may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual performance and/or results could differ materially from those expressed or implied. Important factors that could influence the Companys operations include geo-political and economic developments, demand and supply conditions in the industry, input prices, changes in government regulations, tax laws and other factors such as litigation.

COMPANY OVERVIEW

Network18 Media & Investments Ltd. (Network18 or Company) is Indias largest news network, with a presence across television, digital and other allied businesses. Network18 operates Indias largest TV news network of 20 channels, spanning business news (4 channels), national news (1 channel each in English and Hindi), and regional news (14 channels across India). Marquee brands like CNBC-TV18, News18 India, and CNN-News18 are part of this news bouquet. News18 International delivers India-centric news for the Indian diaspora and audiences across the globe.

Network18s digital portfolio comprises websites and mobile applications covering general news, business and economy news, opinion pieces, and hyperlocal as well as global news. The portfolio includes leading digital platforms such as Money control, News18, CNBC-TV18, and Firstpost.

Established print and online magazine brands like Forbes India and Overdrive are also part of the Network18 portfolio. AETN18, a subsidiary of Network18, is a joint venture with A+E Networks which operates History TV18, a factual entertainment channel.

Network18 holds significant investments in some of the leading media brands of the country. It has 13.54%¹ stake in Studio18 Media Private Limited (earlier known as Viacom18 Media Pvt. Ltd.) which holds 46.61% stake in JioStar, Indias largest entertainment and sports media company. Network18 is the largest shareholder (39.29%) in BookMyShow, Indias leading live events player and the largest ticketing platform for movies and events. It also holds 24.5% stake in Eenadu Television Pvt. Ltd. (ETPL), which operates a network of 7 news and entertainment channels in Telugu language. These strategic investments strengthen Network18 s position giving it an edge over its peers.

MISSION AND VISION

Network18 aims to be a platform-agnostic provider of news content across languages and regions. We endeavor to be Indias top news media house with an unparalleled reach that touches the lives of Indians across geographies and demographics.

OPERATING MODEL

Network18s operating model places the audience at its centre and establishes a strong connection with them through its content. It reaches consumers through its diverse portfolio of brands operating across languages, genres and platforms. This business model leverages the unique strengths of each operating segment and delivers customized content to audiences across different markets.

Impactful Reach

In todays environment of fragmented attention and infinite content choices, delivering impact is as important as delivering reach. Network18s focus on differentiated journalism, high-quality storytelling and format innovation helps build deeper engagement and premium contexts for audiences and advertisers alike. The rapid scaling of Connected TV and digital video consumption further expands opportunities for high-attention news experiences.

Multi-Platform Availability

Network18 remains committed to making its content seamlessly available for its audiences, wherever they are - across linear TV, digital, mobile and Connected TV platforms. As discovery pathways evolve, the Company is sharpening its focus on building habitual, direct engagement through owned touchpoints, while continuing to diversify distribution across social, search and other partner platforms.

Brand Excellence

Network18s brands are built on credibility, consistency and creative excellence. In a cluttered and crowded content landscape, our brands have served as beacons of trust. Contextual depth and continuous innovation have become durable differentiators, strengthening the relevance of our established brands for audiences, while enhancing their value proposition for advertisers seeking brand-safe, high-attention environments.

Network Synergies

Network18s diversified portfolio across languages, formats and geographies enables integrated content engines and cross-platform amplification. This breadth supports the efficient packaging and re-packaging of content for distinct audience cohorts and screens, creating network effects across linear, digital and other platforms, and enabling the Company to serve Indias Linear AND Digital audience reality.

Thought Leadership

Network18 is led by a team of experienced professionals who champion excellence and embrace experimentation. The Company has consistently pushed the boundaries of its creative framework, exhibiting thought leadership in both innovation and execution. As one of the largest and most established players, Network18 has championed the broader cause of this sector and played a defining role in shaping its evolution.

Strategic Collaborations

Network18 has a long track record of forging successful strategic alliances with leading international media companies including NBCU, CNN, A+E Networks, and Forbes. Beyond enabling the Company to leverage the strengths of its partners, these collaborations also serve to benchmark against global standards of excellence.

VALUE CHAIN

Network18s presence across the content creation and distribution value chain serves to deliver the best of Indian and global content to audiences across the country. The Company, together with its affiliates across the media value chain, offers a compelling value proposition for its increasingly platform-agnostic viewers. Strong synergies in content creation and efficiencies in distribution amplify the reach of the Companys genre-leading brands, seamlessly delivering impactful ideas and immersive content to Indias vast and demographically diverse audience.

INDUSTRY OVERVIEW

According to the FICCI EY Media & Entertainment Report 2026 (Report), the Indian M&E sector (excluding Gaming and VFX) grew by 12.3% in CY 2025 to reach Rs. 2.48 trillion, exceeding Indias nominal GDP per capita growth of 7.7%. Total advertising grew 13.5% to reach Rs. 1.5 trillion, with digital media accounting for 63% of total advertising revenues. Looking ahead, the M&E sector is expected to cross Rs. 3.1 trillion by 2028, growing at a CAGR of over 7%.

Advertising: The Shift to Digital Continues

The growth in total advertising revenues in 2025 was nearly double Indias real GDP growth rate. Digital media was the sole driver of advertising growth, contributing to over 100% of growth in 2025, reaching Rs. 947 billion. Digitals share is projected to reach 73% of total advertising by 2028.

The growth in digital advertising was driven by a combination of large-brand investment and the rapid expansion of the SME advertiser base. Over one million SME and long-tail advertisers spent Rs. 363 billion on digital media in 2025, primarily on performance advertising and e-commerce platforms. Digital advertising spends by SMEs is expected to grow to Rs. 563 billion by 2028. E-commerce and point-of-sale advertising surged 50% to Rs. 220 billion, reflecting the continued shift of marketing budgets toward directly attributable, outcome-linked channels.

Television advertising revenues declined by 10% in 2025, as some advertisers reallocated spends to digital and the number of Pay TV advertisers contracted. However, CTV (Connected TV) advertising grew 42% to Rs. 99 billion, meaning large-screen advertising (Linear TV + CTV combined) remained broadly stable at approximately Rs. 362 billion. Total advertising is expected to grow at a CAGR of 8.7% to reach Rs. 1.93 trillion by 2028.

Television: Indias Dominant Medium, Evolving in Form

Television continues to be the primary medium of content consumption in India, reaching approximately 745 million individuals every week. With 193 million TV households, and 244 million people watching television every day, the mediums reach and penetration remain unmatched. In fact, television reaches significantly more consumers each month than any other single platform, including YouTube, making it a staple medium for content consumption in India.

Linear television viewership remained largely stable in 2025. While there was a marginal decline in the number of household viewing sessions, average session length increased. This indicates that linear television is not losing audience, but how the audience engages with it is evolving. The combination of a large reach and deepening engagement positions television as a resilient and enduring medium even as broader consumption patterns shift.

On the other hand, CTV has emerged as one of the most consequential structural shifts in the Indian media landscape, transforming the television screen from a passive broadcast medium into an intelligent, data-driven platform. The total CTV base reached 68 million unique sets connecting to the internet each month in 2025, with approximately 40 million active on a weekly basis. This growth has been enabled by the expansion of wired and fixed wireless broadband, which has established

CTV as the fourth large medium of content distribution in India, alongside DTH, cable and Free TV.

CTV advertising revenue is reaching critical mass, growing 42% to Rs. 99 billion in 2025. CTV now captures 27% of total large-screen advertising revenue, up from 19% in 2024. The format commands premium rates (2x-2.5x mobile yields), attracts affluent, high-attention audiences, and increasingly supports both brand-building and performance outcomes. This convergence is fundamentally redefining the role of the television screen, from a broad reach medium to a brand-and-performance marketing channel that offers the targeting precision of digital alongside the emotional impact of large-screen storytelling.

The interactivity enabled by CTV is also deepening the digital connection between content and audience. From shoppable content and interactive polls to gamification and personalized content feeds, CTV is evolving toward an experience that blurs the line between television viewing and active digital engagement. CTV households are expected to cross 90 million by 2028, with 67 million active weekly connections.

Network! 8 has been investing in building its presence and product capabilities across CTV platforms, recognizing that the large screen will remain the centre of household content consumption in India.

News Viewership: Cornerstone of Live Television

News remains one of the founding genres of Indian television, and its performance in CY 2025 underscores its structural importance, even in an increasingly fragmented media environment. Though news viewership across television declined marginally in 2025, this was against a high base year buoyed by the general elections, which is among the most widely watched news events in the country.

News and sports remain the two genres with the strongest affinity for live viewing, a characteristic highly valued by advertisers, even as the share of on-demand consumption continues to grow. This makes news a cornerstone of the television proposition in an evolving linear ecosystem.

Despite the decline in Pay TV subscriber numbers, top Hindi news brands were able to offset the impact through expanded viewership on DD FreeDish, Indias free-to-air platform. As Pay TV homes gradually convert to Connected TV or Free TV, news channels with strong brand recall and distribution presence are better positioned to protect total reach.

Network!8 operates Indias largest TV news network of 20 channels, spanning English, Hindi and 14 regional channels, ensuring that live viewership is captured across the countrys diverse linguistic and geographic audiences. News18s extensive network of reporters and stringers, providing comprehensive news coverage from across the country, further strengthens the depth and breadth of our journalism, which remains the most powerful differentiator for television news.

Digital News: Navigating a Shifting Landscape

The digital news ecosystem faced critical headwinds in 2025. The reach of online news platforms declined by approximately 9% during the year, with industry stakeholders citing Al-powered search summaries and the proliferation of Al-driven news aggregation applications as the primary drivers. Online news reaches nearly 500 million people every month, making it a material medium for reaching audiences. However, the influence of Al on traffic is likely to persist and evolve, shifting the onus onto established players to reorient their focus from passive, search-dependent traffic to active, direct relationships with consumers. News organizations that invest in building owned

Network! 8s digital portfolio spanning Moneycontrol, News! 8, CNBCTV18 and Firstpost, collectively represents one of the most diversified news and information portfolios in the Indian market. Each brand addresses a distinct audience need: Moneycontrol serves Indias personal finance and investment community; CNBCTV18 is the definitive voice of Indian businesses Firstpost engages a globally oriented, policy-minded audience; and News! 8 serves general news audiences across languages. The breadth and differentiation of this portfolio provide multiple pathways to build deep, direct audience relationships in the evolving digital landscape.

Artificial Intelligence: Reshaping the Media Industry

Artificial intelligence is fundamentally redrawing the boundaries of how news content is discovered, created, consumed and monetized. With AI products offering summarized answers to search queries, including news, the traditional search-to-article journey is being modified. This trend will likely accelerate, and news organizations that do not adapt their models risk a structural erosion of both their audience and advertising base.

At the same time, AI offers powerful tools for news organizations to reimagine their businesses. AI is already being deployed across newsrooms for scripting assistance, automated summarization, content translation and regional language dubbing, enabling organizations to produce more content at lower cost and to serve linguistically diverse audiences at scale. AI-driven personalization is enabling platforms to deliver more relevant content to audiences, improving engagement and time spent. Predictive analytics are helping editorial teams identify trending topics and optimize content packaging for different audience segments. Taken together, these capabilities have the potential to fundamentally transform the economics of content production, localization and distribution.

For legacy news organizations to remain relevant in an AI-driven environment, it will be essential to double down on core strengths. Given that AI tools can synthesize existing information but cannot replace journalists on ground, investment in original, verified reporting must intensify. Trust, accuracy and depth of reporting will be the most durable differentiators, and organizations with strong editorial standards and wide reporting networks are best placed to build on this advantage. Differentiated content, including exclusive stories, detailed analysis, nuanced opinions or explainers that simplify complex topics, will continue to offer a meaningful competitive edge.

Network18 is already deploying AI-based tools across its newsroom operations, from content production and localization to audience analytics and distribution, with the objective of enhancing both the quality of its journalism and the efficiency of its operations.

News Monetization: Models Will Evolve Toward News+

The monetization of news is undergoing a structural transition as TV subscription growth stagnates and advertising remains under pressure. Pure-play advertising, which has historically been the dominant revenue stream for both television and digital news, will remain important. However, it will be increasingly difficult to rely on it alone to sustain long-term future growth. The industry must therefore explore new monetization drivers capable of delivering long-term value.

One such avenue is the bundling along with news high-value products like data, analysis tools and specialist insights, in adjacent categories, behind a paywall, to deliver greater value to consumers. According to the Report, subscription revenues of the digital news segment are projected to grow at approximately 20% per annum, from Rs. 5 billion in 2025 to Rs. 8 billion by 2028. This growth is unlikely to be driven by mass-market general news subscriptions, a space crowded with free alternatives, but by niche, value-accretive products that offer subscribers exclusive content, better financial decision-making support, or a professional edge in their domains.

Moneycontrols subscription proposition is built on this model, with Moneycontrol Pro and Super Pro offering financial data, investment research, expert analysis, and decision-making tools through a comprehensive platform for Indias growing community of financially engaged individuals. This positions the subscription product as a valuable tool rather than merely content convenience.

Hyperlocal news represents another significant dimension of the evolving news model. As audiences increasingly demand news coverage relevant to their immediate communities, districts and localities, news organizations with the reporting infrastructure to deliver genuine local coverage, will possess a powerful differentiator. Network18s district-level stringer network, one of the most expansive in India and spanning 250+ districts, provides a strong foundation for this hyperlocal strategy. CNBC-TV18s authority in business and markets coverage, and Firstposts positioning as a platform for global, policy-oriented commentary, similarly represent the kind of editorial differentiation that sustains audience loyalty and justifies premium products.

FINANCIAL AND OPERATIONAL PERFORMANCE

FY 2025-26 was a mixed year for Network18. The network established itself as the clear #1 news player, achieving leadership in both TV and digital segments. However, a subdued macro-economic environment weighed on financial performance. Building on the strength and momentum of last year, Network18 consolidated its position at the top of leadership charts with top ranks in national and multiple regional markets.

The digital news portfolio was the highest-reach network in the country, recording over 350 million monthly UVs (Unique Visitors) across own and third-party platforms. Moneycontrol maintained its leadership in terms of engagement, while News18 and Firstpost also recorded strong consumer traction. Standalone operating revenue grew 3.1% YoY against a backdrop of persistent weakness in advertising and a high base that included revenues linked to the general elections.

Despite a decline in industry advertising revenues, and broadly stable subscription revenues, Network18s revenues grew underpinned by the strong positioning of its portfolio across markets. Off-platform video revenue was also under pressure due to algorithm changes on certain third-party video platforms. The Company maintained tight cost discipline with expenses growing by only 2.5% YoY. Operating profit increased marginally and the Loss Before Tax also narrowed.

Rs. crore	STANDALONE			CONSOLIDATED
	FY 2025-26	FY 2024-25	YoY%	FY 2025-26	FY 2024-25	YoY%
SUMMARY P&L
Operating Revenue	1,955.1	1,896.2	3.1%	2,120.8	6,887.9	-69.2%
Operating Expenses	1,909.5	1,862.7	2.5%	2,077.2	7,218.2	-71.2%
Operating EBITDA	45.6	33.5	36.2%	43.7	(330.3)	NM
Other Income	23.1	16.8	38.1%	27.6	470.7	-94.1%
Finance Cost	204.6	213.4	-4.1%	204.8	476.8	-57.1%
Depreciation	121.7	121.7	0.0%	132.5	223.3	-40.6%
Profit of JV/Associates	-	-	-	303.4	224.5	35.2%
Profit Before Exceptional Items and Tax	(257.5)	(284.8)	NM	37.4	(335.3)	NM
Exceptional Item - Income/(Loss)	523.5	3,498.2	-85.0%	117.8	(1,435.8)	NM
Profit Before Tax	265.9	3,213.4	-91.7%	155.2	(1,771.1)	NM
Tax	-	-	-	0.0	5.6	-99.5%
Profit after Tax	265.9	3,213.4	-91.7%	155.2	(1,776.7)	NM
Non-controlling Interest	-	-	-	3.0	(89.7)	NM
PAT after Minority Interest	265.9	3,213.4	-91.7%	152.2	(1,687.0)	NM
KEY RATIOS
Current Ratio	0.23	0.22	4.2%	0.26	0.26	0.0%
Debt Equity Ratio	0.63	0.60	5.6%	0.63	0.59	6.8%
Interest Coverage Ratio*	(0.35)	(0.42)	NM	1.20	0.22	445.5%
Inventory Turnover	-	-	0.0%	-	-	-
Debtor Turnover	2.99	3.16	-5.5%	3.14	5.69	-44.8%
Operating Profit Margin (%)	2.3%	1.8%	32.1%	16.4%	-1.5%	NM
Net Profit Margin (%)*	-13.0%	-14.9%	NM	1.7%	-4.6%	NM
Return on Net Worth (%)*	-4.9%	-8.1%	NM	2.5%	-3.1%	NM

,Excluding Exceptional items

Due to rounding, numbers presented in this table may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures

NM - Not Meaningful

• Eenadu Television Private Limited ("ETPL") ceased to be an associate of the Company w.e.f. 7^th July 2025 pursuant to assignment of the voting rights on the 24.5% equity holding in ETPL to the promoter of ETPL. The Company continues to hold the economic interest in these 24.5% equity shares. Accordingly, investment in ETPL has been fair valued and income of ?587.01 crore and Rs. 150.64 crore being excess of fair value of holding in ETPL over carrying value has been disclosed as an exceptional item in the standalone and consolidated financial results, respectively, for the year ended 31^st March 2026.

• The Company acquired equity shares, preference shares and debentures of News18 Marathi Private Limited (formerly IBN Lokmat News Private Limited) (News18 Marathi") held by Lokmat Media Private Limited, Joint Venture Partner, for aggregate consideration of Rs. 25 crores on 29^th October 2025. Post acquisition, News18 Marathi has become a wholly-owned subsidiary of the Company. The Company has recorded impairment of Rs.32.25 crore being excess of carrying value over fair value of the investment in News18 Marathi held by the Company and such loss has been disclosed as an exceptional item for the year ended 31^st March 2026.

• The Government of India has implemented four new Labour Codes ("Codes"), including the Code on Wages, 2019, with effect from 21^st November 2025. The Company has carried out actuarial valuation for the quarter and year ended 31^st March 2026 considering uniform definition of "wages" as per the Codes on Wages and recorded an additional obligation of Rs.31.30 crore and Rs.32.84 crore has been disclosed as an exceptional item in the standalone and consolidated financial results, respectively, for the year ended 31^st March 2026.

• Indiacast Media Distribution Private Limited and Studio 18 Media Private Limited (Formerly Viacom 18 Media Private Limited) ceased to be subsidiaries of the Company on 14^th November2024 and 30^th December 2024 respectively. Accordingly, the figures for the corresponding previous year are not comparable.

• Standalone operating revenue grew by 3.1% YoY amidst a soft advertising environment, impacted by macro-economic factors and a high base that included election-linked revenue.

• Standalone operating EBITDA increased marginally as costs grew by 2.5% YoY against a 3.1% increase in revenue.

• Standalone PAT declined relative to the prior year, which included an exceptional gain of Rs. 3,498 crore, recognized primarily on account of Viacom18 ceasing to be a subsidiary of the Company, representing the impact of excess of the fair value of the holding in Viacom18 over its historical carrying cost. The current years exceptional gain of Rs. 537 crore was primarily on account of the recognition of the fair value of the holding in Eenadu Television Private Limited (ETPL) over its carrying value, upon ETPL ceasing to be an Associate of the Company. Excluding the exceptional items, PAT was negative owing to finance and depreciation costs.

• Standalone debt increased to Rs. 3,113 crore as on 31^st March 2026 from Rs. 2,787 crore as on 31^st March 2025.

• The Current Ratio of the Standalone entity was flat as both current assets and current liabilities increased by about 10%.

• The Debt-to-Equity Ratio of the Standalone entity increased marginally to 0.63 from 0.60, due to debt increasing by 12%.

• The Debtor Turnover Ratio of the Standalone entity declined marginally to 2.99 as year-end receivables increased at a faster pace than revenue.

• The Standalone Operating Margin and Net Profit Margin improved marginally driven by higher operating profit and lower interest costs.

• The Interest Coverage Ratio of the Standalone entity was negative.

• Return on Net Worth (excluding Exceptional Items) was negative.

Outlook

Indias M&E sector crossed Rs. 2.78 trillion in 2025 and is projected to grow to Rs. 3.3 trillion by 2028. Digital media has firmly established itself as the largest and fastest-growing segment, driven by the continued deepening of Indias smartphone and broadband revolution. With over 950 million broadband subscribers, 584 million active smartphone users and Connected TV penetration approaching that of Pay TV, the infrastructure for ubiquitous, platform-agnostic content consumption in India is firmly in place. Underpinning this is Indias long-term growth potential, driven by increasing per capita incomes, a growing base of over 100 million affluent households, and a consumption-oriented policy environment. These tailwinds provide a solid foundation for growth across the sector.

Within this evolving landscape, the news industry faces both significant opportunities and critical challenges. On one hand, an increasingly complex geopolitical and economic environment is deepening the fundamental human need to stay informed and make sense of an extremely cluttered information landscape. On the other hand, AI-driven content discovery and platform fragmentation are reshaping how audiences discover and consume news. This requires legacy news organizations to evolve from simply delivering the news toward offering new value propositions that build consumer loyalty and foster direct trust-based audience relationships, moving away from traffic-dependent models. News organizations that invest in the quality and depth of their journalism to cultivate direct audience relationships, and embrace AI as a force multiplier, are well-positioned to navigate this transition. The rise of CTV is creating new monetization pathways as the large screen evolves into a brand-and-performance marketing channel, and news brands with strong live viewership credentials are uniquely positioned to benefit from advertiser demand for premium, high-attention inventory.

Network18 is well positioned to capture the opportunities this transformation presents. As Indias largest news network with 20 television channels spanning English, Hindi and 10+ regional languages, a leading digital portfolio comprising Moneycontrol, News18, CNBCTV18 and Firstpost, and one of the most extensive news-gathering and distribution infrastructures in the country, the Company has the scale, brand credibility and multi-platform presence to serve Indias diverse audiences wherever they choose to consume news. In an increasingly cluttered and noisy news environment where information quality has become contested, the trust that Network18s brands have built over years is an asset of enduring value. Our focus remains on deepening this trust through original, accurate and impactful journalism; expanding our reach across television, digital and Connected TV platforms; and building new revenue streams through subscription and News+ products that deliver differentiated value to our audiences. We are making sustained investments in our content capabilities, digital products and technology infrastructure, with a conviction that quality journalism, delivered at scale and across platforms, will define the winners of the next phase of Indias media evolution.

OPERATIONAL OVERVIEW

BROADCAST

Network18 is the largest news broadcasting network in the country with a portfolio of 20 channels, covering the entire length and breadth of the country in 10+ languages. It is the #1 news network in the country both in terms of reach as well as viewership share. Network18 reaches over 230¹ million people every month and had a viewership share of 13.8%². All 3 of its national channels - CNBC-TV18, CNN-News18 and News18 India - have been leaders in their respective markets for multiple years. Network18s regional portfolio propels its pan-India coverage and helps attain leadership at an all-India level. Network18s channels in Maharashtra, UP/Uttarakhand, Bihar/ Jharkhand have been consistent leaders while channels in other markets like Karnataka, West Bengal, Gujarat, Orissa are strong contenders for leadership.

BUSINESS NEWS

CNBC-TV18 continued to set the benchmark for business journalism in India, commanding a dominant market share. The channel has evolved into a powerful platform that not only reports on change, but actively shapes the national conversations on markets, policy, and corporates. Moving beyond conventional formats, CNBC-TV18 has introduced highly engaging and interactive formats that bring audiences closer to the issues shaping the world of business. Whether it is examining the dynamics of healthcare and economics through The Weight Loss Drug: The Market Bet, decoding the financial consequences of global conflict in Investing in the Times of War, or unpacking the complexities of global trade through its deep dives into commodities, the network delivers content that is contextual, relevant, and future facing. Complementing this programming are insight-led platforms such as Market Forum and Budget Vision, which deepen engagement with CNBC-TV18s core audience.

Extending its influence beyond daily news, CNBC-TV18s flagship intellectual properties serve as powerful platforms for dialogue, recognition, and thought leadership. The Global Leadership Summit positioned India as a global growth engine, under the theme "The India Advantage". Future. Female. Forward moved the converzation on gender equity from intent to action, focusing on accelerating women into leadership roles across India Inc. The 21^st edition of India Business Leader Awards, continued its legacy of honoring excellence, bringing together the nations most influential voices to celebrate the spirit of "Value Creators"

CNBC-TV18 also unveiled a refreshed brand identity with new logos, creating a more unified and contemporary design framework across platforms.

CNBC-TV18 Prime is Indias premier platform for strategic business intelligence, offering unparalleled access to global market dynamics, policy developments, and transformative trends, all viewed through an India first lens. Launched in May 2025, it is designed to equip business leaders and decision-makers with critical insights to thrive in an increasingly interconnected and competitive global economy. The channels programming is built around a set of signature shows like The Big C, Global Lens, and Global Reset. These shows go beyond daily market updates to break down the bigger forces shaping the world of business and what they mean for the future, whether its geopolitics, economic shifts, or the impact of technology. CNBC-TV18 Prime launched The Prime Circle, a flagship initiative convening an exclusive network of the worlds 100 most influential leaders, distinguished CEOs, and senior CXOs. This curated gathering fosters high-impact dialogue on the global economic, geopolitical, and technological forces that are accelerating change, shaping opportunities, and redefining the contours of business leadership.

CNBC-AWAAZ continues to maintain its leadership position in the Hindi business news genre, with a strong focus on real-time market coverage, in-depth analysis, and investor-centric programming. Anchored in its guiding philosophy of Munafe Ki Baat, the channel remains focused on enabling informed financial decision-making among Indias growing base of retail investors.

CNBC-AWAAZs programming continues to evolve with a strong mix of live market shows and investor-focused knowledge initiatives like F&O Gurukul and Market Gurukul emerging as high-engagement learning platforms, enabling traders and investors to learn directly from market experts. CNBC-AWAAZ has built purpose-led on-ground IPs such as Udaan - Taiyari Kal Ki, a pan-India initiative designed to address the gap between academic learning and real-world readiness. Nivesh Nirnay has emerged as a strong on-ground investor engagement platform in tier-2 cities. The channel continues to set benchmarks across high-impact market moments, including Diwali & Mahurat Trading and Union Budget 2026.

As Indias first Gujarati business news channel, CNBC Bajar has established itself as the most trusted destination for market insights, financial news, and investment strategies tailored to dynamic Gujarati speaking investor and business community. With a distinctive content mix and strong on-ground reportage, the channel remains the preferred choice for audiences, delivering relevant, actionable, and locally resonant business information.

CNBC-TV18 ACCESS is an exclusive, members-only community of highly engaged market participants and decision-makers. It ties together the entire CNBC-TV18 ecosystem, bringing top investors, professionals, and industry leaders into one powerful network through premium curated content, on-ground events, in-studio sessions, newsroom tours, and direct interactions with CNBC-TV18 journalists and market veterans. Launched last year, ACCESS has quickly evolved into a high-value, insight-driven platform designed to deepen engagement, enable meaningful connections, and provide members a front-row seat to the conversations shaping Indias economic and market landscape. ACCESS also features a strategic collaboration with CNBC PRO (U.S.), giving members exclusive access to global market intelligence, expert analysis, and premium articles with sharp, investor-focused insights, and deep dives into global market trends.

GENERAL NEWS

News18 India retained its position as Indias #1 Hindi KeciI news channel and reinforced its standing as a leading voice in Hindi news, shaping national discourse and delivering credible, high-impact journalism across formats, through a powerful combination of editorial strength, innovative programming, and on-ground reporting.

The channel continued delivering impactful programming, high-decibel events, and comprehensive coverage of national and global developments. From Operation Sindoor and the Pahalgam terror attack to in-depth reporting on global conflicts, the channel brought viewers real-time updates and analysis.

News18 India strengthened its flagship IPs portfolio with the second season of Diamond States Summit, a multi-state platform spanning eight key states, bringing together Chief Ministers, policymakers, and industry leaders to deliberate on investment, governance, and economic growth. Its marquee property, Chaupal, hosted top political leadership for meaningful conversations around governance and Indias global trajectory. Expanding its regional footprint, Bihar Samvad captured the states political and developmental narrative and Sabse Bada Dangal emerged as a high-impact election property during the Bihar elections.

The channel also introduced a dynamic mix of new-age formats and shows to engage evolving audiences. These included Viral Baat Raunak Ke Saath, a satire-led take on current affairs featuring RJ Raunak; Stump Mic, a cricket-based show featuring former cricketers; and innovative formats like Poster, Chunavi Chokha, News18 India On Ground, and Hello Bhaiyaji, which brought grassroots voices and on-ground reportage to the forefront.

CNN News18 had a landmark year, completing 20 years of operations and strengthening its position as Indias No.1 English news channel. The channel delivered extensive coverage of the critical developments at home and around the world, including Bihar elections, BMC elections and global geopolitical conflicts. The channel combined real-time reporting with sharp, data-led analysis to keep viewers comprehensively informed.

The channels marquee IPs continued to engage audiences with high-impact and large-scale content, bringing together leading newsmakers, entertainers, sportspersons and business leaders, that reinforced CNN-News18s position as a thought leader. A special CNN-News18 Town Hall - Defence Edition was held in New Delhi, focusing on Indias journey towards becoming a self-reliant global defence manufacturer. In the run-up to state assembly elections, Chennai Town Hall explored the theme The Next Big Leap for Tamil Nadu. Mood of Assam Town Hall discussed the forces powering Assams growth under the theme Pivot to the North-East 15^th edition of CNN-News18 Indian of the Year 2025, celebrated exceptional individuals across eight categories.

The channel marked its 20^th year anniversary with a high-impact multi-platform campaign highlighting CNN-News18s journey of informing and empowering viewers, and its evolution into a trusted voice that cuts through the noise to deliver news that makes sense.

News18 Marathi strengthened its position as the #1 channel of Maharashtra with its commitment to accuracy, reliability, and deep on-ground reporting across urban and rural regions. In early 2026, this channel was rebranded from News18 Lokmat, reinforcing its identity as Awaaz Maharashtracha. The channel delivered comprehensive coverage of municipal and local body elections with high-impact programming and granular ground reports. Its flagship IP Samruddha Maharashtra brought together leaders from across political parties to discuss the states vision and key issues.

News18 Bangla was a strong #2 channel, committed to bringing the voices of common people to the attention of policymakers, reflected in its focus on highlighting hyperlocal issues. The channel successfully organized Open House, providing a forum for the Chief Minister to address questions from citizens and share perspectives on the opportunities and challenges facing West Bengal. News18 Bangla also hosted its flagship IP, Dashobhuja, honoring women from remote corners of the state who have emerged as trailblazers in society defying odds.

News18 Gujarati continued its strong growth trajectory, emerging as Gujarats most popular digital news platform. The channel hosted Rising Gujarat, bringing together the Chief Minister and key ministers to outline Gujarats development vision. It also curated impactful platforms such as the Healthcare Summit, where leading doctors were felicitated by the states Health Minister, and the Green Gujarat Awards, recognizing industry leaders driving sustainability.

News18 Tamil Nadu brought together prominent leaders for News18 Townhall - Chennai edition, in the run-up to the state elections. The event was focused on a high-impact dialogue on growth, governance and policy. The channel also organized Sigaram Awards to honor exceptional individuals and organizations with meaningful contributions as change-makers in Puducherrys development, across diverse fields.

News 18 Keralas Malayali of the Year honored exceptional Malayalis across fields such as literature, business, arts, sports and public life who have significantly contributed to Keralas progress and global reputation. The channel also ran an anti-drug campaign aimed at raising awareness about substance abuse, especially among youth, across four major cities.

Network! 8 also launched Namma Run Season 1, a flagship community marathon initiative across four South Indian cities - Bengaluru, Hyderabad, Chennai, and Kochi, engaging 15,000+ runners, 7,000+ families and 2,500+ kids in a celebration of health, wellness, and civic participation.

News18 Odia continued to lead the way with its comprehensive reporting and extensive ground coverage.The channel successfully organized its flagship property, Rising Odisha, to discuss the opportunities and challenges of the state, led by the Chief Minister. The channel also curated a special news IP, Odia Asmita Sammilani, a thought leadership initiative to commemorate 90 years of statehood and to celebrate Odia identity.

News18 Assam Northeast remained at the forefront of reporting on key stories and providing extensive ground-level coverage across the north-east region. The channel curated several impactful events and IPs, including the Tribute to Zubeen Garg, Agenda Assam and Rising Assam. News18 Assam Northeast also delivered a strong performance on digital platforms in terms of reach and engagement.

News18 UP Uttarakhand continued to be the leading channel in the state, driven by its strong first-mover approach and wide, on-ground coverage of key stories. The channel expanded its reach with engaging podcasts featuring well-known faces from politics, entertainment, and social media. Impactful on-ground initiatives such as Narayani Namah, Kashi MSME Conclave, and the Devbhoomi Next series further strengthened its position as a reliable platform for meaningful B2B engagement.

News18 Rajasthan strengthened its position through a strong on-ground presence and a sharp focus on stories of relevance to the state. With a balanced mix of engaging content, meaningful conversations, and impactful on-ground initiatives, the channel deepened its connection with audiences across Rajasthan. The networks events and IPs also evolved significantly, in both scale and thought, with greater emphasis on purpose-driven storytelling. Initiatives like Save Tigers, Save Livelihood highlighted critical environmental and community issues, while special series such as Gaon Ri Baat brought grassroots stories and local voices to the forefront.

News18 MP Chhattisgarh maintained a strong connection with its audience in the region by focusing on relevant, issue-based reporting and building a deeper local connect. The channel delivered in-depth coverage of important stories such as the Indore water contamination case, while special formats like Aapka Shahar, Aapka Mic created a platform for citizens to voice pressing local concerns.

News18 Bihar Jharkhand continued to dominate the news space in the region, with strong viewership and consistent audience trust. The channel not only led in regional coverage but also emerged as a key player in national news consumption, delivering high-impact reporting on major events. With a sharp, fast-paced coverage and a strong digital presence, especially on YouTube, the channel captured key moments across breaking news, political developments, and other events, ensuring high engagement and recall.

News 18 Punjab Haryana delivered extensive and comprehensive coverage on local politics, news events, and important developments of the region. Several brand IPs were successfully executed by the channel including conclaves, marathon and award ceremonies to felicitate achievers from different fields across the states.

News18 Jammu Kashmir Ladakh demonstrated its strong commitment to community through initiatives like Pride of Jammu & Kashmir, honoring individuals with outstanding contributions to society. During the devastating floods in the region, the channels Hamari Pahunch, Aapki Taaqat campaign mobilised on-ground reporters to connect affected citizens with authorities, enabling meaningful change beyond news reporting.

DIGITAL

Network18 continued to be Indias #1 digital news and information publishing network with a monthly reach of ~3 50⁴ million across its own and third-party platforms. To become a one-stop digital destination offering a seamless user experience, the Company is continually expanding its content coverage across its portfolio and upgrading its technology infrastructure.

Moneycontrol continues to be Indias leading destination for everything related to news about economy, corporate developments, and financial markets. The platform has a strong consumer-connect, reflected in its engagement metrics of approximately twice the page views and time-spent compared to its closest competitor. Moneycontrol maintained its dominance in the financial news segment, combining sustained leadership in financial news subscriptions with a meaningful expansion of its premium offering and steady progress across its FinTech portfolio. The platforms focus remains on enhancing user trust through structured, high-quality market intelligence while broadening its role across investing and personal finance.

A key milestone in FY26 was the launch and rapid adoption of Moneycontrol Super Pro, the Companys premium subscription offering for active investors. Designed to address the retail investors significant pain point of limited actionable insights, SuperPro delivers organized, expert-led, institutional-grade recommendations, including high-conviction investment and trade ideas from SEBI-registered analysts, supported by research, curated chart patterns, and AI-generated summaries of key corporate developments. Over the course of the year, Super Pro gained strong traction, validating clear user appetite for the product.

Moneycontrol Pro had 1 million active subscribers, reinforcing its position as Indias largest financial news subscription platform. Pro continued to evolve with features built for active market participants, including Ask the Expert, which enables a live interaction with SEBI-registered experts during market hours and Earnings Forecast, which further strengthened the information advantage available to subscribers in a fast-moving market environment. Moneycontrol also expanded its coverage of unlisted shares, providing pricing and key financial data for a broad range of over-the-counter unlisted stocks. The platforms continued traction reflects the strength of audience engagement and sustained demand for credible, high-frequency financial information.

The Fintech vertical of Moneycontrol made substantial progress during the year across lending, credit awareness, and credit products. Momentum of the lending business saw a sharp uptick driven by partner additions which expanded the network breadth, increased choices for consumers and enhanced coverage, including for previously under served customers. The business enabled over 90,000 loan disbursals during the year, making it one of the fastest growing players in the industry. Credit Score checks remained a trusted entry point for financial health monitoring, while the Credit Card marketplace grew through catalogue expansion and funnel improvements. FY 2025-26 also saw the launch of secured lending, supported by integrations with leading partners, building a strong foundation for further scaling the business.

News18.com had a pivotal year, marked by several initiatives across AI, personalization, and utility-led experiences, that delivered engagement growth despite the traffic headwinds facing the industry.

Interventions in Al-driven recommendations yielded a 20%+ uplift in click-through rates, while the Recommended Stories module drove an 85% increase in engagement, validating the strategic focus on intelligent content discovery. Additional AI adoption initiatives including Ask AI search, automated cricket liveblogs, and CDP-led personalization at scale, position News18 for the next phase of user experience innovation. The launch of in-house interactive games further strengthened on-site engagement and increased the time spent on the platform.

News18 also expanded its utility ecosystem through the year with products such as Tools18, audio news, interactive formats, and enriched city experiences, strengthening habitual usage patterns. Concurrently, investments in AI Studio and Feed Management System 2.0 improved editorial productivity and scalability.

News18.com delivered a 6% increase in views per visit across the platform, reinforcing a clear strategic outcome that deeper platform capabilities combined with personalization can sustainably drive engagement, independent of external algorithm volatility.

Firstpost.

Firstpost had a transformative year, defined by significant growth in scale, audience engagement, and global visibility. The platform delivered over two billion video views during the year, a growth of 25% YoY. Subscriber count on YouTube approached 10 million, with over 2.5 million subscribers added during this period. Firstpost also emerged as the #4 global news channel on YouTube, underscoring its growing relevance in the international news ecosystem. Platforms coverage of Operation Sindoor delivered over 400 million views and 16.7 million watch hours in one month, leading to a sharp surge in audience engagement across markets. The year further strengthened Firstposts positioning as Indias lens on the world, with more than 50% of its audience drawn from international geographies.

The year also provided important strategic direction for the next phase of growth. While audience expansion accelerated rapidly, the business continued to evolve its monetization model in response to changing platform dynamics and market conditions. The learnings from this period have created a sharper roadmap for future, with a focus on building a balanced, future-ready business commensurate with the scale, influence, and global recognition the brand has already achieved.

CNBCTV18.com continued to evolve beyond business news into a broader play of market intelligence, premium content, learning and member-led experiences. The platform continued to strengthen its app-first and Al-led ecosystem through enhanced engagement experiences, deeper market and data integrations, and intelligent content discovery capabilities. Focused investments in Al-powered newsroom tools, personalized recommendations, market intelligence products, and seamless web-to-app journeys contributed to stronger user engagement and retention. The platform also expanded its monetization and advertising capabilities through data-led personalization, premium market integrations, and enhanced sponsor solutions, while continuing to evolve its product experience with innovative formats such as short-form news, interactive widgets, and gamified engagement features.

FY26 was also a defining year for the eLearnvertical, which moved from individual masterclasses to a more structured learning process. Programs across markets, investing, trading, personal branding, AI and emerging business skills reinforced CNBCTV18. coms position as a trusted knowledge partner. The live, expert-led format, with direct Q&As and practical frameworks, helped drive strong engagement and demonstrated clear audience appetite for premium, outcome-led learning.

Network18 Connected, which drives off-platform distribution and monetization, continued to strengthen its brand-led strategy across social media, Connected TV, and global syndication partnerships. The network reinforced its leadership across English, Business, and regional content, maintaining its position as Indias No. 1 news network on social platforms. Cumulative social media followers crossed 450 million and monthly reach across social platforms exceeded 300 million, underscoring sustained audience growth.

This expanding audience base translated into strong viewership growth with over 65 billion video views during the year marking an increase of 90%. CTV consumption on YouTube grew 18%, highlighting the accelerating shift towards large-screen viewing. The network also saw increased traction from international audiences, with YouTube viewership across global markets growing by 9%.

Network18 demonstrated clear leadership during key national events. On Union Budget Day, the network delivered category-leading peak concurrency across segments. During the Bihar election results coverage, News18 Hindi led the peak counting hour with 1.1 million average concurrency, while CNN-News18 topped the English segment. During the BMC Elections, News18 Marathi emerged as the category leader, surpassing its closest competitor by over 70%.

The network continued to expand its CTV presence through partnerships with OEMs and OTT platforms, enabling broader distribution and unlocking incremental monetization opportunities across diverse audience segments.

Looking ahead, Network18 Connecteds focus remains on driving innovation, strengthening platform-native content strategies, and maximising monetization across emerging formats. With an expanding footprint across social media, CTV, FAST and syndication, the network is well positioned to accelerate growth and further consolidate its leadership in the evolving digital landscape.

Creator18 is the youngest business vertical of Network! 8, designed to establish a strong creator-led ecosystem alongside the companys existing TV and digital verticals. Creator18 is leveraging the already thriving social-media content creator ecosystem, offering them a powerful stage to showcase their work, grow their influence, and connect with audience at scale. Creators on the other hand bring ideas and creativity which help amplify the message, shape narratives and build iconic collaborations with brands. Creator18 is creating a new content stream by integrating influencer-driven content and IP into the broader Network!8 media network. In its first year of operations, the business has built a strong roster of exclusive and non-exclusive talent and is already working with some of the biggest brands like Swiggy, Samsung, Google and Amazon.

Forbes India has established itself as the countrys premier platform for in-depth writings on businesses and economy, in print as well as digital, with special focus on leadership, technology, startups, innovation, philanthropy, and more. It is known for its strong cover stories and other deeply reported features. With a digital-first approach, it is captivating a diverse audience with its engaging content across multiple properties. Its features, podcasts, and other videos have become staples in our audiences lives.

Some of Forbes Indias marquee editions include the Forbes India Leadership Awards (celebrating and recognizing the best in business), Forbes India 30 Under 30 (an all-time popular issue celebrating the innovative spirit and achievements of Indias brightest young talents), W-Power (stories of self-made women who inspire many like them), Anniversary issue, Independence Day Special, Indias Richest 100, the Billionaires issue, and the AI specials. The FILA event is also one of the biggest entries on Corporate Indias annual calendar. Forbes India hosts other events as well, providing a platform to network, learn, collaborate, and pave the way for a stronger India Inc.

As a platform, Forbes India is active and leads in terms of followers on social media, with close to 2 million followers on Instagram, a little over a million followers on X, and an active presence on Facebook, LinkedIn, WhatsApp, YouTube, and Telegram.

Overdrive is one of Indias most enduring and respected automotive media brands. It has continually evolved with the changing landscape of media consumption, pivoting from print to a multi-platform brand by reimagining how consumers discover, experience, and share stories of their most loved auto brands. Overdrive has been delivering insightful reviews, credible buying advice, and comprehensive vehicle comparisons from across the country and the world. At its core lies a deep understanding of the automotive ecosystem blended with enthusiast-focused storytelling. Overdrive is creating rich, immersive experiences for modern readers and viewers across print, television, and digital media.

FACTUAL ENTERTAINMENT

History TV18, run by AETN18, a JV between Network18 and A + E Global Media, is amongst the top-rated channels in the niche genre of factual entertainment. The channel works with a hybrid content approach, producing local content as well as licensing global shows from A+E Network. During the year, the channel produced new season of its most popular digital property #RoadTrippin, a widely followed food and travel show. The channel also worked with various governments to showcase the culture, heritage and development in their states.

Content Production Colosceum

Colosceum, in its 18^th year of operations, continued to deliver high-impact content for both television and digital platforms. During the year, Colosceum produced the 16^th season of the popular youth reality series, MTV Splitsvilla. The Company also produced one of the biggest reality shows in Marathi television history, Chala Bhau Cittit. The Company made inroads into the international market, working for the hit Israeli series Power Couple. The Company also delivered three documentaries covering the government initiatives on Digital Connect, Startup ecosystem and Make In India.

(business stewardship

At Network18, Corporate Social Responsibility (CSR) is embedded into its long-term business strategy. The Companys community initiatives seek to improve the quality of life of people around the country, particularly the disadvantaged sections of society. In addition to its CSR initiatives, the Company creates campaigns for clients that highlight socially relevant issues, which is part of its core business focus. It also takes a leadership role in stimulating conversations that bring new perspectives on relevant topics.

Sanjeevani - United Against Cancer

Sanjeevani, an initiative by Network18 in partnership with Federal Bank Hormis Memorial Foundation and Tata Trusts has been running for over 900 days. For us it not a campaign with a start date and an end date, but a commitment that a media companys reach carries a responsibility beyond ratings to show up, consistently, for the health of the nation.

The Pink Tag Project is where that mission found its most intimate expression. A small pink label, stitched beside the wash-care tag inside a blouse, carrying breast self-examination guidance in local languages, across urban and rural areas. Over 6,000 tags were distributed and over 10,000 lives were reached directly. The initiative sparked many more conversations - daughters who showed it to their mothers and neighbours who spoke about it. It helped make the discussion on the subject relatable and approachable.

From the lanes of rural India to the most celebrated stages in the world, Sanjeevani has been recognized across some of the worlds most prestigious platforms - honored with a Gold at The Drum Awards (London); a Silver at Clio Health (New York).

Future.Female. Forward

CNBC-TV18s flagship initiative - Future. Female. Forward - The Womens Collective, continued to advance conversations on women in leadership. As India dons the hat of being one of the worlds economic superpowers, bridging the gender gap in leadership, pay, and participation becomes an imperative for achieving the aspired growth, across the three verticals of People, Planet and the Economy. Parity in opportunity, representation, and access can catalyze innovation, productivity, and inclusive growth at scale. The new season of Future.Female.Forward aims to turn intent into impact by mobilizing corporates, policymakers, and changemakers to make gender equity a lever for Indias transformation, enabling a double engine boost for the Nations accelerated growth towards being the key contributor to the Global Prosperity. By focusing on actionable pathways and structural change, the initiative moved the conversation beyond recognition to enabling real leadership progression.

Lets Clear the Air

Network18, in partnership with Cipla, launched Lets Clear the Air, a large-scale public awareness initiative addressing one of urban Indias most pressing and under-acted-upon health crises: respiratory illness caused by rising air pollution. As Delhi NCRs AQI crossed into hazardous territory, the campaign cut through panic with purpose, driving conversations around lung health, asthma, and COPD and moving people from concern to timely medical action.

At its center was the Breathefree Lung Wellness Centre, bringing together 30 leading pulmonologists, alongside IndiaAQI platform, a digital utility enabling users to check local air quality, assess their lung health score, and locate nearby doctors. 80 lung health camps were conducted across Delhi NCR, completing approximately 8,000 screenings and identifying 1,350+ suspected respiratory-risk cases. The initiative reached over 170 million people through national TV and got more than 40 million digital views, creating public health awareness at scale.

The initiative spanned national and regional television, digital platforms, editorial integrations, and on-ground activations.

Sadak Suraksha Abhiyan

Indias largest road safety initiative by the Ministry of Road Transport and Highways, powered by News18, returned with the theme Parvaah Se Kartavya Tak The campaign focused on four pillars - Kayda (Rules), Kartavya (Duty), Kavach (Protection), and Kranti (Change), driving awareness around responsible road behavior. A mega telethon featured Amitabh Bachchan and Nitin Gadkari, alongside prominent voices like Aamir Khan, Vicky Kaushal, Alia Bhatt, Akkineni Naga Chaitanya and Kay Kay Menon. Regional activations across five cities engaged over 7,000 students through cultural performances and youth outreach. By taking the message from broadcast to on-ground engagement, the campaign reinforced that road safety is a shared, everyday responsibility.

^HUMAN RESOURCE DEVELOPMENT

FY 2025-26 was a year of acceleration, integration, and future-readiness for the Company. Building on the organizational consolidation achieved in the previous year, the focus during this year was on strengthening organizational capability, deepening leadership pipelines, and aligning the talent strategy with the rapidly evolving media and digital ecosystem.

Leadership Development & Internal Mobility

The Company deepened its focus on leadership development and succession planning. Building on prior initiatives such as internal career mobility programs, employees were provided with enhanced opportunities to explore cross-functional roles and leadership pathways. Curated leadership development journeys, executive coaching and mentoring interventions were introduced to build a robust pipeline of future leaders aligned to business priorities.

Digital-First Talent Strategy

With the media industry undergoing rapid transformation driven by AI, data analytics, and platform convergence, the Company strengthened its digital-first talent strategy. Niche talent hirings across product, digital content, and emerging technologies were ramped up, to support expansion of our Digital and other new businesses. Simultaneously, structured upskilling initiatives were expanded to build digital and AI fluency and future skills across the workforce, through a mix of classroom and online platforms (LinkedIn Learning, Coursera), reinforcing the organizations commitment to staying ahead of industry disruption.

Diversity, Equity & Inclusion

The Company remains committed to fostering a diverse and inclusive workplace that reflects the audiences it serves. Building on earlier initiatives, targeted interventions were undertaken to improve gender diversity and strengthen inclusive hiring practices. Focused programs such as Women Career Intentionality program, a targeted initiative for frontline women colleagues, underscored the Companys commitment to Diversity, Inclusion, and the advancement of women within the organization.

Employee Experience, Engagement and Well-being

Recognizing that employee experience is central to organizational success, the Company continued to strengthen its engagement and recognition ecosystem. Existing platforms were enhanced to enable real-time recognition and feedback, fostering a culture of appreciation and performance excellence.

Well-being remained a core focus area, with continued emphasis on mental health support, preventive healthcare, and awareness initiatives at offices across India. These initiatives encompassed health screening camps alongside specialist consultations in dermatology, dentistry, ophthalmology, oncology, vascular health, and audiology, in addition to one-on-one dietitian consultations offered in partnership with reputed medical institutions. Wellness programs aligned with global observances such as World Hypertension Day, World Stroke Day, and World Cancer Day featured expert talks, awareness quizzes, and informational mailers. Multi-city blood donation camps were also organized during the year.

The Company also extended 24x7 mental wellness counseling support through an empaneled employee assistance provider, and organized sensitization sessions for employees at multiple locations to reduce the stigma around mental wellness. Network18 Premier Cricket League games, festival celebrations and hobby clubs etc. were organized to promote employee engagement beyond the workplace.

The Company sustained its commitment to providing a safe and respectful workplace, with continued emphasis on compliance, awareness, and accessibility of reporting mechanisms. Full compliance was achieved on POSH (Prevention of Sexual Harassment) online training across the organization.

Culture of Innovation and Performance

The Company reinforced its belief that innovation is a cultural imperative. Building on prior initiatives such as internal innovation challenges, employees were encouraged to experiment, collaborate, and contribute ideas that drive meaningful business impact. This innovation-led mindset, combined with a strong performance culture, continues to position the Company as a forward-looking and agile organization.

Workforce Overview

As on March 31, 2026, the Company had a strong and diverse workforce base of 4,905 employees. The Company remained focused on optimizing workforce productivity while nurturing a high-performance, future-ready talent pool.

RISK MANAGEMENT

Network18 maintains a robust system of internal controls, commensurate with the size and complexity of its business operations. The system provides, inter alia, a reasonable assurance of protection against any probable loss of the Companys assets from misuse of authority by those in positions to influence business verticals. These processes ensure that each business transaction is recorded in a fair and transparent manner. The Internal Audit Cell, as part of its regular audit process, assesses the effectiveness of risk management processes and provides assurance to the Audit Committee. Internal audit also ensures that laws, as applicable, are being complied with in both letter and spirit. Network18s key risks and responses are discussed below:

Content and Brand Risk

Success in the media business, across both news and entertainment, is primarily dependent upon the choice of subject matter and the quality of its treatment. Consumer preferences evolve continually, with meaningful shifts clearly visible only over the long term, making it difficult to accurately predict the probability of future success. Revenues from any content are directly linked to viewership and audience interest, thus creating a risk of revenue loss in the event that the content does not resonate with the target audience. Also, consumers associate each Network18 brand with certain types of content and any event that damages a brand can have an adverse impact on its business. To mitigate these risks, the Company actively tracks the relevance and salience of its content through on-ground studies, analysis of viewership and online traffic data, social media feedback, and brand perception research.

The Companys diversified presence across multiple languages and genres, reduces the probability of simultaneous underperformance across all markets. The strength of Network18s brands is among its most valuable assets and the Companys success depends upon the continued popularity, recognition, and salience of its brands.

Technology Risk

The pace of technological development has accelerated significantly over the past few years across all businesses, particularly in the media sector, where new business models have emerged, and viewing habits have been fundamentally transformed. The entire content value chain, from news gathering and production to distribution is increasingly driven or heavily influenced by technology, creating a direct impact on content presentation, working efficiencies and operational costs.

The pace of change of technology creates an ongoing challenge for the business to remain current with the latest advancements and identify the most suitable technical solutions. The Network18 Group has been continually investing in upgrading its systems, both consumer interfaces and internal platforms, in line with the latest advancements. The Company also recruits technically proficient personnel, engages leading technology vendors, and continually trains its workforce to keep pace with change.

Cybersecurity Risk

TThe rapid growth of the digital economy in the current decade has created increasing opportunities for cyber criminals across the globe to infiltrate sensitive IT infrastructure through phishing and other malicious practices. Advancements in Generative AI are creating a new risk frontier by enabling cybercriminals to automate vulnerability discovery and exploitation, and supply chain attacks.

The Company regularly undertakes improvement programs to ensure that its digital transformation incorporates next generation cyber security architecture with prevention, detection and correction capabilities to protect against invasive threats. The IT security landscape is being aligned with the National Institute of Standards and Technology (NIST) framework to remain safe, competitive, efficient and responsive. Additionally, periodic audits by both internal and external teams helps to identify and address any gaps. The Company is ISO 27001-2022 certified and operates in accordance with its IT Security framework.

Regulatory and Compliance Risk

The Indian regulatory landscape for the media industry is constantly evolving across areas, including distribution, taxation, and content censorship. Reporting requirements under SEBI, MCA and applicable taxation laws have increased manifold over the past few years. Any change in regulation by the industry regulator - the Telecom Regulatory Authority of India (TRAI) or the Ministry of Information and Broadcasting (MIB) - requires a proactive realignment of corporate performance objectives alongside compliance with new requirements. Network18 has a professional and experienced compliance team that has helped the Company successfully navigate the challenges presented by regulatory changes.

The Company maintains a comprehensive, digitally enabled compliance management framework that continually expands in scope to incorporate regulatory changes in a timely manner, integrating them with business strategy, compliance obligations and control processes.

Financing Risks

All of the Companys debt consists of short-term debt raised from capital markets. This exposes the Company to the risk of capital unavailability due to macroeconomic factors such as liquidity conditions, interest rate volatility, and the broader economic environment. The Company continually monitors its funding requirements, evaluates market conditions, and engages with multiple financial institutions to mitigate the risk of capital inadequacy.

Human Resource Risk

Talented human resource is the backbone of any industry, especially M&E. The Companys ability to operate effectively and implement its business strategies depends, in part, on the continued contributions of its executive officers and other key employees, who may be difficult to replace, retain, or recruit in an environment of intense competition or due to scarcity of specialist talent. To attract and retain top talent, Network18 has built an agile and integrated organizational design, supported by streamlined work processes and people policies, that support growth, learning, and development.

^INTERNAL CONTROL SYSTEMS

Network18 has comprehensive internal control systems aligned with its business requirements. The Company regularly monitors risks and has established focused risk mitigation strategies. Internal financial controls have been embedded into business processes throughout the organization. Additionally, internal and external audit teams continually monitor the adequacy and effectiveness of its internal control environment and assess compliance with standard operating procedures, internal policies, and regulatory requirements. The Audit Committee meets periodically to review the adequacy and efficacy of these control systems.