Industry research
India’s media and entertainment landscape brings together publishing, broadcasting, news, screen content, music, radio and exhibition. This company view separates the organisations behind those activities from broader matches that need further review.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Indus Towers | Private | 30,123 | 71.4 | Haryana |
| 2 | Jio Digital Fibre | Private | 18,553 | 90.7 | Gujarat |
| 3 | Summit Digitel Infrastructure | Private | 13,642 | 39.1 | Maharashtra |
| 4 | Bennett Coleman and Company | Private | 10,209 | 20.6 | Maharashtra |
| 5 | Zee | Listed · ZEEL | 8,294 | 16.1 | Maharashtra |
| 6 | Culver Max Entertainment | Private | 6,261 | 12.9 | Maharashtra |
| 7 | Studio 18 Media | Private | 4,851 | 1.1 | Maharashtra |
| 8 | Digital18 Media | Private | 4,850 | 1.0 | Maharashtra |
| 9 | Tata Play | Private | 4,083 | 18.1 | Maharashtra |
| 10 | Sun TV Network | Listed · SUNTV | 4,015 | 70.5 | Tamil Nadu |
| 11 | GTPL Hathway | Listed · GTPL | 3,477 | 13.3 | Gujarat |
| 12 | Arvind Lifestyle Brands | Private | 2,393 | 12.5 | Gujarat |
| 13 | Play Games24x7 | Private | 2,218 | −8.3 | Maharashtra |
| 14 | Hathway Cable & Datacom | Listed · HATHWAY | 2,040 | 21.9 | Maharashtra |
| 15 | Poojara Telecom | Private | 1,863 | 2.0 | Gujarat |
| 16 | Big Tree Entertainment | Private | 1,831 | 12.0 | Maharashtra |
| 17 | HT Media | Listed · HTMEDIA | 1,806 | 10.3 | Delhi |
| 18 | Sun Direct TV | Private | 1,234 | 51.0 | Tamil Nadu |
| 19 | Tower Vision India | Private | 1,230 | 49.6 | |
| 20 | Fastway Transmissions | Private | 1,228 | 30.4 | Chandigarh |
| 21 | Times Innovative Media | Private | 1,191 | 12.7 | Maharashtra |
| 22 | Siti Networks | Listed · SITINET | 1,179 | 1.4 | Maharashtra |
| 23 | Malayala Manorama Co | Private | 1,150 | 12.8 | Kerala |
| 24 | Living Media India | Private | 1,124 | 14.2 | Delhi |
| 25 | Icomm Tele | Private | 1,024 | 13.4 | Telangana |
| 26 | Den Networks | Listed · DEN | 1,005 | 35.4 | Maharashtra |
| 27 | Vodafone Idea Telecom Infrastructure | Private | 994 | 60.9 | Gujarat |
| 28 | TDK India | Private | 953 | 7.1 | West Bengal |
| 29 | Media Today TV Network | Private | 952 | 13.3 | Delhi |
| 30 | Dneg India Media Services | Private | 951 | 10.2 | Maharashtra |
1661 media & entertainment companies with statutory filings (22 listed, 1639 private) reported combined revenue of ₹1.95 lakh crore in FY2025, +3.3% on the same companies, and aggregate EBITDA of ₹63,081 crore. As filed each year, combined revenue was ₹83,579 crore in FY2018, peaked at ₹1.98 lakh crore in FY2024 and was ₹1.95 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 13 listed companies with an exchange price are worth ₹39,720 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of media & entertainment companies was 32.3% in FY2025, 3.6 pts above FY2024, against a peak of 34.1% in FY2022. The low since the peak was 27.8% in FY2023. Profit after tax margin was 5.8% (+2.8 pts on FY2024). Aggregate EBITDA of listed and private media & entertainment companies moved +26% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹63,081 crore (+14.0% on FY2024).
By FY2025 revenue the largest media & entertainment companies are Indus Towers (₹30,123 crore, 71.4% EBITDA margin, private); Jio Digital Fibre (₹18,553 crore, 90.7% EBITDA margin, private); Summit Digitel Infrastructure (₹13,642 crore, 39.1% EBITDA margin, private); Bennett Coleman and Company (₹10,209 crore, 20.6% EBITDA margin, private); Zee (₹8,294 crore, 16.1% EBITDA margin). Among the ten largest, Jio Digital Fibre (90.7%) and Indus Towers (71.4%) earn the widest EBITDA margins and Digital18 Media (1.0%) the thinnest. 19 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Net tone of technology and platforms stories fell from +81 to +43 (-38 pts) over 3,081 stories, the largest drop of any theme. In buyer searches: Search interest in film and television production queries (film making courses, film production) was +79% in the 12 months to 2026-09 vs the prior 12, led by “film production” (+81%), followed by entertainment events and services (+61%); media advertising services moved +1%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of technology and platforms turned more negative (Media & Entertainment in the news). Media & Entertainment EBITDA grew 26% since FY2022 (Industry financials). 26 private media & entertainment media operators pass an IPO-readiness screen (Top media & entertainment companies in India). Film and television production searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 6.0× and median P/E 14.8× across 13 priced media & entertainment companies. (Market capitalisation & valuation).
The median trailing P/E is 14.8× and the median EV/EBITDA 6.0× across 13 priced companies.
It includes businesses involved in publishing, news, broadcasting, screen content, music, radio, exhibition and related entertainment activity.
The initial universe uses relevant statutory activity classifications. Names, ownership links and possible duplicate reporting require review before a company is presented as a confirmed match.
Research information, not investment advice.
Industry research