Sony Pictures Networks India (SPNI) reported a 16% increase in consolidated net profit for FY26, according to regulatory filings accessed by The Economic Times through the Ministry of Corporate Affairs (MCA), with premium cricket properties and stronger advertising demand driving the broadcaster’s financial performance despite continued pressure on subscription revenue.
The broadcaster posted a consolidated net profit of ₹556 crore (approx. US$58 million), up from ₹481 crore (approx. US$50 million) in FY25. Revenue from operations rose 9% to ₹6,830 crore (approx. US$715 million), while total income increased 9.4% to ₹7,064 crore (approx. US$740 million), marking a recovery after profits fell sharply in the previous financial year amid a weaker advertising market.
Cricket portfolio boosts advertising growth
A busy cricket calendar played a central role in SPNI’s improved performance, with the Asia Cup 2025 emerging as one of its biggest commercial successes. The tournament, which featured three India-Pakistan matches before India lifted the title, generated strong advertiser interest and reinforced the value of the broadcaster’s long-term investment in premium cricket rights.
SPNI secured the Asian Cricket Council‘s media rights through 2031 in a deal valued at approximately US$170 million, strengthening its portfolio of major international cricket events.
The company also enhanced returns on its sports investment by sublicensing digital streaming rights for India’s tours of England to JioHotstar. The agreement covered the Test series and the ongoing white-ball tour comprising five T20 Internationals and three One Day Internationals, allowing the broadcaster to recover part of its sports-rights expenditure while expanding digital distribution.
Revenue growth supported by advertising
Advertising revenue climbed 19% to ₹3,165 crore (approx. US$331 million), supported not only by cricket but also by entertainment programmes including Kaun Banega Crorepati and Wheel of Fortune. Meanwhile, licensing income and programme sales rose sharply to ₹410 crore (approx. US$43 million) from ₹217 crore (approx. US$23 million), largely due to the digital rights arrangement with JioHotstar.
Subscription revenue, however, declined 4% to ₹3,254 crore (approx. US$341 million), reflecting continued challenges in India’s pay television market and the company’s distribution dispute with direct-to-home operator Tata Play.
Cost discipline improves profitability
Alongside higher revenue, tighter cost management contributed to stronger operating performance. EBITDA increased 38.7% to ₹873 crore (approx. US$91 million) from ₹630 crore (approx. US$66 million), while EBITDA margin expanded from 9.6% to 12.4%.
Profit before tax also rose to ₹753 crore (approx. US$79 million), an increase of 24.7% year-on-year.
Although total expenditure increased 8% to ₹6,311 crore (approx. US$661 million), content, broadcasting and related costs fell 1.5% to ₹3,621 crore (approx. US$379 million) from ₹3,674 crore (approx. US$385 million), despite the broadcaster carrying premium sports rights and flagship entertainment programming.
Employee benefit expenses rose 18% to ₹801 crore (approx. US$84 million), primarily due to one-time severance costs following a cost-rationalisation exercise that resulted in more than 100 job cuts. Higher depreciation, amortisation and marketing expenses also contributed to overall expenditure growth.
Sports strategy continues to deliver
FY26 was the first full financial year under Managing Director and Chief Executive Officer Gaurav Banerjee following the collapse of Sony Group’s proposed merger with Zee Entertainment. SPNI currently operates 28 television channels alongside the SonyLIV streaming platform.
The latest financial results indicate that the company’s strategy of combining premium sports rights with disciplined cost management, stronger advertising monetisation and selective digital partnerships is delivering improved profitability, even as subscription revenues continue to face pressure.
