Indian Telecom & Media Companies in Financial Distress (October 2026)
As of 09 October 2026, 23 of 76 Indian Telecom & Media companies analysed (30%) show financial-distress indicators: 13 very weak, 6 weak and 4 on watch. The most common red flags in this sector are operating profit does not cover interest, liabilities exceed assets (negative equity), severe working-capital shortfall and market-implied default probability >20%.
What drives financial distress in Telecom & Media
Telecoms and media — capital-intensive, heavily indebted business models; interest cover and refinancing walls matter most.
Most common red flags today: Operating profit does not cover interest · Liabilities exceed assets (negative equity) · Severe working-capital shortfall · Market-implied default probability >20%
Telecom & Media companies with distress signals
| # | Ticker | Company / industry | Distress score | Band | Ohlson PD | Merton PD | From 52w high | Key indicators | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | DNAMEDIA | Diligent Media Corporation Limited Publishing |
Very weak | 100% | 97.2% | -50% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 2 | MTNL | Mahanagar Telephone Nigam Limited Telecom Services |
Very weak | 100% | 99.4% | -48% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 3 | RADAAN | Radaan Mediaworks India Limited Entertainment |
Very weak | 100% | 3.9% | -25% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 4 | RCOM | Reliance Communications Limited Telecom Services |
Very weak | 100% | 99.8% | -42% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 5 | SITINET | SITI Networks Limited Entertainment |
Very weak | 100% | 100.0% | -51% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 6 | TIPSFILMS | Tips Films Limited Entertainment |
Very weak | 98% | 25.0% | -29% | Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20% |
Details → | |
| 7 | TTML | Tata Teleservices (Maharashtra) Limited Telecom Services |
Very weak | 100% | 70.9% | -44% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 8 | TVVISION | TV Vision Limited Broadcasting |
Very weak | 100% | 0.6% | -78% | Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years |
Details → | |
| 9 | AQYLON | Aqylon Nexus Limited Broadcasting |
Very weak | 99% | 44.0% | -99% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 10 | NDTV | New Delhi Television Limited Broadcasting |
Very weak | 99% | 0.1% | -47% | Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 11 | NEXTMEDIA | Next Mediaworks Limited Broadcasting |
Very weak | 100% | 25.0% | -50% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 12 | STLNETWORK | STL Networks Limited Telecom Services |
Very weak | 85% | 0.0% | -12% | Operating profit does not cover interestCash runway under 12 monthsVery high leverage |
Details → | |
| 13 | DISHTV | Dish TV India Limited Entertainment |
Very weak | 100% | 0.0% | -61% | Liabilities exceed assets (negative equity)Severe working-capital shortfallOhlson O-score signals likely failure |
Details → | |
| 14 | IDEA | Vodafone Idea Limited Telecom Services |
Weak | 49% | 0.0% | -18% | Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall |
Details → | |
| 15 | MUKTAARTS | Mukta Arts Limited Entertainment |
Weak | 99% | 0.7% | -20% | Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall |
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| 16 | SABEVENTS | SAB Events & Governance Now Media Limited Publishing |
Weak | 100% | 0.0% | -63% | Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years |
Details → | |
| 17 | NETWORK18 | Network18 Media & Investments Limited Entertainment |
Weak | 37% | 2.2% | -54% | Operating profit does not cover interestSevere working-capital shortfallRevenue collapse |
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| 18 | GTL | GTL Limited Telecom Services |
Weak | 100% | 93.8% | -28% | Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 19 | SHEMAROO | Shemaroo Entertainment Limited Entertainment |
Weak | 91% | 1.7% | -20% | Operating profit does not cover interestLosses in each of the last 3 yearsMaterial debt with no EBITDA |
Details → | |
| 20 | PFOCUS | Prime Focus Limited Entertainment |
Watch | 67% | 0.0% | -21% | Severe working-capital shortfallThin interest coverageMassive shareholder dilution |
Details → | |
| 21 | CREATIVEYE | Creative Eye Limited Entertainment |
Watch | 88% | 0.4% | -23% | Losses in each of the last 3 yearsRevenue collapseOperations consume cash |
Details → | |
| 22 | ODIGMA | Odigma Consultancy Solutions Limited Advertising Agencies |
Watch | 68% | — | -63% | Cash runway under 12 monthsOperations consume cashOhlson O-score signals likely failure |
Details → | |
| 23 | PVRINOX | PVR INOX Limited Entertainment |
Watch | 23% | 0.0% | -0% | Severe working-capital shortfallThin interest coverageLosses in 2 of the last 3 years |
Details → |
Frequently asked questions
Which Telecom & Media companies are in financial distress?
As of 2026-10-09, 23 Indian Telecom & Media companies show financial-distress indicators (13 very weak, 6 weak and 4 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.
How many Telecom & Media companies are in financial trouble?
23 of 76 analysed (30%); 13 are in the 'Very weak' band.
What are the biggest financial risks for Telecom & Media companies?
Telecoms and media — capital-intensive, heavily indebted business models; interest cover and refinancing walls matter most. Right now the most frequent red flags are operating profit does not cover interest, liabilities exceed assets (negative equity), severe working-capital shortfall and market-implied default probability >20%.
What happens to shareholders if a company becomes insolvent?
Under the IBC the Committee of Creditors controls the resolution; the §53 waterfall pays secured creditors and workers first and equity last. In most resolution plans existing shareholders are wiped out or left with a token stake, and the company may be delisted.