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Swing Capital

Den Networks Ltd

NSE: DEN BSE: 533137Telecom

Den network ltd is a mass media & entertainment company that provides visual entertainment to its customers through cable TV, over-the-top (OTT) entertainment, and broadband services. It has curated media content from Various broadcasters across a wide range of genres and entertains 13 million+ households in India across 13 key states and 433 cities and is the Largest Subscriber Base amongst all cable players in India.[1]

₹25.7
52W: ₹22.5 — ₹42.8
PE 9.96 · Book ₹80.7 · -68% vs book
Market Cap₹1,226 Cr
Stock P/E9.96Price to Earnings
ROCE4.33%Return on Capital
ROE3.24%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.32 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of -4.20% over past five years.
  • −Company has a low return on equity of 1.93% over last 3 years.
  • −Earnings include an other income of Rs.227 Cr.

Shareholding Pattern

Promoters74.9%
FIIs0.46%
DIIs0.14%
Public24.42%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.91%74.91%74.91%74.91%74.91%74.9%▼0.074.9%74.9%
FIIs0.96%0.76%▼0.20.74%▼0.00.82%▲0.10.63%▼0.20.49%▼0.10.51%▲0.00.46%▼0.0
DIIs0.18%0.19%▲0.00.2%▲0.00.14%▼0.10.14%0.14%0.14%0.14%
Public23.87%24.05%▲0.224.07%▲0.024.05%▼0.024.23%▲0.224.4%▲0.224.36%▼0.024.42%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales267224243245258244246248258250
Expenses243228230245258262239249268242
Operating Profit24-413-11-187-1-108
OPM %9%-2%5%0%0%-8%3%-1%-4%3%
Net Profit41423634232451232029
EPS ₹0.860.870.750.720.480.51.060.480.420.61

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,001Cr, up 1.2% YoY. OPM at 0%.

Debt Position

Borrowings at ₹20Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.14% (-0.06pp change). FIIs: 0.46% (-0.78pp change). Promoters hold 74.9%.

Margin & Efficiency

ROCE improving from -2% (Mar 2015) to 4% (Mar 2026). Working capital days: -31.

Valuation

PE 9.96x with 4.33% ROCE. Price is -68% above book value of ₹80.7. Dividend yield: 0%.

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