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DEN Networks Limited
(DEN)
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Rating:67Neutral
Price Target:
₹30.00
▲(7.95% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by weakening financial trajectory—persistent revenue contraction and a sharp drop to negative free cash flow in 2026—despite strong balance-sheet conservatism. Technicals are supportive with the stock above major moving averages and positive momentum indicators, while valuation looks relatively inexpensive on P/E, partially offsetting the fundamental risks.
Positive Factors
Very low leverage
Minimal debt materially reduces financial risk and interest burden, giving DEN greater flexibility to withstand operating volatility. A conservative capital structure also preserves capacity to fund network needs, maintain services, or pursue growth without relying heavily on external financing.
Negative Factors
Persistent revenue contraction
A multi-year decline in revenue points to sustained pressure on subscriber economics, pricing, or the broader distribution base rather than a single-period setback. If the contraction persists, it can reduce operating scale, weaken bargaining power, and limit the company’s ability to grow earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Minimal debt materially reduces financial risk and interest burden, giving DEN greater flexibility to withstand operating volatility. A conservative capital structure also preserves capacity to fund network needs, maintain services, or pursue growth without relying heavily on external financing.
Read all positive factors
DEN Networks Limited (DEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹13.34B
Dividend YieldN/A
Average Volume (3M)21.39K
Price to Earnings (P/E)9.0
Beta (1Y)1.49
Revenue Growth-2.34%
EPS Growth-28.98%
CountryIN
Employees612
SectorGeneral
Sector StrengthN/A
IndustryEntertainment
Share Statistics
EPS (TTM)3.49
Shares Outstanding477,223,850
10 Day Avg. Volume32,692
30 Day Avg. Volume21,389
Financial Highlights & Ratios
PEG Ratio-0.42
Price to Book (P/B)0.31
Price to Sales (P/S)1.22
P/FCF Ratio-62.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
DEN Networks Limited Business Overview & Revenue Model
Company Description
DEN Networks Limited is an Indian enterprise primarily focused on delivering and marketing television channels via its extensive digital cable distribution infrastructure. Its business activities are structured into two main segments: Cable and Br...
How the Company Makes Money
DEN primarily earns revenue from (1) subscription income collected for delivering pay-TV channels to end customers (typically via its own network and/or through last-mile local cable operators), where DEN’s share depends on the number of active su...
DEN Networks Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
88
Very Positive
Cash Flow
41
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.74B | 10.05B | 10.81B | 11.04B | 11.83B |
| Gross Profit | 3.53B | 4.20B | 4.74B | 4.91B | 5.56B |
| EBITDA | 3.01B | 3.56B | 3.62B | 2.64B | 3.24B |
| Net Income | 1.66B | 2.00B | 2.15B | 2.43B | 1.76B |
Balance Sheet | |||||
| Total Assets | 42.83B | 41.42B | 39.22B | 37.59B | 35.09B |
| Cash, Cash Equivalents and Short-Term Investments | 32.83B | 31.98B | 29.31B | 25.15B | 24.84B |
| Total Debt | 200.38M | 229.83M | 255.11M | 275.97M | 0.00 |
| Total Liabilities | 4.57B | 4.83B | 4.63B | 5.03B | 4.96B |
| Stockholders Equity | 37.85B | 36.20B | 34.20B | 32.07B | 29.53B |
Cash Flow | |||||
| Free Cash Flow | -188.49M | -231.37M | 883.17M | 399.93M | 258.53M |
| Operating Cash Flow | 221.93M | 183.00M | 1.42B | 1.39B | 1.29B |
| Investing Cash Flow | -163.39M | -217.79M | -1.25B | -542.63M | -2.58B |
| Financing Cash Flow | -16.24M | -71.55M | -65.93M | -1.15B | 959.00M |
DEN Networks Limited Technical Analysis
Positive
27.79
Price Trends
28.01
Negative
28.05
Negative
28.61
Negative
Market Momentum
0.03
Negative
51.99
Neutral
38.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEN, the sentiment is Positive. The current price of 27.79 is above the 20-day moving average (MA) of 27.75, below the 50-day MA of 28.01, and below the 200-day MA of 28.61, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 51.99 is Neutral, neither overbought nor oversold. The STOCH value of 38.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DEN.
DEN Networks Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹13.34B | 8.96 | ― | ― | -2.34% | -28.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹18.66B | 25.68 | ― | ― | 5.64% | -27.94% | |
49 Neutral | ₹3.59B | -1.90 | ― | 0.65% | -14.17% | -55.75% | |
48 Neutral | ₹6.58B | 87.99 | ― | 3.41% | 8.29% | -82.98% | |
42 Neutral | ₹4.77B | -0.49 | ― | 1.19% | -23.76% | -69.83% | |
40 Underperform | ₹427.31M | -0.19 | ― | ― | -6.77% | -48.21% |
* General Sector Average
IN:DEN
DEN Networks Limited
27.98
-7.97
-22.17%
IN:DISHTV
Dish TV India Limited
2.59
-2.93
-53.08%
IN:GTPL
GTPL Hathway Ltd
58.54
-55.19
-48.53%
IN:HATHWAY
Hathway Cable & Datacom Ltd.
10.54
-4.30
-28.98%
IN:SHEMAROO
Shemaroo Entertainment Ltd.
125.00
14.05
12.66%
IN:SITINET
Siti Networks Limited
0.49
-0.01
-2.00%
DEN Networks Limited Corporate Events
DEN Networks Discloses Voting Outcomes of Nineteenth AGM
Sep 3, 2026
DEN Networks Limited operates in India’s cable television and broadband services sector, delivering digital entertainment and internet connectivity to households and businesses. The company is listed on both BSE and the National Stock Exchan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.