DEN Networks Limited (DEN) AI Stock Analysis

DEN Networks Limited

(NSE:DEN)

Select Model

Rating:57Neutral

Price Target:INR 28.00▲(13.04% Upside)

Action:reiterated

Date:10/14/26

The score is primarily constrained by weakening earnings quality and strained cash flow, despite DEN Networks' strong balance sheet. Low valuation provides support, while mixed technical momentum remains a secondary risk.

Positive Factors

Very low leverageDEN’s exceptionally low leverage reduces financial risk and preserves flexibility during operating weakness. Minimal debt should limit interest burdens, support resilience through industry changes, and leave more capacity for network investment or shareholder returns over the next several quarters.

Negative Factors

Multi-year revenue contractionRepeated annual revenue declines point to weakening topline momentum rather than a single-period setback. Continued contraction could reduce scale benefits, constrain investment in network and broadband capabilities, and make future profit growth increasingly dependent on cost control.

DEN Networks Limited (DEN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 11.62B
Dividend Yield: ―
Average Volume (3M): 21.11K
Price to Earnings (P/E): 7.8
Beta (1Y): 1.49
Revenue Growth: -2.48%
EPS Growth: -22.06%
Country: India
Employees: 612
Sector: General
Sector Strength: 55
Industry: Entertainment

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 Broad...

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 subsc...

DEN Networks Limited Financial Statement Overview

Summary

The balance sheet is strong and low-leverage, but declining revenue and margins, operating losses, and sharply weaker operating and free cash flow materially reduce the financial score.

Income Statement

57Neutral

Balance Sheet

82Very Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	9.74B	9.74B	10.05B	10.81B	11.04B	11.83B
Gross Profit	3.64B	3.53B	4.20B	4.74B	4.91B	5.56B
EBITDA	1.92B	3.01B	3.56B	3.62B	2.64B	3.24B
Net Income	1.66B	1.66B	2.00B	2.15B	2.43B	1.76B
Balance Sheet
Total Assets	42.83B	42.83B	41.42B	39.22B	37.59B	35.09B
Cash, Cash Equivalents and Short-Term Investments	33.78B	32.83B	31.98B	29.31B	25.15B	24.84B
Total Debt	200.38M	200.38M	229.83M	255.11M	275.97M	0
Total Liabilities	4.57B	4.57B	4.83B	4.63B	5.03B	4.96B
Stockholders Equity	37.85B	37.85B	36.20B	34.20B	32.07B	29.53B
Cash Flow
Free Cash Flow	0	-188.49M	-231.37M	883.17M	399.93M	258.53M
Operating Cash Flow	0	221.93M	183.00M	1.42B	1.39B	1.29B
Investing Cash Flow	0	-163.39M	-217.79M	-1.25B	-542.63M	-2.58B
Financing Cash Flow	0	-16.24M	-71.55M	-65.93M	-1.15B	959.00M

DEN Networks Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price24.77

Price Trends

50DMA26.50Negative

100DMA27.50Negative

200DMA27.60Negative

Market Momentum

MACD-0.56Positive

RSI40.93Neutral

STOCH31.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEN, the sentiment is Negative. The current price of 24.77 is below the 20-day moving average (MA) of 25.42, below the 50-day MA of 26.50, and below the 200-day MA of 27.60, indicating a bearish trend. The MACD of -0.56 indicates Positive momentum. The RSI at 40.93 is Neutral, neither overbought nor oversold. The STOCH value of 31.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DEN.

DEN Networks Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:DEN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:HATHWAY	65Neutral	INR 16.05B	24.61	―	―	5.91%	-30.62%
IN:DEN	57Neutral	INR 11.61B	7.76	―	―	-2.48%	-22.06%
IN:GTPL	56Neutral	INR 6.07B	-232.30	―	3.70%	10.27%	-106.45%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:DISHTV	42Neutral	INR 3.76B	-0.38	―	―	-23.76%	-69.83%
IN:SITINET	40Underperform	INR 427.31M	-0.24	―	―	―	―
IN:SHEMAROO	39Underperform	INR 3.04B	-1.52	―	―	-14.17%	-55.75%

* General Sector Average

Performance Comparison

IN:DEN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:DEN	DEN Networks Limited	24.36	-9.54	-28.14%
IN:DISHTV	Dish TV India Limited	2.04	-2.36	-53.64%
IN:GTPL	GTPL Hathway Ltd	54.00	-48.67	-47.40%
IN:HATHWAY	Hathway Cable & Datacom Ltd.	9.07	-4.67	-33.99%
IN:SHEMAROO	Shemaroo Entertainment Ltd.	105.90	-7.80	-6.86%
IN:SITINET	Siti Networks Limited	0.49	0.00	0.00%

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 Exchange...

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.

Date of analysis: Oct 14, 2026

DEN Networks Limited AI Stock Analysis