TV ad-cap removal may lift broadcaster revenue only 1–3%, Elara says
Removing India’s TV advertising cap should increase available inventory but not materially expand advertiser demand, according to Elara. Sun TV is projected to see a bigger FY28E ad-revenue uplift than Zee as audiences and ad budgets continue shifting toward connected TV and digital measurement.
What happened
Sun TV Network · Elara says removal of India’s TV ad-cap will add inventory but only 1–3% industry ad revenue, constrained by advertiser demand. Sun TV is
Key facts
- TV advertising revenue impact estimated at 1–3%
- TV AdEx declined at about 4% CAGR from Rs 313 billion in CY21 to Rs 263 billion in CY25
- Pay-TV households fell to about 104 million in CY25
- Connected-TV households exceeded 40 million
- FY28E ad-revenue uplift: Sun TV 4.5%, Zee 2%
- FY28E PAT uplift: Sun TV 2.2%, Zee 3.3%
Why this matters
Media buyers and retail-ad platforms should view the policy change as a small legacy-TV catalyst rather than a structural demand shift, reinforcing the strategic value of connected-TV measurement capabilities.