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ICICI Securities Maintains 'Buy' On Sun TV Shares On Inexpensive Valuations; Sees 29% Upside
Given Sun’s inexpensive valuations, the stock is likely to re-rate once there are signs of recovery in ad revenue; hence, ICICI Securities maintains 'Buy'.
17 Nov 2025, 02:40 PM IST 
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ICICI Securities believes a higher payout ratio in FY26 would be a key trigger for Sun TV. (Photo source: SunTv.com)
Sun TV’s ad revenue in Q2 FY26 was weak (down 12.9% YoY) as FMCG companies continued to divert budgets towards digital platforms. However, subscription revenue grew 9% YoY. The company had acquired 100% stake in Sunrisers Leeds Ltd., diversifying cricket revenue beyond IPL.
