Dish TV India Limited is attempting to reinvent itself beyond satellite television — even as its traditional business continues to weaken.
The company on Tuesday reported a sharp deterioration in its financial performance for the year ended March 31, with subscription revenues falling more than 35 percent to ₹886.3 crore from ₹1,377.1 crore a year earlier. Operating revenue declined nearly 26 percent to ₹1,162.6 crore, while the company posted a net loss of ₹807.4 crore for the fiscal year.
For the March quarter, subscription revenue dropped 47 percent year-on-year to ₹156.3 crore, reflecting mounting pressure on the direct-to-home television business as viewers increasingly migrate toward streaming platforms and internet-connected entertainment devices. Quarterly operating revenue fell 29 percent to ₹243.1 crore.
The company’s earnings before interest, taxes, depreciation and amortisation, or EBITDA, turned negative both for the quarter and the year, underscoring the financial strain facing legacy pay-TV operators in India’s changing media landscape.
Dish TV attributed the weak performance to intensifying competition from over-the-top streaming platforms, shifting consumer viewing habits, inflationary pressures and currency depreciation. The company said those factors continued to weigh on spending patterns and overall business performance.
Even as its core DTH business shrinks, Dish TV is increasingly positioning itself as a broader connected entertainment company. Central to that strategy is VZY, its smart television and connected-device business, which the company said crossed ₹100 crore in sales during the year.
The company said it continued expanding its VZY Smart TV portfolio while integrating DTH and OTT services into what it described as a unified entertainment ecosystem. It also signaled that non-DTH businesses are expected to contribute more meaningfully over the next 18 to 24 months.
“Consumer viewing preferences continue to evolve towards more connected and integrated entertainment experiences across screens and platforms,” Manoj Dobhal, the company’s chief executive and executive director, said in the earnings release. He added that the company remained focused on “building a future-ready hybrid entertainment ecosystem through platform diversification, connected entertainment experiences, operational discipline, and strategic partnerships.”
Dish TV also used the year to deepen its positioning within the broader media and entertainment ecosystem. The company hosted Content India 2026 in partnership with C21Media, bringing together broadcasters, streaming platforms, studios and creators to discuss artificial intelligence-led storytelling, monetisation models and co-production opportunities.
Still, the financial pressures remain severe. Total expenses for fiscal 2026 rose 12.6 percent to ₹1,169.5 crore even as revenue declined. Costs related to goods and services, along with other operating expenses, climbed during the year, further compressing margins.
The company said it would continue focusing on expanding connected devices, strengthening OTT aggregation and improving customer retention initiatives while navigating what it called a “dynamic operating environment” shaped by digital competition and technology transition risks.
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