New Delhi: Dish TV India Ltd. reported a significant widening of its losses for the third quarter of FY 2025-26, as the traditional pay-TV industry continues to grapple with structural shifts toward digital streaming and “cord-cutting”.
Financial Meltdown: Core Revenues Sink
The headline numbers for the December quarter reflect an accelerating erosion of the company’s traditional business base:
Widening Loss: Consolidated net loss ballooned to ₹276.23 crore, up from a loss of ₹46.5 crore in the same period last year.
Revenue Erosion: Operating revenue fell 19.8% YoY to ₹299.1 crore, marking the seventh consecutive quarter of sales contraction.
Subscription Slump: The core subscription income, which accounts for 75% of total revenue, crashed 32.2% to ₹224.5 crore.
Exceptional Hit: Profitability was further impacted by a ₹70 crore impairment charge related to intangible assets and capital advances.
EBITDA Swings to Negative
For the first time in recent quarters, Dish TV’s operating profit (EBITDA) turned negative, standing at a loss of ₹41.5 crore. This is a dramatic reversal from the ₹122.7 crore positive EBITDA reported in Q3 FY25. Total expenditure jumped 36% to ₹341 crore, significantly outpacing revenue growth as platform-related spending and distribution costs spiked.
The Pivot: Hybrid Entertainment & Smart TVs
Facing an “irreversible churn” in the DTH segment, Dish TV is aggressively pushing its transformation into a digital-first entertainment hub.
VZY Smart TVs: The company has launched an integrated range of “Inbuilt STB” TVs that blend DTH expertise with next-gen streaming.
Watcho Multi-OTT: Its in-house OTT platform now aggregates over 25 apps, aiming to capture the shift in consumer preference.
Amazon Prime Tie-up: In November 2025, the group collaborated with Amazon to bundle Prime Lite benefits across its DTH and VZY Smart TV ecosystem to boost retention and ARPU.
Market Outlook and Debt Burden
The company’s financial distress is compounded by a heavy debt burden, with interest expenses consuming nearly 23% of its total revenue. While non-subscription streams like advertising income saw a twofold jump to ₹4.8 crore, they remain too small to offset the massive decline in the subscriber base.
”The company’s future hinges on its ability to successfully execute this ambitious digital transformation,” analysts noted, pointing to the negative book value and distressed valuation as critical risks.