The direct-to-home (DTH) operator reported a consolidated net loss of Rs 807 crore in FY26, compared with a loss of Rs 488 crore in FY25, while operating revenue declined 25.8% year-on-year (YoY) to Rs 1,163 crore from Rs 1,568 crore.
Subscription revenue, its key earnings stream, dropped 35.6% YoY to Rs 886 crore from Rs 1,377 crore a year earlier.
According to the Telecom Regulatory Authority of India’s (TRAI) Performance Indicator Report, Dish TV was India’s fourth-largest pay TV operator with an active subscriber base of 9.8 million, underscoring pressure on legacy DTH platforms from streaming rivals.
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EBITDA slipped into the red with a loss of Rs 7 crore, compared with earnings of Rs 529 crore in FY25.
For the March quarter, Dish TV reported a consolidated net loss of Rs 304 crore, narrowing from Rs 402 crore in the corresponding quarter last year.However, quarterly operating revenue declined 29.3% YoY to Rs 243 crore from Rs 344 crore, while subscription revenue plunged 47.2% to Rs 156 crore from Rs 296 crore. Q4 EBITDA turned negative at Rs 70 crore loss, compared with a profit of Rs 97 crore a year earlier.
Total expenditure during the March quarter rose 27.1% YoY to Rs 313 crore from Rs 246 crore, driven by a 24.9% increase in cost of goods and services and a 47.6% jump in other expenses. For FY26, expenditure rose 12.6% to Rs 1,170 crore from Rs 1,039 crore.
Dish TV said business performance remained under pressure from intensifying competition from OTT and digital platforms, evolving consumer viewing preferences, persistent inflationary pressures and currency depreciation.
Chief executive Manoj Dobhal said the company continued to advance its hybrid entertainment strategy through expansion of its VZY Smart TV portfolio and OTT aggregation offerings.
“Consumer viewing preferences continue to evolve towards more connected and integrated entertainment experiences across screens and platforms,” Dobhal said. “Our long-term focus remains on building a future-ready hybrid entertainment ecosystem through platform diversification, connected entertainment experiences, operational discipline, and strategic partnerships.”
Dish TV said VZY Smart TV sales crossed the Rs 100 crore milestone during FY26 as it sought to diversify beyond its core DTH business and increase the contribution of non-DTH businesses over the next 18-24 months.
The company, however, continues to face a significant legal overhang from its long-running dispute with the Ministry of Information and Broadcasting (MIB) over DTH licence fees.
Dish TV disclosed that the ministry, in a communication dated December 30, 2025, directed it to pay Rs 7,203 crore towards licence fees, including interest, up to FY25. The amount remains subject to reconciliation based on the outcome of a CAG audit and pending litigation before various judicial forums.
Dish TV said it has disputed the demand and continues to challenge the validity, computation and applicability of licence fees and interest before the Jammu & Kashmir and Ladakh High Court. Related petitions involving other DTH operators are pending before the Supreme Court.
The company has provided Rs 4,866 crore towards the liability in its books as of March 31, 2026, up from Rs 4,613 crore a year earlier, primarily due to interest accretion.
In a governance-related relief, JC Flowers Asset Reconstruction last month withdrew its petition before the National Company Law Tribunal (NCLT) seeking an extraordinary general meeting of Dish TV. JC Flowers, which inherited its stake from Yes Bank, owns a 24.2% stake in the company.
Following the withdrawal, Dish TV secured shareholder approval for the appointment of three independent directors to its board, with 99.49% votes cast in favour. The appointees include Arun Kumar Kapoor, Heena Naishadh Bhatt and Ashok Anant Paranjpe.
