Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹560Cr
Rev Gr TTM
Revenue Growth TTM
-22.55%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -21.4 | -17.8 | -19.6 | -14.8 | -19.4 | -9.0 | -17.4 | -20.7 | -15.6 | -27.7 | -26.4 | -19.8 |
| 490 | 287 | 284 | 290 | 242 | 291 | 251 | 250 | 246 | 257 | 259 | 341 |
Operating Profit Operating ProfitCr |
| 3.0 | 42.5 | 40.8 | 38.4 | 40.6 | 36.1 | 36.5 | 32.9 | 28.3 | 22.1 | 10.9 | -13.9 |
Other Income Other IncomeCr | -1,899 | 3 | 7 | 4 | -398 | 6 | 5 | 9 | -329 | 5 | 8 | -64 |
Interest Expense Interest ExpenseCr | 57 | 66 | 66 | 65 | 70 | 67 | 66 | 71 | 64 | 64 | 69 | 68 |
Depreciation DepreciationCr | 200 | 122 | 119 | 117 | 115 | 105 | 121 | 107 | 106 | 105 | 104 | 102 |
| -2,141 | 28 | 18 | 3 | -417 | -2 | -37 | -47 | -402 | -92 | -133 | -276 |
| -421 | 7 | 12 | 6 | 1,573 | 0 | 0 | 0 | 0 | 3 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | 15.3 | 15.1 | -75.5 | 0.7 | -15.6 | -107.6 | -790.9 | -1,544.5 | 79.8 | -5,959.6 | -254.9 | -493.5 |
| -340.8 | 4.1 | 1.1 | -0.6 | -488.9 | -0.3 | -9.4 | -12.5 | -117.0 | -28.7 | -45.6 | -92.4 |
| -8.9 | 0.1 | 0.0 | 0.0 | -10.3 | 0.0 | -0.2 | -0.2 | -2.1 | -0.5 | -0.7 | -1.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 10.9 | 10.0 | -1.5 | 53.7 | 33.1 | -42.3 | -8.6 | -13.8 | -19.3 | -17.9 | -15.6 | -19.4 |
| 2,049 | 2,035 | 2,036 | 3,318 | 4,122 | 1,450 | 1,232 | 1,158 | 1,348 | 1,103 | 1,039 | 1,103 |
Operating Profit Operating ProfitCr |
| 26.4 | 33.5 | 32.5 | 28.4 | 33.1 | 59.2 | 62.1 | 58.7 | 40.4 | 40.6 | 33.8 | 12.7 |
Other Income Other IncomeCr | 64 | 64 | 48 | 54 | -1,510 | -1,902 | -764 | -2,630 | -1,874 | -383 | -309 | -380 |
Interest Expense Interest ExpenseCr | 175 | 209 | 224 | 396 | 629 | 565 | 418 | 325 | 278 | 267 | 269 | 266 |
Depreciation DepreciationCr | 614 | 591 | 663 | 1,072 | 1,441 | 1,426 | 1,532 | 1,071 | 849 | 472 | 439 | 417 |
| 7 | 290 | 133 | -98 | -1,536 | -1,787 | -698 | -2,381 | -2,088 | -369 | -488 | -903 |
| 4 | -403 | 24 | -13 | -372 | -133 | 492 | -514 | -405 | 1,598 | 0 | 3 |
|
| 102.0 | 21,951.6 | -84.2 | -177.7 | -1,270.3 | -42.2 | 28.1 | -56.9 | 9.8 | -16.8 | 75.2 | -85.7 |
| 0.1 | 22.6 | 3.6 | -1.8 | -18.9 | -46.5 | -36.6 | -66.6 | -74.4 | -105.9 | -31.1 | -71.7 |
| 0.0 | 6.5 | 0.8 | -0.7 | -6.0 | -8.5 | -6.1 | -9.5 | -8.8 | -10.2 | -2.5 | -4.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 107 | 107 | 107 | 184 | 184 | 184 | 184 | 184 | 184 | 184 | 184 | 184 |
| -420 | 274 | 384 | 6,562 | 5,298 | 3,657 | 2,495 | 744 | -981 | -2,949 | -3,435 | -3,653 |
Current Liabilities Current LiabilitiesCr | 3,455 | 2,324 | 3,064 | 6,434 | 7,587 | 7,191 | 6,349 | 5,688 | 5,257 | 5,456 | 5,526 | 5,726 |
Non Current Liabilities Non Current LiabilitiesCr | 25 | 1,234 | 706 | 2,002 | 1,303 | 620 | 307 | 105 | 17 | 9 | 21 | 14 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 915 | 761 | 692 | 1,217 | 2,044 | 684 | 737 | 727 | 760 | 837 | 675 | 766 |
Non Current Assets Non Current AssetsCr | 2,252 | 3,178 | 3,569 | 13,955 | 12,301 | 10,925 | 8,548 | 5,941 | 3,725 | 1,872 | 1,629 | 1,504 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 767 | 1,132 | 820 | 1,036 | 1,090 | 2,204 | 1,574 | 1,141 | 668 | 676 | 410 |
Investing Cash Flow Investing Cash FlowCr | -670 | -809 | -623 | -493 | -452 | -926 | -481 | -669 | -341 | -595 | -377 |
Financing Cash Flow Financing Cash FlowCr | -36 | -352 | -115 | -414 | -849 | -1,257 | -1,112 | -494 | -328 | -88 | -27 |
|
Free Cash Flow Free Cash FlowCr | 62 | 224 | -41 | 201 | 258 | 1,210 | 1,115 | 507 | 313 | 85 | 11 |
| 24,441.4 | 163.5 | 750.7 | -1,219.8 | -93.7 | -133.2 | -132.3 | -61.1 | -39.7 | -34.4 | -84.1 |
CFO To EBITDA CFO To EBITDA% | 104.7 | 110.5 | 83.8 | 78.7 | 53.3 | 104.7 | 78.0 | 69.4 | 73.2 | 89.7 | 77.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 8,700 | 9,252 | 11,502 | 13,101 | 7,153 | 755 | 1,700 | 3,080 | 2,388 | 3,088 | 1,037 |
Price To Earnings Price To Earnings | 2,721.7 | 13.3 | 125.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 3.2 | 3.0 | 3.8 | 2.8 | 1.2 | 0.2 | 0.5 | 1.1 | 1.1 | 1.7 | 0.7 |
Price To Book Price To Book | -27.8 | 24.3 | 28.3 | 1.9 | 1.3 | 0.2 | 0.6 | 3.3 | -3.0 | -1.1 | -0.3 |
| 11.3 | 9.8 | 12.1 | 11.2 | 4.4 | 0.8 | 1.2 | 2.0 | 2.5 | 3.9 | 1.7 |
Profitability Ratios Profitability Ratios |
| 99.8 | 99.7 | 99.7 | 99.8 | 99.8 | 99.9 | 99.7 | 98.8 | 99.1 | 99.1 | 99.3 |
| 26.4 | 33.5 | 32.5 | 28.4 | 33.1 | 59.2 | 62.1 | 58.7 | 40.4 | 40.6 | 33.8 |
| 0.1 | 22.6 | 3.6 | -1.8 | -18.9 | -46.5 | -36.6 | -66.6 | -74.4 | -105.9 | -31.1 |
| -68.9 | 32.4 | 33.3 | 3.3 | -12.2 | -25.3 | -8.0 | -157.6 | 250.6 | 3.7 | 6.8 |
| -1.0 | 181.9 | 22.3 | -1.3 | -21.2 | -43.1 | -44.4 | -201.3 | 211.2 | 71.1 | 15.0 |
| 0.1 | 17.6 | 2.6 | -0.6 | -8.1 | -14.3 | -12.8 | -28.0 | -37.5 | -72.6 | -21.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Dish TV India Limited, a pioneer in India’s Direct-to-Home (DTH) broadcasting sector, has transformed from a traditional satellite TV provider into a comprehensive, technology-driven **multi-screen entertainment and retail ecosystem**. With a pan-India presence across urban, semi-urban, and rural markets, Dish TV now operates across DTH, Over-the-Top (OTT), smart devices, e-commerce, and digital content creation under a multi-brand strategy.
The company’s vision centers on integrating **linear TV, pay-TV, and digital streaming** into a seamless, unified customer experience—positioning itself as the **first and only provider in India to offer broadcast, pay-TV, and aggregated OTT content through a single platform**.
---
### **Key Brands & Business Segments**
Dish TV operates a diversified portfolio of brands tailored to different consumer segments:
| Brand | Segment Focus |
|---------------|----------------------------------------------------|
| **Dish TV** | General DTH services, strong consumer brand recall |
| **d2h** | Semi-urban/rural, high trade partner loyalty |
| **Zing Super** | Freemium pay-TV + free-to-air (FTA) channels |
| **Watcho** | In-house OTT super app, youth-focused content |
| **FLIQS** | Creator-driven OTT content platform |
| **VZY** | Youth-centric brand with integrated Smart TVs |
| **ShopZop** | B2S e-commerce platform |
---
### **Strategic Transformation: From DTH to Digital Ecosystem**
Dish TV has undergone a significant strategic evolution to counter rising competition from telecom players, OTT platforms, and government services. Key highlights include:
- **Hybrid Business Model**: Integration of DTH with OTT content delivery across devices.
- **Debt-Free Operations**: Maintained a debt-free balance sheet for two consecutive years via disciplined cost control and revenue focus.
- **Digital-First Innovation**: Pioneering digital recharges, AI-driven customer service, and full D2C engagement.
---
### **Major Strategic Initiatives (Jul–Nov 2025)**
#### 🚀 **Launch of VZY – A Youth-Centric Brand (Nov 2025)**
- Introduced **VZY**, a new youth-focused brand emphasizing “**Vibe, Zone, You**.”
- Launched **VZY Smart TVs** – the company’s entry into the **Smart TV market**, combining DTH and OTT services in one device.
- Targets **underserved TV households** with affordable pricing, bundled OTT content, and service warranties.
- Aligns with growth in connected home devices and Gen Z viewing habits.
#### 📱 **Watcho: The OTT Super App (Sep–Nov 2025)**
- **Watcho** has reached **98 million downloads** and **14 million paid subscriptions** as of September 2025.
- Functions as a **content aggregator and super app**, bundling access to **24+ leading OTT platforms** including:
- JioHotstar
- ZEE5
- SonyLIV
- Lionsgate Play
- MX Player
- Offers **unified login, genre-based content curation, and a single payment system**—eliminating the need for multiple subscriptions.
- Supports **personalized viewing**, intelligent content discovery, and voice search features.
#### 🎬 **FLIQS: Creator-Driven Content Platform**
- Launched in **May 2025** as a **curated OTT platform** within Watcho.
- Focuses on **original, award-winning, and premium short-form digital content** in **regional and international languages**.
- Empowers content creators by allowing them to **retain full intellectual property rights**.
- Designed to attract youth, enhance mobile engagement, and improve long-term subscriber retention.
#### 🔄 **Dish TV Smart+ – Integrated Hybrid Platform**
- A **first-in-industry initiative** that bundles DTH and OTT content **at no extra cost**.
- Launched during FY 2024–25 and expanded across the customer base.
- Allows **cross-device accessibility** and unified entertainment access.
- Part of a broader plan to **phase out traditional set-top boxes** and reduce capital expenditure.
#### 📺 **Technological Innovation in Devices**
- **VZY Smart TVs**, **Dish SMRT Hub**, and **D2H Stream**: Android TV 9.0-powered hybrid HD set-top boxes that convert regular TVs into smart entertainment hubs.
- Features include:
- Google Assistant via Bluetooth remote
- Chromecast for mobile-to-TV streaming
- Access to games, apps, internet browsing
- **Smart dongles (Dish SMRT Kit & d2h Magic)**: Alexa-enabled devices that upgrade existing boxes to smart systems with access to **30,000+ Alexa skills**.
#### 🇮🇳 **Regional Focus & Market Expansion**
- Strengthened content offerings in **Southern India, West Bengal, Odisha, and Maharashtra** with localized programming.
- Offers **regional VAS bundles** such as:
- **Punjabi Active**, **Telugu Active**
- **Rangmanch Active** (theatre productions)
- **Ayushmaan Active** (senior citizen programming)
- Targeted **Hindi heartland and non-TV households** (~70 million) with the **Zing Super Box**, offering over **200 free channels for two years**—a cost-effective alternative to Free Dish and cable TV.
---
### **Distribution & Customer Reach**
- **Pan-India Network**:
- **2,083+ distributors**
- **Over 126,000–134,000 dealers** across **9,500+ towns**
- **Strong rural & semi-urban penetration**, where DTH alternatives are limited.
- Partnered with **major fintech platforms** (e.g., Paytm, PhonePe) for **QR code and UPI-based recharges** displayed directly on TV screens.
- Over **70% of recharges now digital**—driven by UPI, wallets, and in-app payments.
---
### **Customer Experience & Digital Engagement**
- **24x7 multilingual customer support** across **14–22 cities**, including via WhatsApp and AI tools.
- **DIA (d2h Intelligent Assistant)**: AI-powered chatbot for zero-human-touch customer service.
- **“Scan to Help”** feature: AI/ML tool on the My DishTV app that allows users to **scan error codes** and self-troubleshoot service issues.
- **DIY self-help portals** for recharges, pack changes, and complaint redressal.
---
### **Financial & Operational Strengths**
- Maintains **strong brand equity** and **high customer loyalty** in rural and tier-2/3 markets.
- **First-mover advantage** in integrated media delivery.
- Diversified revenue streams: subscription (DTH + OTT), value-added services, e-commerce (ShopZop), and creator monetization (FLIQS).
- **Subsidiaries for scalability**:
- **Dish Bharat Ventures Pvt. Ltd.** – Manages e-commerce, order fulfillment, and backend tech.
---
### **Challenges & Competitive Landscape**
- Faces **intense competition** from:
- Domestic DTH players (Tata Play, Airtel)
- OTT giants (Netflix, Amazon Prime)
- Telecom bundles (JioFiber)
- Government’s Free Dish service
- Shifting consumer preferences toward **mobile-first, on-demand content**.
- Rising costs due to **NTR (New Tariff Order)** regulations partially addressed through pricing adjustments.