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Dish TV India Ltd

DISHTV
NSE
3.04
1.67%
Last Updated:
10 Apr '26, 3:59 PM
Company Overview
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Dish TV India Ltd

DISHTV
NSE
3.04
1.67%
10 Apr '26, 3:59 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
560Cr
Close
Close Price
3.04
Industry
Industry
Entertainment & Media
PE
Price To Earnings
PS
Price To Sales
0.44
Revenue
Revenue
1,263Cr
Rev Gr TTM
Revenue Growth TTM
-22.55%
PAT Gr TTM
PAT Growth TTM
-56.36%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
505500479470407455396373344329291299
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
Expenses
ExpensesCr
490287284290242291251250246257259341
Operating Profit
Operating ProfitCr
15213195180165164145123977332-42
OPM
OPM%
3.042.540.838.440.636.136.532.928.322.110.9-13.9
Other Income
Other IncomeCr
-1,899374-398659-32958-64
Interest Expense
Interest ExpenseCr
576666657067667164646968
Depreciation
DepreciationCr
200122119117115105121107106105104102
PBT
PBTCr
-2,14128183-417-2-37-47-402-92-133-276
Tax
TaxCr
-42171261,5730000300
PAT
PATCr
-1,721215-3-1,990-2-37-47-402-95-133-276
Growth YoY
PAT Growth YoY%
15.315.1-75.50.7-15.6-107.6-790.9-1,544.579.8-5,959.6-254.9-493.5
NPM
NPM%
-340.84.11.1-0.6-488.9-0.3-9.4-12.5-117.0-28.7-45.6-92.4
EPS
EPS
-8.90.10.00.0-10.30.0-0.2-0.2-2.1-0.5-0.7-1.4

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
2,7823,0603,0144,6346,1663,5563,2492,8022,2621,8571,5681,263
Growth
Revenue Growth%
10.910.0-1.553.733.1-42.3-8.6-13.8-19.3-17.9-15.6-19.4
Expenses
ExpensesCr
2,0492,0352,0363,3184,1221,4501,2321,1581,3481,1031,0391,103
Operating Profit
Operating ProfitCr
7331,0259791,3162,0442,1062,0171,644913754529160
OPM
OPM%
26.433.532.528.433.159.262.158.740.440.633.812.7
Other Income
Other IncomeCr
64644854-1,510-1,902-764-2,630-1,874-383-309-380
Interest Expense
Interest ExpenseCr
175209224396629565418325278267269266
Depreciation
DepreciationCr
6145916631,0721,4411,4261,5321,071849472439417
PBT
PBTCr
7290133-98-1,536-1,787-698-2,381-2,088-369-488-903
Tax
TaxCr
4-40324-13-372-133492-514-4051,59803
PAT
PATCr
3692109-85-1,163-1,655-1,190-1,867-1,684-1,967-488-906
Growth
PAT Growth%
102.021,951.6-84.2-177.7-1,270.3-42.228.1-56.99.8-16.875.2-85.7
NPM
NPM%
0.122.63.6-1.8-18.9-46.5-36.6-66.6-74.4-105.9-31.1-71.7
EPS
EPS
0.06.50.8-0.7-6.0-8.5-6.1-9.5-8.8-10.2-2.5-4.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
107107107184184184184184184184184184
Reserves
ReservesCr
-4202743846,5625,2983,6572,495744-981-2,949-3,435-3,653
Current Liabilities
Current LiabilitiesCr
3,4552,3243,0646,4347,5877,1916,3495,6885,2575,4565,5265,726
Non Current Liabilities
Non Current LiabilitiesCr
251,2347062,0021,3036203071051792114
Total Liabilities
Total LiabilitiesCr
3,1663,9394,26115,17214,34611,6099,2856,6684,4852,7092,3042,271
Current Assets
Current AssetsCr
9157616921,2172,044684737727760837675766
Non Current Assets
Non Current AssetsCr
2,2523,1783,56913,95512,30110,9258,5485,9413,7251,8721,6291,504
Total Assets
Total AssetsCr
3,1663,9394,26115,17214,34611,6099,2856,6684,4852,7092,3042,271

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
7671,1328201,0361,0902,2041,5741,141668676410
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
Net Cash Flow
Net Cash FlowCr
61-2982129-21021-19-21-1-76
Free Cash Flow
Free Cash FlowCr
62224-412012581,2101,1155073138511
CFO To PAT
CFO To PAT%
24,441.4163.5750.7-1,219.8-93.7-133.2-132.3-61.1-39.7-34.4-84.1
CFO To EBITDA
CFO To EBITDA%
104.7110.583.878.753.3104.778.069.473.289.777.5

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
8,7009,25211,50213,1017,1537551,7003,0802,3883,0881,037
Price To Earnings
Price To Earnings
2,721.713.3125.50.00.00.00.00.00.00.00.0
Price To Sales
Price To Sales
3.23.03.82.81.20.20.51.11.11.70.7
Price To Book
Price To Book
-27.824.328.31.91.30.20.63.3-3.0-1.1-0.3
EV To EBITDA
EV To EBITDA
11.39.812.111.24.40.81.22.02.53.91.7
Profitability Ratios
Profitability Ratios
GPM
GPM%
99.899.799.799.899.899.999.798.899.199.199.3
OPM
OPM%
26.433.532.528.433.159.262.158.740.440.633.8
NPM
NPM%
0.122.63.6-1.8-18.9-46.5-36.6-66.6-74.4-105.9-31.1
ROCE
ROCE%
-68.932.433.33.3-12.2-25.3-8.0-157.6250.63.76.8
ROE
ROE%
-1.0181.922.3-1.3-21.2-43.1-44.4-201.3211.271.115.0
ROA
ROA%
0.117.62.6-0.6-8.1-14.3-12.8-28.0-37.5-72.6-21.2
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.