Financial Results Overview

The Board of Directors approved the unaudited financial results for Q2 FY27 (quarter ended September 30, 2026) and half year ended September 30, 2026, both on standalone and consolidated basis.

Standalone Financial Results (Rs. in lacs):

Q2 FY27 (3 months ended September 30, 2026):

  • Revenue from operations: Rs. 11,008
  • Other income: Rs. 5,308
  • Total Income: Rs. 18,311
  • Total expenses: Rs. 19,647
  • Loss before exceptional items and tax: Rs. (3,336)
  • Loss before tax: Rs. (3,336)
  • Loss for the period: Rs. (3,336)
  • Basic EPS: Rs. (1.81)
  • Diluted EPS: Rs. (1.81)

Half Year FY27 (6 months ended September 30, 2026):

  • Revenue from operations: Rs. 18,373
  • Other income: Rs. 10,701
  • Total Income: Rs. 29,074
  • Total expenses: Rs. 39,962
  • Loss before exceptional items and tax: Rs. (10,888)
  • Loss before tax: Rs. (10,888)
  • Loss for the period: Rs. (10,888)
  • Basic EPS: Rs. (5.91)
  • Diluted EPS: Rs. (5.91)

Consolidated Financial Results (Rs. in lacs):

Q2 FY27 (3 months ended September 30, 2026):

  • Revenue from operations: Rs. 20,209
  • Other income: Rs. 56
  • Total Income: Rs. 20,265
  • Total expenses: Rs. 59,067
  • Loss before exceptional items and tax: Rs. (38,802)
  • Loss before tax: Rs. (38,802)
  • Loss for the period: Rs. (38,802)
  • Basic EPS: Rs. (21.06)
  • Diluted EPS: Rs. (21.06)

Half Year FY27 (6 months ended September 30, 2026):

  • Revenue from operations: Rs. 57,332
  • Other income: Rs. 847
  • Total Income: Rs. 58,179
  • Total expenses: Rs. 114,843
  • Loss before exceptional items and tax: Rs. (56,664)
  • Loss before tax: Rs. (56,664)
  • Loss for the period: Rs. (56,664)
  • Basic EPS: Rs. (30.75)
  • Diluted EPS: Rs. (30.75)

Segment-wise Performance (Consolidated)

Q2 FY27:

  • DTH business revenue: Rs. 24,375
  • LED TV business revenue: Rs. 4,758
  • Others revenue: Rs. 75
  • Total Revenue: Rs. 29,200
  • DTH business segment result: Rs. (21,070) loss
  • LED TV business segment result: Rs. (1,878) loss
  • Others segment result: Rs. (128) loss

Half Year FY27:

  • DTH business revenue: Rs. 45,738
  • LED TV business revenue: Rs. 9,914
  • Others revenue: Rs. 143
  • Total Revenue: Rs. 55,795

Key Financial Position (Standalone as at September 30, 2026)

  • Total assets: Rs. 192,809 lacs
  • Equity share capital: Rs. 18,413 lacs
  • Other equity: Rs. (400,673) lacs
  • Total liabilities: Rs. 574,818 lacs
  • Cash and cash equivalents: Rs. 86 lacs

Regulatory and Legal Matters

License Fee Dispute with MIB:

  • Received communication dated December 30, 2025, from MIB directing payment of Rs. 720,273 lacs towards license fee since grant of respective DTH Licenses up to FY 2024-26 (including interest till December 31, 2028)
  • Company has disputed the demand and maintains a provision of Rs. 499,579 lacs (increased from Rs. 486,558 lacs as at March 31, 2026) primarily towards interest as time value of money charge
  • Matter is sub-judice with writ petitions pending before Hon'ble High Court of Jammu & Kashmir and Ladakh and Hon'ble Supreme Court of India
  • CAG audit stayed by Hon'ble High Court order dated March 2, 2023

SEBI Show Cause Notice:

  • Company and Dish Infra received Show Cause Notice dated February 12, 2026, as co-noticees in matter of Zee Entertainment Enterprises Limited
  • Company believes it is in compliance with applicable laws
  • Settlement applications not accepted by SEBI
  • Replies filed denying allegations
  • No material adverse impact expected

Going Concern Assessment

  • Accumulated losses from business exceeded equity share capital (negative net worth) as at September 30, 2026
  • Due to declining subscriber base/business operations and potential unfavorable outcome of license fee matter
  • Management believes appropriate to prepare financial results on going concern basis considering no debt in books, business outlook and cash generation capability
  • Auditors highlighted this matter in their review report but did not modify conclusion

Board and Governance

  • Board meeting held on November 12, 2026, from 1530 Hrs to 1754 Hrs
  • Board currently has 4 members, below minimum required level of 6 Directors as per SEBI Listing Regulations
  • Steps being taken for induction of new members
  • Mr. Manoj Dobhal (CEO and Whole Time Director) authorized to sign financial results

Additional Business Updates

  • Dish Infra transitioned from rental scheme to sales-based model for Consumer Premise Equipment (CPE)
  • CPE previously classified as CWIP (Rs. 14,395 lacs as at March 31, 2026) reclassified to Inventory
  • DTH license provisional extension granted until new guidelines finalized