Dish TV India Limited filed its audited consolidated financial results for the fourth quarter and financial year ended March 31, 2026, with the National Stock Exchange of India Limited and BSE Limited. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting where these results were approved commenced at 1430 Hrs and concluded at 1630 Hrs on May 26, 2026.

Financial Performance: Q4 FY26

  • Operating Revenues: ₹2,431 million, a decrease of 29.27% Year-over-Year (YoY) from ₹3,437 million in Q4 FY25.
  • Subscription Revenues: ₹1,563 million, a decrease of 47.19% YoY from ₹2,959 million in Q4 FY25.
  • EBITDA: ₹(700) million, compared to ₹973 million in Q4 FY25.
  • EBITDA Margin: (28.81)%.
  • Profit/(Loss) before exceptional items and tax: ₹(2,305) million.
  • Exceptional Items: ₹735 million.
  • Profit/(Loss) before tax: ₹(3,039) million.
  • Tax Expense: Nil for current tax, prior years tax, and deferred tax.
  • Net Loss for the period: ₹(3,039) million.

Revenue Breakdown: Q4 FY26

  • Subscription revenues constituted 64.3% of total operating revenues.
  • Marketing and promotional fees were ₹356 million (14.6% of revenues), down 0.6% YoY.
  • Advertisement income was ₹60 million (2.5% of revenues), up 44.9% YoY.
  • Other operating income was ₹452 million (18.6% of revenues), up 475.5% YoY.

Expenditure Breakdown: Q4 FY26

  • Total Expenditure: ₹3,131 million, an increase of 27.11% YoY.
  • Cost of goods & services: ₹1,720 million (70.8% of revenues), up 24.9% YoY.
  • Personnel cost: ₹355 million (14.6% of revenues), down 4.3% YoY.
  • Other expenses (Including S&D exp.): ₹1,056 million (43.5% of revenues), up 47.6% YoY.

Financial Performance: Full Year FY26

  • Operating Revenues: ₹11,626 million, a decrease of 25.84% YoY from ₹15,676 million in FY25.
  • Subscription Revenues: ₹8,863 million, a decrease of 35.64% YoY from ₹13,771 million in FY25.
  • EBITDA: ₹(69) million, compared to ₹5,291 million in FY25.
  • Profit/(Loss) before exceptional items and tax: ₹(6,612) million.
  • Exceptional Items: ₹1,435 million.
  • Profit/(Loss) before tax: ₹(8,046) million.
  • Tax Expense: ₹27 million for current tax; nil for prior years and deferred tax.
  • Net Loss for the period: ₹(8,074) million.

Revenue Breakdown: FY26

  • Subscription revenues constituted 76.2% of total operating revenues.
  • Marketing and promotional fees were ₹1,410 million (12.1% of revenues), up 3.2% YoY.
  • Advertisement income was ₹255 million (2.2% of revenues), up 26.5% YoY.
  • Other operating income was ₹1,099 million (9.5% of revenues), up 225.6% YoY.

Expenditure Breakdown: FY26

  • Total Expenditure: ₹11,695 million, an increase of 12.61% YoY.
  • Cost of goods & services: ₹6,282 million (54.0% of revenues), up 12.6% YoY.
  • Personnel cost: ₹1,565 million (13.5% of revenues), up 5.6% YoY.
  • Other expenses (Including S&D exp.): ₹3,848 million (33.1% of revenues), up 15.7% YoY.

Balance Sheet Highlights (as of March 31, 2026)

  • Equity Share Capital: ₹1,841 million (unchanged from FY25).
  • Other Equity: ₹(42,267) million (negative, worsened from ₹(34,271) million in FY25).
  • Total Borrowings (Non-current + Current): ₹120 million (Non-current) + ₹164 million (Current Trade Payables - micro/small) + ₹3,944 million (Current Trade Payables - others) = ₹4,228 million in financial liabilities.
  • Cash and Cash Equivalents: ₹272 million (down from ₹359 million in FY25).
  • Other Bank Balances: ₹1,193 million (down from ₹1,245 million in FY25).
  • Total Assets: ₹17,529 million (down from ₹23,038 million in FY25).
  • Total Equity & Liabilities: ₹17,529 million.

Strategic & Operational Highlights

  • The company is transitioning towards a hybrid entertainment ecosystem spanning DTH, OTT aggregation, connected devices, and Smart TV experiences.
  • Expanded the VZY Smart TV portfolio; VZY Smart TV sales crossed the ₹100 crore milestone.
  • Continued integration of DTH and OTT services within a unified ecosystem.
  • Advanced diversification strategy to increase contribution from non-DTH businesses over the next 18–24 months.
  • Successfully concluded Content India 2026 in partnership with C21Media, with 700+ delegates.
  • Strengthened industry positioning through discussions on AI-led storytelling and monetisation models.
  • Continued consumer engagement via the integrated 'Always-On' campaign.

Management Commentary

Manoj Dobhal, CEO & Executive Director, stated that consumer preferences are evolving towards connected experiences. The company is focused on building a future-ready hybrid entertainment ecosystem through platform diversification, connected devices, operational discipline, and strategic partnerships.

Outlook

The company remains focused on:

  • Accelerating transition towards a connected entertainment ecosystem.
  • Expanding VZY Smart TV and connected device presence.
  • Strengthening OTT aggregation and hybrid viewing capabilities.
  • Enhancing consumer engagement and retention initiatives.
  • Driving operational efficiencies and revenue diversification.
  • Increasing contribution from non-DTH and connected entertainment businesses.

The company acknowledged navigating a dynamic environment characterised by evolving consumer behaviour, digital competition, inflationary pressures, and technology transition risks.

Caution Concerning Forward-Looking Statements

The document includes forward-looking statements based on numerous assumptions, subject to risks and uncertainties including India's political and economic status, government policies, and conditions in the media and entertainment sectors.