Date: November 12, 2026

Financial Results (Consolidated)

Q2 FY27 Performance:

  • Operating Revenue: ₹2,921 million (0.3% YoY change from ₹2,911 million in Q2 FY26)
  • Subscription Revenue: ₹1,795 million (22.8% decrease YoY from ₹2,324 million)
  • EBITDA: ₹(729) million (328.8% decrease YoY from ₹318 million)
  • EBITDA Margin: (24.95)%
  • Profit/(Loss) for the period: ₹(2,957) million (compared to ₹(1,327) million loss in Q2 FY26)
  • Other Income: ₹28 million (65.2% decrease YoY from ₹82 million)
  • Depreciation & amortization expenses: ₹1,579 million (52.3% increase YoY from ₹1,037 million)
  • Finance costs: ₹678 million (1.7% decrease YoY from ₹690 million)

Revenue Breakdown (% of Operating Revenues):

  • Subscription revenues: 61.5% (₹1,795 million)
  • Marketing and promotional fees: 10.3% (₹302 million)
  • Sales of CPE and accessories: 7.5% (₹220 million)
  • Sales of LED/LCD: 16.3% (₹476 million)
  • Advertisement income: 0.6% (₹17 million)
  • Other Operating income: 3.8% (₹111 million)

Expenditure Breakdown (% of Operating Revenues):

  • Cost of goods & services: 74.2% (₹2,167 million)
  • Personnel cost: 14.6% (₹426 million)
  • Other expenses (Including S&D exp.): 36.2% (₹1,058 million)
  • Total expenses: 125.0% (₹3,650 million)

Balance Sheet Highlights

As of September 30, 2026 (Unaudited):

  • Equity share capital: ₹1,841 million (unchanged from previous year)
  • Other equity: ₹(48,099) million (deteriorated from ₹(36,531) million)
  • Total Equity & Liabilities: ₹15,297 million (decreased from ₹22,707 million)

Key Assets:

  • Property, Plant & Equipment: ₹6,378 million (decreased from ₹9,302 million)
  • Inventories: ₹1,913 million (increased significantly from ₹187 million)
  • Trade receivables: ₹667 million (decreased from ₹804 million)
  • Cash and cash equivalents: ₹95 million (decreased from ₹162 million)
  • Bank balances other than cash: ₹640 million (decreased from ₹1,201 million)

Key Liabilities:

  • Trade payables to creditors other than micro/small enterprises: ₹6,627 million (increased from ₹5,068 million)
  • Provisions: ₹50,804 million (increased from ₹48,240 million)
  • Other current liabilities: ₹3,415 million (increased from ₹3,250 million)

Strategic Progress

VZY Ecosystem Expansion:

  • VZY Smart TVs crossed cumulative sales of ₹200 crore within first year of launch
  • Expanded product portfolio with introduction of 75-inch screen-size category
  • Extended availability to leading e-commerce platforms Flipkart and Amazon
  • Undertook regional market activations around FIFA and Onam in Kerala

New Product Launch:

  • Launched VZY Linear TV Streaming during the quarter
  • Offering includes over 200 live television channels and more than 29 OTT platforms
  • Features electronic programme guide and TV-style channel navigation
  • Content partners include JioStar, Sony Pictures Networks India, Warner Bros. Discovery India and Zee Entertainment

Operating Performance

Subscriber Metrics:

  • Active subscriber base: 75.56 lakh as of September 2026 (increased from 73.46 lakh at June 2026 end)
  • Net addition of 2.10 lakh subscribers during Q2 FY27 (sequential improvement after decline of 4.38 lakh in Q1 FY27)

Renewal Behavior Improvement:

  • Share of due customers renewing within 30 days increased by 1.5% over Q1 FY27
  • Recharge discounts reduced by 29%

Management Commentary

Manoj Dobhal, CEO & Executive Director:

Emphasized priority on strengthening core DTH business while building connected entertainment platform. Focused on improving subscriber engagement and renewal behavior with more disciplined approach to promotional spends. Believes India's entertainment market will be defined by convergence rather than substitution, aiming to build hybrid entertainment ecosystem through VZY platform.

Outlook

Key areas of focus for coming quarters:

  • Improving subscriber engagement and renewal behavior while maintaining discipline in promotional spends
  • Expanding reach and adoption of VZY Linear TV Streaming
  • Growing VZY Smart TV business through wider distribution and improved retailer productivity
  • Continuing to develop integrated offering across DTH, OTT and connected devices
  • Enhancing operational efficiencies and maintaining financial discipline

KMP / Board Changes

Not Specified

Dividend Declaration

Not Specified

Disinvestment / Strategic Actions

Not Specified