Dish TV FY26 Loss Widens as OTT Competition Hits Subscription Revenue

 

New Delhi: reported a sharp rise in losses for FY26 as the company continued to face intense pressure from OTT streaming platforms and changing consumer viewing habits.

 

 

 

 

The direct-to-home (DTH) operator posted a consolidated net loss of ₹807 crore in FY26, compared to ₹488 crore in FY25. Operating revenue also declined by 25.8% year-on-year to ₹1,163 crore.

 

 

 

 

 

The biggest blow came from subscription revenue, which fell 35.6% to ₹886 crore, highlighting the growing shift of viewers from traditional DTH services to digital streaming platforms.

 

 

 

 

According to TRAI data, Dish TV remained India’s fourth-largest pay TV operator with around 9.8 million active subscribers. However, the company admitted that rising OTT competition, inflationary pressures, and evolving viewing preferences continue to impact business performance.

 

 

 

 

The company’s EBITDA slipped into negative territory with a loss of ₹7 crore, compared to earnings of ₹529 crore in FY25.

For the March quarter, Dish TV reported a net loss of ₹304 crore, while quarterly operating revenue declined nearly 29.3% to ₹243 crore. Subscription revenue during the quarter plunged 47.2% year-on-year.

 

 

 

 

Dish TV CEO Manoj Dobhal said the company is focusing on its hybrid entertainment strategy through expansion of its VZY Smart TV portfolio and OTT aggregation services.

The company revealed that VZY Smart TV sales crossed the ₹100 crore mark during FY26 as it attempts to diversify beyond its core DTH business.

 

 

 

 

 

Dish TV is also facing a major legal dispute with the Ministry of Information and Broadcasting over DTH licence fees. The ministry has reportedly asked the company to pay ₹7,203 crore, including interest, up to FY25. The matter remains under litigation before various courts, including the Jammu & Kashmir and Ladakh High Court and the Supreme Court.

 

 

 

 

 

 

Meanwhile, the company received relief on the corporate governance front after JC Flowers Asset Reconstruction withdrew its petition before the NCLT. Dish TV subsequently secured shareholder approval for the appointment of three independent directors to its board.

 

 

 

 

Industry experts believe the latest financial results underline the growing disruption caused by OTT platforms in India’s television and entertainment sector, forcing legacy DTH operators to rapidly transform their business models.