Dish TV bets on smart TVs, OTT and quick commerce as DTH revenue falls 26 per cent in FY26

MUMBAI: Dish TV is changing the channel, and the new programming goes well beyond the set-top box.

Dish TV India Limited, one of India’s early DTH players, is accelerating its move into connected screens, digital content and quick commerce as traditional television faces mounting pressure from OTT platforms, free-to-air services and the growing adoption of connected TVs.

The shift comes as the company’s financial performance remains under strain. According to its 38th Annual Report for FY 2025-26, consolidated sales and services revenue fell 25.84 per cent to Rs 1,162.61 crore from Rs 1,567.60 crore in FY25.

The bottom line took an even bigger hit. Dish TV’s consolidated net loss widened 65.56 per cent to Rs 807.36 crore, compared with Rs 487.66 crore a year earlier.

Operating performance also weakened sharply. EBITDA swung to a loss of Rs 6.88 crore from a profit of Rs 529.08 crore in FY25. Total consolidated income stood at Rs 1,191.99 crore, while total expenses rose to Rs 1,853.15 crore from Rs 1,746.23 crore.

Finance costs remained broadly stable at Rs 269.80 crore, compared with Rs 268.65 crore in the previous year. Depreciation and amortisation declined to Rs 413.86 crore from Rs 439.08 crore, while exceptional items stood at Rs 143.48 crore, against Rs 335.38 crore in FY25.

On a standalone basis, revenue from sales and services fell to Rs 465.57 crore from Rs 587.57 crore. The company reported a standalone net loss of Rs 801.46 crore.

With the business in the middle of a transformation, the board did not recommend a dividend for FY26, choosing instead to retain internal accruals for the company’s future business needs.

The company’s strategy is increasingly centred on meeting viewers where they are moving, rather than waiting for them to return to conventional DTH.

Chairman and executive director Manoj Dobhal is steering the expansion into connected devices and digital entertainment as Dish TV responds to changing viewing habits.

One of the key moves has been VZY Smart TV, launched in September 2025 and powered by Google TV. The company said gross shipments of the integrated smart-screen business crossed Rs 100 crore during FY26.

Dish TV has also expanded Watcho, its content aggregation platform. The app incorporates short-form video platform FLIQS and offers access to more than 25 OTT applications. The company also partnered with Amazon Prime as part of its broader content strategy.

In March 2026, Dish TV hosted its first Content India trade event in partnership with C21 Media, underlining its efforts to build a wider ecosystem around content rather than remaining focused solely on television distribution.

The company’s diversification does not stop at entertainment.

Dish TV launched ShopZop in March 2025 as a B2B and B2C quick-commerce marketplace. The platform offers more than 4,000 products and is designed to monetise Dish TV’s extensive distribution network, which includes more than 2,000 distributors and 100,000 local retailers.

The strategy effectively turns the company’s physical distribution footprint into a potential digital commerce network, giving it another avenue for growth as its traditional DTH business faces structural pressure.

While Dish TV looks towards new businesses, legacy regulatory matters continue to weigh on the company.

The operator remains engaged in legal proceedings with the Ministry of Information and Broadcasting over historical DTH licence fees. The latest demand notice issued by the ministry in December 2025 amounts to Rs 7,202.73 crore up to FY25.

Dish TV maintains that the matter is sub judice and remains before the courts.

The company has also made changes to its corporate footprint. Its registered office shifted to Vikhroli, Mumbai, in February 2026, while its corporate office moved to Noida, Uttar Pradesh, in August 2026.

Following the merger of Videocon D2h, 12,953,273 global depositary receipts remained listed on the London Stock Exchange as of March 31, 2026.

Dish TV’s 38th Annual General Meeting is scheduled to take place through video conference on September 29, 2026.

Among the resolutions before shareholders will be the reappointment of Manoj Dobhal as CEO. Dobhal received remuneration of Rs 2.48 crore during FY26.

Shareholders will also vote on the ratification of Rs 4 lakh in fees for cost auditor M/s Chandra Wadhwa & Co.

For Dish TV, the road ahead is increasingly about changing the viewing destination as much as the viewing experience. With DTH revenue under pressure, the company’s bets on smart TVs, OTT aggregation and quick commerce could determine whether its next growth story comes from broadcasting the old way or building a broader connected ecosystem.