DTH
Loss signal as Dish TV Q1 net loss widens and revenue falls 27.6 percent
MUMBAI: Dish TV is still buffering and this time, the picture is far from rosy. The DTH operator reported a consolidated net loss of Rs 94.53 crore for the quarter ended 30 June 2025, a sharp plunge from the mere Rs 1.56 crore loss logged in the same period last year. Revenue from operations shrank 27.6 per cent year-on-year to Rs 329.36 crore, down from Rs 455.29 crore, while total income stood at Rs 334.11 crore, aided by Rs 4.75 crore in other income.
Costs, however, went in the opposite direction. Total expenses climbed to Rs 425.92 crore, led by operating costs of Rs 142.10 crore, employee benefits of Rs 42.16 crore, and finance costs of Rs 64.12 crore. Depreciation and amortisation weighed in at Rs 105.28 crore.
The company’s balance sheet remains under heavy strain, with accumulated losses now exceeding equity share capital, pushing net worth into the negative. Adding to the pressure is a long-running license fee battle with the Ministry of Information and Broadcasting (MIB) Dish TV has set aside Rs 4,680.24 crore for the dispute, even as the MIB slapped a fresh Rs 8,735.67 crore demand (including interest) in April, which the operator is contesting in court.
For FY25, Dish TV’s annual loss narrowed to Rs 487 crore from a massive Rs 1,966 crore in FY24, but total revenue slid 15.6 per cent to Rs 1,567.6 crore, hit by falling Pay TV subscriber numbers and stagnant ARPU. EBITDA came in at Rs 529.1 crore, with margins easing to 33.75 per cent from last year’s 40.6 per cent.
While exceptional items of Rs 335.4 crore, a pre-tax loss of Rs 152.3 crore, and mounting competition from DTH rivals, cable, telecom, and OTT players dimmed the outlook, the company is leaning on its digital play. Watcho, its OTT arm, crossed the 10 million paid subscriber mark, thanks to premium content aggregation from Jiocinema, Zee5, Sonyliv and others, the launch of Watcho Fliqs for creator-led IP, and smart set-top boxes like the Dish Smrt Hub.
The strategy now is clear: retain quality subscribers, push regional content, and keep hybrid offerings in the mix because in today’s entertainment market, staying in the game might just be about playing on every screen available.
DTH
GTPL Hathway posts FY26 revenue growth, Q4 slips into loss
Annual profit at Rs 5.88 crore; Q4 loss at Rs 5.90 crore
MUMBAI: A strong year met a shaky finish as GTPL Hathway closed FY26 on a high note only to stumble at the final hurdle. The company’s latest financials reveal a tale of two timelines: steady annual growth alongside a fourth-quarter dip that nudged it into the red. GTPL Hathway Limited reported total income of Rs 2,472.46 crore for the year ended March 31, 2026, marking a clear rise from Rs 2,223.00 crore in FY25. Revenue from operations stood at Rs 2,450.78 crore, up from Rs 2,193.38 crore a year ago, signalling consistent traction in its core cable TV and broadband business.
Yet, beneath the annual growth narrative, the March quarter told a different story. The company posted a net loss of Rs 5.90 crore in Q4 FY26, a sharp reversal from a profit of Rs 0.91 crore in the preceding quarter and Rs 8.15 crore in the same period last year. Total income for the quarter came in at Rs 618.46 crore, largely flat sequentially but higher than Rs 569.33 crore reported a year earlier.
The pressure was visible across the cost structure. Total expenses for the quarter rose to Rs 620.64 crore, marginally exceeding income and tipping the company into a loss before tax of Rs 7.87 crore. This compares with a profit before tax of Rs 1.22 crore in the December quarter and Rs 11.32 crore in Q4 FY25.
For the full year, however, profitability held firm. GTPL reported a net profit of Rs 5.88 crore in FY26, significantly lower than Rs 47.80 crore in FY25, but still in positive territory despite higher finance costs and operating expenses. Operating expenses alone climbed to Rs 1,884.53 crore for the year, up from Rs 1,603.53 crore, reflecting the increasing cost of running and scaling network infrastructure.
Finance costs also rose notably to Rs 33.57 crore in FY26 from Rs 22.19 crore in FY25, while depreciation and amortisation expenses stood at Rs 189.19 crore, underlining continued investments in assets and technology. Employee benefit expenses, however, declined to Rs 63.42 crore from Rs 77.08 crore, offering some relief on the cost front.
An exceptional item of Rs 5.69 crore during the year also weighed on profitability, compared with Rs 3.79 crore in the previous year. Meanwhile, tax adjustments, including deferred tax movements and prior-year adjustments, played a role in shaping the final earnings outcome.
Despite the quarterly wobble, the broader picture suggests a company still expanding its top line while grappling with margin pressures. With paid-up equity share capital unchanged at Rs 112.46 crore, the focus now shifts to whether GTPL can convert its revenue momentum into more stable, sustainable profitability in the coming quarters.
In short, FY26 may have delivered growth on paper but the closing chapter serves as a reminder that in business, as in broadband, consistency is everything.
