DTH
With d2h merger, Essel Group will have world’s largest subs base
BENGALURU: The Essel group is one of the largest media and entertainment industry players in India. Its flagship company is Zee Entertainment Enterprises Limited (Zeel) that has a weightage of 45 per cent on the National Stock Exchange’s Nifty Media Index.
Its group company, Dish TV Limited (Dish) is also is the largest DTH player in the country in terms of number of subscribers. Along with DTH services, the group also has one of the largest cable operators or multi-system operators (MSO) in Siti Networks Limited or Siti (the erstwhile Siti Cable Network Limited). Amongst the major MSOs in India, Siti is the only one that has added 1.5 million (15 lakh) subscribers over the past few quarters, while its peers have had stagnating subscriber numbers.
On combining the number of subscribers, the two carriage industry players are already a force to reckon with – a fact that the Essel Group recognised, and will leverage. In an industry first, the two formed a content negotiating joint venture (JV) called Comnet. Both Dish and Siti are equal partners in the JV that came into existence on 1 July, 2015. As part of the JV, both companies said that they would hold joint discussions with broadcasters post which separate direct contracts between the broadcaster and distribution platform will be signed. Further, the JV’s intent is to bring together the industry on contentious taxation issues like the hike in entertainment tax in Delhi.
Let us look at what we have on the table — Siti had 12.2 million (1.22 crore) subscribers — of which 8.4 million (84 lakh) were digital as per its Q1-17 report, and Dish has reported a subscriber base of 15.1 million (1.51 crore) – totalling 27.3 million(2.73 crore). Now the merger with Videocon d2h will bring in another 12.5 million (1.25 crore) subscribers into the Essel fold for a grand total of 39.8 million (3.98 crore), hence about 2 million (20 lakh) more than the 37.8 million (3.78 crore) subscribers reported for DIRECTV.
Zeel’s channels have been regularly making it to the top five or 10 in the Broadcast Audience Research Council (BARC) ratings across various genres, be they Hindi general entertainment (GEC), regional channels, movies, English entertainment, etc. Another group company, Zee Media Corporation Limited (ZMCL), offers general news and business news across its television channels.
The fact that a number of the top rated channels are Essel group companies as well as a huge slice of the Indian television subscription market is indeed huge leverage – bear in mind that the group will probably control more than 25 percent of the carriage industry in the country. And what with the sunset date for DAS phase IV nearing with no let-up in sight from the government, subscription numbers will only grow.
With this merger, synergies of the two match perfectly. Dish is more of a value player with offerings for all markets including rural, while Videocon d2h is a premium player.
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.
