Dish TV India Reports Q3 FY26 Results: Revenue at ₹2,991 Million, EBITDA at ₹(415) Million
Dish TV India reported Q3 FY26 results with operating revenues of ₹2,991 million and EBITDA of ₹(415) million. Subscription revenues decreased by 32.2% year-on-year. The company is focusing on a hybrid entertainment strategy, integrating DTH with OTT services and expanding its VZY Smart TVs and Watcho platform.
The financial results show a decline in key metrics. While the company is implementing strategic changes, the immediate impact of these results on investor sentiment and stock performance could be moderate, given the ongoing transformation efforts.
The company reported a significant year-on-year decline in subscription revenues and total revenues, along with a negative EBITDA, indicating a challenging financial performance during the quarter.
Dish TV India Limited has reported its unaudited financial results for the third quarter and nine months ended December 31, 2025 (Q3 FY26). The company is strategically repositioning itself from a traditional DTH operator to a connected-home platform, integrating live TV, OTT, and smart features to meet evolving consumer preferences.
The Board of Directors has approved and taken on record the audited consolidated financial results for the quarter. Key strategic initiatives include the nationwide expansion of VZY Smart TVs, integration of Amazon Prime Video across its platforms, scaling of the Watcho Super App, and strengthening FLIQS as a creator-driven platform.
In terms of operating performance for Q3 FY26, the company reported Operating Revenues of ₹2,991 million, Subscription Revenues of ₹2,245 million, and EBITDA of ₹(415) million. This represents a significant decrease in subscription revenues by 32.2% year-on-year, while total revenues declined by 19.8% to ₹2,991 million from ₹3,730 million in the prior year period. Total expenses increased by 36.1% to ₹3,406 million.
Manoj Dobhal, CEO & Executive Director, stated, “The Indian home entertainment market is undergoing a structural shift, and Dish TV is actively repositioning itself to remain relevant and competitive. Our hybrid offerings integrate live TV, OTT, and smart features into a single ecosystem, improving consumer convenience and engagement.” He further added that initiatives like deeper OTT integration, scaling of Watcho, and content partnerships are laying the foundation for a diversified, future-ready entertainment platform.
The company's outlook focuses on expanding connected devices, scaling digital and OTT platforms, enhancing monetization through hybrid models, leveraging content partnerships, and optimizing costs. Strategic priorities include driving new activations with a ₹999 set-top box, positioning Watcho as a growth engine, blending subscription, advertising, and platform revenue, and securing strategic content alliances.
Operational progress includes improving asset discipline, cost optimization through renegotiated transponder contracts and expense rationalization, and intensified customer retention programs. These efforts are expected to improve margin, uplift cash flow, and support disciplined capital allocation.
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Dish TV India Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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