Dish TV India is accelerating a transformation from a traditional DTH operator into a broader entertainment and consumer technology platform, as structural changes in the media distribution market continue to weigh on its core subscription business.
The company’s consolidated revenue stood at ₹1,162.61 crore in FY26, down 25.84% year-on-year, primarily due to lower subscription revenue. EBITDA turned negative at ₹6.88 crore, compared with ₹529.08 crore in FY25. Other income increased 11.5% year-on-year to ₹29.38 crore.
The company said the financial performance reflected the impact of declining subscriptions, inflationary pressures and exchange rate fluctuations. While operational cost efficiencies continued, the fall in revenue and exceptional income contributed to higher losses.
DTH business faces structural disruption
Dish TV said the media distribution segment experienced a year-on-year decline in active pay-DTH subscribers during FY26, driven by three structural forces: migration of urban households to OTT platforms, the shift of price-sensitive subscribers towards free-to-air platforms and the rapid adoption of connected TVs.
The company said these trends are affecting DTH players across India and globally and could continue in the coming years.
Against this backdrop, Dish TV has been diversifying its content and entertainment offering. During FY26, it diversified channel bundles in its core DTH business, expanded original and regional content on Watcho and integrated OTT streaming into hybrid packages.
The company is also building what it calls a comprehensive entertainment ecosystem spanning DTH, OTT, smart TVs and streaming.
VZY Smart TV crosses ₹100 crore milestone
One of the biggest new bets is the VZY Smart TV, which was launched in September 2025 with Google TV.
The television combines 29-plus streaming apps with live television and is designed to provide an integrated entertainment experience without requiring a set-top box.
Dish TV said VZY Smart TV crossed the ₹100 crore gross shipment value mark during FY26. The company subsequently launched the VZY Entertainment Ecosystem, bringing together its DTH, OTT, smart TV and streaming capabilities, and announced an enhanced South India offering in May 2026.
The company sees the smart TV business as an important step beyond its traditional satellite television model.
Watcho expands creator and OTT play
Watcho remains central to Dish TV’s digital strategy.
The company has expanded original and regional content on the platform while strengthening its creator-driven proposition. Its curated OTT platform FLIQS gives young creators a platform to showcase their content while retaining creator rights.
Watcho offers films, web series and short-form videos across multiple regional and international languages.
Dish TV is also integrating Watcho into cloud-TV operated smart TVs, enabling a single login and subscription across the platform, alongside access to more than 25 popular OTT applications.
The company is also working towards a broader super-app experience, with its VZY Entertainment Ecosystem designed to bring together 29 streaming apps, live TV channels, AVOD programming and creator-led content.
Amazon Prime integration and regional focus
Dish TV has sought to strengthen its hybrid entertainment proposition through partnerships and bundled offerings.
The company partnered with Amazon Prime to combine Prime Lite benefits across DTH and hybrid set-top box platforms. It also plans to provide an integrated entertainment experience across Dish TV, Watcho and VZY Smart TVs.
On the DTH side, the company rolled out lower-cost South Indian language channel packs to attract and retain viewers and has announced an enhanced South India offering.
It is also using cashback incentives to encourage repeat recharges and specialised entertainment bundles to reduce customer churn.
ShopZop creates new commerce revenue stream
Dish TV has also moved into e-commerce with ShopZop, a B2B and B2C platform launched during March 2025.
The platform had more than 4,000 products listed during FY26, including Dish TV hardware, entertainment combo subscriptions, electronics, mobile accessories, kitchen and home electrical appliances, consumer lifestyle products and snack brands.
ShopZop leverages Dish TV’s distributor and retailer network, particularly across northern and eastern states. The company has more than 2,000 distributors and over 1,00,000 retailers, which it is using to expand the reach of the new platform.
Dish TV expects ShopZop to generate revenue through commission fees while allowing the company to create a commerce revenue layer on top of its entertainment ecosystem.
Content India aims to build cross-border content marketplace
Another new initiative is Content India, launched in collaboration with C21 Media.
The property is positioned as a physical and digital content trade hub connecting content creators, buyers and technology companies. It is intended to facilitate content deals, technology exchange, co-production and cross-border partnerships while helping Dish TV
Dish TV hosted the inaugural three-day Content India event in Mumbai in March 2026 and aims to organise more such events, with the stated ambition of making it the largest hub in Southeast Asia.
The company expects Content India to create new revenue opportunities through content partnerships and sponsorships while strengthening the content available across its platforms.
Dstribution strategy goes deeper into rural and semi-urban markets
While expanding into new businesses, Dish TV is also attempting to strengthen its core distribution network.
During FY26, it began micro-distribution initiatives by connecting with partners and appointing freelancers at the tehsil level to penetrate deeper into rural and semi-urban markets.
The company is also moving towards a more direct customer relationship, using digital platforms and tools for package customisation, troubleshooting and multilingual account management.
It is phasing out subsidies on set-top boxes and promoting recharge-based subscriptions while moving towards a cash-and-carry model for hardware trade.
Dish TV has also deployed AI-powered chatbots and data analytics to generate customer leads, understand consumption behaviour and support retention initiatives.
AI and technology become part of the operating model
Technology is playing a larger role across Dish TV’s operations.
The company said it is using AI-driven and NLP-based data analytics to understand consumer behaviour across Dish and non-Dish platforms and customise retention efforts.
Its websites and mobile applications use AI-powered chatbots and an advanced content management system. The company has also integrated a QR-code system into its technician app to capture signal strength and quality and improve productivity.
Dish TV said its IT systems include certifications under Capability Maturity Model Integration at Maturity Level 5, Version 2 for Development and Services, as well as ISO 20000-2018. It has also strengthened cybersecurity measures.
Dish TV faces ₹7,202.73 crore licence fee claim
The company continues to face a significant regulatory dispute over DTH licence fees.
Dish TV said that, in a communication dated December 30, 2025, the Ministry of Information and Broadcasting claimed ₹7,202.73 crore for the period from the date of issuance of the DTH licence through FY2024-25, including interest as of December 31, 2025.
The company has disputed the claim, stating that the licence fee issue is pending adjudication before the High Court of the Union Territory of Jammu & Kashmir and Ladakh at Jammu and the Supreme Court of India. Arguments before the High Court have been concluded.
From DTH operator to entertainment ecosystem
Dish TV’s FY26 strategy reflects a significant repositioning of the business.
The company continues to operate its traditional Dish TV, D2H and Zing brands, but is simultaneously building businesses across OTT, smart TVs, content aggregation, e-commerce and technology.
The shift comes as the economics of the traditional DTH market become increasingly challenging. Dish TV said competition from government-supported distribution services and telecom operators, along with the digital shift, is adversely affecting the reach and revenue of conventional DTH.
The company is therefore betting on a combination of hybrid entertainment, regional content, smart screens, creator-led platforms and new commerce and content businesses to create additional revenue streams.
Dish TV said it remains confident that initiatives such as the ₹100-crore milestone achieved by VZY Smart TV, the growth of Watcho and early traction from hybrid packages can support a recovery and return to growth.
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First Published on September 7, 2026, 23:33:30 IST
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