Dish TV reported a net loss of approximately Rs 276 crore for Q3 FY26, sharply higher than the loss of around Rs 47 crore reported in the same quarter last year. The company reported exceptional items of around Rs 70 crore during the quarter, taking the loss before tax to about Rs 276 crore.
EBITDA slipped into a loss of about Rs 42 crore, compared with a positive EBITDA of around Rs 123 crore in the year-ago quarter.
The company’s operating revenues fell nearly 20% year-on-year to about Rs 300 crore, compared with around Rs 370 crore in the corresponding quarter last year, reflecting sustained pressure on its core subscription business amid cord-cutting and intensifying competition from digital platforms.
Subscription revenues declined 32% year-on-year to about Rs 225 crore, down from roughly Rs 330 crore a year earlier. Subscription income accounted for about 75% of operating revenues, compared with nearly 89% in the year-ago quarter, highlighting continued subscriber churn and pressure on average revenue per user.
The fall in subscription income was partially offset by growth in non-subscription revenue streams. Marketing and promotional fees rose 27% year-on-year to around Rs 40 crore, while advertisement income increased sharply to nearly Rs 5 crore, albeit on a low base.
On the cost side, total expenditure rose 36% year-on-year to about Rs 341 crore, significantly outpacing revenue growth. Expenses as a proportion of operating revenues expanded to around 114%, compared with about 67% in the same quarter last year.Cost of goods and services increased 17% to nearly Rs 160 crore, while personnel costs rose 5% to about Rs 39 crore. Other expenses, including selling and distribution costs, jumped sharply by nearly 85% to around Rs 142 crore, reflecting higher operational and platform-related spending.
Despite the weak financial performance, management reiterated its focus on building a hybrid entertainment ecosystem. The company continues to expand its connected-device footprint, scale its Watcho OTT platform, and deepen content partnerships to diversify revenues beyond traditional DTH subscriptions.
Commenting on the performance, Executive Director Manoj Dobhal said the Indian home entertainment market is undergoing a structural shift, and Dish TV is repositioning itself by integrating live TV, OTT, and smart features into a unified offering. He added that deeper OTT integration, creator monetisation through FLIQS, and strategic content partnerships are expected to strengthen the company’s long-term value proposition.
Looking ahead, Dish TV said it remains focused on driving new activations through its Rs 999 no-subsidy set-top box, improving customer retention, and optimising costs to support cash flows, even as execution risks around churn, monetisation, and service quality remain elevated.
