Dish TV's Q2 operating revenue stands at ₹292 crore

Dish TV India has significantly pulled back on its promotional outlays, with marketing and promotional fees declining by 8.9% to ₹30.2 crore in the second quarter of FY27. The tightened marketing purse comes as the direct-to-home (DTH) operator grapples with deepening financial pressures, reporting a consolidated net loss of ₹295.7 crore for the quarter ended September 2026—more than double the ₹132.7 crore loss recorded during the same period last year.

The company's top line remained stagnant, posting operating revenue of ₹292.1 crore, a marginal 0.3% year-on-year growth. This flat trajectory masks a deeper shift in how the business is currently generating its cash. Subscription revenue, traditionally the bedrock of the DTH business, saw a steep 22.8% year-on-year erosion, dropping to ₹179.5 crore. Subscriptions now account for just 61.5% of total operating revenue, down sharply from nearly 80% a year ago.

While the company reined in its marketing budgets, overall expenditure still surged by 40.8% to ₹365 crore. This cost inflation was largely driven by a strategic pivot toward hardware. Sales of LED and LCD televisions under its newly expanded VZY connected entertainment portfolio spiked to ₹47.6 crore, a massive leap from just ₹5.1 crore last year. The sale of customer premises equipment (CPE) and related accessories also jumped to ₹22 crore.

However, the cost of goods and services associated with this hardware push rose by 51.2% to ₹216.7 crore, severely dragging down profitability. The company’s EBITDA swung to a negative ₹72.9 crore, a stark contrast to the positive ₹31.8 crore EBITDA reported in Q2 FY26.

The quarter also highlighted broader challenges in media monetization, with Dish TV’s advertisement income plummeting by 83.1% to a mere ₹1.7 crore.

Despite the financial strain, there are early signs of operational stabilization. The DTH operator reversed its recent subscriber bleed, adding 2.1 lakh active subscribers during the quarter to take its total base to 75.56 lakh as of September 2026. This sequential recovery follows a loss of over 4 lakh subscribers in the preceding quarter. The company noted that targeted subscriber engagement initiatives resulted in a 1.5% improvement in 30-day renewal rates, allowing them to simultaneously reduce recharge discounts by 29%.

"Our priority continues to be strengthening our core DTH business while building the connected entertainment platform of the future," Dish TV India CEO Manoj Dobhal stated, indicating a continued dual-track strategy of managing legacy broadcast operations while scaling the VZY ecosystem.

Amid these structural shifts, the company is also navigating leadership changes at the top of its customer engagement funnel. Swami Mehra, who served as Chief Customer Experience Officer, formally resigned on October 30, 2026, after a brief tenure of less than a year, citing external career opportunities.