Loss signal as Dish TV Q1 net loss widens and revenue falls 27.6 percent

MUMBAI: Dish TV is still buffering and this time, the picture is far from rosy. The DTH operator reported a consolidated net loss of Rs 94.53 crore for the quarter ended 30 June 2025, a sharp plunge from the mere Rs 1.56 crore loss logged in the same period last year. Revenue from operations shrank 27.6 per cent year-on-year to Rs 329.36 crore, down from Rs 455.29 crore, while total income stood at Rs 334.11 crore, aided by Rs 4.75 crore in other income.

Costs, however, went in the opposite direction. Total expenses climbed to Rs 425.92 crore, led by operating costs of Rs 142.10 crore, employee benefits of Rs 42.16 crore, and finance costs of Rs 64.12 crore. Depreciation and amortisation weighed in at Rs 105.28 crore.

The company’s balance sheet remains under heavy strain, with accumulated losses now exceeding equity share capital, pushing net worth into the negative. Adding to the pressure is a long-running license fee battle with the Ministry of Information and Broadcasting (MIB) Dish TV has set aside Rs 4,680.24 crore for the dispute, even as the MIB slapped a fresh Rs 8,735.67 crore demand (including interest) in April, which the operator is contesting in court.

For FY25, Dish TV’s annual loss narrowed to Rs 487 crore from a massive Rs 1,966 crore in FY24, but total revenue slid 15.6 per cent to Rs 1,567.6 crore, hit by falling Pay TV subscriber numbers and stagnant ARPU. EBITDA came in at Rs 529.1 crore, with margins easing to 33.75 per cent from last year’s 40.6 per cent.

While exceptional items of Rs 335.4 crore, a pre-tax loss of Rs 152.3 crore, and mounting competition from DTH rivals, cable, telecom, and OTT players dimmed the outlook, the company is leaning on its digital play. Watcho, its OTT arm, crossed the 10 million paid subscriber mark, thanks to premium content aggregation from Jiocinema, Zee5, Sonyliv and others, the launch of Watcho Fliqs for creator-led IP, and smart set-top boxes like the Dish Smrt Hub.

The strategy now is clear: retain quality subscribers, push regional content, and keep hybrid offerings in the mix because in today’s entertainment market, staying in the game might just be about playing on every screen available.