Dish TV Q2 loss exceeds revenue at ₹296 crore

Research Analyst: UJVIN NEVATIA (PROPRIETOR: NEVAT INVESTMENTS) | SEBI Registration No.: INH100009628 Dish TV India Limited ( DISHTV ) reported a consolidated net loss of ₹295.74 crore in Q2 FY27, more than double the ₹132.65 crore loss recorded a year ago. Revenue remained almost flat at ₹292 crore. What happened? Subscription revenue: Fell 22.8% to ₹179.5 crore. Total expenses: Increased 36.7% to ₹590.67 crore. EBITDA: Turned negative at ₹72.9 crore against a profit of ₹31.8 crore last year. Subscriber base: Added 2.10 lakh active subscribers, taking the total to 75.56 lakh. Growth in the VZY hardware business partly offset the decline in subscription revenue. Television sales increased to ₹47.6 crore from ₹5.1 crore. Why does it matter? Dish TV is expanding beyond traditional DTH services into smart televisions and connected entertainment. However, its core subscription business continues to weaken, while higher costs are affecting profitability. My view Subscriber additions are encouraging, but the changing revenue mix deserves attention. Hardware sales may support revenue, but the company needs to demonstrate that this business can generate sustainable margins and cash flows. What I am watching next I would track subscription revenue, subscriber retention, hardware margins, EBITDA recovery and cash flows. No Recommendations Source: Business Standard Disclosure: I, my entity, associates or relatives do not have any holding, position or other material interest in Dish TV India Limited.