Dish TV India Limited (DISHTV) AI Stock Analysis

• Market Cap: ₹4.81B
• Dividend Yield: N/A
• Average Volume (3M): 564.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.22
• Revenue Growth: -22.62%
• EPS Growth: 66.73%
• Country: IN
• Employees: 341
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): -1.50
• Shares Outstanding: 1,841,254,000
• 10 Day Avg. Volume: 366,385
• 30 Day Avg. Volume: 564,676
• PEG Ratio: 0.03
• Price to Book (P/B): -0.36
• Price to Sales (P/S): 0.74
• P/FCF Ratio: 116.54
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: ₹2.50 ▼(-38.57% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is primarily weighed down by weak financial performance (declining revenue, persistent losses, and negative equity/solvency risk). Technical indicators also show a sustained downtrend and weak momentum, while valuation is not supportive given the negative P/E and lack of dividend yield data.

Positive Factors

Recurring subscription model

Dish TV's core pay-TV model is built on recurring subscription payments, creating a predictable revenue base and high customer lifetime value when churn is managed. This structural cash inflow supports steady operating receipts and underpins long-term service and retention investments.

Positive operating cash flow

Positive operating cash flow indicates the platform collects cash from subscribers and can fund day-to-day operations without immediate external financing. This durable cash generation cushions operational continuity and allows incremental capital allocation to customer retention and technology despite accounting losses.

High gross profit margin

A relatively high gross margin from tight content and distribution cost control provides a structural buffer to cover fixed costs and invest in platform enhancements. Sustained gross profitability improves the company's ability to improve EBIT margins if scale or ARPU stabilizes.

Negative Factors

Declining revenue trend

A steep multi-period revenue decline undermines scale economics, reduces ARPU leverage, and makes it harder to spread fixed broadcast and distribution costs. Over months this erodes market position, limits reinvestment capacity, and increases dependency on cost cuts or strategic pivots to restore growth.

Negative shareholders' equity

Negative equity and high leverage signal solvency and financing constraints, restricting access to debt or equity on reasonable terms. Structurally this limits flexibility for content deals, set-top box upgrades, or marketing, and raises refinancing and covenant risk over the medium term.

Persistent net losses

Ongoing net losses and weak EBIT/EBITDA margins reduce retained earnings and force reliance on external funding for capex and strategic initiatives. Over 2-6 months this constrains investment in customer retention, product development, and may necessitate restructuring or asset sales to stabilize operations.

Dish TV India Limited Business Overview & Revenue Model

Company Description

Dish TV India Limited, together with its subsidiaries, provides direct to home and teleport services primarily in India. It distributes its products and services through a network of distributors and dealers. As of December 30, 2020, the company offered approximately 719 channels and services, including 31 audio channels, and 76 high definition channels and services under the Dish TV, Zing, and d2h brands. The company has strategic partnership and collaboration with Amazon Prime Video, Amazon Alexa, ShortsTV, Zee5, Hungama Play, Voot, Sony Liv, and Alt Balaji to provide services to its Dish TV and d2h subscribers. Dish TV India Limited was incorporated in 1988 and is based in Noida, India.

How the Company Makes Money

Dish TV primarily generates revenue through subscription fees charged to its customers for accessing its DTH services. This includes monthly, quarterly, and annual subscription plans, which vary in price based on the number of channels and additional features selected by the user. The company also earns income from the sale of set-top boxes and installation services. In addition, DISHTV benefits from advertising revenues as it partners with various content providers and advertisers to feature promotional content on its platform. Furthermore, the company engages in strategic partnerships with telecom providers and other digital platforms to enhance its service offerings and reach a broader audience, contributing to its overall earnings.

Dish TV India Limited Financial Statement Overview

Summary

Financials indicate material weakness: declining revenue, continued net losses, and a balance sheet under distress with negative shareholders’ equity and high leverage/solvency risk. Operating cash flow is positive, but free cash flow has weakened and is pressured by ongoing losses.

Income Statement

Dish TV India Limited has experienced a substantial decline in revenue over the years, with a significant negative net profit margin indicating continued losses. The gross profit margin remains high due to cost management, but EBIT and EBITDA margins are weak, highlighting operational challenges.

Balance Sheet

The company's balance sheet is under pressure, with negative stockholders' equity indicating financial distress. High total liabilities and a negative debt-to-equity ratio reflect significant leverage and potential solvency issues.

Cash Flow

While operating cash flow is positive, the free cash flow has decreased significantly, and the company has struggled with capital expenditures. The operating cash flow to net income ratio is distorted due to persistent net losses.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.42B	15.68B	18.57B	22.62B	28.02B	32.49B
Gross Profit	14.25B	15.57B	6.43B	6.22B	9.12B	8.27B
EBITDA	1.27B	2.20B	3.70B	-9.61B	-9.86B	12.53B
Net Income	-5.81B	-4.88B	-19.67B	-16.84B	-18.31B	-11.78B
Balance Sheet
Total Assets	0.00	23.04B	27.09B	45.06B	66.68B	92.85B
Cash, Cash Equivalents and Short-Term Investments	1.83B	1.85B	1.86B	1.81B	1.82B	1.55B
Total Debt	0.00	372.40M	22.50M	746.00M	3.78B	8.12B
Total Liabilities	32.43B	55.47B	54.65B	52.95B	57.93B	66.57B
Stockholders Equity	-32.43B	-32.43B	-27.56B	-7.89B	9.36B	26.87B
Cash Flow
Free Cash Flow	0.00	99.40M	847.90M	3.13B	5.07B	11.15B
Operating Cash Flow	0.00	4.10B	6.76B	6.68B	11.41B	15.74B
Investing Cash Flow	0.00	-3.77B	-5.95B	-3.41B	-6.69B	-4.81B
Financing Cash Flow	0.00	-265.40M	-882.90M	-3.28B	-4.94B	-11.12B

Dish TV India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DISHTV, the sentiment is Negative. The current price of 4.07 is above the 20-day moving average (MA) of 3.10, above the 50-day MA of 3.49, and below the 200-day MA of 4.63, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 18.97 is Positive, neither overbought nor oversold. The STOCH value of 12.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DISHTV.

Dish TV India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DEN	60 Neutral	₹12.93B	9.77	―	―	-3.51%	-14.31%
HATHWAY	60 Neutral	₹18.06B	25.35	―	―	3.88%	-3.40%
GTPL	58 Neutral	₹7.15B	25.41	―	2.00%	8.43%	-36.53%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
DISHTV	39 Underperform	₹4.81B	-0.66	―	―	-22.62%	66.73%
SITINET	39 Underperform	₹427.31M	-0.24	―	―	-6.97%	-25.25%

Dish TV India Limited Corporate Events

Dish TV India Updates Fair Disclosure Code for Unpublished Price Sensitive Information

Dish TV India Limited has amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in line with Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, with the revised policy approved by the board on February 6, 2026 and made available on the company’s website. The update underscores the company’s ongoing efforts to strengthen governance and transparency around handling price-sensitive information, which is significant for regulatory compliance, investor confidence and adherence to fair disclosure standards in the Indian capital markets.