Dish TV India Limited (DISHTV) AI Stock Analysis

• Market Cap: ₹6.30B
• Dividend Yield: N/A
• Average Volume (3M): 564.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: -22.62%
• EPS Growth: 66.73%
• Country: IN
• Employees: 341
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): -0.72
• 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: 38 Underperform
• Price Target: ₹3.00 ▼(-26.29% Downside)

Dish TV India Limited's stock score is primarily impacted by its poor financial performance, characterized by declining revenues, ongoing losses, and a highly leveraged balance sheet. Technical analysis further indicates bearish momentum, with the stock trading below key moving averages and showing oversold signals. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield.

Positive Factors

Recurring subscription revenue

Dish TV’s core revenue comes from recurring subscription payments, a durable cash flow base. Prepaid billing and consistent subscriber receipts support predictable inflows, enabling longer-term planning, steady working capital coverage and resilience if churn and ARPU stabilise.

Positive operating cash flow

Despite accounting losses, reported positive operating cash flow shows the core DTH operations convert subscriber receipts into cash. Persistent OCF supports day‑to‑day funding, can service obligations and allows limited reinvestment without immediate dependence on external financing.

High gross profit margin via cost control

Management’s cost control has sustained a relatively high gross margin, implying efficient content procurement and platform economics. Strong contribution margins provide buffer against revenue pressure and create capacity to invest selectively in retention and value‑added services.

Negative Factors

Negative shareholders' equity / high leverage

The balance sheet shows negative equity and heavy liabilities, indicating significant leverage and solvency risk. This restricts ability to raise affordable capital, increases refinancing/default risk, and limits strategic flexibility to invest or absorb shocks over the medium term.

Declining revenues and persistent losses

Sustained revenue decline coupled with recurring net losses erodes scale and weakens unit economics. Persistent top‑line deterioration pressures ARPU and margin recovery, making it harder to fund content costs, marketing or subscriber acquisition necessary to reverse structural decline.

Deteriorating free cash flow and capex constraints

Significantly reduced free cash flow and capex struggles limit investment in set‑top upgrades, platform improvements and service reliability. Lower FCF raises reliance on external financing (harder with negative equity), constraining long‑term competitiveness and growth initiatives.

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

Dish TV India Limited is facing significant financial challenges, characterized by declining revenues, ongoing net losses, and a highly leveraged balance sheet. While cost management shows some strength, the negative equity and cash flow issues pose substantial risks to financial stability.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Negative
• RSI: Neutral
• STOCH: Neutral

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 3.59, above the 50-day MA of 3.85, and below the 200-day MA of 4.82, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 39.53 is Neutral, neither overbought nor oversold. The STOCH value of 32.10 is Neutral, 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
GTPL	61 Neutral	₹8.87B	21.30	―	2.00%	8.43%	-36.53%
DEN	60 Neutral	₹13.83B	7.30	―	―	-3.51%	-14.31%
HATHWAY	60 Neutral	₹19.98B	18.91	―	―	3.88%	-3.40%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SITINET	39 Underperform	₹427.31M	-0.21	―	―	-6.97%	-25.25%
DISHTV	38 Underperform	₹6.30B	-0.93	―	―	-22.62%	66.73%