Dish TV India Limited (DISHTV) AI Stock Analysis

• Market Cap: ₹4.60B
• Dividend Yield: N/A
• Average Volume (3M): 564.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• 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 revenue

Dish TV’s core business relies on recurring subscription payments, creating durable predictable revenue streams. This recurring model supports stable cash inflows, aids customer lifetime value modeling, and cushions near-term volatility from one-off hardware or advertising receipts.

Positive operating cash flow

Positive operating cash flow indicates the core DTH operations generate cash despite accounting losses. That operational cash is a durable source to fund working capital, maintain service delivery, and provide a runway for restructuring or product initiatives over the next several months.

Strong gross profit margin (cost management)

A sustained high gross margin from disciplined content/operational cost control provides structural resilience. It creates flexibility to invest in retention, absorb pricing pressure, and protects cash generation even while top-line and EBITDA margins face headwinds.

Negative Factors

Declining revenue trend

A >20% decline in reported revenue is a material structural headwind. Persistent top-line contraction reduces scale economics, weakens bargaining power with broadcasters and distributors, and constrains reinvestment capacity, making recovery and margin expansion harder over months.

Persistent net losses and weak margins

Ongoing net losses and weak operating margins limit retained earnings and internal funding for modernization or competitive initiatives. Continued negative profitability increases dependency on external financing and raises execution risk for multi-month turnaround plans.

Balance sheet distress / high leverage

Negative equity and high leverage create solvency risk and constrain strategic flexibility. It elevates refinancing, covenant, and counterparty risks, reducing the firm's ability to absorb shocks or fund necessary capex and customer initiatives over the medium term.

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 earns revenue from subscription and related customer payments for its DTH television services. Key revenue streams include: (1) Subscription revenue: recurring customer payments for channel packs and service plans (typically prepaid), which form the core of the pay-TV business. (2) Hardware and installation: revenue from the sale/lease of set-top boxes and accessories and charges related to installation and service activation, where applicable. (3) Value-added services: income from add-ons offered through the set-top box platform (for example, enhancements or additional services bundled with the TV service), to the extent offered and adopted by customers. (4) Advertising and carriage-related income: to the extent applicable, revenue can include platform-related advertising and other fees associated with distributing content; however, specific breakdowns or arrangements are not available here and are therefore null. Significant factors influencing earnings in a DTH model include subscriber base size, average revenue per user (ARPU), churn, content costs paid to broadcasters, regulatory pricing/packaging rules, and distribution/retail reach. Specific partnerships, precise revenue mix percentages, or current contractual terms are null because they are not provided here.

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	13.37B	15.68B	18.57B	22.62B	28.02B	32.49B
Gross Profit	10.35B	15.57B	6.43B	6.22B	9.12B	8.27B
EBITDA	179.40M	2.20B	3.70B	-9.61B	-9.86B	12.53B
Net Income	-6.76B	-4.88B	-19.67B	-16.84B	-18.31B	-11.78B
Balance Sheet
Total Assets	22.71B	23.04B	27.09B	45.06B	66.68B	92.85B
Cash, Cash Equivalents and Short-Term Investments	1.62B	1.85B	1.86B	1.81B	1.82B	1.55B
Total Debt	383.80M	372.40M	22.50M	746.00M	3.78B	8.12B
Total Liabilities	57.40B	55.47B	54.65B	52.95B	57.93B	66.57B
Stockholders Equity	-34.69B	-32.43B	-27.56B	-7.89B	9.36B	26.87B
Cash Flow
Free Cash Flow	-264.60M	99.40M	847.90M	3.13B	5.07B	11.15B
Operating Cash Flow	1.01B	4.10B	6.76B	6.68B	11.41B	15.74B
Investing Cash Flow	-1.10B	-3.77B	-5.95B	-3.41B	-6.69B	-4.81B
Financing Cash Flow	-108.50M	-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 2.84, above the 50-day MA of 3.32, and below the 200-day MA of 4.54, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 19.72 is Positive, neither overbought nor oversold. The STOCH value of 8.70 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	₹12.52B	9.77	―	―	-3.51%	-14.31%
HATHWAY	60 Neutral	₹17.45B	25.35	―	―	3.88%	-3.40%
GTPL	58 Neutral	₹6.74B	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	₹4.60B	-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.