Dish TV Q1 loss more than triples to Rs 286 crore; VZY sales cross Rs 200 crore

Dish TV India reported a consolidated net loss of Rs 286 crore for the first quarter ended June 30, 2026, more than tripling from Rs 95 crore in the year-ago quarter, as subscription revenue declined sharply.

Operating revenue fell 19% year-on-year to Rs 266 crore from Rs 329 crore, while subscription revenue declined 41% to Rs 161 crore from Rs 273 crore. EBITDA swung to a loss of Rs 109 crore from a profit of Rs 73 crore in the corresponding quarter last year.

Total expenses rose 46% to Rs 375 crore from Rs 257 crore. Cost of goods and services increased 56% to Rs 239 crore, while personnel costs rose 4% to Rs 44 crore. Other expenses, including selling and distribution expenses, increased 50% to Rs 92 crore.


The company said the operating environment continued to reflect structural shifts in the media and entertainment industry, driven by changing consumer viewing habits, increasing digital adoption, content fragmentation and heightened competitive intensity.

Against this backdrop, Dish TV continued its strategy of evolving from a traditional DTH operator into a connected entertainment platform, with a focus on strengthening its VZY ecosystem and customer engagement.

The VZY Smart TV ecosystem includes installation at the consumer's home, call-centre support for grievance redressal, OTT and other content bundling, content of choice at nominal charges and smart-TV features. The company also introduced its "Always On" proposition, based on a pay-as-you-watch model aimed at reducing churn and strengthening long-term customer association.

Dish TV also said it was placing greater emphasis on the South Indian market, with an introductory pack priced at Rs 149 across regional languages in South India.

Separately, VZY Smart TV has announced that it has crossed Rs 200 crore in cumulative sales within the first year of its launch. The milestone is part of the group's broader push into connected entertainment, with VZY bringing together smart TV technology, live television, OTT streaming and digital content.

Dish TV said it remains focused on accelerating its transformation into a connected entertainment company through continued investment in technology, customer experience and strategic partnerships.

Its priorities for the coming quarters include scaling the VZY Smart TV ecosystem across priority markets, strengthening the integration of DTH, OTT aggregation and connected devices, expanding regional entertainment and sports-led offerings, improving content discovery and accessibility, and building strategic partnerships.

Manoj Dobhal, CEO and Executive Director, Dish TV India, said the company remained focused on strengthening its core DTH business while building a connected entertainment platform. He said the company believes India's entertainment market will increasingly be defined by convergence rather than substitution, with television, streaming and connected experiences integrated under the VZY platform.