Dish TV narrows net loss to ₹4,877 crore in FY25, digital pivot cushions bottom line
The company cited intensified competition across the DTH, cable, telecom, and OTT sectors, coupled with inflation and currency fluctuations, as key headwinds.
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Dish TV India Limited reported a net loss of ₹4,877 crore for the financial year 2024–25, significantly narrowing from the ₹19,666 crore loss recorded in the previous fiscal, as per its latest Annual Report released ahead of the company’s 37th Annual General Meeting scheduled for August 14, 2025.
Total revenue fell to ₹1,567.6 crore from ₹1,856.5 crore in FY 2023–24, marking a 15.6% year-on-year decline. The company attributed the drop to a fall in Pay TV subscriber numbers and stagnant average revenue per user (ARPU). Despite the revenue pressure, Dish TV maintained positive earnings before interest, taxes, depreciation, and amortization (EBITDA) at ₹529.1 crore, although EBITDA margins slipped from 40.6% last year to 33.75%.
The company cited intensified competition across the DTH, cable, telecom, and OTT sectors, coupled with inflation and currency fluctuations, as key headwinds. Depreciation expenses were down 7% year-over-year, and finance costs remained stable. Exceptional items for the year stood at ₹335.4 crore, further impacting the bottom line. Pre-tax loss for the year was ₹152.3 crore, compared to a pre-tax profit of ₹34.1 crore in the prior year.
Watcho, the company’s OTT arm, crossed 10 million paid subscriptions, contributing to its digital revenue stream. However, elevated churn and lack of ARPU growth weighed on financials. Dish TV said its strategy is now centered on retaining high-quality subscribers, pushing regional content, and offering hybrid solutions like smart set-top boxes and bundled digital services.
This growth has been driven by key digital initiatives, including the aggregation of premium content from platforms like JioCinema, ZEE5, SonyLIV, and others; the launch of Watcho FLIQS, which empowers content creators with intellectual property ownership and appeals to younger audiences; and the integration of smart devices such as the Dish SMRT Hub and DTH Stream powered by Android TV, offering features like gaming, voice assistant support, and casting capabilities. Collectively, these digital investments are enabling Dish TV to partially offset subscriber loss and revenue pressures in the traditional DTH segment.
Despite industry-wide churn, Dish TV maintained subscriber levels aligned with industry averages. The company strengthened its position in semi-urban and rural markets, especially in southern India, West Bengal, Odisha, and Maharashtra, through tailored regional content and low-cost bundled offerings.
Dish TV is focusing on hybrid distribution models and AI-driven content personalization to drive growth. The company plans to deepen its engagement with younger and regional audiences while maintaining operational agility amid an increasingly competitive M&E landscape.
