Dish TV hopes for a turnaround aided by smart TV VZY, e

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New Delhi: Dish TV, a direct-to-home service provider facing subscription losses, hopes for a business turnaround, supported by new initiatives such as its smart TV business VZY, its B2C e-commerce platform ShopZop, and its content aggregation platform Watcho.

Dish TV, which reported a year-over-year drop of 25.84 per cent in its revenue to Rs 1,162.61 crore along with a negative EBITDA in FY26 mainly due to “rise of alternative entertainment options”, is diversifying its operations in a bid to recover, according to the latest annual report of the company.

Pointing towards early signs of traction across its newer business lines, its CEO and Executive Director Manoj Dobhal said: “We remain confident that our new initiatives will take us on the path of recovery and growth.”

This confidence emanates from VZY TV’s crossing Rs 100-crore milestone, growth of its digital app and website – Watcho, and early traction of our hybrid packages to existing subscribers, Dobhal told shareholders of the company.

Dish TV in September last year entered smart TV market with VZY range, which integrates DTH and OTT services.

“The Company also expects to earn revenue from ShopZop in the form of commission fees and secure exclusive content partnerships and sponsorships from Content India. Content India is anticipated to be instrumental in delivering high-quality content for all the Dish TV customers and drive revenue by retaining them,” he said.

He also said Content India, a content marketplace launched with C21 Media to broker deals between content creators, buyers and technology firms, as ad sponsorships.”

The platform hosted an inaugural three-day event in Mumbai in March 2026, and the company aims to expand it as the largest such hub in Southeast Asia.

According to Dobhal, now active pay-DTH subscribers across the industry is declining year-on-year due to three structural shifts – urban households increasingly migrating to OTT platforms, price-sensitive consumers moving to free-to-air services, and rapid adoption of connected TVs, said Dish TV in its latest annual report.

This has impacted all DTH operators in India and globally, including Dish TV, and are expected to persist in the coming years, said its CEO and Executive Director Manoj Dobhal addressing the shareholders.

“Amid the continued structural shift in the Indian home entertainment market driven by rising OTT streaming and availability of free-to-air platforms, the Company is actively repositioning itself to stay relevant and competitive. We diversified channel bundles in core Dish TV business, expanded original and regional content on the Watcho app, and integrated OTT streaming in hybrid packages,” he said.

Recalling Dish TV’s journey from launching India’s first DTH service in 2003 and merging Videocon DTH operations in 2018 to becoming debt-free in 2023, Dobhal said the company is now in a fresh repositioning phase, aiming to lead the industry’s shift “from set-top boxes to smart screen” as content consumption converges across platforms.

“We are on our path to uplift and safeguard shareholders’ value,” he said.
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