Dish TV India financials and balance sheet

NSE: DISHTVBSE: 532839EntertainmentSmall Cap

₹1.99₹0.00 (0.00%)BSE ₹2.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1.99.

52-week range of traded prices to 23 Oct 2026

₹1.82Low, 30 Mar 2026₹4.99High, 14 Nov 2025

Market cap: ₹366 Cr1,765th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
Debt to equity: Net worth zero or below
Volume, NSE: 19,25,07081.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dish TV India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 9 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹4,634 Cr, differs from its quarters added, ₹3,761 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,163
Materials and goods−81
Employee costs−157
Other expenses−932
Operating profit−6.9
Depreciation−414
Other income+29
One-off items−143
Finance costs−270
Profit before tax−805
Tax−2.7
Net profit−807

What the company owns

Plant, investments and other assets₹1,508 Cr
Cash and bank₹146 Cr
Receivables₹65 Cr
Inventory₹23 Cr
Current investments₹12 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,342 Cr
Owed to suppliers₹411 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Dish TV India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 24 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 13 May	Mar 2024Filed 28 May	Mar 2025Filed 22 Jul	Mar 2026Filed 26 May
Revenue from operations	3,014	4,634	6,166	3,556	3,249	2,802	2,262	1,857	1,568	1,163
	2,042	3,318	4,122	1,450	1,232	1,158	1,348	1,103	1,039	1,169
Materials and goods bought	11	11	9	3	9	34	21	17	10	81
Employee costs	–	–	248	193	153	150	154	150	148	157
Other expenses	–	–	3,865	1,254	1,070	974	1,173	936	880	932
Operating profit before depreciation	973	1,316	2,044	2,106	2,017	1,644	913	754	529	−7
Operating margin	32.3%	28.4%	33.2%	59.2%	62.1%	58.7%	40.4%	40.6%	33.8%	−0.6%
Materials, % of revenue	–	–	0.1%	0.1%	0.3%	1.2%	0.9%	0.9%	0.7%	7.0%
Employee costs, % of revenue	–	–	4.0%	5.4%	4.7%	5.3%	6.8%	8.1%	9.5%	13.5%
Other expenses, % of revenue	–	–	62.7%	35.3%	32.9%	34.8%	51.9%	50.4%	56.1%	80.1%
Depreciation and amortisation	663	1,072	1,441	1,426	1,532	1,071	849	472	439	414
Operating profit after depreciation	310	244	603	680	485	573	64	282	90	−421
Other income	48	54	52	14	16	24	33	19	26	29
Finance costs	224	396	629	565	418	325	278	267	269	270
Profit before one-off items and tax	133	−98	27	128	82	273	−181	34	−152	−661
One-off items	0	0	−1,563	−1,916	−780	−2,654	−1,908	−403	−335	−143
Profit before tax	133	−98	−1,536	−1,787	−698	−2,381	−2,088	−369	−488	−805
	24	−13	−372	−133	492	−514	−405	1,598	0	3
Current tax	–	–	38	0	−5	29	0	0	0	3
Deferred tax	–	–	−410	−133	497	−543	−405	1,598	0	0
	109	−85	−1,163	−1,655	−1,190	−1,867	−1,684	−1,967	−488	−807
Belonging to the company's shareholders	109	–	−1,145	−1,639	−1,178	−1,831	−1,684	−1,967	−488	−807
Belonging to outside owners of subsidiaries	–	–	−19	−16	−12	−36	0	0	0	0
Other comprehensive income	–	–	12	−4	20	114	−1	0	1	6
Total comprehensive income	–	–	−1,151	−1,659	−1,170	−1,753	−1,684	−1,967	−487	−801
Net margin	3.6%	−1.8%	−18.9%	−46.5%	−36.6%	−66.6%	−74.4%	−105.9%	−31.1%	−69.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 24 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 13 May	Mar 2024Filed 28 May	Mar 2025Filed 22 Jul	Mar 2026Filed 26 May
	5,458	3,798	2,628	875	−789	−2,756	−3,243	−4,043
	5,493	3,850	2,687	936	−789	−2,756	−3,243	−4,043
Share capital	184	184	184	184	184	184	184	184
Reserves	5,309	3,666	2,503	752	−973	−2,940	−3,427	−4,227
Belonging to outside owners of subsidiaries	−35	−52	−59	−61	0	0	0	0
	1,931	997	483	376	73	0	0	0
Repayable after a year	1,239	560	269	74	0	0	0	0
Repayable within a year	691	437	215	302	73	0	0	0
	7,610	7,191	6,325	5,663	5,278	5,456	5,526	5,784
Trade payables	1,390	1,291	1,192	700	448	492	414	411
Other financial liabilities	1,458	1,077	587	128	88	98	74	85
Other liabilities	787	806	586	565	539	422	341	339
Provisions	3,261	3,580	3,744	3,946	4,110	4,444	4,697	4,949
Tax owed	23	0	0	21	21	0	0	0
	1,303	620	307	105	17	9	21	12
Other financial liabilities	0	2	2	2	2	2	19	12
Other liabilities	36	32	12	10	4	4	0	–
Provisions	27	26	25	19	11	3	2	0
Liabilities going with businesses held for sale	–	–	25	25	–	–	–	–
	14,371	11,609	9,285	6,668	4,506	2,709	2,304	1,753
Held for sale or for a demerger	–	–	9	3	–	–	–	–
	12,204	10,826	8,451	5,906	3,667	1,773	1,629	1,278
Plant in use, after depreciation	3,349	2,849	2,092	1,576	1,052	1,070	1,037	870
Plant being built	767	623	395	506	277	278	291	144
Intangible assets	2,154	2,016	1,677	821	4	2	3	3
Goodwill	4,732	2,817	2,238	621	0	0	0	0
Intangible assets being developed	0	525	552	456	375	74	61	61
Loans given	11	11	7	0	0	0	0	0
Other financial assets	12	0	3	10	4	7	7	3
Deferred tax	999	1,148	650	1,193	1,598	0	–	0
Other assets	180	838	837	723	357	342	231	197
	2,167	783	825	759	839	936	675	475
Inventories	25	22	21	10	13	11	9	23
Trade receivables	141	87	93	80	92	66	80	65
Cash and cash equivalents	93	113	94	74	37	30	36	27
Other bank balances	78	34	62	108	145	141	124	119
Current investments	0	0	0	0	0	16	25	12
Loans given	12	16	19	0	0	0	0	0
Other financial assets	1,057	1	1	15	14	7	8	230
Tax paid in advance	123	99	96	35	79	99	0	–
Other assets	640	411	439	436	460	567	393	–
Net debt	1,760	851	328	193	−109	−186	−185	−158

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 13 May	Mar 2024Filed 28 May	Mar 2025Filed 22 Jul	Mar 2026Filed 26 May
	1,574	1,141	668	676	410	71
	1,180	788	447	464	412	98
	−504	−585	−435	−82	−131	22
Receivables	−28	−3	−19	−6	−26	−4
Inventories	1	12	0	0	2	−14
Payables	−85	−492	−253	44	−78	−4
Other working capital	−391	−103	−163	−120	−29	44
Tax paid	7	53	−44	−41	−2	−27
Interest paid	395	314	276	264	0	0
Capital spending	459	634	355	591	400	94
Free cash flow	1,115	507	313	85	10	−22
	−481	−668	−341	−595	−377	−51
Plant and property sold	0	0	0	0	1	1
Interest received	9	13	11	11	14	19
	−1,112	−494	−328	−88	−27	−29
Borrowings repaid	−966	−421	−303	−72	0	0
Interest paid	−146	−73	−25	−16	−8	−11
Lease payments	0	0	0	0	−18	−18
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−19	−20	−1	−7	6	−9

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Dish TV India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 24 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 13 May	Mar 2024Filed 28 May	Mar 2025Filed 22 Jul	Mar 2026Filed 26 May
Earnings per share	₹1.03	−₹0.69	−₹5.95	−₹8.52	−₹6.12	−₹9.51	−₹8.75	−₹10.22	−₹2.53	−₹4.20
Diluted earnings per share	₹1.03	–	−₹5.95	−₹8.52	−₹6.12	−₹9.51	−₹8.75	−₹10.21	−₹2.53	−₹4.20
Dividend per share	–	–	₹0.50	–	–	–	–	–	–	–
Book value per share	–	–	₹29.83	₹20.91	₹14.59	₹5.08	−₹4.28	−₹14.97	−₹17.61	−₹21.96
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	11,459	7,595	7,163	746	1,703	3,010	2,394	3,084	1,037	339

Ratios

Consolidated, years to March.Dish TV India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 24 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 13 May	Mar 2024Filed 28 May	Mar 2025Filed 22 Jul	Mar 2026Filed 26 May
Revenue growth	−1.5%	–	33.1%	−42.3%	−8.6%	−13.8%	−19.3%	−17.9%	−15.6%	−25.8%
Operating profit growth	−5.1%	–	55.3%	3.0%	−4.2%	−18.5%	−44.5%	−17.5%	−29.8%	–
Net profit growth	−84.2%	–	–	–	–	–	–	–	–	–
Earnings per share growth	−84.2%	–	–	–	–	–	–	–	–	–
	–	–	−20.8%	−35.1%	−36.0%	−101.1%	−2,285.9%	110.9%	16.3%	22.2%
	–	–	–	−14.2 pts	−0.9 pts	−65.1 pts	−2,184.8 pts	2,396.8 pts	−94.7 pts	5.9 pts
From the net margin	–	–	–	−30.9 pts	7.5 pts	−28.9 pts	−14.1 pts	−967.2 pts	−78.4 pts	20.0 pts
From asset turnover	–	–	–	18.7 pts	−3.8 pts	−8.4 pts	−17.5 pts	−882.1 pts	7.0 pts	−3.0 pts
From borrowing	–	–	–	−2.1 pts	−4.7 pts	−27.7 pts	−2,153.2 pts	4,246.1 pts	−23.3 pts	−11.1 pts
Return on capital employed	–	–	8.2%	14.2%	15.6%	45.8%	–	–	–	–
Interest cover	1.4	0.6	1.0	1.2	1.2	1.8	0.2	1.1	0.3	–
Debt to equity	–	–	0.35	0.26	0.18	0.43	–	–	–	–
Receivable days	–	–	8	9	10	10	15	13	19	20
Inventory days	–	–	1,000	2,329	845	101	222	230	320	103
Payable days	–	–	56,244	1,36,593	47,564	7,460	7,725	10,369	14,683	1,847
Cash conversion cycle, days	–	–	−55,236	−1,34,255	−46,708	−7,348	−7,487	−10,126	−14,344	−1,724
Working capital days	–	–	−291	−628	−611	−623	−734	−925	−1,173	−1,716
Asset turnover	–	–	0.43	0.27	0.31	0.35	0.40	0.51	0.63	0.57
Assets per rupee of net worth	–	–	2.62	2.78	3.20	4.40	75.86	−2.04	−0.84	−0.56
Sales per rupee of plant	–	–	1.84	1.25	1.55	1.78	2.15	1.74	1.51	1.34
Capital spending to depreciation	–	–	–	–	0.30	0.59	0.42	1.25	0.91	0.23
Plant being built, % of plant in use	–	–	22.9%	21.9%	18.9%	32.1%	26.4%	26.0%	28.1%	16.6%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the years to Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Interest cover is left blank for the year to Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −39.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−9.2%	−18.6%	−19.9%
Return on equity, average	–	−447.5%	49.8%
Operating margin, average	38.8%	34.6%	24.6%
Net margin, average	−44.8%	−69.5%	−68.8%
Asset turnover, average	–	0.49	0.57
Cash conversion cycle, days, average	–	−8,206	−8,731
Interest cover, average	1.0	0.8	0.7

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,967	1,157	71
Cash from investing	−2,032	−1,024	−51
Cash from financing	−965	−143	−29
Capital spending	2,074	1,085	94
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	796	73	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	7	6	6	3
Altman Z-scorePublished threshold 1.1	–	–	−1.06	−2.79	−2.79	−6.37	−10.02	−15.27	−19.92	−30.51
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.81	−4.81	−4.94	−7.72	−4.13	−5.18
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−21.85	−29.35	−36.00	−56.76	−20.76	−40.78
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.09	15.78	0.11	34.19	−10.78	36.37	6.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	50.82	−168.99	−329.59	73.65	2.86	23.32	−535.09
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−36.76	0.76	−1.77	2.92	6.47	−17.35	−14.71
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.67	0.51	0.91	0.85	0.57	0.72	0.58
Effective tax ratePublished threshold 17.16 per cent	18.08	–	–	–	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.