Dish TV bets on VZY smart TVs, e-commerce and streaming to revive growth
With DTH subscriptions under pressure, Dish TV is diversifying through VZY smart TVs, ShopZop e-commerce, Watcho streaming and Content India. FY26 revenue fell 25.84% year on year to ₹1,162.61 crore and EBITDA remained negative, though VZY has crossed ₹100 crore.
What happened
Dish TV is pursuing a turnaround amid falling DTH subscriptions, diversifying through VZY smart TVs, ShopZop e-commerce, Watcho streaming and Content India.
Key facts
- FY26 revenue: Rs 1,162.61 crore
- Year-over-year revenue decline: 25.84%
- FY26 EBITDA: negative
- VZY TV milestone: over Rs 100 crore
- Dish TV launched India’s first DTH service: 2003
What changed
Dish TV is pursuing a turnaround amid falling DTH subscriptions, diversifying through VZY smart TVs, ShopZop e-commerce, Watcho streaming and Content India. FY26 revenue fell 25.84% to Rs 1,162.61 crore with negative EBITDA, while VZY crossed Rs 100 crore.
Why this matters
Dish TV is trying to offset declining DTH subscriptions by scaling VZY smart TVs, ShopZop, Watcho and Content India, but the 25.84% FY26 revenue drop and negative EBITDA make disciplined execution critical.
What to watch
- Quarterly DTH subscriber losses, churn, ARPU and recharge trends.
- VZY revenue growth after crossing ₹100 crore, unit volumes, average selling price, return rates and gross margin.
- Whether VZY sales are incremental or primarily cannibalize/discount legacy Dish TV customer acquisition.
- Watcho monthly active users, paid conversion, watch time, content costs and advertising yield.
- ShopZop order frequency, take rate, fulfilment costs, customer-acquisition cost and repeat purchases.