Dish TV India Limited

Communication Services — Entertainment · NSE

₹2.15+₹0.04 (+1.90%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

The 60-second version of Dish TV India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Dish TV India Limited provides direct to home (DTH) television and teleport services in India.

IndustryEntertainment

SectorCommunication Services

Employees293

Annual revenue₹1,143 Cr

How does it make money?

Turns over ₹1,143 Cr a year. Of every ₹100 of sales, about ₹-71 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 293 employees supports ₹3.90 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.90 Cr

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is the outlook?

1 analysts covering the stock expect revenue to grow about 13.9% and earnings to grow about 25.0% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.9%

Est. earnings growth+25.0%

Analysts1

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -49% while net margin moved -6% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-49%

Margin effect-6%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

6.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 59% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

8 items require attention · 5 high · 3 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -2.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹807 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 13.5 points, from 18.7% to 5.2%.
🔴Inventory building faster than salesFinancial
Inventory up 77% against revenue up -49% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -0.8x to -2.0x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹22 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.08 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 59% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 18.7% to 5.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 3%✓ 5.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹22 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -2.0x
How much operating profit can fall before interest stops being comfortably covered.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

3 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

0 good · 4 neutral · 7 weak

Market Cap

₹396 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-5.2

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-19.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

-65.6%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹22 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

-1.2x

Operating Margin

-84.4%

Weak

Thin margins leave little room for error

Net Margin

-90.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.08

Tight

Tight short-term liquidity

Beta (vs Nifty)

1.12

Market-like

Moves roughly in line with the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.2 / 2.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

34.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,237 Cr	₹1,830 Cr	₹1,552 Cr	₹1,143 Cr	-20.0%
EBITDA	₹419 Cr	₹777 Cr	₹553 Cr	₹59 Cr	-47.9%
EBITDA Margin	18.7%	42.5%	35.6%	5.2%	—
PAT (Net Profit)	-₹1,684 Cr	-₹1,967 Cr	-₹488 Cr	-₹807 Cr	—
EPS	₹-8.75	₹-10.22	₹-2.53	₹-4.2	—
Total Debt	₹75 Cr	₹2 Cr	₹35 Cr	₹31 Cr	-25.6%
Free Cash Flow	₹313 Cr	₹85 Cr	₹10 Cr	-₹22 Cr	—

🔴 Revenue has shrunk at 20.0% a year over 3 years.

🔴 EBITDA has shrunk at 47.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 18.7% to 5.2% over 3 years (-13.5 pts).

🟢 Total Debt has shrunk at 25.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹313 Cr to -₹22 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,753 Cr

Total Liabilities

₹5,796 Cr

Cash & Equivalents

₹27 Cr

Operating Cash Flow

₹71 Cr

Capex

-₹94 Cr

Shareholding (proxy)

Institutional Holding

5.0%

Insider Holding

32.0%

Corporate Actions

Ex-Dividend Date

05 Nov 2018

Analyst Consensus

Recommendations

0 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹3

+39.5% vs CMP

Target Range

₹3 – ₹3

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

3 mixed3 general

Dish TV India (NSEI:DISHTV) Stock Forecast & Analyst Predictions

Simply Wall Street, 25 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Dish TV India (DISHTV.NS) Ticks Up to ₹2.14 as Stock Defends ₹2.03 Support - Institutional Flow Picks

https://www.siam.in/, 07 Oct

Dish TV India Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

NDTV vs Dish TV India vs Balaji Telefilms: Which Stock Should You Track

Univest, 14 Oct

Dish TV Q1 Results: Net loss widens to Rs 286 crore on fall in subscription revenue

The Economic Times, 11 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Dish TV India reports consolidated net loss of Rs 286.30 crore in the June 2026 quarter

Business Standard, 12 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Revenue growth is negative (-19.3%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Dish TV India Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 5 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑