Dish TV India Limited announced its unaudited financial results for the third quarter and nine months period ended December 31, 2025, revealing continued losses amid challenging market conditions. The Board of Directors approved these results at their meeting held on February 6, 2026, with the financial statements prepared under Indian Accounting Standards (Ind AS) and reviewed by statutory auditors S.N. Dhawan & Co. LLP.

Financial Performance Overview

The company's financial performance showed mixed results across standalone and consolidated operations. On a consolidated basis, the company reported significantly higher losses compared to the previous year period.

Quarterly Results Analysis

For the quarter ended December 31, 2025, the company's performance reflected ongoing operational challenges. The consolidated operations showed substantial losses while standalone operations maintained relatively stable loss levels.

Exceptional Items and Impairments

The company recorded exceptional items of ₹7.00 crores during the current quarter on a consolidated basis, primarily related to impairment charges. These impairments were associated with intangible assets under development, capital advances, and other advances related to investment in new age technologies, including the Watcho OTT platform.

Earnings Per Share Performance

The company's earnings per share reflected the challenging financial position across both standalone and consolidated operations.

Regulatory and Legal Matters

The company continues to face significant regulatory challenges, particularly regarding DTH license fee disputes with the Ministry of Information and Broadcasting. As of December 31, 2025, the company received a communication demanding ₹720,273 lacs towards license fees since the grant of respective DTH licenses up to financial year 2024-25. The company has disputed this demand and maintains a provision of ₹480,396 lacs in its books as of December 31, 2025.

Going Concern and Operational Status

Despite accumulated losses exceeding equity share capital, resulting in negative net worth, the company continues to prepare its financial results on a going concern basis. Management believes this approach is appropriate considering the absence of debt in books, business outlook, and cash generation capability. The company's paid-up equity share capital remains at ₹184.13 crores with a face value of Re. 1 per share.

Dish TV India Limited , a leading Direct-to-Home (DTH) service provider, has been fined a total of Rs. 5.69 lakh by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for non-compliance with board composition and committee requirements for the quarter ended June 30, 2025.

Breakdown of Fines

The fines imposed on Dish TV India are as follows:

High Court Victory in Tax Dispute

In a separate positive development, Dish TV India has secured a favorable ruling from the Bombay High Court (Aurangabad Bench) in a long-standing CENVAT credit dispute. The court dismissed an appeal filed by the Commissioner of Central GST and Central Excise, Aurangabad, observing that no substantial question of law arose in the matter.

Background of the Tax Case

The dispute originated from Dish TV's supply of Smart Cards to Set Top Box manufacturers on a job work basis. The Service Tax Department, Aurangabad, had proposed to disallow and recover CENVAT Credit availed on Smart Cards for the period January 2014 to June 2017.

Legal Victory Details

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai, had initially ruled in favor of Dish TV. When the tax department challenged this decision before the Bombay High Court, the court upheld the tribunal's decision and dismissed the appeal, confirming no financial implications for the company at present.

Ongoing Compliance Challenges

Despite the legal victory, Dish TV continues to face regulatory compliance issues related to board composition:

Reasons for Non-Compliance

The company's board has cited two main factors:

1. Non-approval of director appointments by shareholders
2. Mandatory approvals required from the Ministry of Information and Broadcasting

These factors have resulted in the company maintaining only three directors on its board, falling short of the required six directors as stipulated by regulatory norms.

Company's Response to Compliance Issues

Dish TV India has stated that it continuously takes steps to ensure compliance:

• Appointed Mr. Mayank Talwar and Mr. Gurinder Singh as Independent Directors on December 12, 2024
• After shareholder non-approval on August 14, 2025, appointed Mr. Arun Kumar Kapoor and Ms. Heena Naishadh Bhatt as Independent Directors
• On May 28, 2025, appointed Mr. Manoj Dobhal as Chairman and NRC member

The company maintains that compliance issues remain beyond the control of its board and management, primarily due to shareholder decisions and regulatory approval requirements from the Ministry of Information and Broadcasting.