Are Dish TV India Ltd latest results good or bad?

Dish TV India Ltd's latest financial results for Q2 FY26 highlight significant challenges faced by the company. The reported net loss stood at ₹132.65 crores, reflecting a notable deterioration compared to the previous quarter. Revenue for the quarter was ₹291.13 crores, which represents a decline of 11.61% from the prior quarter and a substantial year-on-year decrease of 26.41%. This marks the seventh consecutive quarter of declining revenues, indicating ongoing difficulties in maintaining its subscriber base amidst increasing competition from digital streaming platforms. The operating margin also saw a considerable contraction, falling to 10.94%, down from 22.12% in the previous quarter. This decline in profitability is concerning, especially as the company faces structural challenges within the direct-to-home (DTH) industry. The operating profit before depreciation, interest, and tax (excluding other income) plummeted by 77.97% sequentially, reaching its lowest level in at least seven quarters. Moreover, the company's financial position is precarious, as indicated by a negative book value of ₹17.66 per share and accumulated losses amounting to ₹3,437.72 crores. This situation raises questions about its ability to sustain operations and service its debt obligations, particularly given the low interest coverage ratio of just 0.46 times. Overall, the financial results reflect a company in distress, grappling with declining revenues, increasing losses, and significant operational challenges. The company saw an adjustment in its evaluation, reflecting the ongoing struggles and lack of clear pathways to recovery in the current market environment.