Are Dish TV India Ltd latest results good or bad?

Dish TV India Ltd's latest financial results for Q3 FY26 reveal a company facing significant operational challenges and financial distress. The reported net sales of ₹299.05 crores reflect a marginal quarter-on-quarter growth of 2.72%, yet this figure is down 19.83% year-on-year, indicating a continuing trend of revenue contraction. This decline is part of a broader pattern, as the company has experienced seven consecutive quarters of decreasing sales, largely attributed to subscriber churn and competition from streaming platforms. The operating profit before other income has swung to a loss of ₹41.54 crores, marking the first instance of negative operating profitability in recent quarters. This represents a substantial deterioration from a positive operating profit of ₹31.86 crores in the previous quarter, highlighting the company's struggle to manage costs in light of declining revenues. The operating margin has contracted sharply to negative 13.89%, a significant drop from the previous quarter's positive margin. Dish TV's net loss for the quarter stands at ₹276.23 crores, which is a notable increase in losses compared to the prior quarter. The profit after tax margin has also worsened to negative 92.37%, underscoring the severity of the financial crisis the company is experiencing. The company's balance sheet reflects a negative shareholder equity of ₹3,242.95 crores, indicating technical insolvency. This situation raises serious questions about its viability as a going concern without substantial restructuring or capital infusion. Overall, the results indicate that Dish TV India Ltd is in a precarious financial position, with mounting operational losses and a deteriorating revenue base, leading to an adjustment in its evaluation. The ongoing challenges in the direct-to-home television sector, compounded by digital disruption and changing consumer preferences, further complicate the company's outlook.