Dish TV India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dish TV India Ltd trades at ₹2.5, in a downtrend and 124 weeks into that stage. That is −28.2% against its own 200-day average. It sits at 19% of a 52-week range of ₹2 to ₹4. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (14 weeks and counting).

Today the stock is in a downtrend — week 124 of stage 4, confirmed. At ₹2.5 it trades −28.2% versus its 200-day average and sits at 19% of its 52-week range (₹2–₹4).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved −96% while the NIFTY 500 moved +273% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (14 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dish TV India Ltd trades at 15.0× P/E, mid-range by its own standards (63rd percentile). Its long-run median P/E is 13.8×, measured across 8.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.0× is mid-range by its own standards (63rd percentile), against a long-run median of 13.8× measured over 8.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 5y, of the −32.5%/yr price move, ~−12.8%/yr came from earnings growth and ~−19.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dish TV India Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

38.1/100 — rank 15 of 25 in Entertainment & Media · 69% evidence confidence

Dish TV India Ltd scores 38.1 out of 100 against the 25 companies it is compared with in Entertainment & Media, ranking 15. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 14.2 + 12.4 + 10 + 1.5 = 38.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dish TV India Ltd reported ₹266 Cr of revenue in the Jun 26 quarter, −19.1% year on year. Over 10 years it has compounded at −9.2% a year. The last full year, FY26, came in at ₹1,163 Cr. The last four reported quarters add to ₹1,099 Cr.

FY26 revenue came in at ₹1,163 Cr (−25.8% on the year), capping 10 years at −9.2% compound. The latest quarter (Jun 26) printed ₹266 Cr, −19.1% year on year.

Pace check: the last four quarters averaged −23.7% growth against the decade's −9.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −23.8% over the last 4 quarters against −22.1%/yr over the last 8 — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dish TV India Ltd's operating margin is −41.0% in the Jun 26 quarter, −63.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.7% to 63.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −41.0%, −63.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.7%–63.0%.

🚨 Why the margin moved: operating margin went −63.0 pp year on year while gross margin went −32.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dish TV India Ltd posted a net loss of ₹286 Cr in the Jun 26 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY26 year was a loss of ₹807 Cr. That loss is 107.5% of the quarter's revenue.

Jun 26 profit was ₹−286 Cr, null year on year. On the full year, FY26 printed ₹−807 Cr (null).

🚨 Read this profit with care: at ₹−286 Cr it is larger than the whole quarter's revenue of ₹266 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −41.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 350% of Dish TV India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹71.0 Cr of operating cash against ₹−807 Cr of profit. After ₹100 Cr of capital spending, ₹−29.0 Cr was left as free cash.

FY26: operating cash of ₹71.0 Cr against reported profit of ₹−807 Cr, leaving free cash of ₹−29.0 Cr after ₹100 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 350% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 350%: the cash cycle tightened 1,734 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dish TV India Ltd's cash conversion cycle runs −1,724 days in FY26, down from 10 days in FY21. Capital spending ran ₹695 Cr over the last 3 years. At FY26 sales of ₹1,163 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹−5,493 Cr sits inside the business at any moment.

FY26: debtors at 20 days, inventory at 103 days — roughly 3.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −1,724 days, tighter than FY21's 10.

The full loop: cash goes out to suppliers and production on day 0; stock waits 103 days to sell; customers pay about 20 days after that; and suppliers themselves are paid at 1,847 days — netting out to the −1,724-day cycle.

In money terms: at FY26 sales of ₹1,163 Cr, each day of the cycle holds about ₹3.2 Cr — so the −1,724-day loop keeps roughly ₹−5,493 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹695 Cr over the last 3 fiscal years against ₹1,325 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹205 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dish TV India Ltd earns a ROCE of 70% in FY23. That is up from a trough of 5% in FY18. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −69.4% net margin on 0.66× asset turns.

FY23 ROCE is 70%, recovered from a FY18 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −69.4% net margin × 0.66× asset turns × −0.43× balance-sheet leverage ≈ 19.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Dish TV India Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill 0×. Over 5 years borrowings went from ₹812 Cr to ₹31.0 Cr. Capital spending ran ₹695 Cr across the last 3 of those years.

FY26: borrowings of ₹31.0 Cr against equity of ₹−4,043 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill 0×. Over 5 years borrowings went from ₹812 Cr to ₹31.0 Cr while capital spending ran ₹695 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 2.0 points of Dish TV India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.8% of the company. Promoters moved +0.2 points over the same window, to 4.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −2.0 points over 8 quarters to 7.8%; Promoters: +0.2 points over 8 quarters to 4.2%; Domestic institutions: +0.2 points over 8 quarters to 2.5%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: foreign institutions drove it (−2.0 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dish TV India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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