Dish TV India Ltd

AGM Details

• AGM held Sept 29, 2026, 11:30 IST; concluded 12:27 IST.
• Mode: VC/OAVM; e-voting available; counting after meeting.
• Remote e-voting window: Sept 26–28, 2026; cut-off date: Sept 23, 2026.
• Eligible voters: 363,860 shareholders.

Resolutions & Voting

• Resolution 1: Adoption of audited financial statements and reports for FY2025-26; approved.
• Resolution 2: Re-appointment of Mr. Manoj Dobhal as Director by rotation.
• Resolution 3: Ratification of remuneration of Cost Auditors for FY2026-27 (Special Business).
• Result: All resolutions approved by shareholders.

Dish TV India Limited: Trading Window closed from Oct 1, 2026 until 48 hours after the declaration of the Unaudited Financial Results for Q2 and 6M ended Sep 30, 2026 (FY 2026-27).

AGM dispatch update

• AGM notice and FY 2025-26 annual report dispatched to members by email.
• Newspaper publication dated Sept 8, 2026 confirms the dispatch.
• Disclosures are pursuant to SEBI Listing Obligations Regulations, Regulation 30.
• Intimation to stock exchanges about AGM notice dispatch.

AGM & e-voting details

• 38th AGM scheduled for Sep 29, 2026 at 11:30 IST via VC/OAVM.
• e-Voting window from Sep 26, 2026, 9:00 IST to Sep 28, 2026, 17:00 IST; cutoff Sep 23, 2026.
• Annual Report 2025-26 accessible online at the company site and NSDL/NSE/BSE portals.
• Shareholders without registered emails must update KYC; cut-off for dispatch of annual report Aug 28, 2026.

Overview

• Standalone BRSR for FY2025-26; main activity is DTH broadcasting, 97.97% of turnover.
• Markets span 28 states and 8 union territories; 9 offices; no international plants.

Key ESG Risks & Opportunities

• Material risks: human rights, data privacy, health & safety, bribery/corruption.
• Mitigations: Code of Conduct, Whistleblower, POSH, compliance monitoring.
• Opportunity: community engagement initiatives and social license benefits.
• Financial implications: higher costs from risk areas; positive from community initiatives.

Governance & Policy Highlights

• Policies approved by Board/Committees; Code of Conduct, Whistleblower, POSH; ISO 27001:2022.
• Major penalties: stock exchange penalty ₹3.878 crore; SEBI settlement ₹1.1725 crore.
• No external assurance; data security policy on internal portal; grievances on website.

Social Responsibility & Workforce

• Total employees 293 permanent; 265 male, 28 female; Board 3 directors with 1 female.
• Permanent turnover 25% (male 22%, female 3%).
• LTIFR nil; no fatalities; 100% return-to-work; safety training and health programs.
• Well-being spend 0.03% of revenue; PF 100%, Gratuity 100%, ESI 0%, NPS 7.8%.
• Grievance mechanisms: POSH, Whistle Blower, ICC; reporting via email and intranet.
• Training: 2 board trainings; 2 KMP; 70 staff programs; ~50% coverage.

Environmental Performance

• Non-renewable electricity 32,855.14 GJ; energy intensity 0.70 GJ per Lakh turnover.
• Renewable energy share: 0%; no reported renewable capacity.
• Water withdrawal 16,681.28 kL; water intensity 0.36 KL/Lakh turnover.
• Emissions: Scope 1/2 not applicable; waste mainly outsourced recycling; no hazardous waste.

Stakeholder Engagement & Complaints

• Stakeholders: shareholders, regulators, advertisers, employees, subscribers; engagement quarterly/annually.
• Customer complaints: 6,738,956; 9,871 pending; resolved subsequently.
• Shareholder complaints: 1 filed FY25-26; 0 pending.
• Grievance mechanisms: web portal; nodal officers; customer care; DO IT YOURSELF option online.

Other Notable Metrics

• MSME input share 3.18%; district/neighboring districts 96.82%.
• Related party transactions: purchases 3%; sales 0.38%; loans 100%; investments 31%.
• Information Security Policy; 0 data breaches.
• No anti-competitive cases; no trade association affiliations disclosed.

Financial snapshot

• FY2026 standalone revenue from operations: ₹46,557 Lakhs; down 25.84% YoY.
• Standalone EBITDA: ₹-688 Lakhs; margin −0.59%.
• Standalone PAT: ₹-80,736 Lakhs; net loss widened.
• Consolidated revenue: ₹116,261 Lakhs; decline from ₹156,760.
• Consolidated PAT: ₹-80,736 Lakhs; negative earnings.
• Standalone net worth: ₹-3,716 crore (negative).
• GDRs outstanding: 1,29,53,273; London listing.
• VZY TV revenue milestone: ₹100 crore in FY26.
• ShopZop listings: 4,000+ products listed as launch milestone.

Operations & strategic shifts

• Core business: DTH and teleport; Watcho OTT ecosystem expansion.
• VZY Smart TV launched Sep 2025; runs on Google TV with 29+ apps.
• Watcho integrated with Amazon Prime across Dish TV, Watcho, and VZY Smart TVs.
• Content India launched March 2026; content hub with cross-border deals.
• ShopZop quick-commerce platform live March 2025; 4,000+ listed products.
• Hybrid bundles and regional content expansion to countersubscription declines.
• South India offering expanded; focusing on regional language content.

Capital structure & liquidity

• Authorised capital ₹65,000 lakh; issued₹19,238 lakh; paid-up ₹18,413 lakh.
• Share capital unchanged in FY26.
• No net debt; gearing not applicable; net debt to equity not meaningful.
• GDR outstanding: 1,29,53,273; London listing ongoing.
• Dividend policy exists; no dividend declared for FY26.

Governance & risk management

• Board size 4 as at 31 Mar 2026; 3 Independent directors incl. one woman; 1 Executive.
• Key KMPs: Manoj Dobhal (CEO), Amit Verma (CFO), Balveer Singh (Company Secretary).
• ESOP 2018: 1,12,90,000 options granted May 2025; none exercised by Mar 2026.
• ESOP 2007: no fresh grants; some options lapsed/exercised; historic re-pricing.
• Auditors: S N Dhawan & Co. LLP; Secretarial: Neelam Gupta & Associates; MR-3 issued.
• Regulatory issues include DTH license fee disputes; settlements with SEBI under consideration.

Auditors, ESOPs & disclosures

• Statutory auditors: S. N. Dhawan & Co. LLP; Internal auditors: S M A M & Co.
• Secretarial auditors: Neelam Gupta & Associates; excessive reliance on management for disclosures.
• ESOP 2018 details: grant timing, exercise price, vesting schedules; fair value accounted.
• Explanations provided for governance non-compliances; discussions held with regulators; penalties paid where applicable.

Outlook & risks

• Risks: tech disruption, regulatory changes, cyber security, macro headwinds.
• Outlook: growth expected from VZY TV, Content India, and ShopZop non-DTH revenue streams by 2027.
• Strategy: accelerate hybrid entertainment ecosystem; expand regional content; improve cost discipline.
• Regulatory environment around DTH license fees remains a material overhang.

ESG, CSR & sustainability

• CSR is not applicable for FY26; BRSR included in annual report.
• Energy use: 32,855 GJ non-renewable; intensity 0.70 GJ per ₹ lakh turnover.
• Water withdrawal: 16,681 KL; intensity 0.36 KL per ₹ lakh turnover.
• Occupational safety: health/wellbeing initiatives; training; 100% employees covered for certain benefits.
• Data privacy: Information Security policy in place; cyber risk management framework.

Cessation details

• Abhishek Gupta, Corporate Head IT, resigns; Aug 31, 2026; personal reasons; pursuing opportunities outside organization; ceases Senior Management.

AGM convening and disclosures

• Board approved convening the 38th AGM on Sep 29, 2026 via VC/OAVM and issued AGM notice.
• Also approved the Annual Report and annexures for FY2025-26.
• Unaudited quarterly results for Q1 FY2026 submitted separately per exchange circulars.