Crisil: DTH Margins Steady at 44-45% in FY26 as Revenue Falls

• Private DTH operators' margins are forecast to stabilize at 44-45% in FY26, even as revenue decline eases to 3-4%.
• This stabilization is supported by expansion into IPTV, bundled services, increased marketing income, and reduced customer acquisition incentives.
• Subscriber numbers continue to fall, from 7.2 crore in FY19 to a projected <5.1 crore by FY26, due to competition from OTT and DD Free Dish.
• IPTV is a bright spot, quadrupling its customer base and helping arrest churn by enabling integrated OTT and live TV via broadband.
• Regional content stickiness and DTH's cost-effectiveness compared to bundled OTT/broadband also aid retention, despite potential pressure from tariff hikes.

Why It Matters: Your TV viewing options are evolving as DTH operators adapt to new tech.