Crisil: DTH Revenue Decline Slows to 3-4% in FY26 Amid IPTV Push

• Private DTH revenue decline is projected to ease to 3-4% in FY26, driven by expansion into IPTV and bundled services.
• Despite easing decline, private DTH subscriber base continues to erode, expected to fall below 5.1 crore by end of FY26.
• IPTV services are gaining significant traction, with subscriber base quadrupling to 21.3 lakh by September 2025, helping DTH operators slow customer churn.
• Revenue pressure is partly offset by rising marketing income from OTT aggregator apps and reduced customer-acquisition subsidies.
• Operating margins are expected to remain stable at 44-45% in FY26 due to milder revenue decline and cost discipline.

Why It Matters: DTH's future depends on adapting to IPTV and bundled services amid subscriber loss.