The private Direct-to-Home (DTH) services are expected to see a revenue decline of 3-4% this financial year, as customers continue to switch to OTT platforms, said a Crisil Ratings report.
The report stated that while affluent customers continue to switch to the more expensive OTT platforms, cost-conscious customers are switching to the low-priced DD Fresh Dish.
“The subscriber base of private DTH providers reduced from 7.2 crore in fiscal 2019 to 6.19 crore by fiscal 2024. This further slipped 9% in fiscal 2025 and is expected to drop below 5.1 crore by end of current fiscal.” the Crisil report said.
Modest revenue recovery
The report indicates a 3-4% revenue decline in FY26, which is a recovery compared to last year, when the revenue decline was about 5%.
Crisil stated that DTH companies are experiencing a modest revenue recovery in the current fiscal year, primarily due to their expansion into Internet Protocol television (IPTV) and a push for bundled offerings.
Further, the report said that the scaling back on new customer acquisition incentives, like subsidised set-top boxes, by some players would also add to the revenue growth in the current fiscal.
“IPTV services have gained significant traction, with their customer base almost quadrupling to 21.3 lakh as of September 2025 from ~5.7 lakh in fiscal 20241. This has provided significant upselling opportunities to operators. By enabling delivery of both OTT and live TV through broadband without a dish, operators are likely to limit the subscriber churn.” Ankit Hakhu, Director, Crisil Ratings, said.
Revenue and adoption outlook
Crisil Ratings said that despite the challenges, a higher stickiness of consumers in certain regions of the country due to a stronger focus on regional content and limited offerings by competing DD Free Dish will remain an advantage for DTH players.
Furthermore, the monthly OTT subscription charges with broadband continue to be more than twice as expensive as DTH packs, which will limit their adoption among the more cost-conscious populace.
