The quarter highlights a clear shift across the television ecosystem: subscription income is holding relatively steady for broadcasters, while advertising stays volatile
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India’s television broadcast and distribution industry posted a mixed set of results in the third quarter of FY26. Modest revenue gains at broadcasters such as Zee Entertainment Enterprises (ZEEL) and Sun TV Network were counterbalanced by ongoing advertising weakness and mounting stress in the direct-to-home (DTH) space. Subscription income continued to lend some stability to general entertainment networks, but softer FMCG-driven ad spends and sustained cord-cutting trends weighed on traditional linear and satellite TV models.
ZEEL reported a stable quarter, with total revenue increasing to Rs 2,298 crore in Q3 FY26 ?from Rs 2,013 crore in the corresponding period last year, reflecting a 14.2% rise. Growth was supported by subscription revenues, which advanced 6.9% to Rs 1,050 crore from Rs 982 crore.
Advertising revenue, however, dropped 9.4% year-on-year to Rs 852 crore compared with Rs 940 crore, mirroring the persistent softness in the ad environment. The company had earlier indicated that the festive quarter last year saw subdued advertising momentum, with broad consumption weakness — particularly in FMCG — curbing spends across urban and Hindi-speaking markets. ZEEL said that while there was some traction around Diwali, demand slowed soon after, keeping ad growth under strain even as its OTT platform ZEE5 and linear subscription base offered support.
Sun TV Network also registered only limited top-line growth amid comparable challenges.
Total income for Q3 FY26 stood at Rs 999 crore, up 3.1% from Rs 969 crore a year ago.
Subscription revenue climbed 8.7% to Rs 473 crore from Rs 435 crore, but advertising income fell 12% to Rs 292 crore from Rs 332 crore, highlighting the broader slowdown in brand spending. Rising costs further pressured profitability at the broadcaster. Quarterly expenses increased 11.4% to Rs 558 crore, while profit declined 11% to Rs 324 crore. EBITDA slipped 5.2% to Rs 409.79 crore, signalling margin pressure despite steady revenues.
For the nine-month period, revenue rose 10.8% to Rs 3,918 crore, but expenses increased at a faster pace, climbing 25.4% and weighing on overall profitability. The company’s results underscored the divergence between relatively resilient subscription streams and more volatile advertising income.
JioStar, formed following the merger of Disney Star and Reliance’s media assets, emerged as the largest player by scale, though it does not break out advertising and subscription revenues separately. The company reported total revenue of Rs 8,010 crore in Q3 FY26.
For FY25 — defined as the merger period from November 14, 2024 to March 31, 2025 — the company had posted gross revenue of Rs 11,032 crore, making direct year-on-year quarterly comparisons challenging. However, during the earnings call, JioStar CEO–Entertainment Kevin Vaz said the TV advertising market remains under pressure due to cutbacks from FMCG and consumer electronics advertisers, though December showed promising post-GST recovery signals.
"Our operating revenue for the quarter, a strong Rs 6,896 crores, an EBITDA of Rs 1,303 crores. A healthy EBITDA performance in spite of a tough macroeconomic environment. A strong performance in subscription revenue across both digital and TV," he said.
"The TV ad market continues to be challenging due to spend cuts from FMCG and consumer electronics. But the good part is post-GST, December month has shown great signs of recovery, and we are hoping that continues as we go forward. Lastly, it is not fair to compare year to a year comparison, as the previous quarter we started the merger only from November 14th. So, we have had strong momentum growth sustained despite the macroeconomic conditions," Vaz added.
JioStar reported revenue of Rs 8,010 crore in Q3 FY26 and Rs 26,464 crore for the nine-month period ended FY26. In the preceding quarter, Q2 FY26, the company had posted revenue of Rs 7,232 crore.
Sun TV also operates a DTH service, though its financial disclosures do not separately detail its performance. In contrast to broadcasters, DTH operators continued to struggle with structural headwinds as subscribers increasingly migrate to OTT platforms and broadband-led bundled offerings.
Dish TV’s performance reflected this strain sharply. Total revenue declined 20.4% year-on-year to Rs 304 crore in Q3 FY26 from Rs 382 crore. Subscription revenue, its main income source, dropped 32.2% to Rs 224.5 crore from Rs 331.1 crore. Advertising revenue nearly doubled to Rs 4.8 crore from Rs 2.5 crore, but the rise was too small to offset the steep fall in subscription income. Higher costs added to the pressure. Total expenditure rose 36.1%, pushing the company to a loss of Rs 276.2 crore, compared with a loss of Rs 46.5 crore last year.
Management said it is repositioning the business toward hybrid offerings that combine live TV, OTT, and smart features, alongside deeper integration of its Watcho platform and creator monetisation initiatives, as it seeks to stay relevant in a rapidly evolving home entertainment landscape.
Bharti Airtel’s Digital TV arm presented a similar scenario. Revenue remained largely flat at Rs 755 crore in Q3 FY26 versus Rs 761 crore last year, but the business slipped deeper into losses, reporting a loss of Rs 63.7 crore. For the nine months, it posted a loss of Rs 112 crore compared with a profit in the same period last fiscal. The company has been shifting its focus toward IPTV and converged home services while tightening subsidies and costs to improve cash flows, even as subscriber attrition continues in the satellite TV segment. Airtel does not separately disclose advertising and subscription revenues for its DTH business.
Shemaroo Entertainment’s performance illustrated how ad weakness is disproportionately impacting smaller and traditional media players. The company reported a 3.3% decline in total revenue to Rs 161.5 crore in Q3 FY26 from Rs 167 crore a year earlier. While it does not break out advertising and subscription income, management said softer ad revenues affected overall performance. Its digital media segment grew 13.8% year-on-year to Rs 80.7 crore, but the traditional business fell
•? ?14.4% to Rs 28 crore.
Higher expenses resulted in an EBITDA loss of Rs 67.4 crore and a net loss of Rs 54.9 crore for the quarter, both wider than last year. The company attributed the weakness partly to lower FMCG advertising, the return of major broadcasters on DD FreeDish, and a crowded sports calendar diverting budgets. It remains cautiously optimistic about a gradual improvement in ad spends in the coming quarters.
Taken together, the quarter points to a clear trend across the television ecosystem: subscription revenues are proving more stable for broadcasters with strong channel portfolios, while advertising remains uneven and closely linked to FMCG demand cycles. Meanwhile, DTH operators continue to face structural declines as viewers shift toward digital platforms, forcing them to rethink their business models.
