Key facts
- Tata Play's net loss for FY26 was ₹551 crore, a 4.2% increase from the previous year.
- Revenue for FY26 decreased by 13.5% to ₹3,530 crore.
- Customer migration to streaming services and DD Free Dish contributed to the decline.
- The DTH subscriber base in India fell to 51 million by December 2025.
- Tata Play's market share declined to 31.08% by December 2025.
Tata Play, a joint venture between Tata Sons and Walt Disney, reported a widening net loss of ₹551 crore for the financial year 2025-26, an increase of 4.2% from the previous year's ₹529 crore. This marks a continuation of challenges for the direct-to-home (DTH) industry, which is experiencing accelerated customer churn.
The company's revenue also saw a significant decline of 13.5%, falling to ₹3,530 crore from ₹4,082 crore. This downturn is attributed to customers migrating away from traditional DTH services towards free platforms like DD Free Dish, owned by Prasar Bharati, and various streaming services including Netflix, Prime Video, YouTube, and JioHotstar.
India's overall net pay DTH subscriber base has shrunk, decreasing to 51 million as of December 2025, down from 57 million in 2024-25 and 62 million in 2023-24. Consequently, Tata Play's market share has also diminished, dropping to 31.08% by December 2025, compared to 31.42% in 2024-25 and 32.53% in 2023-24.
Adding to its challenges, Tata Play has been engaged in a prolonged dispute with Sony Pictures Networks India, resulting in Sony's channels being excluded from Tata Play's packages for over a year. Industry observers suggest that both companies have experienced subscriber losses due to this standoff, which has escalated to the Telecom Disputes Settlement and Appellate Tribunal.