Dish TV India Limited (DISHTV.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-199.6%

-₹2.04

vs ₹2.05 price

Levered DCF

₹0.39

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-0.44×	-2.38×	-1.74×	-1.49×	-1.72×	-1.51×	-0.48×	-6.73×
P/B	-0.09×	-0.36×	-1.24×	-3.17×	3.36×	0.66×	0.2×	1.4×
P/S	0.3×	0.74×	1.84×	1.11×	1.12×	0.55×	0.22×	1.25×
EV / EBITDA	11.5×	5.27×	9.18×	-2.64×	-3.54×	1.99×	12.02×	19.43×
Gross margin	-4.1%	99.3%	34.6%	27.5%	32.6%	25.5%	31.0%	17.1%
Operating margin	-32.9%	5.7%	15.6%	7.0%	20.9%	16.1%	19.9%	10.0%
Net margin	-69.4%	-31.1%	-105.9%	-74.4%	-65.3%	-36.2%	-46.1%	-18.6%
Current ratio	0.08×	0.12×	0.15×	0.14×	0.13×	0.12×	0.1×	0.27×
Debt / equity	-0.01×	-0.01×	-0×	-0.09×	0.4×	0.3×	0.46×	0.5×
Interest coverage	-1.42×	0.34×	1.08×	0.57×	1.81×	1.25×	1.25×	0.98×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-8.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.0%	15.0%	71.3%	213.4%	-195.7%	-43.8%	-42.6%	-20.9%
Return on invested capital	9.6%	-2.8%	-10.5%	-18.1%	35.9%	15.1%	11.6%	5.6%
Return on assets	-46.1%	-21.2%	-72.6%	-37.4%	-27.5%	-12.7%	-14.1%	-8.0%
Free cash flow yield	-4.1%	0.9%	2.5%	12.5%	16.1%	62.7%	154.0%	3.4%
Earnings yield	-228.3%	-42.1%	-57.4%	-67.3%	-58.2%	-66.2%	-210.3%	-14.9%
Enterprise value	₹3.6B	₹11.6B	₹34B	₹25.4B	₹34.9B	₹25B	₹24.5B	₹103.7B
Net debt / EBITDA	0.11×	0.01×	-0.07×	-0.04×	-0.35×	0.57×	8.2×	4.99×
Cash conversion cycle (days)	-95	-14,344	-131	-81	-92	-166	-147	3