Indians flock to OTT and free dish services, Is Pay-TV losing the battle?

India’s pay-TV industry, which consists of cable and DTH services, is set to shrink by 1-3% in revenue for FY2026, as more viewers move away from traditional cable and DTH services in favour of over-the-top (OTT) streaming platforms and free dish services, according to a forecast by rating agency ICRA. This ongoing shift is expected to impact the industry’s profit margins, with operating earnings likely to decline by 175-225 basis points year-on-year, settling at around 23-25% overall.