Dish TV is the leading DTH company in India having a market share of over 45%. The current subscriber base stood at over 4.5 million. Indian DTH industry is one of the fastest growing DTH market in the world with and expected growth rate of 40%.

The total number of cable viewers in India are approx. 120 million, out of which only 8 million cable viewers are converted to DTH. So there is still a huge growth opportunity in this space.

Currently the industry is having 5 players - Reliance BIG TV, Tata Sky, Bharti Airtel Digital TV and Sun Direct are the other players in this arena. Dish TV has the first mover advantage and is also enjoying the market leader position. After entering the cash rich companies like Bharti and Reliance, still the company succeeded in getting good number of subscribers, exceeding the expectations.

At the current market price of 22.8, the market cap of the company stood at just 976 crore. The total debts of the company stood at around 700 Crore. The company is able to complete the rights issue which made the company to get the 1120 Crore investment - makes it to grow uninterruptedly. The promoters have subscribed the entire issue of about 98% which shows the confidence of the promoters in the business and the company. The current share holding of the promoters after the rights issue at about 80%.

I strongly believe the company would become a multibagger in the future once the company break-even. It is expected that the company will show positive returns in the 2nd Quarter of FY10. So this is the best time to get the stock at much cheaper price.

Dish TV company is the safest investment option at the current recessionary time as it has lost over 75% market cap and the DTH business is less affected by the current recession.

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