Tata Play CEO Harit Nagpal’s impending exit puts spotlight on streaming-era challenges
After 15 years at the helm, Nagpal’s impending exit comes as India’s largest DTH operator battles shrinking subscribers, widening losses, and rising OTT competition.
MUMBAI: Tata Play Ltd’s long-time chief executive Harit Nagpal will step down in late 2026, closing a 15-year run that turned the broadcaster into India’s largest direct-to-home (DTH) provider, but leaving his successor to navigate an industry grappling with a shrinking pay-TV market, subscriber losses, intensifying OTT competition, and rising fibre-to-home alternatives.
Nagpal’s impending exit, mandated by Tata Group’s retirement rules, comes as Tata Play itself reports falling revenues, widening losses, and a shelved IPO plan, highlighting the pressure on its traditional business model just as it heads into a leadership transition.
Nagpal turns 65 on 2 November 2026, the group’s mandatory retirement age for executive directors. In July, Tata Play’s board extended his term until that date, ensuring continuity at the top even as the industry undergoes upheaval. Before joining Tata Play in 2010, Nagpal held leadership roles at Vodafone, Shoppers Stop, Pepsi, Marico, and Lakme.
“Under his leadership, in the past 14 years, the company has performed well on all parameters and has moved from being the 4th largest DTH service provider to a distant industry leader," according to company filings seen by Mint.
“Whenever Nagpal leaves, he's going to leave a huge void and the next guy who comes in has to fill in very big shoes. I think it's going to be a challenging assignment for whoever comes in," said Uday Sodhi, senior partner, Kurate Digital Consulting.
A Tata Play spokesperson did not respond to requests for a comment.
Tata Play’s fortunes have been dragged down by the broader erosion of India’s pay-TV market.
“Since 2021, the pay DTH subscriber base has witnessed a decline of over 7 million, with the migration to OTT services emerging as the primary catalyst," said Chandrashekar Mantha partner, media and entertainment sector leader at Deloitte India.
The impact is showing in the numbers. Tata Play’s revenue from operations fell to ₹4,109 crore in FY25 from ₹4,327 crore the year before, while its losses widened to ₹428 crore from ₹247 crore. The company blamed subscriber churn, higher acquisition costs from subsidies, and elevated technology spending for the weak performance, according to filings with the Ministry of Corporate Affairs.
“Tata Play’s core business still relies heavily on DTH, which is where its biggest challenge lies. The rise of free dish services and fiber-to-home offerings has put pressure on this segment. Looking ahead, the company’s focus will need to be on investing aggressively in fibre-to-home and strengthening its role as an aggregator i.e Tata Binge due to the risk of digital disruption," said Sodhi.
The four major DTH providers in FY25 are led by Tata Play Ltd, the market leader with a 31.42% share, followed closely by Airtel’s Bharti Telemedia Ltd at 30.20%, with Sun Direct TV Pvt. Ltd and Dish TV India Ltd rounding out the sector.
Tata Play reportedly had explored an IPO in 2022 through a confidential filing with the Securities and Exchange Board of India.
However, the company withdrew the prospectus two years later after buying out minority investors including Temasek Holdings and Tata Opportunities Fund, as per a Bloomberg report. At the time, the group said it would focus on expanding the business before revisiting a listing.
With public listing shelved and fresh capital needs rising, the succession plan will also be closely watched by investors.
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