Company Overview
GTPL Hathway Limited is a leading cable and broadband service provider with footprint in 1,600+ towns across 26 States and 5 Union Territories, connecting 12 million+ households through 336 offices across India. The company has 1 million+ broadband subscribers and is a leading private wireline broadband provider.
Enhanced Infrastructure
The company operates a Network Operating Centre (NOC) in Ahmedabad, Gujarat, which forms the backbone of operations. Infrastructure includes: Mother Headend in Ahmedabad serving as epicenter for nationwide services; 2nd Headend in Kolkata, West Bengal to enhance coverage in Eastern India; Uplink facility with State of Art C-Band infrastructure for HITS at Ahmedabad; Distributing 975+ channels including 97+ HD channels across India; Owned network of 1,00,000+ KMs.
HITS Platform: GTPL Infinity
GTPL Hathway launched GTPL Infinity, its Headend in the Sky (HITS) platform on November 30, 2025. The platform enables operators to use a single downlink antenna to receive signals and distribute them through local cable networks, ensuring nationwide access with minimal setup. This technology redefines digital broadcasting infrastructure and content delivery across India.
Business Strengths and Partnerships
The company has 51,000+ Business Partners, 200+ Broadcasters, 1,750+ Enterprise Clientele, and 30+ Government Projects. Technology partnerships include Oracle, Nokia, Aprecomm, Nagra, Broadpeak and Harmonic. Pioneer offerings include: GTPL Buzz app with Live TV, Distro TV and Blacknut Cloud Games; GTPL Genie: Digital TV + OTT bundle; Business app in Vernacular Languages; Industry-first Live TV on Samsung TVs via TV Key Cloud; GIVA AI chatbot integrated in consumer app and website.
Industry Dynamics & Growth Strategy
According to FICCI-EY 2025 Report and TRAI data: Traditional TV retains strong mass appeal; Industry consolidation continues with MSO count reducing from 1,702 in December 2020 to 818 in September 2025; India's population growth will increase households from 332 million in 2025 to 345 million by 2028; Per capita income expected to increase from US$2,820 in 2025 to US$3,640 by 2028; Middle class expected to grow to 715 million people by 2030-31; Television households expected to cross 200 million by 2028, making India fourth-largest traditional TV market globally.
Growth Opportunities
Total addressable TV households: ~200 million (current GTPL digital subscribers: 11 million); Total broadband connections target: ~150 million households; Natural growth from TV-dark households (over 120 million without television); Shift of DTH viewers to Digital TV; Industry consolidation favoring organized players; Low fixed broadband penetration at 46.02 million (14.5% penetration) as of February 2026.
Digital TV Business Performance
Q2 FY27 Metrics: 51,000+ Business Partners; 11 million Active STBs; 10.30 million Paying Subscribers; 80%+ Digital Collection; 100% Base in prepaid business; 130+ Owned & Operated Channels. Expansion underway in Andhra Pradesh, Telangana, Tamil Nadu, North-East, Haryana, Uttarakhand & Chhattisgarh.
Broadband Business Performance
Q2 FY27 Metrics: Average Data Consumption: 436 GB per month (up 6% YoY); ARPU: ₹470; The India Wired Broadband Market stood at USD 605.37 Million in FY2023 and is expected to register a CAGR of 15.43% from FY23 to FY2028, with FTTH segment growing at 17.62% CAGR.
Consolidated Financial Highlights Q2 FY27
Total Income: ₹1,146.4 million, up 12% QoQ and 19% YoY; Revenue Breakdown: Subscription Income CATV: ₹345.5 million (+19% QoQ, +14% YoY); Broadband ISP: ₹145.9 million (+2% QoQ, +5% YoY); Placement/Marketing/Carriage Incentive: ₹620.3 million (+13% QoQ, +27% YoY); Activation: ₹46 million (+39% QoQ, +74% YoY); Other Operating Income: ₹266 million (-11% QoQ, +2% YoY); Other Income: ₹34 million (-25% QoQ, -43% YoY).
Expenditure: ₹1,036.1 million (+14% QoQ, +21% YoY); Channel Pay Cost: ₹778.8 million (+17% QoQ, +26% YoY); Employee Cost: ₹408 million (+1% QoQ, -2% YoY); Other Operating, Admin & Selling Expenses: ₹2,166 million (+7% QoQ, +10% YoY).
EBITDA: ₹110.3 million (+1% QoQ, 0% YoY); EBITDA Margin: 9.6% (Q2 FY27) vs 10.7% (Q1 FY27) vs 11.4% (Q2 FY26); Depreciation/Amortization: ₹101.9 million (+5% QoQ, +12% YoY); Finance - Borrowing cost: ₹53 million (+52% QoQ, -8% YoY); Finance - IND AS 116 cost: ₹70 million (+16% QoQ, +134% YoY); Profit before Exceptional & Tax: (₹40) million; PBT: (₹38) million; Tax: (₹3) million; PAT before Other Comprehensive Income: (₹35) million.
One-Time Impact
Total additional impact of ₹75 million: (A) One-time impact of ₹45 million unrealized Forex loss: ₹10 million - Other Operating, Admin & Selling Expenses; ₹35 million - Finance cost-Borrowing; (B) Impact of additional 7 Transponders of ₹30 million in Finance Cost.
Operating Margin Analysis Consolidated
Operating EBITDA: ₹103.3 million; Operating EBITDA Margin: 20% (Q2 FY27) vs 22% (Q1 FY27) vs 22% (Q2 FY26); Channel Pay Net Cost: ₹585.1 million (+33% QoQ, +24% YoY).
Standalone Financials Q2 FY27
Total Income: ₹800.3 million (+15% QoQ, +25% YoY); Subscription Income CATV: ₹269.2 million (+27% QoQ, +23% YoY); Placement/Carriage/Marketing Incentive: ₹490.0 million (+12% QoQ, +28% YoY); Activation: ₹36 million (+67% QoQ, +175% YoY); Other Operating Income: ₹347 million (-7% QoQ, +8% YoY); Other Income: ₹28 million (-50% QoQ, -38% YoY).
Expenditure: ₹733.6 million (+17% QoQ, +26% YoY); Pay Channel Cost: ₹615.1 million (+18% QoQ, +30% YoY); Employee Cost: ₹162 million (+9% QoQ, +4% YoY); Other Operating, Admin & Selling Expenses: ₹1,023 million (+11% QoQ, +11% YoY).
EBITDA: ₹667 million (+4% QoQ, +13% YoY); EBITDA Margin: 8.3% (Q2 FY27) vs 9.3% (Q1 FY27) vs 9.3% (Q2 FY26); Depreciation/Amortization: ₹573 million (+7% QoQ, +28% YoY); Finance cost: ₹113 million (+35% QoQ, +54% YoY); PBT: (₹18) million; Tax: (₹5) million; PAT: (₹11) million.
Investor Conference Call Details
Conference call contact: Mr. Piyush Pankaj, Chief Financial Officer (+91 98113 21102, piyush.pankaj@gtpl.net). Investor Relations Advisors: MUFG Intime India Private Limited (Ms. Pradnya Singh: pradnya.singh@in.mpms.mufg.com, Mr. Omkar Bagwe: omkar.bagwe@in.mpms.mufg.com).