GTPL HATHWAY LIMITED

Distributes cable television and broadband internet to Indian homes as the country's largest multi-system operator (MSO). The Cable TV Business generates 82.4% of FY26 segment revenue (Rs 3,079.87 cr) by aggregating, transmitting and selling TV channel subscriptions to about 9.6 million digital TV subscribers, with 8.7 million paying; on a full-year basis the segment ran an EBIT loss of -1.0% as pay-channel and HITS infrastructure costs rose. The Internet Service segment contributes 15.0% (Rs 561.15 cr) by providing fixed-line broadband to 1.06 million homes at an ARPU of Rs 470, with monthly data usage of 436 GB per user, and is the most consistently profitable at a 5.1% EBIT margin. Projects (Including O&M) account for 2.6% (Rs 95.53 cr) and is the highest-margin line at 21.8% EBIT, covering network build, deployment and operations & maintenance. Other operating expenses dominate the cost stack at 83.9% of revenue, followed by depreciation at 10.1% as the HITS (Headend-In-The-Sky) platform and broadband home-pass network carry heavy fixed costs. The company is rolling out its HITS platform (GTPL Infinity) for pan-India digital TV distribution, which already carries about 2.7 million subscribers across roughly 800 channels, while building out a 5.95 million home-pass broadband footprint. Q1 FY27 saw a step-up in capex guidance to Rs 400 cr split 50:50 between Broadband and Digital TV, and a Rs 36.23 cr acquisition of seven ACT Group cable companies adding roughly 6 lakh subscribers in AP, Telangana, Karnataka and Odisha.