NSE: GTPL · BSE: 540602
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Cable TV Business (82%), Internet Service (15%), Projects (Including O&M) (3%). Asset-heavy cable and broadband distribution network with high depreciation and operating leverage.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,414 | 2,664 | 3,212 | 3,477 | 3,719 |
| EBITDA (ex other income) | 515 | 447 | 478 | 433 | 404 |
| margin % | 21.3 | 16.8 | 14.9 | 12.4 | 10.9 |
| Owners' profit | 200 | 114 | 107 | 48 | 16 |
| EPS, as reported (₹) | 17.75 | 10.13 | 9.51 | 4.26 | 1.40 |
| ROE % · ROCE % | 19.4 · 24.4 | 10.3 · 13.3 | 8.7 · 11.7 | 3.8 · 6.2 | 1.0 · 3.3 |
| Debt / equity (x) | 0.10 | 0.12 | 0.18 | 0.18 | 0.18 |
| Cash from operations | 398 | 584 | 454 | 452 | 360 |
| Capex | (290) | (468) | (470) | (385) | (297) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 856 | 887 | 891 | 904 | 959 | 933 | 924 | 1,015 |
| Profit before tax | 17 | 12 | 13 | 12 | 11 | 15 | (21) | 3 |
| Net profit | 14 | 10 | 11 | 7 | 7 | 12 | (14) | 1 |
| EPS (₹) | 1.14 | 0.90 | 0.95 | 0.94 | 0.82 | 0.98 | (1.34) | 0.21 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cable TV Business | 3,080 | 82.4 |
| Internet Service | 561 | 15.0 |
| Projects (Including O&M) | 96 | 2.6 |
| Total, before eliminations | 3,737 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 24,630 | 16.1 | 1.95 | 9.0 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD | 6,274 | 17.9 | 0.53 | 10.6 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,630 | 21.9 | 0.36 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,159 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD | 711 | — | 5.50 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| TV TODAY NETWORK LTD | 619 | 35.9 | 0.69 | 9.8 | 1.6 | 3.3 | 0.6 | 10.8 |
| GTPL HATHWAY LIMITED ◆ | 609 | 80.8 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 454 | — | 2.03 | 3.9 | 0.9 | (1.8) | 3.2 | 9.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 80.8 | 17.9 | 8 of 9 | 13% |
| P/B | 0.5 | 0.6 | 6 of 14 | 62% |
| ROCE | 1.0 | 2.3 | 10 of 15 | 36% |
| ROE | 1.0 | 1.3 | 8 of 14 | 46% |
| Debt / Equity | 0.2 | 0.0 | 12 of 14 | 15% |
| EBITDA margin | 10.8 | 9.4 | 8 of 17 | 56% |
| Revenue growth | 12.4 | 4.5 | 4 of 16 | 80% |
| Profit growth | (81.2) | (28.2) | 12 of 16 | 27% |
| Market cap | 609 | 334 | 7 of 17 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Q2 FY27 earnings call: ACT buyout, margin guidance | investor communications | medium | — | — |
| 14 Oct 2026 · Q2 FY27 post-results conference call audio recording uploaded | investor communications | low | — | — |
| 13 Oct 2026 · GTPL Hathway Q2 FY27 results: Revenue up 19% YoY, but PAT slips into loss | investor communications | medium | — | — |
| 13 Oct 2026 · GTPL Hathway Q2 FY27: Revenue up 19% at Rs 1,146 crore, PAT slips to loss | compliance | low | — | — |
| 13 Oct 2026 · GTPL board approves 74% buyout of DL GTPL Cabnet subsidiary | strategic transactions | medium | — | — |
| 13 Oct 2026 · GTPL Q2 FY26: Revenue up about 19% YoY, swings to loss; huge DoT demand flagged | results | high | — | — |
| 13 Oct 2026 · GTPL Hathway Q2 FY27 results, revenue up 25% YoY, swings to loss; DL GTPL buyout cleared | results | high | — | — |
| 8 Oct 2026 · Conference call to discuss Q2FY27 results on Oct 14, 2026 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Board meeting on Oct 13, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 1 Oct 2026 · GTPL Hathway discloses KMP contact details under SEBI Regulation 30(5) | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.