NSE: HATHWAY · BSE: 533162
HATHWAY CABLE & DATACOM
Distributes cable television channels and fixed-line broadband internet to customers across India, with cable TV being the larger line by revenue. In FY26, cable television contributed 70.2% of segment revenue but ran at an operating loss, while broadband added 27.1% with a small operating profit. A 'dealing in securities' line brought in the remaining 2.7% and accounted for nearly all of the segment-level operating profit. Costs are dominated by other operating expenses at 81% of revenue and depreciation at 14.4%, with employees at just 4% — typical of an asset-heavy network business. The Reliance group and the Raheja family entities together form the promoter set, and a contingent liability of Rs 3,201.93 crore from Department of Telecommunications show cause notices over license fees is being contested without a provision. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cable Television Business (70%), Broadband Business (27%), Dealing in securities (3%). Asset-heavy, capital-intensive cable and broadband distribution network
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,793 | 1,858 | 1,981 | 2,040 | 2,150 |
| EBITDA (ex other income) | 365 | 307 | 322 | 339 | 322 |
| margin % | 20.4 | 16.5 | 16.3 | 16.6 | 15.0 |
| Owners' profit | 130 | 65 | 99 | 93 | 82 |
| EPS, as reported (₹) | 0.73 | 0.37 | 0.56 | 0.52 | 0.46 |
| ROE % · ROCE % | 3.2 · 1.8 | 1.6 · 1.2 | 2.3 · 2.5 | 2.1 · 2.5 | 1.8 · 2.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 333 | 453 | (410) | 290 | 199 |
| Capex | (380) | (393) | (220) | (198) | (176) |
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 | 513 | 511 | 513 | 531 | 537 | 537 | 546 | 565 |
| Profit before tax | 36 | 16 | 36 | 36 | 23 | 24 | 22 | 32 |
| Net profit | 26 | 14 | 35 | 31 | 18 | 22 | 11 | 25 |
| EPS (₹) | 0.15 | 0.08 | 0.20 | 0.18 | 0.10 | 0.12 | 0.06 | 0.14 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broadband Business | 582 | 27.1 |
| Cable Television Business | 1,509 | 70.2 |
| Dealing in securities | 58 | 2.7 |
| Total, before eliminations | 2,150 | 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 | 24,827 | 16.2 | 1.96 | 9.1 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD | 6,709 | 19.2 | 0.57 | 11.4 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM ◆ | 1,634 | 22.0 | 0.37 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,164 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD | 698 | — | 5.41 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| GTPL HATHWAY LIMITED | 607 | 80.6 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| TV TODAY NETWORK LTD | 607 | 35.2 | 0.68 | 9.6 | 1.6 | 3.3 | 0.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 463 | — | 2.07 | 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) | 22.0 | 19.2 | 6 of 9 | 38% |
| P/B | 0.4 | 0.6 | 4 of 14 | 77% |
| ROCE | 2.4 | 2.3 | 7 of 15 | 57% |
| ROE | 1.8 | 1.3 | 6 of 14 | 62% |
| Debt / Equity | 0.0 | 0.0 | 6 of 14 | 62% |
| EBITDA margin | 19.1 | 9.4 | 5 of 17 | 75% |
| Revenue growth | 6.5 | 4.5 | 6 of 16 | 67% |
| Profit growth | (20.9) | (28.2) | 8 of 16 | 53% |
| Market cap | 1634 | 320 | 3 of 17 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Q2 FY27 results: Revenue up, profit dips on higher content costs | results | high | — | — |
| 14 Oct 2026 · Q2 FY26-27: Revenue up 5.8%, profit down 29% on pay channel costs | results | high | — | — |
| 9 Oct 2026 · Compliance Certificate: No Demat Requests in Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on Oct 14, 2026 to approve Q2 FY27 results | results | low | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 31 Aug 2026 · Hathway names Jitesh Shah as new CFO after Nagchaudhuri retirement | management changes | high | — | — |
| 19 Aug 2026 · Hathway Cable: All 4 resolutions passed at 66th AGM | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Hathway appoints Deloitte Haskins & Sells LLP as auditor for 5 years | management changes | medium | — | — |
| 19 Aug 2026 · Hathway Cable & Datacom 66th AGM held; all resolutions passed | board shareholder meetings | medium | — | — |
| 25 Jul 2026 · Newspaper clippings of 66th AGM notice published on July 25, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.