GTPL Hathway Q2 FY27 results: net loss of ₹3.55 crore vs ₹7.40 crore profit, revenue up 19.2%

How did GTPL Hathway perform in Q2 FY27?

GTPL Hathway reported consolidated revenue of ₹1,143 crore for Q2 FY27, up ₹184.01 crore or 19.2% from ₹959.05 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹127.65 crore or 12.6% from ₹1,015 crore. Total income was ₹1,146.41 crore, compared with ₹964.93 crore a year earlier and ₹1,019.89 crore in the previous quarter.

Consolidated EBITDA was ₹106.90 crore in Q2 FY27, up ₹2.66 crore or 2.6% from ₹104.24 crore in Q2 FY26 and ₹2.22 crore or 2.1% from ₹104.68 crore in Q1 FY27. The EBITDA margin was 9.4%, down 1.5 percentage points from 10.9% a year earlier and 0.9 percentage points from 10.3% in the previous quarter.

The company reported a loss before tax of ₹3.95 crore and a net loss of ₹3.55 crore, against a profit before tax of ₹10.53 crore and a net profit of ₹7.40 crore in Q2 FY26. In Q1 FY27, profit before tax was ₹2.89 crore and net profit was ₹1.38 crore. Basic EPS was ₹0.08 for the quarter, compared with ₹0.82 in Q2 FY26 and ₹0.21 in Q1 FY27. On the standalone basis, revenue was ₹797.57 crore and the company reported a net loss of ₹1.35 crore, against a profit before tax of ₹5.25 crore in Q2 FY26.

What changed in GTPL Hathway's costs and profit?

Total expenses increased by ₹195.97 crore, or 20.5%, to ₹1,150 crore in Q2 FY27 from ₹954.40 crore in Q2 FY26. Other expenses were the largest reported increase, rising ₹185.33 crore or 22.9% to ₹994.98 crore, while depreciation rose ₹11.05 crore or 12.2% to ₹101.93 crore. Finance costs increased ₹3.58 crore or 41.1% to ₹12.29 crore, and employee cost declined ₹1 crore or 2.4% to ₹40.78 crore. Cost of materials was unchanged at ₹0 crore.

Other income fell ₹2.52 crore or 42.9% to ₹3.36 crore from ₹5.88 crore in Q2 FY26. Tax expense fell ₹3.67 crore to ₹0.29 crore. There was no exceptional item in either quarter. The consolidated result moved from a net profit of ₹7.40 crore to a net loss of ₹3.55 crore. Management separately said that ₹45 million of forex loss and ₹30 million of transponder amortisation contributed to the quarterly loss, with the impact in the standalone financials.

How did the first half of FY27 go?

In the first half of FY27, GTPL Hathway reported consolidated revenue of ₹2,158.46 crore, up ₹295.71 crore or 15.9% from ₹1,862.75 crore in H1 FY26. Total income rose ₹292.25 crore or 15.6% to ₹2,166.31 crore from ₹1,874.06 crore.

Profit before tax moved from ₹22.77 crore in H1 FY26 to a loss of ₹1.06 crore, a decline of ₹23.83 crore. Net profit fell ₹16.89 crore and turned into a loss of ₹2.17 crore from a net profit of ₹14.72 crore. No H1 EPS figure was provided.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹4,390.36 crore, compared with ₹3,275.55 crore at 31 March 2026. Total equity was ₹1,243.4 crore against ₹1,267.31 crore, while borrowings fell to ₹196.24 crore from ₹227.3 crore and cash declined to ₹19.64 crore from ₹30.96 crore. Inventories were ₹34.15 crore, trade receivables ₹1,404.36 crore and trade payables ₹1,804.26 crore.

For H1 FY27, operating cash flow was ₹229.73 crore, compared with ₹129.06 crore in H1 FY26. Investing cash flow was an outflow of ₹184.6 crore against an outflow of ₹137.31 crore, while financing cash flow was an outflow of ₹56.46 crore against an inflow of ₹3.05 crore. Capital expenditure was ₹156.78 crore, compared with ₹167.91 crore in H1 FY26.

How has GTPL Hathway done over the last 8 quarters?

Revenue rose in each of the last eight quarters and reached ₹1,143 crore in Q2 FY27, the highest level in the reported series. Profit after tax peaked at ₹11.56 crore in Q3 FY26 and fell to a loss of ₹13.93 crore in Q4 FY26, before improving to a net profit of ₹1.38 crore in Q1 FY27 and a net loss of ₹3.55 crore in Q2 FY27.

The EBITDA margin reached 12.2% in Q3 FY26 and fell to 8.7% in Q4 FY26. It recovered to 10.3% in Q1 FY27 before easing to 9.4% in Q2 FY27, remaining below the 10.9% recorded in Q2 FY26.

Which businesses drove the quarter?

Cable TV Business revenue was ₹982.6 crore in Q2 FY27, up 22.4% from ₹802.64 crore in Q2 FY26. Its EBIT moved from ₹0.7 crore to an EBIT loss of ₹9.11 crore, with the segment reporting an EBIT margin of -0.9%.

Internet Service revenue was ₹146.47 crore, up 4.5% from ₹140.11 crore, while EBIT fell to ₹1.47 crore from ₹6.33 crore. The segment reported an EBIT margin of 1.0%. Projects, including O&M, reported revenue of ₹19.66 crore, down 0.7% from ₹19.8 crore, and EBIT of ₹3.8 crore compared with ₹3.75 crore, with an EBIT margin of 19.3%.

What else did the company announce?

The board approved the acquisition of the remaining 74% of DL GTPL Cabnet, covering 88,800 equity shares of ₹10 each, for a cash consideration of ₹937.50 per share aggregating ₹8,32,50,000. The company said the transaction was intended to consolidate business operations and would make DL GTPL a wholly owned subsidiary. Completion was expected by 31 October 2026, and no governmental or regulatory approvals were required.

The board also approved the consolidated and standalone unaudited financial results for the quarter and half year ended 30 September 2026. The same-day filings did not announce a dividend or fund raise. The review report also drew attention to a Department of Telecommunications demand for licence fees aggregating to ₹9,754.15 million; no provision was recognised because the company said it had good grounds on merit to defend the matter.

What did GTPL Hathway's management say?

Management guided operational EBITDA margin to improve by 150-250 basis points by the end of FY27 from 20-21%, against 22% in the prior year. It also guided to 1.8-1.9 million CATV net subscriber additions in FY27, a three-year CATV target of 13-14 million subscribers from 11 million, and a three-year broadband target of 1.2 million subscribers from 1.07 million.

Management identified integration costs as a reason for the operational EBITDA margin falling to 20% from 22%, and said the ACT business currently operated at a 12% margin against a 25-26% post-integration target by FY27 end. It also said broadband additions were 10,000 in Q2 FY27 and aimed to restore the monthly addition run-rate above 20,000. HITS migration was 60% complete, with management targeting full completion by December or January.

CFO Piyush Pankaj said the market faced healthy competition, adding that competition kept the company on its toes and supported efforts to perform better. On the subscriber roadmap, he said the company expected to move from 11 million CATV subscribers to somewhere between 13 million and 14 million over three years.

How did GTPL Hathway shares react?

GTPL Hathway shares fell 1.5% within 5 minutes, 3.4% within 15 minutes and 2.8% within 30 minutes after the after-market filing. On the reaction day, the stock closed 4.3% below its previous close. By the next day's close it was down 3.7% from the pre-results close, and by the fifth session it was down 7.4% from that level.

The industry's other stocks had a median reaction-day move of 0.7%, making GTPL Hathway's reaction 3.6 percentage points lower than the sector median. By the next day's close, the stock was 2.3 percentage points below the sector median, and by the fifth session it was 2.9 percentage points below it. Earlier reaction-day moves were negative, including 3.2% on 15 July 2026, 4.7% on 15 April 2026 and 9.1% on 12 January 2026.

How did other TV Broadcasting & Software Production companies do?

Seven other TV Broadcasting & Software Production companies had filed for the quarter by 4 November 2026. Their median revenue growth was -3.7%; all seven grew more slowly than GTPL Hathway, while none grew faster. Of the seven peers, four reported higher profit.