GTPL Hathway

GTPL Hathway reported a consolidated revenue of INR 964.9 crores for Q2 FY26, marking a 12% year-on-year and 6% quarter-on-quarter growth. Consolidated EBITDA stood at INR 110.1 crores with an 11.4% margin, while operating EBITDA was INR 101.6 crores, maintaining a 22% margin. Net profit for the quarter was INR 9.3 crores. Standalone revenue grew 17% YoY to INR 640.2 crores, with a net profit of INR 5.4 crores.

As of September 30, 2025, the Digital Cable TV segment reported a subscriber base of 9.50 million, with 8.80 million paying subscribers. The company's business partner network expanded to over 48,000. Management noted a temporary decline of 100,000 subscribers this quarter, attributing it to seasonal factors like excessive rain and the absence of major sporting events, which impacted revenue by approximately INR 10 crores YoY.

The broadband business saw its active subscriber base reach 1.05 million, adding 10,000 new subscribers, representing a 1% year-on-year increase. Homepass stood at 5.95 million, with 75% available for FTTX. Broadband ARPU increased by INR 5 year-on-year to INR 465, and average data consumption grew 17% YoY to 410 GB. The company aims for aggressive subscriber base growth in both B2B and B2C segments, expecting wired broadband to grow from 44 million to 100 million households in the next 5 years.

GTPL's balance sheet remains healthy with a net debt to equity ratio of 0.2x as of September 30, 2025, and robust net cash flow from operations of INR 129.1 crores for H1 FY26. The company's H1 FY26 capex was INR 153 crores, with INR 90 crores allocated to CATV (including INR 20 crores for HITS and INR 50 crores for STB) and INR 63 crores for broadband. The total capex for FY26 is projected to be in the range of INR 350-400 crores, with the HITS platform expected to roll out in Q3 FY26.

Management acknowledged the impact of competition from big players like Jio and Airtel, and new technologies such as Air Fiber, which has led to flat broadband subscriber additions, though Air Fiber's impact is stabilizing. The company's OTT strategy focuses on competitive pricing to drive subscriber acquisition and retention. They are also layering services like Cable entertainment, Broadband, TV everywhere, OTT, and gaming to enhance customer experience and retention.

Subscription revenue saw a marginal decline this quarter, with standalone figures decreasing 1% YoY and 3% QoQ to INR 219.1 crores. This was attributed to Q2 being a seasonally weaker quarter due to monsoon and fewer major events. Management expects a recovery in Q3 and Q4, aiming to maintain a subscription revenue CAGR of 8-11%. They emphasized efforts to upsell and cross-sell higher-value packages to customers.