Detailed Narrative
Q4 FY26 Financial Performance and Key Impacts
GTPL Hathway reported consolidated total revenue of ₹934.4 crores for Q4 FY26, marking a 4% year-on-year increase. Subscription revenue stood at ₹285 crores, and broadband revenue grew 3% YoY to ₹139.4 crores. However, the quarter saw a negative profit after tax, primarily due to a revenue impact of approximately ₹12 crores from fewer operating days, a one-time📎 provision of about ₹7.5 crores for conservative accounting and impairment, and a one-time📎 forex loss of around ₹9 crores due to INR depreciation. Consolidated reported EBITDA for the quarter was ₹90.8 crores, with a margin of 9.7%.
Full Year FY26 Performance and Strategic Direction
For the full financial year 2026, consolidated revenue grew 7% annually to ₹3746.6 crores. Operating EBITDA for FY26 reached ₹402.6 crores, maintaining a healthy margin of 22%. The company emphasized its focus on launching and scaling consumer-centric products and services, including the newly introduced GTPL Infinity HITS platform, which is expected to enhance operational scale, implementation speed, and cost efficiency. The Board recommended a dividend of 20% (₹2 per share) for FY26, consistent with its nine-year dividend-paying policy.
Subscriber Base and ARPU Dynamics
As of March 31, 2026, the digital cable TV subscriber base stood at 9.40 million, with 8.70 million paying subscribers. The active broadband subscriber base reached 1.06 million, adding 15,000 new subscribers year-on-year. Broadband ARPU for Q4 FY26 was ₹465, and average data consumption per month increased 10% YoY to 436 GB. Management noted that subscriber growth was muted this quarter as the company prioritized HITS implementation and conversion of existing subscribers over aggressive new subscriber acquisition, with expectations for positive growth from Q1 FY27.
Capital Expenditure Plans and Growth Drivers
Total capital expenditure for FY26 was ₹290 crores, with ₹110 crores allocated to broadband and ₹180 crores to HITS/cable infrastructure. For FY27, the company projects a capex of ₹350 crores, with ₹150-160 crores earmarked for broadband and the remainder for cable and HITS. Management indicated that capex will remain elevated for the next 3 years, with approximately ₹700 crores planned for the next two years, split equally between maintenance and growth, to support market penetration and industry consolidation.
Industry Consolidation and Evolving Competitive Landscape
The company views the media industry as being in a consolidation phase and intends to pursue acquisitions of smaller MSOs to retain subscribers and improve service quality. Management highlighted an expanded definition of competition, including not only traditional players but also OTT platforms, YouTube, and social media, which are all content providers. GTPL aims to leverage its 'pipe' to homes by offering diverse service combinations, including OTT and gaming, to cater to varied customer needs and maintain competitiveness.
Profitability and ROCE Outlook
The company's Return on Capital Employed (ROCE) for FY26 was in single digits, a decline from historical levels, attributed to the exceptional year focused on new platform investments rather than immediate growth. Management expressed confidence in improving margins and aims to achieve a 15% ROCE within the next 2 to 3 years. Furthermore, they are hopeful of reaching a PAT of ₹200 crores within the next 3 to 4 years, as the benefits of new platforms and aggressive consolidation strategies materialize.