GTPL
GTPL Hathway financials
- Market cap
- ₹695 Cr
- Calls analysed
- 7
GTPL Hathway Limited Q1 FY27
What went well
- Consolidated total income grew by 12% YoY and 9% QoQ to INR 1,020 crores.
- Broadband ARPU increased by INR 5 to INR 470 compared to Q1 FY26.
- Acquisition of 7 ACT Group companies' digital business for INR 36.23 crores is expected to add approximately 6 lakh Digital TV subscribers.
What to watch
- Consolidated Net Profit for Q1 FY27 stood at INR 2.3 crores, a sharp decline YoY, primarily due to higher depreciation and finance costs (around INR 6 crores).
- Consolidated EBITDA margin was 10.7%, with operating EBITDA margin at 22%, which management aims to improve to 25%.
What GTPL Hathway Limited does
GTPL Hathway distributes digital Cable TV and provides wireline broadband internet services to households across India, operating from a Mother Headend in Ahmedabad and a second headend in Kolkata that together distribute 975+ TV channels over an owned cable network. It launched GTPL Infinity, a Headend-in-the-Sky (HITS) satellite platform, in November 2025 to deliver signals to local cable operators nationwide via C-band transponders, extending its reach into cable-dark and underserved regions with minimal partner setup time. The company also layers OTT aggregation, cloud gaming and AI-chatbot customer support onto its core TV and broadband pipes.
Segments
- Digital Cable TV
- Broadband (Wireline ISP)
- HITS (Headend-in-the-Sky)
- Geographic footprint
- 1,500+ towns across 26 states and 4 Union Territories
- Households connected
- 12 Mn+
- Digital Cable TV subscribers
- 9.40 Mn total, 8.70 Mn paying (as of Mar-26)
- Active broadband subscribers
- 1.06 Mn (as of Mar-26)
- Broadband homepass
- 5.95 Mn, ~75% FTTX-enabled
- Owned cable network length
- 1,00,000+ km
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 4 missed 9 open- HITS Platform Launch delivered said Q4 FY25 Promised: launch by end of -- by this quarter only... or early next quarter Q1 FY27: Platform is operational. 2.7M subscribers now on HITS (2.5M existing + 200k new), with INR 4 cr bandwidth savings reported in Q1 FY27.
- Revenue CAGR missed said Q3 FY25 Promised: We want to come back to that level in FY '26 that we do 18% of revenue at least Q1 FY27: Target period FY26 has passed. The promise was missed. Q1 FY27 consolidated income grew 12% YoY.
- PAT at risk said Q3 FY26 Promised: hopeful of reaching a PAT of ₹200 crores within the next 3 to 4 years Q1 FY27: Q1 FY27 PAT dropped to INR 2.3 cr due to higher depreciation and finance costs from HITS, putting the long-term target at significant risk.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.4%, net profit down 81.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 856 | 887 | 891 | 904 | 959 +12% | 933 +5% | 924 +4% | 1,015 +12% |
| EBITDA | 107 | 105 | 105 | 107 | 104 −3% | 113 +8% | 80 −24% | 105 −2% |
| Net profit | 14 | 10 | 11 | 7 | 7 −46% | 12 +20% | -14 −229% | 1 −81% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −47.9% 1Y
1Y: ₹114.9 on 10 Sept 2025 → ₹59.81. High ₹117.57 (17 Sept 2025), low ₹52.56 (11 Aug 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.6%
- 16 Jul
- Q4 FY26
- −4.4%
- 16 Apr
- Q3 FY26
- −8.0%
- 13 Jan
- Q2 FY26
- −2.5%
- 15 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.7k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹3.7k Cr |
| Operating profit | ₹465 Cr | ₹477 Cr | ₹431 Cr | ₹405 Cr |
| Operating margin | 17.5% | 14.8% | 12.4% | 10.9% |
| Interest | ₹10 Cr | ₹23 Cr | ₹30 Cr | ₹39 Cr |
| Depreciation | ₹319 Cr | ₹337 Cr | ₹369 Cr | ₹376 Cr |
| Net profit | ₹125 Cr | ₹112 Cr | ₹49 Cr | ₹12 Cr |
| Net margin | 4.7% | 3.5% | 1.4% | 0.3% |
| ROCE | 15.0% | 12.0% | 6.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹112 Cr | ₹112 Cr | ₹112 Cr | ₹112 Cr | ₹112 Cr | ₹112 Cr |
| Reserves | ₹768 Cr | ₹919 Cr | ₹991 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr |
| Borrowings | ₹165 Cr | ₹130 Cr | ₹149 Cr | ₹288 Cr | ₹375 Cr | ₹502 Cr |
| Other liabilities | ₹1.3k Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹2.3k Cr | ₹1.6k Cr |
| Total liabilities | ₹2.3k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.8k Cr | ₹3.3k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Capital work in progress | ₹71 Cr | ₹92 Cr | ₹113 Cr | ₹88 Cr | ₹103 Cr | ₹66 Cr |
| Investments | ₹10 Cr | ₹9 Cr | ₹9 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Other assets | ₹844 Cr | ₹694 Cr | ₹782 Cr | ₹891 Cr | ₹1.6k Cr | ₹977 Cr |
| Total assets | ₹2.3k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.8k Cr | ₹3.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse GTPL Hathway Limited
Guides on how to read this kind of business and the numbers that matter.