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Revenue
₹924 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹90.8 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
GTPL Hathway reported a disappointing Q4 FY26 with consolidated revenue of INR 934.4 crore (+4% YoY) and reported EBITDA margin of 9.7%, impacted by lower operating days, one-time provisions of ~INR 7.5 crore, and a forex loss of ~INR 9 crore. The company posted a net loss, driven by these exceptional items. Cable TV subscriber base remained flat at 9.44 million (paying 8.70 million), while broadband added only 15k subscribers YoY to 1.06 million. Management attributed the muted performance to a focus on launching the HITS platform (GTPL Infiniti) and conservative accounting adjustments. They guided for aggressive consolidation and subscriber growth from Q1 FY27, with annual capex of ~INR 350 crore. Key risk: structural decline in cable TV due to OTT competition and rising churn (~17-18%) may limit recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for annual capex of around INR 350 crore, split ~INR 150 crore for broadband and ~INR 200 crore for cable/HITS, with 50% growth and 50% maintenance.
- Management expects to resume subscriber additions in both cable and broadband from Q1 FY27, driven by HITS platform and MSO acquisitions.
- Management aims to return to a RoCE of ~15% over the next 2-3 years as growth capex yields returns.
Risks flagged
- Management acknowledged that OTT platforms, YouTube, and social media are competing for eyeballs, posing a long-term threat to cable TV subscriber growth.
- Industry churn is ~17-18%, and while GTPL is slightly better, retaining subscribers remains challenging.
- The company incurred a one-time forex loss of INR 9 crore due to INR depreciation; ongoing dollar-denominated transponder leases could cause future volatility.
- Operating EBITDA margin fell to 18% in Q4 (from 22% FY average) due to lower revenue days and one-time items; structural margin recovery is uncertain.
Key quotes
- We remain the country's largest MSO while constantly deepening our footprint as a significant player in the fast evolving piece broadband landscape.
- This quarter has become exceptional as the company has reported negative profit after tax.
- We are looking forward that next year we will be again back to 350 crores capex.
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