GTPL Hathway Management Guidance Tracker

Management reiterated the full-year capex range, with INR 153 crore spent in H1 (90 crore in CATV, 63 crore in broadband).

Management guided total capex for FY26 at ₹270 crore, lower than initial plan, with no incremental capex needed for satellite platform.

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.

The company plans to launch its HITS (Headend in the Sky) platform in the third quarter, which will enable pan-India reach and cost savings.

Management expects subscription revenue to recover in Q3 and Q4, driven by cricket events and seasonal improvement, with churn returning to 8-11%.

Management expects to return to historical revenue CAGR of 11-12% driven by GTPL Infinity and subscriber growth.

Management targets EBITDA CAGR of 13-14% as cost benefits from satellite platform materialize.

Management expects full conversion and benefits from the satellite platform to be visible within one year, by end of 2026.

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.