Risks
3 risks
Risk Intelligence
Intense competition from air fiber and satellite broadband
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neutral
medium
✓ Verified against BSE filing
2-Minute Summary
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GTPL Hathway reported a mixed Q2 FY26. Consolidated revenue grew 12% YoY to INR 964.9 crore, driven by broadband and subscription growth. However, EBITDA margin contracted to 11.4% (operating margin 22%), and net profit fell to INR 9.3 crore due to higher costs and seasonal churn. Cable TV subscriber base declined by 100k to 9.50 million due to heavy rains and lack of major sporting events, while broadband added 10k subscribers to reach 1.05 million. ARPU improved marginally to INR 465. Management guided for recovery in H2, aided by cricket events and the upcoming HITS platform launch. Key risks include intense competition from air fiber and satellite broadband, and the inability to accelerate broadband subscriber growth.
GTPL हैथवे ने वित्त वर्ष 2026 की दूसरी तिमाही में मिला-जुला प्रदर्शन दिखाया। कंपनी की कुल आय पिछले साल की तुलना में 12% बढ़कर 964.9 करोड़ रुपये हो गई, जिसका कारण ब्रॉडबैंड और सब्सक्रिप्शन से बढ़ी कमाई है। लेकिन मुनाफा कम होकर 9.3 करोड़ रुपये रह गया, क्योंकि खर्च बढ़ गए और कुछ ग्राहकों ने सेवा छोड़ दी। केबल टीवी के ग्राहक 1 लाख घटकर 95 लाख हो गए, जबकि ब्रॉडबैंड में 10 हजार नए ग्राहक जुड़े। कंपनी को उम्मीद है कि क्रिकेट मैचों और नई तकनीक से दूसरी छमाही में सुधार होगा। मुख्य चुनौतियां एयर फाइबर और सैटेलाइट ब्रॉडबैंड से बढ़ती प्रतिस्पर्धा हैं।
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Cable TV Subscribers
9.50M
-100k QoQ
Total digital cable TV subscriber base as of 30 Sep 2025, down from 9.60M in Q1 due to seasonal churn.
Broadband Active Subscribers
1.05M
+10k QoQ
Active broadband subscribers added 10k sequentially, a ~1% YoY increase.
Broadband ARPU
INR 465
+INR 5 YoY
Average revenue per user for broadband increased by INR 5 compared to Q2 FY25.
Average Data Consumption
410 GB
+17% YoY
Monthly average data consumption per broadband subscriber grew 17% year-on-year.
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Guidance and risk preview
Management reiterated the full-year capex range, with INR 153 crore spent in H1 (90 crore in CATV, 63 crore in broadband).
Air fiber has slowed broadband subscriber growth, and satellite broadband (e.g., Starlink) may pose future threats, though equipment costs remain h...
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