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View Promises →GTPL Hathway Limited — Q3 FY26
GTPL Hathway reported Q3 FY26 consolidated revenue of ₹938.2 crore, up 5% YoY, with EBITDA margin at 12.7% and net profit of ₹11.1 crore (+9% YoY).
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GTPL Hathway reported Q3 FY26 consolidated revenue of ₹938.2 crore, up 5% YoY, with EBITDA margin at 12.7% and net profit of ₹11.1 crore (+9% YoY). Broadband revenue grew 4% YoY to ₹1,433 million, supported by stable ARPU of ₹465 and data consumption up 12% YoY. The highlight was the launch of GTPL Infinity, a satellite-based platform enabling pan-India reach with 800-channel capacity, expected to reduce delivery costs and drive subscriber growth. Management guided for a return to historical 11-12% CAGR in revenue and 13-14% in EBITDA, with full benefits visible by December 2026. Risks include competitive pressure in broadband and slower-than-expected adoption of the new platform.
GTPL Hathway ने तीसरी तिमाही में ₹938.2 करोड़ की कमाई की, जो पिछले साल से 5% ज़्यादा है। कंपनी का मुनाफा ₹11.1 करोड़ रहा, जो 9% बढ़ा है। ब्रॉडबैंड से कमाई ₹1,433 मिलियन हुई, जो 4% ज़्यादा है। हर ग्राहक से औसत कमाई ₹465 रही और डेटा इस्तेमाल 12% बढ़ा। खास बात यह है कि कंपनी ने 'GTPL Infinity' लॉन्च किया, जो सैटेलाइट से चलने वाला प्लेटफॉर्म है। इसमें 800 चैनल दिख सकते हैं और पूरे देश में पहुंच होगी। इससे लागत कम होगी और ग्राहक बढ़ेंगे। कंपनी को उम्मीद है कि दिसंबर 2026 तक कमाई 11-12% और मुनाफा 13-14% की दर से बढ़ेगा। लेकिन ब्रॉडबैंड में मुकाबला और नए प्लेटफॉर्म को अपनाने में देरी जोखिम है।
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Cable TV subscriber decline
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Read Transcript →Quarter Snapshot
Broadband subscribers
1.066M
+18,000 QoQ
Added 18,000 new broadband subscribers in Q3, reaching 1.066 million.
Broadband ARPU
₹465
flat YoY
ARPU remained stable at ₹465, supported by customer upgrades to higher-speed plans.
Data consumption per user
410 GB/month
+12% YoY
Average monthly data consumption rose 12% YoY to 410 GB.
Cable TV active subscribers
9.40M
-0.2M YoY
Active cable TV subscribers declined slightly to 9.40 million due to deliberate slowdown ahead of platform launch.
What Changed vs Last Quarter
NEW
Revenue CAGR target of 11-12%
Management expects to return to historical revenue CAGR of 11-12% driven by GTPL Infinity and subscriber growth.
NEW
EBITDA CAGR target of 13-14%
Management targets EBITDA CAGR of 13-14% as cost benefits from satellite platform materialize.
NEW
Full benefits of GTPL Infinity by December 2026
Management expects full conversion and benefits from the satellite platform to be visible within one year, by end of 2026.
UPDATED
FY26 capex guidance of ₹270 crore
Management guided total capex for FY26 at ₹270 crore, lower than initial plan, with no incremental capex needed for satellite platform.
DROPPED
HITS platform launch in Q3 FY26
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.
DROPPED
Recovery in subscription revenue in H2
Management expects subscription revenue to recover in Q3 and Q4, driven by cricket events and seasonal improvement, with churn returning to 8-11%.
NEW RISK
Cable TV subscriber decline
Active cable TV subscribers declined from 8.9M to 8.7M over four quarters, partly due to deliberate slowdown but also competitive pressure.
NEW RISK
Broadband competition and ARPU sustainability
Analyst questioned sustainability of ARPU at ₹465 in a highly competitive broadband market; management cited customer upgrades but no price increases.
NEW RISK
One-time costs and ROU impact
Employee costs rose due to new wage code (₹22M one-time) and right-of-use asset amortization (₹55M) impacted margins, with benefits from satellite platform yet to flow.
NEW RISK
Slow adoption of GTPL Infinity
If partner and subscriber adoption of the new satellite platform is slower than expected, revenue and cost benefits may be delayed.
RISK GONE
Intense competition from air fiber and satellite broadband
Air fiber has slowed broadband subscriber growth, and satellite broadband (e.g., Starlink) may pose future threats, though equipment costs remain high.
RISK GONE
Declining subscription revenue and subscriber churn
Subscription revenue fell marginally YoY and QoQ due to a 100k decline in cable TV subscribers, attributed to seasonal factors and lack of big events.
RISK GONE
Bharat Net project litigation and tender uncertainty
Management declined to comment on the status of Bharat Net litigation and new tender wins, creating uncertainty about future government project revenue.
Fast read
Guidance and risk preview
Management expects to return to historical revenue CAGR of 11-12% driven by GTPL Infinity and subscriber growth.
Active cable TV subscribers declined from 8.9M to 8.7M over four quarters, partly due to deliberate slowdown but also competitive pressure.
View Risks →