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Structural decline in cable TV due to OTT competition
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GTPL Hathway Ltd — Q4 FY26
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.
bearish
high
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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.
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Cable TV Paying Subscribers
8.70M
Flat YoY
Paying subscriber base remained unchanged YoY as management focused on HITS platform launch.
Broadband Active Subscribers
1.06M
+15k YoY
Added 15,000 subscribers on a yearly basis; quarterly addition was muted due to competition from air fiber.
Broadband ARPU
INR 465
+INR 25 vs 2 years ago
ARPU increased gradually as customers migrate to higher speed tiers; management expects continued gradual uptick.
Home Passes (Broadband)
5.95M
75% FTTH available
Total home passes stood at 5.95 million, with 75% ready for fiber-to-the-home services.
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Guidance and risk preview
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 a...
Management acknowledged that OTT platforms, YouTube, and social media are competing for eyeballs, posing a long-term threat to cable TV subscriber...
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