Cable TV Paying Subscribers
8.70M
Flat YoY
Paying subscriber base remained unchanged YoY as management focused on HITS platform launch.
GTPLHATHWAY
Other
2026-04-??
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Capex of ~INR 350 crore per annum for next 2-3 years
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 guidance capexAggressive consolidation and subscriber growth from Q1 FY27
Management expects to resume subscriber additions in both cable and broadband from Q1 FY27, driven by HITS platform and MSO acquisitions.
Management guidance growthTarget RoCE of 15% in 2-3 years
Management aims to return to a RoCE of ~15% over the next 2-3 years as growth capex yields returns.
Management guidance otherKey Risks
Structural decline in cable TV due to OTT competition
Management acknowledged that OTT platforms, YouTube, and social media are competing for eyeballs, posing a long-term threat to cable TV subscriber growth.
high · management_commentaryHigh churn rate in cable TV
Industry churn is ~17-18%, and while GTPL is slightly better, retaining subscribers remains challenging.
medium · analyst_questionForex volatility impacting HITS costs
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.
medium · management_commentaryMargin compression from competitive pressures
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.
high · data_observationNotable 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.
Frequently Asked Questions
What was GTPL Hathway's revenue in Q4 FY26?
GTPL Hathway reported revenue of ₹924 Cr in Q4 FY26, representing a +4% change compared to the same quarter last year.
What guidance did GTPL Hathway management give for FY27?
Capex of ~INR 350 crore per annum for next 2-3 years: 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. Aggressive consolidation and subscriber growth from Q1 FY27: Management expects to resume subscriber additions in both cable and broadband from Q1 FY27, driven by HITS platform and MSO acquisitions. Target RoCE of 15% in 2-3 years: Management aims to return to a RoCE of ~15% over the next 2-3 years as growth capex yields returns.
What are the key risks for GTPL Hathway in FY27?
Key risks include Structural decline in cable TV due to OTT competition — Management acknowledged that OTT platforms, YouTube, and social media are competing for eyeballs, posing a long-term threat to cable TV subscriber growth.; High churn rate in cable TV — Industry churn is ~17-18%, and while GTPL is slightly better, retaining subscribers remains challenging.; Forex volatility impacting HITS costs — 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.; Margin compression from competitive pressures — 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..
Did GTPL Hathway meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full GTPL Hathway Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.