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GTPL Hathway Reports Q2 Standalone Net Loss of ₹11 Mn; Total Income Up 25% YoY to ₹8,003 Mn
GTPL Hathway released its Q2 FY27 investor presentation, reporting standalone Total Income of ₹8,003 Mn, up 25% YoY and 15% QoQ. Despite revenue growth, the company posted a standalone net loss of ₹11 Mn (compared to a profit of ₹54 Mn in Q2 FY26), impacted by ₹75 Mn in exceptional/additional costs including ₹45 Mn in unrealized forex losses and ₹30 Mn from 7 additional transponders. Standalone EBITDA margin contracted to 8.3% from 9.3% in Q2 FY26. Operationally, GTPL completed the acquisition of ACT's Digital TV business across AP, Telangana, Karnataka, and Orissa by September 15, 2026.
Confidence: HIGH
What changedGTPL Hathway filed its Q2 FY27 earnings investor presentation reflecting revenue growth but a shift to a standalone net loss due to forex and transponder expenses.
Why it mattersHigher operational and finance costs are suppressing bottom-line profitability despite top-line growth, continuing pressure on already tight operating margins.
Standalone Total Income (Q2 FY27): ₹8,003 MnStandalone PAT (Q2 FY27): ₹(11) MnStandalone EBITDA Margin (Q2 FY27): 8.3%Additional Cost Impact: ₹75 Mn
📅 Short termProfitability remains under pressure from finance costs and unrealized forex volatility, which may weigh on near-term stock sentiment.
📈 Long termExpansion through HITS (GTPL Infinity) and regional consolidation (ACT acquisition) supports volume scale, but operational leverage will depend on stabilizing content and transponder costs.
⚠ Risk flags
- Margin compression from rising finance costs and pay channel expenses
- Forex volatility exposure impacting bottom-line figures
Key Highlights
Standalone Total Income rose 25% YoY and 15% QoQ to ₹8,003 Mn in Q2 FY27
Standalone Net Profit slipped into a loss of ₹11 Mn vs ₹54 Mn profit in Q2 FY26
Earnings hit by additional impact of ₹75 Mn (₹45 Mn unrealized forex loss and ₹30 Mn for 7 additional transponders)
Acquisition of ACT's Digital TV business in AP, Telangana, Karnataka, and Orissa completed on September 15, 2026
CATV Subscription Income rose 23% YoY to ₹2,692 Mn
👀 What to Watch
Track margin recovery and transponder cost absorption in upcoming quarterly calls, alongside subscriber additions resulting from the integrated ACT Digital TV business.
GTPL Hathway Q2 FY27 Results: Revenue Up 19% to ₹1,146 Cr, Posts Net Loss of ₹0.5 Cr
GTPL Hathway reported a 19% YoY increase in total revenue to ₹11,464 Mn (₹1,146.4 Cr) for Q2 FY27, up from ₹9,649 Mn in Q2 FY26. However, profitability deteriorated sharply, posting a net loss of ₹5 Mn (₹0.5 Cr) against a net profit of ₹93 Mn in Q2 FY26. EBITDA margins compressed to 9.6% from 11.4% YoY. Operational metrics showed subscriber expansion, with active Digital Cable TV subscribers up 16% YoY to 11 Mn (boosted by the completion of the ACT Group acquisition adding ~6 lakh subscribers), while Broadband subscribers rose to 1.07 Mn.
Confidence: HIGH
What changedRelease of financial results for Q2 FY27 showing top-line revenue growth of 19% coupled with a margin drop that resulted in a net loss of ₹5 Mn.
Why it mattersWhile subscriber scale and revenues are growing via inorganic expansion, core operational profitability remains strained, squeezing net earnings close to break-even.
Total Revenue Q2 FY27: ₹ 11,464 MnNet Profit/Loss Q2 FY27: ₹ -5 MnEBITDA Margin: 9.6%Digital Cable TV Active Subscribers: 11 MnACT Group Sub Added: approximately 6 lakh
📅 Short termEarnings sentiment may remain weak due to the margin compression and shift into a net loss despite headline revenue growth.
📈 Long termIntegration efficiency from the ACT Group acquisition and ARPU expansion in broadband will determine if EBITDA margins can recover toward historical double-digit levels.
⚠ Risk flags
- EBITDA margin compression to single digits (9.6%)
- Net loss reported at ₹5 Mn
- Integration challenges and costs related to inorganic acquisitions
Key Highlights
Total revenue increased 19% YoY to ₹11,464 Mn in Q2 FY27
Company slipped into a net loss of ₹5 Mn vs a profit of ₹93 Mn in Q2 FY26
EBITDA margin contracted to 9.6% compared to 11.4% in Q2 FY26
Digital Cable TV active subscribers increased by 1.5 Mn YoY (16%) to 11 Mn, aided by ~6 lakh subscribers from the ACT Group deal
Broadband ARPU rose slightly by ₹5 YoY to ₹470 per month
👀 What to Watch
Track margin recovery and cost-rationalization measures following the integration of the ACT Group acquisition in upcoming quarters.
GTPL Reports Q2 Results with Standalone Loss of ₹1.35 Cr; Acquires 74% DL GTPL Stake for ₹8.33 Cr
GTPL Hathway reported its Q2 FY27 (quarter ended September 30, 2026) results alongside an M&A update. Standalone operations slipped into a net loss of ₹13.47 million (₹1.35 Cr) compared to a net profit of ₹52.49 million in Q2 FY26, despite standalone revenue rising 25.4% YoY to ₹797.57 Cr. Additionally, the Board approved acquiring the remaining 74% stake in subsidiary DL GTPL Cabnet for ₹8.33 Cr to make it a wholly-owned subsidiary. The company also disclosed an unprovided contingent DoT license fee demand of ₹975.42 Cr, which substantially exceeds its market capitalization of ₹566 Cr.
Confidence: HIGH
What changedGTPL swung to a standalone quarterly loss of ₹1.35 Cr and approved buying out the remaining 74% stake in DL GTPL for ₹8.325 Cr by October 31, 2026.
Why it mattersCore profitability remains pressured by operating costs and Cable TV losses (segment loss of ₹91.06 million), while the contingent DoT demand of ₹975.42 Cr poses a persistent overhang relative to net worth (₹890 Cr).
Standalone Revenue (Q2): ₹7,975.74 millionStandalone Net Loss (Q2): ₹13.47 millionDL GTPL Acquisition Cost: ₹8,32,50,000Acquisition cost vs Net worth: ~0.94%Contingent DoT License Demand: ₹9,754.15 million
📅 Short termEarnings deterioration to a net loss is likely to weigh on sentiment over the coming trading sessions.
📈 Long termConsolidation of cable assets continues, but persistent industry pricing pressures and telecom regulatory AGR disputes remain critical long-term risks.
⚠ Risk flags
- Massive contingent DoT AGR liability of ₹975.42 Cr exceeds total market cap and net worth
- Operating losses in the primary Cable TV segment (PBT loss of ₹91.06 million)
Key Highlights
Standalone net loss stood at ₹13.47 million (₹1.35 Cr) in Q2 FY27 versus a net profit of ₹52.49 million in Q2 FY26
Standalone revenue from operations increased 25.4% YoY to ₹7,975.74 million (₹797.57 Cr)
Consolidated revenue reached ₹11,230.55 million with total segment result (PBT) declining to a loss of ₹38.36 million
Approved acquisition of remaining 74% stake (88,800 shares) in DL GTPL Cabnet for ₹8.325 Cr
Auditors highlighted a contingent DoT license fee demand of ₹9,754.15 million (₹975.42 Cr) with no provision made
👀 What to Watch
Track margin recovery in the core Cable TV segment and follow legal proceedings before the Supreme Court regarding the ₹975.42 Cr DoT AGR demand.
GTPL Reports Q2 Results with Standalone Loss of ₹1.35 Cr; Acquires 74% DL GTPL Stake for ₹8.33 Cr
GTPL Hathway reported its Q2 FY27 (quarter ended September 30, 2026) results alongside an M&A update. Standalone operations slipped into a net loss of ₹13.47 million (₹1.35 Cr) compared to a net profit of ₹52.49 million in Q2 FY26, despite standalone revenue rising 25.4% YoY to ₹797.57 Cr. Additionally, the Board approved acquiring the remaining 74% stake in subsidiary DL GTPL Cabnet for ₹8.33 Cr to make it a wholly-owned subsidiary. The company also disclosed an unprovided contingent DoT license fee demand of ₹975.42 Cr, which substantially exceeds its market capitalization of ₹566 Cr.
Confidence: HIGH
What changedGTPL swung to a standalone quarterly loss of ₹1.35 Cr and approved buying out the remaining 74% stake in DL GTPL for ₹8.325 Cr by October 31, 2026.
Why it mattersCore profitability remains pressured by operating costs and Cable TV losses (segment loss of ₹91.06 million), while the contingent DoT demand of ₹975.42 Cr poses a persistent overhang relative to net worth (₹890 Cr).
Standalone Revenue (Q2): ₹7,975.74 millionStandalone Net Loss (Q2): ₹13.47 millionDL GTPL Acquisition Cost: ₹8,32,50,000Acquisition cost vs Net worth: ~0.94%Contingent DoT License Demand: ₹9,754.15 million
📅 Short termEarnings deterioration to a net loss is likely to weigh on sentiment over the coming trading sessions.
📈 Long termConsolidation of cable assets continues, but persistent industry pricing pressures and telecom regulatory AGR disputes remain critical long-term risks.
⚠ Risk flags
- Massive contingent DoT AGR liability of ₹975.42 Cr exceeds total market cap and net worth
- Operating losses in the primary Cable TV segment (PBT loss of ₹91.06 million)
Key Highlights
Standalone net loss stood at ₹13.47 million (₹1.35 Cr) in Q2 FY27 versus a net profit of ₹52.49 million in Q2 FY26
Standalone revenue from operations increased 25.4% YoY to ₹7,975.74 million (₹797.57 Cr)
Consolidated revenue reached ₹11,230.55 million with total segment result (PBT) declining to a loss of ₹38.36 million
Approved acquisition of remaining 74% stake (88,800 shares) in DL GTPL Cabnet for ₹8.325 Cr
Auditors highlighted a contingent DoT license fee demand of ₹9,754.15 million (₹975.42 Cr) with no provision made
👀 What to Watch
Track margin recovery in the core Cable TV segment and follow legal proceedings before the Supreme Court regarding the ₹975.42 Cr DoT AGR demand.
GTPL Appoints Piyush Pankaj as CFO; Ashwinkumar Patel Named CS; Gurjeev Kapoor Joins Board
GTPL Hathway announced key leadership changes following its Board meeting on September 18, 2026. Current CFO Saurav Banerjee will superannuate on September 30, 2026, and will be succeeded by Piyush Pankaj (currently Business Head – B2B and Chief Strategy Officer) as CFO effective October 1, 2026. Additionally, Ashwinkumar Patel was appointed as Company Secretary and Compliance Officer effective September 19, 2026. Gurjeev Singh Kapoor, CEO of Hathway Cable and Datacom, joins the Board as an Additional Director from October 1, 2026, while Tavinderjit Singh Panesar resigned as Director with immediate effect.
Confidence: HIGH
What changedRetirement of CFO Saurav Banerjee and internal promotion of Piyush Pankaj to CFO, along with appointments of a new Company Secretary and a Non-Executive Director.
Why it mattersEnsures leadership continuity in financial and compliance functions by promoting an internal 10-year veteran, while deepening parent/group alignment with Hathway Cable's CEO joining the board.
New CFO association with GTPL: 10 yearsNew CFO total experience: 28 yearsCFO transition date: October 1, 2026New CS experience: 20 years
📅 Short termOrderly transition planned with no immediate disruption expected to ongoing operations or quarterly financial disclosures.
📈 Long termLimited operational disruption; the appointment of Hathway Cable's CEO to the board strengthens strategic alignment across the promoter group's cable distribution assets.
⚠ Risk flags
- Execution risk during leadership handover amid declining net profitability (TTM PAT Rs 6 Cr)
Key Highlights
Piyush Pankaj appointed as CFO effective October 1, 2026, following 10 years at GTPL Hathway
Current CFO Saurav Banerjee superannuates on September 30, 2026 (close of business hours)
Ashwinkumar Patel named Company Secretary & Compliance Officer effective September 19, 2026
Gurjeev Singh Kapoor (CEO of Hathway Cable & Datacom) appointed Additional Director from October 1, 2026
Non-Executive Director Tavinderjit Singh Panesar resigned effective September 18, 2026
👀 What to Watch
Track the smooth transition of financial reporting and operational execution under the new CFO starting in Q3 FY26, alongside upcoming Q2 FY26 earnings.
GTPL Hathway Appoints Piyush Pankaj as CFO; Board Approves Leadership Restructuring
GTPL Hathway has approved key leadership changes following its Board meeting on September 18, 2026. Mr. Piyush Pankaj, with 28 years of experience and 10 years at the company, has been appointed Chief Financial Officer effective October 1, 2026, replacing superannuating CFO Saurav Banerjee. Additionally, Mr. Ashwinkumar Patel joins as Company Secretary & Compliance Officer from September 19, 2026, and Hathway Cable CEO Gurjeev Singh Kapoor joins the Board as an Additional Director, while Non-Executive Director Tavinderjit Singh Panesar resigned immediately due to personal reasons.
Confidence: HIGH
What changedTransition of top key managerial personnel: new CFO and Company Secretary appointed, alongside a director addition and one resignation.
Why it mattersInternal promotion of the CFO ensures operational continuity in finance and strategy amidst thin margins (TTM PAT of Rs 6 Cr on Rs 3,831 Cr revenue).
CFO Effective Date: October 1, 2026Incoming CFO GTPL Tenure: 10 yearsCS & Compliance Officer Effective Date: September 19, 2026TTM Revenue Context: Rs 3831 Cr
📅 Short termSmooth planned transition expected as the new CFO has already been with the organization for a decade; market reaction should be neutral.
📈 Long termLimited operational disruption; the induction of Hathway CEO Gurjeev Singh Kapoor to the board may strengthen synergies within the broader promoter group.
Key Highlights
Piyush Pankaj appointed CFO effective October 1, 2026, succeeding Saurav Banerjee who superannuates on September 30, 2026
Piyush Pankaj brings 28 years of total experience, including 10 years within GTPL Hathway
Ashwinkumar Patel appointed Company Secretary and Compliance Officer effective September 19, 2026, carrying over 20 years of experience
Hathway Cable & Datacom CEO Gurjeev Singh Kapoor appointed as Additional Director effective October 1, 2026
Non-Executive Non-Independent Director Tavinderjit Singh Panesar resigned with immediate effect on September 18, 2026
👀 What to Watch
Monitor upcoming quarterly earnings under the incoming CFO to track operational performance and strategic execution on the 'GTPL Infinity' HITS rollout.
GTPL Hathway Appoints New CFO, CS and Board Member; Panesar Steps Down
GTPL Hathway announced significant leadership changes following its Board meeting on September 18, 2026. Mr. Piyush Pankaj has been appointed as Chief Financial Officer effective October 1, 2026, replacing Mr. Saurav Banerjee who superannuates on September 30, 2026. Additionally, Mr. Ashwinkumar Patel is appointed Company Secretary effective September 19, 2026, and Hathway Cable CEO Mr. Gurjeev Singh Kapoor joins as an Additional Non-Executive Director. Alongside these appointments, Non-Executive Director Mr. Tavinderjit Singh Panesar resigned effective immediately due to personal reasons.
Confidence: HIGH
What changedGTPL Hathway has transitioned its key managerial personnel, appointing an internal veteran as the new CFO alongside a new Company Secretary and a revised Board seat composition.
Why it mattersInternal promotion for the CFO role ensures continuity in managing GTPL's ₹3,831 crore revenue base and ₹434 crore debt book as prior CFO superannuates.
CFO tenure with company: 10 yearsIncoming CFO total experience: over 28 yearsCFO appointment effective date: October 1, 2026CS appointment effective date: September 19, 2026
📅 Short termMinimal market impact expected as the leadership handover is orderly and planned due to standard retirement.
📈 Long termLimited operational disruption expected given the incoming CFO's 10-year tenure as Chief Strategy Officer and B2B head.
Key Highlights
Piyush Pankaj, with 28+ years of total experience and 10 years at GTPL, appointed CFO effective October 1, 2026
Current CFO Saurav Banerjee to superannuate on September 30, 2026
Ashwinkumar Patel appointed Company Secretary & Compliance Officer effective September 19, 2026
Gurjeev Singh Kapoor (CEO of Hathway Cable and Datacom) appointed Additional Director from October 1, 2026
Tavinderjit Singh Panesar resigned as Non-Executive Non-Independent Director effective September 18, 2026
👀 What to Watch
Track subsequent quarterly results under the incoming CFO and look for shareholder approval regarding Gurjeev Singh Kapoor's directorship.
GTPL Hathway Appoints Piyush Pankaj as CFO; Names New CS & Additional Director
GTPL Hathway has approved key leadership appointments, naming Mr. Piyush Pankaj as Chief Financial Officer (CFO) effective October 1, 2026, succeeding Mr. Saurav Banerjee who superannuates on September 30, 2026. Mr. Pankaj brings 28 years of experience and has been with GTPL for 10 years, currently leading B2B (CATV & Broadband) and strategy. Additionally, Mr. Ashwinkumar Patel has been appointed Company Secretary effective September 19, 2026, and Hathway Cable CEO Mr. Gurjeev Singh Kapoor joins as an Additional Non-Executive Director. Non-Executive Director Mr. Tavinderjit Singh Panesar has resigned effective immediately due to personal reasons.
Confidence: HIGH
What changedInternal transition of the CFO role from retiring Saurav Banerjee to Piyush Pankaj, alongside appointment of a new Company Secretary and board reconstitution.
Why it mattersA CFO transition is a key managerial change; internal promotion provides continuity, while adding Hathway Cable's CEO to the board strengthens strategic alignment across the parent group.
CFO effective date: October 1, 2026Incoming CFO experience: over 28 yearsIncoming CFO tenure at GTPL: 10 yearsCompany Secretary effective date: September 19, 2026
📅 Short termNeutral to orderly transition; operational stability is supported as the incoming CFO has been serving as Chief Strategy Officer and B2B head.
📈 Long termLimited operational disruption expected given internal succession, though market will evaluate execution on margins and capital allocation under new finance leadership.
⚠ Risk flags
- Simultaneous changes across multiple KMP and board positions
Key Highlights
Piyush Pankaj appointed CFO effective October 1, 2026, following 10 years at the company and 28 years of industry experience
Current CFO Saurav Banerjee to superannuate on September 30, 2026 (close of business hours)
Ashwinkumar Patel appointed Company Secretary & Compliance Officer effective September 19, 2026, bringing over 20 years of experience
Hathway Cable & Datacom CEO Gurjeev Singh Kapoor appointed Additional Non-Executive Director effective October 1, 2026
Director Tavinderjit Singh Panesar resigned from the board with immediate effect on September 18, 2026
👀 What to Watch
Track the smooth transition of financial reporting and capital allocation under the new CFO ahead of Q2 FY27 results, alongside strategic alignment with Hathway Cable through the board addition.
GTPL Hathway Completes Acquisition of ACT Group Cable TV Business for Rs 35.55 Cr
GTPL Hathway Limited has completed the acquisition of the Cable Television Business from seven companies of the ACT Group. The transaction was closed on September 15, 2026, for an aggregate cash consideration of Rs 35.55 crore (after adjustments), following an earlier disclosure dated June 23, 2026. The purchase consideration accounts for roughly 6.3% of GTPL's market capitalization of Rs 568 crore and less than 1% of its TTM revenue of Rs 3,831 crore. This consolidation is aligned with GTPL's strategy of acquiring regional cable TV bases to bolster its 9.50 million digital subscriber base.
Confidence: HIGH
What changedGTPL Hathway formally closed the purchase of ACT Group's cable TV assets across seven entities, paying Rs 35.55 crore in cash.
Why it mattersAdds incremental cable TV subscriber scale to India's largest MSO, supporting network consolidation in regional markets at a manageable cash outlay.
Cash Consideration: Rs. 35.55 CroresNumber of Target Companies: 7Consideration vs Market Cap: ~6.3%Consideration vs TTM Revenue: ~0.93%
📅 Short termPositive sentiment from successful deal closure, though financial impact on immediate quarterly numbers will be small given the deal size relative to overall revenue.
📈 Long termAssists GTPL's consolidation playbook in regional cable markets, though overall organic subscriber retention and broadband expansion remain key drivers of margin turnaround.
⚠ Risk flags
- Integration risks across 7 separate entities
- Ongoing secular industry pressures on traditional cable TV subscriber retention from OTT/DTH
Key Highlights
Completed acquisition of Cable Television Business from 7 companies belonging to ACT Group
Final aggregate cash consideration settled at Rs 35.55 Crores after necessary adjustments
Transaction represents ~6.3% of current market cap (Rs 568 Cr) and ~0.9% of TTM revenue (Rs 3,831 Cr)
Closure follows initial disclosure made on June 23, 2026
👀 What to Watch
Track the upcoming Q2/Q3 FY27 operational disclosures for added subscriber counts and see if this consolidation improves operating margins and ARPU.
₹36.23 Cr Acquisition of ACT Digital TV Business to Add 6 Lakh Subscribers
GTPL Hathway reported a 12% YoY revenue growth to ₹1,020 cr for Q1 FY27, although net profit remained low at ₹2.3 cr. The company announced a ₹36.23 cr cash acquisition of ACT Group's digital TV business, which is expected to add 6 lakh subscribers across South and East India by September 15, 2026. Management is focusing on inorganic growth to achieve market leadership in Andhra Pradesh and Telangana while expanding into new states like Kerala and Jammu & Kashmir. Broadband ARPU saw a marginal increase to ₹470, supported by higher data consumption of 436 GB per user.
Confidence: HIGH
What changedGTPL has moved from purely organic expansion to a significant inorganic acquisition in the Southern market and appointed a dedicated Broadband CEO to drive B2B/B2C growth.
Why it mattersThe acquisition provides market leadership in AP and Telangana, creating synergy benefits for revenue consolidation and cost optimization against rising content costs from broadcasters.
ACT Acquisition Value: ₹36.23 crAcquisition vs Net Worth: ~4.1%Q1 FY27 Revenue: ₹1,020 crBroadband ARPU: ₹470Subscriber Addition (ACT): 6 lakh
📅 Short termThe stock may see positive sentiment from the expansion into new geographies (Kerala, J&K) and the clear timeline for the ACT acquisition closure.
📈 Long termThe 'GTPL Infinity' HITS platform strategy aims to capture the rural market (140-150m households without TV) where traditional cable is not financially feasible, potentially driving long-term volume growth.
⚠ Risk flags
- Very thin net profit margins (0.2% in Q1 FY27)
- High competition from OTT and DTH impacting core CATV pricing power
- Integration risk of 6 lakh subscribers across multiple states
Key Highlights
Acquisition of 7 ACT Group companies for an aggregate cash consideration of ₹36.23 cr
Expected addition of 6 lakh Digital TV subscribers, strengthening presence in AP, Telangana, Odisha, and Karnataka
Consolidated total income grew 12% YoY to ₹1,020 cr in Q1 FY27
Broadband ARPU increased by ₹5 YoY to ₹470, with data consumption up 6% to 436 GB
Digital TV subscriber base reached 9.60 million with 8.9 million paying subscribers
👀 What to Watch
Watch for the successful integration of the ACT subscriber base by the September 15, 2026 deadline and monitor if the new Broadband CEO can improve the 17% extraction rate from existing home passes.
CFO Saurav Banerjee to retire on September 30, 2026, due to superannuation
GTPL Hathway has announced that its Chief Financial Officer, Mr. Saurav Banerjee, will retire effective September 30, 2026. This is a planned transition due to the executive reaching the age of superannuation. The company has approximately 2.5 months to appoint a successor. This change comes at a time when the company is navigating financial pressure, having reported a net loss of ₹13.93 Cr in the March 2026 quarter despite a large TTM revenue base of ₹3,719 Cr.
Confidence: HIGH
What changedThe Chief Financial Officer is stepping down due to retirement (superannuation), necessitating a search for a new Key Managerial Personnel (KMP).
Why it mattersThe CFO is critical for managing the company's ₹434 Cr debt and improving its low 4.0% ROCE, especially as the core cable business faces pricing pressure.
Effective Retirement Date: September 30, 2026TTM Revenue: ₹3,719 CrTotal Debt: ₹434 CrLatest Quarterly Net Profit (Mar 2026): ₹-13.926 CrMarket Cap: ₹562 Cr
📅 Short termThe stock is likely to remain neutral in the short term as the retirement is a routine administrative event with a clear timeline.
📈 Long termThe long-term impact depends on the successor's ability to reverse the trend of declining margins and manage the transition to the 'GTPL Infinity' HITS platform.
⚠ Risk flags
- Succession risk during a period of financial losses
- Low operating margins (10.9%)
- High debt-to-equity ratio of 0.49 relative to low PAT
Key Highlights
CFO Saurav Banerjee to demit office at the close of business hours on September 30, 2026
Transition period of 77 days provided between the announcement and the effective retirement date
Company reported a TTM revenue of ₹3,719 Cr and a recent quarterly loss of ₹13.93 Cr in Mar 2026
The company maintains a high promoter holding of 75.0% as of the latest filings
👀 What to Watch
Monitor the company's announcement regarding a successor to the CFO role and evaluate the new appointee's experience in managing low-margin media businesses.
₹1,019 Cr Revenue: GTPL Q1 FY27 Revenue Up 12% YoY; Acquires ACT Group Assets for ₹36.23 Cr
GTPL Hathway reported a 12% YoY revenue growth in Q1 FY27, crossing the ₹1,000 Cr quarterly milestone for the first time. The company returned to a slim Profit After Tax (PAT) of ₹2.3 Cr, recovering from a ₹15.3 Cr loss in the preceding quarter, though PAT is down 78% compared to Q1 FY26. A strategic acquisition of seven ACT Group Digital TV businesses for ₹36.23 Cr was announced, expected to add approximately 6 lakh subscribers by September 2026. Broadband metrics remained stable with ARPU increasing slightly to ₹470.
Confidence: HIGH
What changedGTPL has crossed the ₹1,000 Cr quarterly revenue threshold and initiated a regional expansion through the acquisition of ACT Group's Digital TV assets.
Why it mattersThe acquisition strengthens GTPL's footprint in South and East India, while the return to profitability (albeit small) after a loss-making Q4 FY26 provides some stability to the earnings profile.
Q1 FY27 Revenue: ₹1,019.9 CrAcquisition Cost: ₹36.23 CrAcquisition vs Market Cap: ~6.4%Broadband ARPU: ₹470Digital TV Active Subscribers: 9.60 MnQ1 FY27 PAT: ₹2.3 Cr
📅 Short termThe revenue milestone and M&A announcement are likely to be viewed positively by the market, though the very low net profit margin may cap significant upside.
📈 Long termThe company is focusing on consolidation in the MSO space and expanding its broadband footprint; long-term value depends on margin expansion and cross-selling to the expanded subscriber base.
⚠ Risk flags
- Extremely thin PAT margins (0.2% of revenue)
- Integration risk of ACT Group assets
- Competitive pressure in core CATV segment
Key Highlights
Total Revenue crossed ₹1,019.9 Cr, representing a 12% YoY growth from ₹909.1 Cr.
Acquisition of 7 ACT Group Digital TV businesses for ₹36.23 Cr, adding ~6 lakh subscribers.
Broadband ARPU improved by ₹5 YoY to ₹470 per month.
Digital TV active subscribers reached 9.60 million, with paying subscribers at 8.90 million.
Operating EBITDA margin stood at 22%, while overall EBITDA margin was 10.7%.
👀 What to Watch
Monitor the successful integration of the ACT Group acquisition by the September 15, 2026 deadline and track if the 'GTPL Infinity' HITS platform can improve the currently thin PAT margins.
GTPL to Acquire ACT Digital TV Business for ₹36.23 Cr; Q1 Standalone Revenue Up 16%
GTPL Hathway reported its Q1 FY27 results with standalone revenue growing 16% YoY to ₹693.2 Cr, though standalone PAT declined to ₹1.9 Cr from ₹5.6 Cr in the previous year. The company announced a ₹36.23 Cr all-cash acquisition of ACT Group's Digital TV business in four southern and eastern states, adding 6 lakh subscribers. This acquisition represents approximately 6.4% of GTPL's current market capitalization. The company is also scaling its 'GTPL Infinity' HITS platform to expand into rural markets and has recently entered Kerala and Jammu & Kashmir.
Confidence: HIGH
What changedGTPL has moved to consolidate regional markets through the acquisition of ACT's Digital TV assets and is leveraging its new HITS (Headend-In-The-Sky) license for pan-India expansion.
Why it mattersThe acquisition strengthens GTPL's footprint in Andhra Pradesh and Telangana, while the HITS platform allows for lower-capex entry into rural 'cable-dark' areas, addressing the company's thin net profit margins.
Acquisition Value: ₹36.23 CrAcquisition vs Market Cap: ~6.4%Standalone Revenue (Q1 FY27): ₹693.2 CrStandalone PAT (Q1 FY27): ₹1.9 CrDigital TV Subscribers: 9.60 million
📅 Short termThe market may react positively to the subscriber growth and acquisition news, but the sharp decline in standalone PAT and low overall margins remain a drag.
📈 Long termThe shift toward a HITS-based delivery model and inorganic consolidation could improve operational leverage and market share over the next 2-3 years.
⚠ Risk flags
- Extremely thin net profit margins (0.3% standalone in Q1 FY27)
- Integration risk of the ACT Group acquisition
- Competitive pressure from OTT and DTH players
Key Highlights
Acquisition of ACT Group's Digital TV business for ₹36.23 Cr all-cash consideration
Addition of 6 lakh Digital TV subscribers through the ACT Group acquisition
Standalone Revenue increased 16% YoY to ₹693.2 Cr in Q1 FY27
Standalone PAT fell to ₹1.9 Cr in Q1 FY27 compared to ₹5.6 Cr in Q1 FY26
Digital TV subscriber base reached 9.60 million with broadband subscribers at 1.0 million
👀 What to Watch
Investors should monitor the successful integration of the ACT Group acquisition by the September 15, 2026 deadline and observe if the HITS platform improves margins by reducing rural infrastructure costs.
GTPL Q1 Revenue Crosses ₹1,015 Cr; Announces ₹36.23 Cr Acquisition of ACT Group Cable Assets
GTPL Hathway reported a 12.4% YoY increase in consolidated revenue to ₹1,015.41 Cr for Q1 FY27. The company returned to a marginal Profit Before Tax (PBT) of ₹2.88 Cr, recovering from a loss of ₹20.43 Cr in the previous quarter, though significantly lower than the ₹12.22 Cr profit in the same quarter last year. A key strategic move is the acquisition of ACT Group's Cable TV business for ₹36.23 Cr, effective July 1, 2026. However, the company continues to face a massive contingent liability of ₹975.42 Cr related to DoT license fee demands, which is nearly 1.7x its current market capitalization.
Confidence: HIGH
What changedGTPL has returned to profitability on a quarterly basis and initiated a slump sale acquisition to consolidate its cable TV market share.
Why it mattersWhile revenue is growing, the core cable business is struggling with profitability, and the massive DoT legal claim creates a significant overhang on the company's valuation relative to its ₹562 Cr market cap.
Consolidated Revenue (Q1 FY27): ₹10,154.07 millionAcquisition Value (ACT Group): ₹362.30 millionDoT License Fee Demand: ₹9,754.15 millionAcquisition vs Market Cap: ~6.4%Consolidated PBT: ₹28.83 million
📅 Short termThe return to profit and acquisition news may provide some support, but the sharp decline in YoY profitability and the large legal contingency will likely keep the stock under pressure.
📈 Long termThe company is successfully consolidating smaller players, but structural profitability in the cable segment and the resolution of the AGR-related legal dispute are critical for long-term value creation.
⚠ Risk flags
- Massive contingent liability (₹975.42 Cr) vs Market Cap (₹562 Cr)
- Declining margins in the Internet Service segment
- Operating loss in the core Cable TV segment
Key Highlights
Consolidated revenue from operations grew to ₹10,154.07 million (₹1,015.41 Cr) from ₹9,036.99 million YoY.
Signed a Business Transfer Agreement to acquire ACT Group's Cable TV business for ₹362.30 million (₹36.23 Cr).
Contingent liability for DoT license fee demands stands at ₹9,754.15 million (₹975.42 Cr), including interest and penalties.
Cable TV segment reported a loss of ₹47.48 million at the result level despite revenue growth.
Internet Service segment profit dropped sharply to ₹35.22 million from ₹116.02 million in the year-ago quarter.
👀 What to Watch
Investors should monitor the integration of the ACT Group assets and the margin recovery in the Internet Service segment. The primary risk remains the legal outcome of the ₹975.42 Cr DoT demand, which could severely impact the balance sheet if ruled against the company.
GTPL Hathway to Acquire ACT Group's Cable TV Business for Rs 36.23 Crore
GTPL Hathway has signed a Business Transfer Agreement to acquire the cable television business of seven ACT Group companies for an aggregate cash consideration of Rs 36.23 crore. The acquisition, executed via slump sale, will add approximately 6.00 lakh subscribers to GTPL's network across Andhra Pradesh, Telangana, Orissa, and Karnataka. The target entities reported a combined turnover of approximately Rs 164.29 crore for FY 2025-26, indicating a strategic expansion into South and East Indian markets. The transaction is expected to be completed by September 15, 2026.
Key Highlights
Acquisition of cable TV business from 7 ACT Group entities for a total cash consideration of Rs 36.23 crore.
Significant expansion of subscriber base by approximately 6.00 lakh users.
Geographic footprint expansion across four key states: Andhra Pradesh, Telangana, Orissa, and Karnataka.
Target companies had a combined turnover of Rs 1,642.89 million (approx. Rs 164.3 crore) in FY 2025-26.
The deal is structured as a slump sale on a going concern basis with an expected completion date of September 15, 2026.
👀 What to Watch
Investors should view this as a positive growth move, as the acquisition cost per subscriber appears highly attractive at approximately Rs 604. Monitor the successful integration of these subscribers and the subsequent impact on consolidated EBITDA margins.
GTPL Hathway Q4 FY26: Revenue Up 4% to ₹9,344 Mn; 20% Dividend Recommended Despite Quarterly Loss
GTPL Hathway reported a 4% Y-o-Y increase in Q4 FY26 consolidated revenue to ₹9,344 million, though it recorded a negative profit after tax for the quarter due to one-time accounting adjustments and forex losses. The company's cable TV subscriber base remained stable at 9.40 million, while broadband subscribers reached 1.06 million with an ARPU of ₹465. Despite the quarterly loss, the board recommended a 20% dividend (₹2 per share), continuing its nine-year payout streak. Management is pivoting towards its new 'GTPL Infinity' HITS platform to drive future cost efficiencies and industry consolidation.
Key Highlights
Full-year FY26 consolidated revenue grew 7% annually to ₹37,466 million, with broadband revenue rising 2% to ₹5,580 million.
Q4 PAT was negatively impacted by a ₹9 crore forex loss and ₹7.5 crore in one-time impairment provisions and conservative accounting adjustments.
Broadband ARPU stood at ₹465 for Q4 FY26, with average data consumption increasing 10% Y-o-Y to 436 GB per month.
Maintained a healthy balance sheet with a low debt-to-equity ratio of 0.18x and reported positive free cash flow for the full financial year.
Digital cable TV paying subscribers stood at 8.70 million out of a total base of 9.40 million as of March 31, 2026.
👀 What to Watch
Investors should monitor if the transition to the HITS (Headend-In-The-Sky) platform successfully improves margins and subscriber growth in FY27. While the dividend remains a positive for yield-seekers, the stagnant subscriber growth in a competitive OTT-heavy landscape requires a cautious outlook.
GTPL Hathway FY26 Revenue Up 7% to ₹37,466 Mn; Recommends ₹2 Dividend
GTPL Hathway reported a 7% annual revenue growth for FY26, reaching ₹37,466 million, driven by steady performance in both Cable TV and Broadband segments. While Q4 revenue grew 4% YoY to ₹9,344 million, EBITDA margins saw a contraction, with the Q4 margin at 9.7% compared to 12.7% in the previous year. The company maintained a strong subscriber base of 9.40 million in Digital Cable TV and 1.06 million in Broadband. Additionally, the Board recommended a dividend of ₹2 per share, reflecting a 20% payout on face value.
Key Highlights
FY26 Total Revenue grew 7% YoY to ₹37,466 Mn, while Broadband revenue rose 2% to ₹5,580 Mn.
Full-year EBITDA stood at ₹4,321 Mn with an operating margin of 22% and a consolidated margin of 11.5%.
Digital Cable TV active subscribers reached 9.40 Mn, with paying subscribers at 8.70 Mn.
Broadband ARPU stood at ₹465 per month with average data consumption increasing 10% YoY to 436 GB.
Board recommended a dividend of ₹2 per share (20% of face value) for the financial year 2025-26.
👀 What to Watch
Investors should monitor the impact of the newly launched 'GTPL Infinity' HITS platform on operating costs and nationwide subscriber acquisition. While revenue growth remains steady, the year-on-year decline in Q4 EBITDA margins warrants a cautious approach toward operational efficiency.
GTPL Hathway FY26 Revenue Grows 7% to ₹37,466 Mn; Launches HITS Platform for Pan-India Expansion
GTPL Hathway reported a steady performance for FY26 with total consolidated income rising 7% year-on-year to ₹37,466 million. The company maintained its position as India's #1 MSO with 9.40 million active digital cable TV subscribers and reached a milestone of 1.06 million broadband subscribers. A key strategic highlight is the launch of 'GTPL Infinity,' a Headend-in-the-Sky (HITS) platform designed to reduce delivery costs and enable rapid expansion into rural and underserved markets. The company declared a 20% dividend for the fiscal year, continuing its 8-year track record of consistent payouts.
Key Highlights
Total Consolidated Income for FY26 increased 7% YoY to ₹37,466 million, while ISP revenue grew 2% to ₹5,580 million.
Broadband subscriber base grew to 1.06 million with a stable ARPU of ₹465 and average data consumption of 436 GB per month.
Digital Cable TV active STBs stood at 9.40 million with 8.70 million paying subscribers as of March 31, 2026.
Launched 'GTPL Infinity' HITS platform in Q3 FY26, utilizing C-Band transponders to provide Pan-India coverage with minimal setup time.
The Board has recommended a 20% dividend for FY26, maintaining a positive PAT for the 8th consecutive year.
👀 What to Watch
Investors should focus on the execution of the HITS platform, which could significantly improve margins by lowering infrastructure costs in the long term. While revenue growth is steady, monitoring the impact of rising pay channel costs on EBITDA margins is essential.
GTPL Hathway Recommends ₹2 Dividend and Reports FY26 Results; Re-appoints Director
GTPL Hathway has recommended a dividend of ₹2.00 per equity share for the financial year ended March 31, 2026. The company also announced the re-appointment of Mr. Rajendra Dwarkadas Hingwala as an Independent Director for a second three-year term. While the auditors issued an unmodified opinion on the financials, they highlighted a significant contingent liability of ₹9,754.15 million concerning Department of Telecommunications (DOT) license fee demands. The company is currently contesting this demand and has not made any financial provisions for it.
Key Highlights
Recommended a dividend of ₹2.00 per equity share of ₹10 each for FY 2025-26.
Re-appointed Mr. Rajendra Dwarkadas Hingwala as Independent Director for a 3-year term starting July 13, 2026.
Disclosed a massive contingent liability of ₹9,754.15 million related to DOT license fee demands.
Statutory auditors Deloitte Haskins & Sells issued an unmodified opinion on both standalone and consolidated results.
The board meeting concluded at 6:04 p.m. on April 15, 2026, approving the annual audited financial statements.
👀 What to Watch
Investors should weigh the steady dividend payout against the significant legal risk posed by the ₹975 crore DOT demand. Monitor further legal developments regarding the license fee dispute as it could materially impact the balance sheet if ruled against the company.
GTPL Hathway Recommends ₹2.00 Final Dividend for FY26; Discloses ₹975 Cr DoT Demand
GTPL Hathway has recommended a final dividend of ₹2.00 per equity share for the financial year ended March 31, 2026. While the company reported its annual audited results with an unmodified auditor's opinion, it highlighted a massive contingent liability of ₹9,754.15 million related to Department of Telecommunications (DoT) license fees. The company has opted not to create a provision for this demand, citing strong legal grounds to defend the matter. Additionally, the board approved the re-appointment of an independent director for a second three-year term.
Key Highlights
Recommended a final dividend of ₹2.00 per equity share (20% of face value ₹10) for FY 2025-26.
Reported a significant contingent liability of ₹9,754.15 million regarding DoT license fee demands.
Statutory auditors Deloitte Haskins & Sells issued an unmodified opinion on FY26 financial results.
Re-appointed Rajendra Dwarkadas Hingwala as Independent Director for a second 3-year term starting July 2026.
👀 What to Watch
Investors should weigh the steady dividend payout against the significant legal risk posed by the ₹975 crore DoT demand. Monitor legal developments closely as any adverse ruling could materially impact the company's balance sheet.
