HATHWAY - Hathway Cable
📢 Recent Corporate Announcements
Hathway Cable & Datacom Limited has announced the resignation of Mr. R. Krishna Mohan, Senior Vice President – Sales, effective March 04, 2026. Mr. Mohan, who was part of the Senior Management Personnel, initially tendered his resignation on February 02, 2026, to pursue opportunities outside the company. The company has accepted the resignation and completed the transition process as of the close of business hours on Wednesday. This change in the sales leadership team is a routine management update disclosed under SEBI regulations.
- Mr. R. Krishna Mohan resigned from the position of Senior Vice President – Sales on February 02, 2026.
- The executive was officially relieved from his duties on March 04, 2026.
- The departure is categorized as a change in Senior Management Personnel under Regulation 30 of SEBI LODR.
- The resignation was voluntary to pursue external career opportunities according to the official filing.
Hathway Cable & Datacom Limited has announced that Pan Cable Services Private Limited has ceased to be an associate company effective February 16, 2026. This change follows the approval of a voluntary strike off application filed by Pan Cable Services. The company received the formal intimation regarding this regulatory status change on the evening of February 16, 2026. This move likely represents a minor corporate restructuring or the closure of an inactive entity.
- Pan Cable Services Private Limited is no longer an associate company of Hathway as of February 16, 2026.
- The cessation resulted from a voluntary strike off process, indicating the entity was likely non-operational.
- Hathway received the final regulatory intimation on February 16, 2026, at 5:17 p.m.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Hathway Cable & Datacom reported a consolidated net profit of ₹21.71 crore for Q3 FY26, a significant 59% increase from ₹13.64 crore in the same quarter last year. Revenue from operations stood at ₹536.56 crore, showing a 5% year-on-year growth but remaining stagnant compared to the previous quarter. The company continues to struggle with its Cable TV segment, which posted an operational loss of ₹11.39 crore, while the Broadband segment remained profitable at ₹4.17 crore. A sharp rise in pay channel costs, which jumped to ₹287.44 crore from ₹249.29 crore YoY, remains a key pressure point on margins.
- Net profit grew 59.2% YoY to ₹21.71 crore in Q3 FY26 versus ₹13.64 crore in Q3 FY25.
- Revenue from operations increased 5% YoY to ₹536.56 crore, though it was flat on a QoQ basis.
- Pay channel costs surged to ₹287.44 crore, up from ₹249.29 crore in the corresponding quarter last year.
- The Cable TV segment reported a loss of ₹11.39 crore, while Broadband segment profit stood at ₹4.17 crore.
- Earnings Per Share (EPS) improved to ₹0.12 from ₹0.08 in the year-ago period.
Hathway Cable & Datacom Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the period from October 1, 2025, to December 31, 2025. This is a standard procedural filing required for all listed companies in India to maintain accurate shareholding records. It indicates no physical share certificates were converted to electronic form during the quarter.
- Compliance certificate filed for the quarter ended December 31, 2025
- Zero requests received for dematerialization of shares during the quarter
- Zero requests received for rematerialization of shares during the quarter
- Certificate issued by Registrar MUFG Intime India Private Limited
- Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Hathway Cable & Datacom Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the company's financial results for the third quarter ending December 31, 2025. The restriction applies to directors, promoters, and designated persons to prevent insider trading before results are public. The window will reopen 48 hours after the financial results are officially disseminated to the exchanges.
- Trading window closure to commence from January 01, 2026.
- Closure is related to the financial results for the quarter ending December 31, 2025.
- Restriction applies to Directors, Promoters, and Designated Persons of the company and its material subsidiaries.
- Trading window will reopen 48 hours after the Q3 results are made public.
Financial Performance
Revenue Growth by Segment
Broadband Business revenue was INR 294.12 Cr in H1 FY26, down 2.86% YoY. Cable Television Business revenue was INR 740.67 Cr in H1 FY26, up 8.89% YoY. Dealing in Securities revenue was INR 32.38 Cr in H1 FY26, down 0.12% YoY.
Geographic Revenue Split
Not disclosed in available documents, though the company operates in 700+ cities and towns across India.
Profitability Margins
Operating Profit Margin was 17% (0.17) for FY25, compared to 16% (0.16) in FY24. Net Profit Ratio was 5% (0.05) for FY25.
EBITDA Margin
EBITDA margin was 21% as of Q2 FY23, with EBITDA at INR 101.1 Cr. Consolidated Profit Before Tax for H1 FY26 was INR 66.49 Cr, up 2.0% YoY from INR 65.17 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company connected over 250 new locations with IP links to expand infrastructure for market share gains.
Operational Drivers
Raw Materials
Bandwidth, Set Top Boxes (STBs), and Fiber Optic Cables are the primary operational inputs.
Capacity Expansion
Current infrastructure includes 5.6 million STBs. Expansion includes connecting 250+ new locations with IP links to enhance reach.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is shifting to MPEG-4/HEVC STBs and DOCSIS 3.1/GPON networks to manage technology costs.
Manufacturing Efficiency
Achieved 96% online collection efficiency through the Hathway Connect portal, reducing manual intervention and improving cash flow cycles.
Logistics & Distribution
Distribution is managed through a network of LCOs across 700+ cities and towns.
Strategic Growth
Expected Growth Rate
5.10%
Growth Strategy
Growth will be achieved by offering OTT and broadband bundles to existing cable customers, upgrading to high-efficiency MPEG-4/HEVC STBs, and expanding the GPON network. The company is also leveraging its Hathway Connect portal to onboard LCOs faster and gain a first-mover advantage in new geographies.
Products & Services
Broadband internet services, Cable TV subscriptions, OTT (Over-The-Top) service bundles, and Set Top Boxes.
Brand Portfolio
Hathway, Hathway Connect.
New Products/Services
Integrated OTT services for existing cable customers and high-speed broadband via DOCSIS 3.1/GPON networks.
Market Expansion
Targeting growth in 700+ existing cities and towns by enhancing infrastructure in 250+ new locations.
Market Share & Ranking
Maintains a base of 5.6 million STBs; specific industry ranking not disclosed.
Strategic Alliances
Sold entire equity stake in three subsidiaries (Hathway Nashik, Chennai Cable Vision, and others) to Infomedia and Networking Private Limited (INPL) for INR 40.
External Factors
Industry Trends
The industry is seeing a convergence of broadband and cable services with a rapid shift toward OTT. Hathway is positioning itself by upgrading to HEVC technology to handle higher data demand.
Competitive Landscape
Characterized by low entry barriers and multiple players across geographies, leading to intense price competition.
Competitive Moat
Moat is built on an extensive last-mile infrastructure and a digitized LCO management system (Hathway Connect) that handles 96% of collections, creating high switching costs for operators.
Macro Economic Sensitivity
Global growth is projected at 3.3% for 2025, which may impact consumer discretionary spending on media and internet services.
Consumer Behavior
Shift toward on-demand OTT content and high-speed fiber broadband is driving the need for GPON network upgrades.
Regulatory & Governance
Industry Regulations
Compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 33 for financial reporting and Regulation 34 for corporate governance.
Taxation Policy Impact
Income tax refunds of INR 5.81 Cr were received in H1 FY25; current tax rate not specified.
Legal Contingencies
The company stated that no provision is necessary for a specific pending matter mentioned in the financial notes, though the INR value was not disclosed.
Risk Analysis
Key Uncertainties
Awareness risk: Delays in onboarding LCOs to new initiatives could negate first-mover advantages. Technology risk: Rapid evolution may lead to the obsolescence of existing STB assets.
Geographic Concentration Risk
Operates across 700+ cities, reducing concentration risk in any single municipality.
Third Party Dependencies
High dependency on Local Cable Operators (LCOs) for customer relationship management and last-mile service delivery.
Technology Obsolescence Risk
Mitigated by shifting to MPEG-4/HEVC STBs and providing broadband through DOCSIS 3.1/GPON networks.
Credit & Counterparty Risk
Trade receivables increased by INR 188.44 Cr in H1 FY26, indicating potential collection risks or extended credit terms to LCOs.