Synopsis: Shares of GTPL Hathway Ltd. are likely to remain in focus after the company reported double-digit revenue growth in Q1 FY27, crossing the Rs 1,000 crore milestone for the first time in a June quarter. Alongside the operational performance, GTPL also announced the acquisition of seven digital TV businesses of the ACT Group, a move expected to strengthen its subscriber base and support long-term growth.
India’s cable television and broadband industry is undergoing a structural transformation as operators increasingly focus on broadband expansion, subscriber consolidation, and bundled digital services to drive growth. Against this backdrop, GTPL Hathway’s Q1 FY27 performance highlights stable execution across its core businesses while signalling a strategic expansion through acquisition that could strengthen its market position in the coming years.
Shares of GTPL Hathway Limited were trading at Rs 63.72, down by 2.18 percent from the previous close of Rs 65.14. The stock opened at Rs 64.9, touching an intraday high of Rs 64.9 and a low of Rs 63.21. The company currently commands a market capitalisation of Rs. 716 crore.
Financial Performance
GTPL Hathway reported a steady start to FY27, with consolidated revenue rising 12.2 percent YoY to Rs 1,019.9 crore, compared with Rs 909.1 crore in Q1 FY26. Sequentially, revenue grew 9.2 percent from Rs 934.4 crore in Q4 FY26, making it the first June quarter in which the company crossed the Rs 1,000 crore revenue mark. Higher broadband revenue and stable subscriber additions across its core businesses supported the growth.
The company’s business segments, however, witnessed mixed trends. Digital TV revenue declined 3.5 percent YoY to Rs 291.3 crore from Rs 301.8 crore, reflecting the gradual migration of consumers towards digital streaming platforms. However, the business remained stable sequentially, improving from Rs 285 crore in the March quarter.
On the other hand, broadband revenue, which continues to be GTPL’s key growth driver, increased 4.9 percent YoY to Rs 142.5 crore from Rs 135.9 crore, while also growing sequentially from Rs 139.4 crore. Broadband subscribers rose to 10.60 lakh, ARPU improved by Rs 5 YoY to Rs 470 per month, and average monthly data consumption increased 6 percent to 436 GB per subscriber, reflecting continued demand for high-speed internet services.
The company’s broadband home pass also expanded to 59.5 lakh, with nearly 75 percent of the network ready for FTTX conversion, providing a strong platform for future subscriber additions.
Operating performance improved sequentially despite margin pressures every year. EBITDA rose 20 percent QoQ to Rs 109.2 crore from Rs 91 crore, resulting in the EBITDA margin improving to 10.7 percent from 9.7 percent in the previous quarter. However, EBITDA declined marginally from Rs 112.3 crore reported a year ago, leading to the margin moderating from 12.4 percent, indicating that higher operating costs continued to weigh on profitability.
The company also returned to profitability, reporting a PAT of Rs 2.3 crore compared with a loss of Rs 15.3 crore in Q4 FY26. While this marks a sharp sequential turnaround, earnings remained below the Rs 10.5 crore reported in the corresponding quarter last year, suggesting that profitability recovery is still underway.
Strategic Acquisition to Expand Subscriber Base
Beyond the quarterly numbers, GTPL signed a business transfer agreement to acquire seven digital TV businesses of the ACT Group for Rs 36.23 crore, with the transaction expected to close by 15 September 2026. The acquisition will add nearly 6 lakh Digital TV subscribers across four key states, significantly strengthening GTPL’s presence in South and East India.
From a strategic perspective, the acquisition is more significant than its purchase value. A larger subscriber base enhances revenue visibility, improves operating leverage by spreading network costs over more users, and creates opportunities to cross-sell broadband services to newly acquired television subscribers. As India’s cable industry continues to consolidate, subscriber scale remains a key competitive advantage for operators.
Management Commentary
Management stated that despite geopolitical uncertainties and a challenging operating environment, GTPL maintained a stable subscriber base and revenue across both its digital TV and broadband businesses.
The company also highlighted encouraging early traction for GTPL Infinity, its newly launched Headend-in-the-Sky (HITS) platform, which is expected to strengthen its television distribution ecosystem and support long-term growth.
The management reiterated that broadband remains the company’s primary growth engine, supported by network expansion, improving service quality, and increasing demand for high-speed connectivity. Going forward, GTPL plans to leverage its extensive distribution network, digital service ecosystem, and bundled offerings to create long-term value across both business segments.
The quarter reinforces GTPL’s gradual transition from a traditional cable television operator to a broader digital connectivity company. While the digital TV business remains stable, broadband continues to contribute higher revenue growth, improving ARPU( Average revenue per user) and stronger customer engagement. At the same time, the proposed ACT acquisition strengthens the company’s subscriber base and creates additional opportunities for cross-selling broadband services.
Industry Outlook
India’s cable television industry is steadily consolidating as operators seek greater scale amid rising competition from OTT platforms. At the same time, demand for high-speed broadband continues to grow, driven by increasing digital consumption, remote work, online education, and connected households.
Companies with integrated digital TV and broadband offerings, strong regional networks, and the ability to cross-sell multiple digital services are expected to be better positioned to sustain long-term growth and improve customer retention.
GTPL Hathway Limited is India’s largest Digital TV Multi System Operator (MSO) and one of the country’s leading private wireline broadband service providers. As of 30 June 2026, the company served 9.60 million active Digital TV subscribers, 1.06 million broadband subscribers, and had a broadband home-pass network of approximately 5.95 million across India.
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