GTPL Hathway Q2: consolidated revenue rises 19.19% YoY to ₹1,143.05 Cr as digital TV subscribers reach 11 million
The cable TV business, for years, was run by a patchwork of local operators, each controlling a few lanes and a loyal set of households. That model is slowly yielding to larger players with national reach, better technology and the ability to bundle television with broadband. The shift is slow, not seismic, but viewers are comparing their set-top box to their streaming apps and operators are comparing their small networks to the scale they need to survive. In this environment, the companies that consolidate early are often left holding the best hand.
Shares of GTPL Hathway Ltd . were trading at Rs. 56.80, down 3.42% from previous close of Rs. 58.81. The stock opened at Rs. 58.50 and reached an intraday high of Rs. 58.50 and low of Rs. 56.21. The company currently has a market capitalization of Rs. 635 crores.
Also Read: Adani Enterprises and Jabil sign MoU for 50:50 JV to manufacture multi-gigawatt AI and data centre hardware in India
What's the news
GTPL Hathway's board approved its September-quarter results on October 13, and the investor presentation shows consolidated total income up 19% to Rs. 11,464 million. Digital TV active subscribers climbed to 11 million, helped by the expanded pan-India HITS platform. The bottom line did not follow, with a consolidated net loss of Rs. 35.48 million against a profit of Rs. 73.97 million a year earlier. The stock was trading at Rs. 153.20, down 4.34% from its previous close.
The board also cleared the purchase of the remaining 74% of DL GTPL Cabnet, a cable distribution subsidiary, for Rs. 8.325 crore in cash. That will make it a wholly owned unit, and the deal is expected to close by October 31. Separately, GTPL completed the acquisition of the ACT Group's cable television business for Rs. 355.54 million, effective July 1.
Financial & Business analysis
Looking at the quarterly results of GTPL Hathway Ltd., the company’s consolidated revenue from operations increased by 19.19 percent YoY, from Rs. 9,59.05 crore in Q2 FY26 to Rs. 1,143.05 crore in Q2 FY27, and increased by 12.57 percent QoQ from Rs. 1,015.40 crore in Q1 FY27.
In Q2 FY27 GTPL Hathway Ltd., consolidated net profit decreased by 52.10 percent YoY, reaching Rs. 3.54 crore compared to Rs. 7.39 crore during the same period last year. As compared to Q1 FY27, the net profit has increased by 158.39 percent, from Rs. 1.37 crore.
The basic earnings per share stood at Rs. (0.08) as against Rs. 0.82 recorded in the same quarter in the previous year, FY2026.
Cable TV is the main revenue stream for GTPL, followed by broadband and the rest, small projects and O&M business. The company does not disclose an order book. The projects segment is the only one that operates on contracts, but the actual visibility comes from the recurring subscription base. In this quarter, cable was the laggard, projects were the profit maker and broadband was in-between.
Both acquisitions were part of a logical strategy – to fold under partly owned units into the parent company and to be able to take over a competitor's cable customers. This can reduce duplication, ease decision making processes and add households without starting to build a network. The company has a lower cost of access to new regions with HITS. The big overhang is the unprovided licence fee dispute with the Department of Telecommunications, which the auditors highlighted, and which will rely on the results of litigation.
Industry context
The broadband story shows why distribution businesses are being reshaped. India had 1,065.88 million broadband subscribers at the end of March 2026, up from 944.12 million the earlier comparison point, though only 46.54 million of those were on wired connections. That thin wired base is the opening for cable-led broadband providers like GTPL.
Television distribution is moving in the opposite direction. Private DTH operators had 49.05 million active pay subscribers in the same period, and TRAI data shows large cable operators continuing to lose subscribers amid consolidation, with broadband-based TV picking up share. For regional operators that hold their ground, the bigger prize is not only television but the broadband connection that comes with it.
Company overview
GTPL Hathway Limited (GTPL) is a cable television and broadband company based in Ahmedabad, India, which provides service to households across India through its own network and a large web of subsidiaries and joint ventures. The business covers digital cable TV distribution, internet services and small projects and O&M arm. It has grown through acquisition and consolidation of local cable operators and now has 11 million digital TV active subscribers on its platform. The company is listed on BSE with scrip code 540602 and NSE symbol GTPL.