GTPL Hathway (GTPL) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated total income was INR 11,464 million, up 19% YoY; revenue from operations was Rs 11,430.55 million and consolidated net loss was Rs 35.48 million.

• Digital TV paying subscribers reached 10.30 million and broadband active subscribers 1.07 million; the ACT Group cable TV business acquisition covered four states.

• Board approved acquiring the remaining 74% of DL GTPL Cabnet for Rs 832.50 million, with completion expected by October 31, 2026.

Financial highlights

• Consolidated EBITDA was INR 1,103 million versus INR 1,101 million in Q2 FY26; reported EBITDA margin narrowed to 9.6% from 11.4%.

• Consolidated operating EBITDA was INR 1,033 million, with a 20% operating EBITDA margin; standalone revenue was INR 7,975.74 million.

• Total expenditure increased 21% YoY to INR 10,361 million; ISP revenue grew 5% YoY and CATV subscription income rose 14%.

• Consolidated Q2 profit before tax was a loss of Rs 38.36 million and net loss was Rs 35.48 million; H1 net loss was Rs 21.71 million.

• H1 consolidated revenue was Rs 21,584.62 million; H1 standalone revenue was Rs 14,852.99 million and net profit was Rs 6.65 million.

Outlook and guidance

• Operating EBITDA margin improvement of 150–250 bps is expected by FY27-end as integration and HITS delivery-cost benefits accrue.

• FY27 digital TV net-addition target was 1.8–1.9 million; 1.6–1.65 million additions had been made at the time of the call.

• Three-year targets include 13–14 million CATV subscribers and 2 million broadband subscribers, with annual subscriber growth of 7%–8%.

• Broadband monthly additions target is above 20,000; homepass conversion is targeted to rise from 17%–18% toward 20%.

• ACT integration is expected to be completed by FY27-end; HITS conversion of the existing network was targeted for December or January.