GTPL Hathway (GTPL) Q2 25/26 earnings summary

Executive summary

• Maintained leadership in digital cable TV and broadband, expanding to 1,500+ towns across 26 states and connecting over 12 million households, with consistent growth in both segments.

• Digital cable TV subscriber base at 9.50 million, with 8.80 million paying subscribers as of September 30, 2025.

• Broadband active subscriber base reached 1.05 million, with ARPU rising to INR 465 and average data consumption per user at 410 GB/month, up 17% YoY.

• Strategic focus on organic and inorganic growth, bundling services, launching new platforms (GTPL Buzz App, HITS), and expanding into new geographies.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, were approved and reviewed by the Board and Audit Committee.

Financial highlights

• Consolidated total revenue grew 12% YoY and 6% QoQ to INR 9,649 million for Q2 FY26; standalone revenue up 17% YoY and 7% QoQ to INR 6,402 million.

• Consolidated EBITDA at INR 1,101 million (margin 11.4%); standalone EBITDA at INR 593 million (margin 9.3%).

• Net profit for Q2 FY26: consolidated INR 93 million, standalone INR 54 million.

• Net cash flow from operations for H1 at INR 1,291 million (consolidated); major investments in set-top boxes, HITS, and broadband CPE.

• Standalone and consolidated financial statements prepared in accordance with Indian Accounting Standards and reviewed by statutory auditors.

Outlook and guidance

• Expectation of subscriber and revenue recovery in Q3 and Q4 as seasonal impacts subside and major events return.

• Aggressive expansion planned via new technology platforms (HITS), B2B and B2C broadband models, and bundling with OTT and gaming.

• TV subscriptions expected to grow to 214 million by 2030, and broadband market to register a CAGR of 15.43% from FY23 to FY28.

• ARPU growth to be driven by targeted pricing and service bundling, with a focus on customer acquisition and retention.

• Industry consolidation and regulatory compliance trends present acquisition and expansion opportunities.