GTPL Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹959.05 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹110.1 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
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What the record says.
GTPL Hathway reported a mixed Q2 FY26. Consolidated revenue grew 12% YoY to INR 964.9 crore, driven by broadband and subscription growth. However, EBITDA margin contracted to 11.4% (operating margin 22%), and net profit fell to INR 9.3 crore due to higher costs and seasonal churn. Cable TV subscriber base declined by 100k to 9.50 million due to heavy rains and lack of major sporting events, while broadband added 10k subscribers to reach 1.05 million. ARPU improved marginally to INR 465. Management guided for recovery in H2, aided by cricket events and the upcoming HITS platform launch. Key risks include intense competition from air fiber and satellite broadband, and the inability to accelerate broadband subscriber growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the full-year capex range, with INR 153 crore spent in H1 (90 crore in CATV, 63 crore in broadband).
- The company plans to launch its HITS (Headend in the Sky) platform in the third quarter, which will enable pan-India reach and cost savings.
- Management expects subscription revenue to recover in Q3 and Q4, driven by cricket events and seasonal improvement, with churn returning to 8-11%.
Risks flagged
- Air fiber has slowed broadband subscriber growth, and satellite broadband (e.g., Starlink) may pose future threats, though equipment costs remain high.
- Subscription revenue fell marginally YoY and QoQ due to a 100k decline in cable TV subscribers, attributed to seasonal factors and lack of big events.
- Management declined to comment on the status of Bharat Net litigation and new tender wins, creating uncertainty about future government project revenue.
Key quotes
- This quarter was marked by sustained operational performance and reaffirmation of our leadership position in both digital cable TV and broadband services.
- We are maintaining our subscriber base. We are not losing anything. That is the main thing at this point of time because of the competition.
- FTTx is a proven technology worldwide... air fiber if you see the US market, it has come from last three to four years in India, so still they have to prove that level of consistency.
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