GTPL Hathway Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GTPL Hathway Ltd filed with BSE on 21 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GTPL Hathway reported consolidated Q4 FY26 revenue up 4% year-on-year to INR9,344 million, with operating EBITDA margin at 18% for the quarter and 22% for the full year, while the company posted a negative profit after tax for the quarter. Management attributed the PAT decline to lower operating days, a one-time investment impairment of around INR7.5 crores, and a one-time forex loss of around INR9 crores tied to INR depreciation. Management also described flat cable TV and broadband subscriber additions during the quarter, citing a focus on implementing the new Headend-In-The-Sky platform rather than aggressive acquisitions.
Numbers mentioned
Consolidated revenue: INR9,344 million (Q4 FY26)
p. 4
“total revenue rose 4% year-on-year to INR9,344 million”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Operating EBITDA margin: 18% (Q4 FY26)
p. 4
“Operating EBITDA for the quarter stood at INR854 million with a margin of 18%.”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Consolidated revenue: INR37,466 million (FY26)
p. 4
“consolidated revenue grew 7% annually to INR37,466 million”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Operating EBITDA margin: 22% (FY26)
p. 4
“Operating EBITDA stood at INR4,026 million, maintaining a margin of 22% compared to the prior year.”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Net profit attributable to parent: INR156 million (FY26)
p. 4
“Net profit attributable to the parent was INR156 million.”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Standalone revenue: INR6,185 million (Q4 FY26)
p. 4
“total revenue grew by 9% Y-o-Y and 1% Q-on-Q to INR6,185 million”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Debt-to-equity: 0.18 times (as on 31st March)
p. 4
“Balance sheet of the company remains healthy with a debt-to-equity of 0.18 times as on 31st March.”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Net cash flow from operations: INR3,601 million (FY26)
p. 4
“Net cash flow from operations for the full year stood at a robust INR3,601 million, and we are also free cash flow positive for the financial year.”
Saurav Banerjee, page 4 of the filed PDF · View the filing
Digital cable TV subscriber base: 9.40 million (as on March 31, 2026)
p. 3
“Our digital cable TV subscriber base as on March 31, 2026, stood at 9.40 million.”
Piyush Pankaj, page 3 of the filed PDF · View the filing
Broadband active subscriber base: 1.06 million (Q4 FY26)
p. 3
“In the broadband business, active subscriber base at the end of the quarter stood at 1.06 million, adding 15,000 new subscribers on a Y-o-Y basis.”
Piyush Pankaj, page 3 of the filed PDF · View the filing
Broadband ARPU: INR465 (Q4 FY26)
p. 3
“The broadband ARPU for quarter 4 FY26 stood at INR465.”
Piyush Pankaj, page 3 of the filed PDF · View the filing
Homepass: 5.95 million (as of 31st March 2026)
p. 3
“Homepass stood at 5.95 million as of 31st March 2026, of which 75% are available for FTTX.”
Piyush Pankaj, page 3 of the filed PDF · View the filing
Capex: INR290 crores (FY26)
p. 9
“Yes, capex this year we did around INR290 crores of capex total.”
Piyush Pankaj, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — INR350 crores per annum · FY27-FY29
stated firmly by Piyush Pankaj
p. 14
“we are looking forward for somewhere around INR350 crores per annum. That's the capex which we are looking forward.”
Piyush Pankaj, page 14 of the filed PDF · View the filing
ROCE — 15% · next 2 to 3 years
stated as an aspiration by Piyush Pankaj
p. 14
“we are hopeful that we will achieve back again 15% in next 2 to 3 years ROCEs.”
Piyush Pankaj, page 14 of the filed PDF · View the filing
Cable TV and broadband subscriber additions — first quarter of FY27
stated firmly by Piyush Pankaj
p. 5
“All the expansion and all the things will happen from the first quarter of FY27.”
Piyush Pankaj, page 5 of the filed PDF · View the filing
PAT — INR200 crores · next 3 to 4 years
stated as an aspiration by Piyush Pankaj
p. 11
“We are hopeful that we will again reach to that level in next 3 to 4 years.”
Piyush Pankaj, page 11 of the filed PDF · View the filing
Capex reduction — next 3 years
stated firmly by Piyush Pankaj
p. 9
“So I'm not looking forward for at least for next 3 years that we will going to reduce our capex.”
Piyush Pankaj, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the company focused on converting the existing base and implementing HITS rather than expansion this quarter, and that the exceptional item was a one-time investment impairment recommended by the auditor.
Answered by Piyush Pankaj
Asked by Suvarna: Why was there no growth in cable TV and broadband subscribers this quarter, and what about the exceptional item?
p. 5
“That is a onetime investment impairment of some of the investments which on the conservative accounting our auditor has recommended us to take it, and we have taken in this year, but it is a only one time.”
Piyush Pankaj, page 5 of the filed PDF · View the filing
Management said 40-45 million subscribers still sit with smaller MSOs who cannot compete on quality and technology, driving ongoing consolidation.
Answered by Piyush Pankaj
Asked by Richa Saini: How prolonged can the industry consolidation phase be?
p. 5
“out of around 80 million subscriber base, still 40 to 45 million subscriber base is with the smaller MSOs where with the changing technology and the quality and all, it is difficult for them to hold the subscriber base for long.”
Piyush Pankaj, page 5 of the filed PDF · View the filing
Management said it could not give exact numbers as the topic is speculative but expects a substantial number and announcements in the first quarter.
Answered by Piyush Pankaj
Asked by Harsh: How much of the 4-5 crore MSO subscriber base can the company acquire in FY27-FY28?
p. 7
“It's a very speculative question, Harsh, as you know. We are in talk with different players, big players I will say, and which you will start getting the announcement in first quarter only”
Piyush Pankaj, page 7 of the filed PDF · View the filing
Management attributed the margin decline to fewer operating days this quarter and lower consolidation activity, and explained the exceptional charges as impairment on old investments and a forex hit on HITS transponder contracts.
Answered by Piyush Pankaj
Asked by Vineet Manek: Why has operating margin fallen from 24% to 22% to 18%, and what caused the exceptional charges?
p. 11
“the second portion which Vineet we have got hit is because of the forex fluctuation. As you know that the accounting of headend in the sky, the transponders which we have taken in from Indonesia, there the contracts are in the dollars”
Piyush Pankaj, page 11 of the filed PDF · View the filing
Management said industry churn is around 17-18%, the company matches that level, and churn has fallen from a COVID-era peak of 24%.
Answered by Piyush Pankaj
Asked by Vrishti Gupta: What is the churn profile for cable customers?
p. 12
“So churn if we talk about the industry churn is somewhere around 17% to 18%. We are at the same level.”
Piyush Pankaj, page 12 of the filed PDF · View the filing
Management guided to about INR350 crores per annum, split roughly INR150 crores broadband and INR200 crores cable and HITS, with maintenance and growth capex each around 50%.
Answered by Piyush Pankaj
Asked by Viral Jain: What is the capex guidance for FY27-FY29 and the split between growth and maintenance capex?
p. 14
“If we talk about the maintenance capex, maintenance capex will be somewhere around 50% in the both side going to be on the maintenance capex and 50% is going to be the growth capex.”
Piyush Pankaj, page 14 of the filed PDF · View the filing
Risks flagged
Competition from OTT platforms and content companies like YouTube, Instagram and Facebook
p. 6
“whether it is OTT and whether it is other YouTube and Insta or Facebook, all are become the threat because they all are now the content company rather than a social media companies”
Piyush Pankaj, page 6 of the filed PDF · View the filing
Competition from new broadband technology such as AirFiber
p. 10
“the competition mainly from the new technology which has come as the AirFiber and that has suddenly taken us on the leap”
Piyush Pankaj, page 10 of the filed PDF · View the filing
One-time forex loss from INR depreciation linked to geopolitical developments
p. 4
“The revaluation loss due to INR depreciation linked to geopolitical developments in the Middle East.”
Piyush Pankaj, page 4 of the filed PDF · View the filing
Lower operating days in the quarter reducing subscription and ISP revenue
p. 4
“Subscription, cable subscription and ISP revenues were lower due to the lower operating days in the quarter, which is a two-day impact and a marginal decline in subscriber base.”
Piyush Pankaj, page 4 of the filed PDF · View the filing
High industry competition and unfavorable environment for cable TV business
p. 5
“the competition is very high right now and the environment is also not very favorable for the cable TV business”
Piyush Pankaj, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.