GTPL Hathway reported strong year on year revenue growth in Q2 FY27, supported by its digital cable television business and continued expansion in broadband. However, profitability remained under pressure, with the company reporting a small consolidated loss for the quarter despite higher revenue. This contrast between business growth and earnings performance is an important point for investors to assess.

Consolidated total revenue reached ₹1,146.4 crore, increasing approximately 19% year on year from ₹964.9 crore. Revenue also increased from ₹1,019.9 crore in Q1 FY27, reflecting higher business activity during the September quarter.

Consolidated EBITDA stood at ₹110.3 crore, broadly unchanged from ₹110.1 crore in Q2 FY26 and ₹109.2 crore in Q1 FY27. Although revenue grew, EBITDA did not increase at the same pace. This suggests that the company has yet to translate its larger operating scale into stronger reported EBITDA.

The reported EBITDA margin was 9.6%, compared with 11.4% a year earlier and 10.7% in the previous quarter. GTPL also reported an operating EBITDA margin of 20%, calculated using subscription, internet service provider and other operating income after excluding activation and other income. These two margins use different revenue bases and should not be directly compared.

The company reported a consolidated loss after tax of approximately ₹0.5 crore, compared with a profit of ₹9.3 crore in Q2 FY26 and ₹2.3 crore in Q1 FY27. The result highlights pressure below the operating level and shows why investors should examine interest costs, depreciation, taxes and other items alongside revenue and EBITDA.

For H1 FY27, consolidated revenue reached ₹2,166.3 crore, up around 15.6% from ₹1,874.1 crore in H1 FY26. However, EBITDA declined to ₹219.4 crore from ₹222.4 crore, while the EBITDA margin reduced to 10.1% from 11.9%. Consolidated profit after tax was ₹1.7 crore, compared with ₹19.8 crore in the first half of the previous financial year.

Digital cable television remained the largest business contributor. Revenue from this segment reached ₹345.5 crore, up approximately 14% year on year from ₹302.4 crore. The segment’s active subscriber base increased to 11 million at the end of September 2026, an increase of around 1.5 million subscribers, or 16%, year on year.

Paying digital cable subscribers reached 10.3 million, growing approximately 17% year on year. Subscription revenue growth and the increase in paying customers are important because recurring subscription income is central to the economics of the cable television business.

GTPL operates across a broad distribution network, serving customers in multiple Indian states and towns. Its local cable operator relationships and distribution infrastructure provide reach, particularly in markets where traditional cable remains a relevant television delivery option.

The company’s broadband business also expanded. Broadband revenue increased approximately 5% year on year to ₹145.9 crore, compared with ₹139.3 crore in Q2 FY26. Active broadband subscribers reached 1.07 million, an increase of around 20,000 year on year.

Broadband average revenue per user, or ARPU, stood at ₹470 per month, up ₹5 year on year. Average monthly data consumption increased 6% to 436 GB per subscriber. Higher usage and ARPU can support revenue growth, but the company must also manage network costs, customer acquisition spending and competition from other internet service providers.

GTPL’s broadband homepass footprint reached approximately 6 million homes, adding around 50,000 homes year on year. Around 75% of this footprint was reported as available for fibre-to-the-home conversion. The opportunity is to convert more homes passed into paying broadband connections, improving utilisation of the existing network.

A major development during the period was the completion of the ACT Group transaction. The acquired operations add approximately 600,000 subscribers across Andhra Pradesh, Telangana, Odisha and Karnataka, broadening GTPL’s geographic presence beyond its established markets.

The acquisition creates opportunities to increase scale, cross sell services and improve network utilisation. However, the financial benefit will depend on successful integration, customer retention, service quality and the ability to improve operating economics. Integration costs and the capital required to maintain and upgrade the network also need to be considered.

GTPL is also developing its GTPL Infinity HITS platform, which supports distribution of television channels through a headend-in-the-sky model. The platform can offer wider coverage and faster deployment for distribution partners. Its long term contribution will depend on adoption, utilisation and the ability to generate sustainable returns from the platform investment.

The company’s integrated cable and broadband model provides opportunities to bundle television and internet services for households. Bundling may improve customer retention and increase revenue per household, but success depends on competitive pricing, reliable service and the quality of customer support.

Competition remains intense across both television distribution and broadband. Cable operators face pressure from direct-to-home platforms and internet-based streaming services, while broadband providers compete on speed, pricing and network reliability. GTPL will need to protect its subscriber base while improving profitability per connection.

The current results show that subscriber and revenue growth alone are not sufficient to guarantee stronger earnings. EBITDA remained nearly flat year on year, and the company reported a small quarterly loss. Investors should monitor whether revenue growth begins to translate into better margins and net profit over the coming quarters.

For H2 FY27, important indicators include broadband subscriber additions, ARPU trends, fibre conversion, cable subscriber retention and the integration of ACT Group operations. Operating expenses, capital expenditure, debt and cash flow will also influence how much value the company derives from its expanding footprint.

Overall, GTPL Hathway delivered 19% year on year revenue growth and expanded its digital cable subscriber base to 11 million in Q2 FY27. Broadband metrics also improved, while the ACT acquisition provides additional scale and market reach. The main challenge is converting this growth into stronger EBITDA and sustainable net profit. Investors should weigh the expansion opportunity against margin pressure, integration execution and competition across the connectivity market.

Highlights in Short

• Consolidated revenue increased 19% year on year to ₹1,146.4 crore.
• Consolidated EBITDA remained nearly flat at ₹110.3 crore.
• EBITDA margin declined to 9.6% from 11.4% a year earlier.
• Operating EBITDA margin stood at 20%.
• Consolidated net loss was approximately ₹0.5 crore, compared with a profit of ₹9.3 crore last year.
• H1 FY27 revenue increased 15.6% to ₹2,166.3 crore.
• H1 EBITDA declined to ₹219.4 crore from ₹222.4 crore.
• Digital cable TV revenue grew 14% to ₹345.5 crore.
• Active digital cable TV subscribers reached 11 million.
• Paying cable subscribers increased 17% to 10.3 million.
• Broadband revenue grew 5% to ₹145.9 crore.
• Broadband subscribers reached 1.07 million.
• Broadband ARPU increased to ₹470 per month.
• Monthly data consumption rose 6% to 436 GB per subscriber.
• Homepass footprint reached approximately 6 million homes.
• The ACT Group transaction added around 600,000 subscribers.
• GTPL Infinity HITS remains a potential platform for wider distribution.
• Key concerns include margins, profitability, acquisition integration and competition.

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