GTPL Hathway Ltd(GTPL)

NSE: GTPLBSE: 540602

₹ 51.58-5.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 580 crWebsite: www.gtpl.netUpdated: 24 Oct 2026

About

GTPL Hathway is a multi-system operator that distributes digital cable TV and provides broadband internet services. It describes itself as India's No. 1 MSO and the largest MSO and broadband provider in Gujarat, covering 1,600+ towns across 26 states and 5 Union Territories. FY26 revenue was Rs 3,719.22 Cr, and active digital TV subscribers reached 11 Mn as of September 30, 2026.^[1][2][3]

Business segments

Cable TV Business: 82.4% of segment revenue in FY26 (Rs 3,079.87 Cr), up from Rs 2,862.09 Cr in FY25.^[4]
Internet Service: 15.0% of segment revenue in FY26 (Rs 561.15 Cr), up from Rs 548.51 Cr in FY25.^[4]
Projects (Including O&M): 2.6% of segment revenue in FY26 (Rs 95.53 Cr), up from Rs 82.61 Cr in FY25.^[4]
In Q2 FY27, CATV subscription revenue grew 14% YoY and placement income grew 27% YoY, while broadband ISP revenue grew 5%.^[3]

Services and platforms

As of FY26, the company distributes 975+ TV channels, including 97+ HD channels, and runs 130+ owned and operated platform services.^[1]
The GTPL Infinity HITS platform launched on 29 November 2025. It runs from a C-band teleport in Ahmedabad on Telkom 4 satellite transponders through a partnership with PT Telkomsat.^[1]
A partner anywhere in India can connect to GTPL Infinity with a single downlink antenna and be operational within 24 hours.^[1]
As of FY26, the GTPL Buzz app offers 400+ live TV channels and 25+ OTT platforms in 9 languages.^[1]
In Q2 FY27, the broadband business was rebranded TrueFiber, and its network had fully migrated to GPON/FTTH.^[3]

Network and operations

As of FY26, the company runs over 100,000 km of owned optical fiber, a nationwide Network Operations Centre in Ahmedabad and a secondary headend in Kolkata.^[1]
As of FY26, the company has 195 offices in India and no manufacturing plants.^[1]
The Digital TV business is 100% prepaid, and more than 80% of collections are digital (FY26).^[1]
More than 60% of the existing network had moved to the HITS platform by Q2 FY27. Full conversion is expected by December 2026 or January 2027.^[3]

Key operating numbers

Digital TV active subscribers: 11 Mn as of 30 Sep 2026 (Q2 FY27), against 9.60 Mn in Q1 FY27; 10.30 Mn were paying, against 8.90 Mn in Q1 FY27.^[3][5]
Broadband active subscribers: 1,070K in Q2 FY27, up 20K YoY and 10K QoQ. Homepass rose to 6.00 Mn from 5.95 Mn in Q1 FY27.^[3][5]
Broadband ARPU: ₹470 in Q2 FY27, up ₹5 YoY, as subscribers moved to higher plans.^[3]
Average broadband data use: 436 GB per month in Q2 FY27, up 6% YoY.^[3]
Broadband conversion rate was 17-18% in Q2 FY27, up from 13-14%; the company targets about 20%.^[3]

Customers and distribution

The company had 51,000+ business partners in Q2 FY27, against 48,000+ in Q2 FY26.^[3][5]
As of FY26, its ecosystem includes 200+ broadcasters, 1,750+ enterprise customers and 30+ government projects.^[1]
As of FY26, the company is the No. 2 MSO in West Bengal. It has no exports.^[1]
Outside Gujarat, full FTTH broadband is being rolled out only in Pune, Nagpur, Jaipur, Hyderabad, Varanasi and Patna; other markets use a partner-led B2B model (Q3 FY26).^[6]

Expansion and capex

FY27 capex is guided at about INR 400 crores, split roughly 50% broadband and 50% Digital TV/HITS (Q1 FY27 call).^[5]
FY26 capex was about INR 290 crores: INR 110 crores on broadband and INR 180 crores on cable/HITS.^[7]
The company entered Kerala and Jammu & Kashmir through HITS in Q1 FY27, giving it presence in all southern states.^[5]
From January 2027 the company plans HITS-led expansion into cable-dark, rural and semi-urban markets (Q2 FY27 call).^[3]
Management targets FY27 net digital TV additions of 1.8-1.9 Mn, CATV subscribers of 13-14 Mn and broadband subscribers of about 1.2 Mn within 3 years (Q2 FY27 call).^[3]
The acquired ACT business runs at about 12% operating margin; management targets 25-26% after integration by end of FY27.^[3]

Recent developments

On 15 Sep 2026, the company completed its purchase of the cable TV business of 7 ACT Group companies for Rs 35.55 cr cash, adding about 6 lakh subscribers in AP, Telangana, Odisha and Karnataka.^[3]
On 13 Oct 2026, the board approved buying the remaining 74% of DL GTPL Cabnet for Rs 8,32,50,000 (Rs 937.50 per share), making it wholly owned; completion is expected by 31 Oct 2026.^[8]
DL GTPL Cabnet has about 1.5 lakh CATV subscribers in Gujarat, Maharashtra and Madhya Pradesh (Q2 FY27 call).^[3]
Vivek Raina was appointed CEO of the Broadband business (Q1 FY27).^[5]
India Ratings reaffirmed the company's ratings at IND AA-/Stable (long-term) and IND A1+ (working capital), as reported in the FY26 annual report.^[1]

Market Cap

₹580 Cr

High / Low

₹114 / 51

Stock P/E

-224.3

Price / Book

0.5

Book Value

₹102

EPS

₹1.4

No. of Shares

11.25 Cr

ROCE

3.4%

ROE

1.4%

OPM

1.5%

Debt / Equity

0.20

Sales

₹3,719 Cr

Net Profit

₹12 Cr

Promoter holding

75.0%

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GTPL Hathway Ltd(GTPL)

About

Business segments

Services and platforms

Network and operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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