Any current/future new fundraising through debt or equity?

Currently, GTPL Hathway Limited is in a phase of investing in new platform implementation and capex, funded through internal accruals and working capital. The company has seen a rise in interest cost due to this ongoing investment phase and has moved from a net debt negative to a minor debt positive position. Management indicated that once capex implementation completes and business benefits kick in, they expect to revert back to a net debt negative position. There is no specific mention in the call transcript of any new or upcoming fundraising through either debt or equity at this time. Any g

Any current/future capex/capital investment/strategic investment?

FY '25 capex was around INR355 crores: INR230 crores in CATV and INR125 crores in broadband. (Page 9) Approximately INR300-400 crores invested in optical fiber cables over the last 5-6 years, laying more than 1 lakh km of infrastructure, covering 6-6.5 million homepasses. (Page 10) Total broadband and cable investment over 6 years around INR2,500-2,700 crores with ~50% in broadband, half of which is optical fiber (~INR500-600 crores in last 4 years). (Page 10) Major capex underway related to new platform rollout leading to temporary net debt increase; expecting benefits post-implementation to

Future growth expectations in sales/revenue/volumes?

GTPL Hathway aims to improve subscriber additions in FY '26 for both cable and broadband segments, targeting a return to adding more than 0.5 million subscribers annually. Broadband revenue showed a 4% CAGR previously, with expectations to soon return to double-digit growth. The company expects total revenue growth of around 18% CAGR based on the last 8 years. EBITDA growth target is approximately 9% CAGR, aiming to maintain operational EBITDA margins around 22%-23%. Positive impact anticipated from government initiatives like the National Broadband Mission and BharatNet project, aiding broadb

Future growth expectations in earnings/operating earnings/profits/EPS?

GTPL Hathway aims to return to historical growth rates with FY '26 targets of 18% CAGR revenue growth and 9% CAGR EBITDA growth, reversing recent dips. Operational EBITDA margin is targeted to be maintained in the 22%-23% range, aiming to return to 24%-25% with time. Revenue growth expected from better subscriber additions in both cable TV and broadband, leveraging expanded delivery platforms and deeper market penetration. EBITDA is expected to recover as subscription income improves post recent churn issues, and the impact of depreciation stabilizes. The company anticipates improved p

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GTPL Hathway LtdQ1 FY25Entertainment

GTPL Hathway Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹59.1P/E: 48.0Market Cap: ₹772 CrSector: Entertainment

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→GTPL Hathway aims to improve subscriber additions in FY '26 for both cable and broadband segments, targeting a return to adding more than 0.5 million subscribers annually.
→Broadband revenue showed a 4% CAGR previously, with expectations to soon return to double-digit growth.
→The company expects total revenue growth of around 18% CAGR based on the last 8 years.
→EBITDA growth target is approximately 9% CAGR, aiming to maintain operational EBITDA margins around 22%-23%.
→Positive impact anticipated from government initiatives like the National Broadband Mission and BharatNet project, aiding broadband infrastructure expansion.
→Expansion plans include deeper penetration in Gujarat and scaling the rural broadband model to other states.
→Increased subscriber base and revenue growth expected from events like IPL and the end of Ramadan period, which already showed a surge.
→Efforts focus on efficiency, technology adoption, and competitive pricing to drive consumer acquisition and retention.

Margin guidance

Category 3

→GTPL Hathway aims to return to historical growth rates with FY '26 targets of 18% CAGR revenue growth and 9% CAGR EBITDA growth, reversing recent dips.
→Operational EBITDA margin is targeted to be maintained in the 22%-23% range, aiming to return to 24%-25% with time.
→Revenue growth expected from better subscriber additions in both cable TV and broadband, leveraging expanded delivery platforms and deeper market penetration.
→EBITDA is expected to recover as subscription income improves post recent churn issues, and the impact of depreciation stabilizes.
→The company anticipates improved profitability driven by operational efficiencies, new HITS license benefits, and government broadband infrastructure initiatives.
→Positive impact on earnings from broadband segment growth, targeting a return to double-digit growth rates after short-term euphoria from 5G fades.
→Overall, management expects to recover and improve profitability and earnings per share as subscriber base and revenues increase post FY '25 challenges.

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Fundraise plans

→Currently, GTPL Hathway Limited is in a phase of investing in new platform implementation and capex, funded through internal accruals and working capital.
→The company has seen a rise in interest cost due to this ongoing investment phase and has moved from a net debt negative to a minor debt positive position.
→Management indicated that once capex implementation completes and business benefits kick in, they expect to revert back to a net debt negative position.
→There is no specific mention in the call transcript of any new or upcoming fundraising through either debt or equity at this time.
→Any government-related orders or consortium deals (e.g., in BharatNet projects) are in pipeline but not finalized, with no stated financing plans yet.
→The focus remains on judicious use of financial resources, efficiency, and organic/inorganic growth, but no explicit fundraising announcements were made.

Order book

- GTPL Hathway has not received any orders from government agencies as of now. - Orders related to government projects, such as the BharatNet project with LC Infra as a consortium partner, are currently in the pipeline. - The Approval to Proceed Order (APO) for BharatNet projects in Haryana and North-East is expected within 30 to 45 days. - Once orders materialize, the company will make official announcements via press releases and inform SEBI. - No current litigation is impacting these pending orders. (Source: Pages 5 and 12)

Capex plans

Yes

→FY '25 capex was around INR355 crores: INR230 crores in CATV and INR125 crores in broadband. (Page 9)
→Approximately INR300-400 crores invested in optical fiber cables over the last 5-6 years, laying more than 1 lakh km of infrastructure, covering 6-6.5 million homepasses. (Page 10)
→Total broadband and cable investment over 6 years around INR2,500-2,700 crores with ~50% in broadband, half of which is optical fiber (~INR500-600 crores in last 4 years). (Page 10)
→Major capex underway related to new platform rollout leading to temporary net debt increase; expecting benefits post-implementation to return to net debt negative. (Pages 13, 14)
→Future expansion includes rollout in rural areas via government-supported projects (e.g., BharatNet with LC Infra consortium), beginning with Gujarat, expanding to other states. (Pages 5, 11)
→Emphasis on FTTH technology as key future broadband investment for scalability and quality. (Page 10)

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