Good afternoon, everyone. I would like to welcome the management and thank them for this opportunity.

We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director; Mr.

Piyush Pankaj, Business Head - B2B and Chief Strategy Officer; and Mr. Saurav Banerjee, Chief Financial Officer.

I shall now hand over the call to Mr. Anirudhsinh Jadeja for his opening remarks.

Over to you, sir.

Thank you, Pranav. Good evening, everyone.

Thank you for joining us today as we discuss GTPL Hathway's performance for third quarter of FY26. At GTPL Hathway, our journey has always been driven by clear purpose to build scalable, future-ready platform that expand access, create value, and strengthen India's digital infrastructure.

The launch of GTPL Infinity, our Headend-In-The-Sky platform, marks a decisive step forward in the journey, the details of which will be given by Mr. Piyush in his speech.

This quarter underscored our strong operational momentum and reinforcement our leadership in both digital cable TV and broadband services. In digital cable TV, we sustain our market share, and on the broadband, we continue grow our subscriber base and strengthen our presence in key market.

I now invite Mr. Piyush Pankaj to share deeper insight into the key performance indicator of our cable TV and broadband segment and highlights of our achievement in the current quarter.

Thanks, Mr. Jadeja.

Good evening, everyone. It gives me immense pride to share with you a landmark development in India's digital broadcasting journey.

GTPL Hathway Limited unveiled its revolutionary Headend-In-The-Sky platform, GTPL Infinity. Built on one of the world's largest C-band teleport infrastructures, the platform is designed to support a planned capacity of nearly 800 channels, including around 100 HD channels, and enables partners to go live within as little as 24 hours using minimal infrastructures.

This significantly reduces deployment time, enhances uptime, and lowers operating cost while enabling true pan-India reach. The benefits of this platforms are transformative.

It reduces delivery cost, opens new monetization opportunities, and empowers digital service providers, whether LMOs, LCOs, MSOs, or commercial establishments, to go to market faster. With just a single dish antenna and minimal investment, partners can be operational within 24 hours, a true game changer for underserved regions.

GTPL is going beyond television and enabling bundled services like high-speed broadband, OTT, and cloud gaming. From metros to rural villages, it delivers world-class entertainment and connectivity.

Now, let me start off by mentioning KPIs for both our business segments. First, cable TV segment: our digital cable TV subscriber base as on 31st December '25 stood at 9.40 million.

The total business partners count stands at more than 48,000-plus, and they remain key enablers for our quest on expanding our pan-India presence. In the broadband business, the active subscriber base at the end of quarter stood at 1.06 million, adding 18,000 new subscribers.

Home pass stood at 5.95 million as of 31st December 2025. The broadband ARPU for quarter 3 FY26 stood at INR 465.

Average data consumption per month stood at 410 GB, a 12% increase Y-o-Y. As part of our strategic roadmap, we remain focused on both organic and inorganic opportunities to drive sustainable growth across our core business segments.

I will now hand over the call to Mr. Saurav Banerjee, who will take you through the financial performance of the company.

Thank you, Mr. Piyush.

Good evening to all participants. For the quarter on a consolidated level, our total revenue grew by 5% Y-o-Y to INR 9,382 million.

Subscription revenue for quarter 3 FY26 is at INR 2,970 million. The broadband revenue stood at INR 1,433 million and registered a growth of 4% on a yearly basis and 3% on a sequential basis.

Consolidated EBITDA stood at INR 1,189 million with an EBITDA margin of 12.7%. Net profit for Q3 FY26 stood at INR 111 million, an increase of 19% Q-o-Q and 9% Y-o-Y.

Our consolidated operating EBITDA stood at INR 1,109 million in Q3 FY26, registering an operating margin of 23.9%. On the standalone front, total revenue grew by 9% Y-o-Y to INR 6,148 million.

Subscription revenue saw an increase by 2% Y-o-Y to INR 2,165 million. Standalone EBITDA stood at INR 587 million with an EBITDA margin of 9.6%.

The standalone net profit of Q3 FY26 stood at INR 10 million. During the quarter, employee costs were impacted by a one-time expense of Rs 22 million due to the new wage code which has been implemented recently, while the HITS right-of-use resulted in an additional Rs 55 million impact across amortization and finance costs.

I would now request the moderator to open the floor for the Q&A session.

As as a part of strategy— आपण ज्या व्यक्तीसोबत बोलत आहात, त्या व्यक्तीने आपला कॉल होल्डवर ठेवला आहे. कृपया लाईनवर रहा.

The person you are speaking with has put your call on hold. Please stay on the line.

आप जिस व्यक्ति से बात कर रहे हैं, उसने आपकी कॉल को होल्ड पे रखा है। कृपया लाइन पर बने रहें।

Hello. Yeah.

As part of our strategy, we are increasing our sub-base and increasing our market share through inorganic and organic both. In inorganic, the opportunities is very large as we mentioned about 40 million subscriber base is there for the grab the whole country.

Yes, we are going ahead and doing the different deals for independent MSOs or different partners in the market. Yes, the valuations and all, we have to go according to the which market it is, what is the offer which is coming up, and what is the quality of that network, depends and all those things.

The opportunities are large and we are exploring it. It's, I will say, not easy or difficult.

It's the matching of the right fit with our network, the quality and all, and which is one of the priorities which we get. That means this is a qualitative analysis of that network and then we go ahead for the any acquisitions or any inclusion in our network.

Yes, the opportunities are large and we are exploring it, and this is part of our strategy to expand.

Yes, you are. Thank you for the opportunity.

As we can see from the results, the Q3 consolidated revenues stood at 9,382 million, which was up by 5% year-on-year, and with CATV subscription income declining by 2%, and placement revenue was down by 5% quarter-on-quarter. Could you help us to give us more color on the underlying drivers of the revenue mix, particularly the reasons behind the sequential decline in CATV and placement revenue?

CATV revenue, you are right that it has been declined by around 2% and that is mainly because you will see that from 8.9 million, we have come down to 8.7 million as active subscriber base in the last four quarters, and that has impacted us around 2% of subscriber revenue, which with the launch of HITS, we are very confident that we'll gain back and we will continue growing our subscriber base and subscription revenue in the future. The second portion is the broadcasting and placement revenue, which is linked with the pay channel cost, I will say.

If you will see that a pay channel cost has also declined by around 5%, and in the same proportion, the placement carriage and marketing incentive has been declining by 5%. The pay channel cost and the marketing incentive and placement is linked together because it is both from the broadcasters.

If pay channel cost is going down, then correspondingly, you will see that the revenue is also going down. Thank you.

Got it, sir. Apart from this, I have a follow-up question.

How do you see this segment evolving in next few quarter as we can see that the industry is in the consolidation phase and the current competitive dynamics?

See, the competition is there as you see that this is a time where the contents are being platform agnostic now. Still India, you will see that 350 million households are there, and around 220 million households are TV households currently.

Still, there is a big journey for TV to get penetrated into the households, and being one of the robust platforms, the cable and DTH and everyone, the robust platforms, they are going to again gain back and continue to grow. That's our take on this.

That at some point of time, whatever decline which has to happen, you will see that the rate of decline is also gone down totally, and now it will again come back as the market will stabilize. We are looking forward for that as we have launched the Headend-In-The-Sky, and this will give us the all pan-India coverage, and we can start the business at anywhere in very short time.

It will give us all that the cable dark areas, difficult terrains, more density, everywhere. All 350 million households are now approachable to us, and we are looking forward to explore that opportunity and increase our sub-base.

For industry, this is one of the significant things, the Headend-In-The-Sky, which give us the access to all 350 million households immediately. That's the way we are looking forward that this business will grow and the whole segment will grow.

Got it, sir. My last question was with regards to the active cable TV segment.

We have saw that the active cable TV subscriber stood at 9.4 million with the paying subscribers were being stood at 8.7 million. We have seen slight dip as compared to the previous quarter.

Just wanted to know that what were the key challenges that you faced in customer retention?

It's not, you can say, that there is no increase in churn and all. It is in the same way.

The new acquisitions which we were doing, we have slowed down a bit because we were launching the Headend-In-The-Sky. We wanted to become aggressive after launching of the Headend-In-The-Sky.

You will start seeing that from this quarter again, the reverse trend will start, that the increment will start and everything will happen. We have slowed down a bit, and that's why you will see that the capex which we have planned for somewhere around more than 200 crores in the cable business, we did till date just the 120 crores on that.

Those are the things which we a bit in the planned way, not gone for the growth, we have sustained our subscriber base on that. Now after Headend-In-The-Sky, we will go for the growth.

Got it, sir. That was all from my side.

Thank you.

you are. Yeah.

My question is that how does GTPL Infinity fit into GTPL Hathway's overall plan for TV, broadband, and new services like OTT and gaming? As in what key goals are you aiming to achieve in the next one to two years?

Overall if I talk about entertainment side, CATV or you can say the subscriber base on that side, Headend-In-The-Sky, as I say, that it has given us the accessibility to 350 million households straightway in the one go. We just have to execute and get into the rural side and everywhere and get the more subscriber base.

Because of the high delivery cost in the CATV business, we are not able to penetrate in the rural areas or where the subscriber base is less than 3,000, you can say. There we can't go because per sub or the delivery cost is high and it's not making us the financials sense to go for that delivery cost and go for those type of markets.

Now, there is no cross-connect back Headend-In-The-Sky, we can go for all over India straightway and increase our sub-base. Once we go into the different markets, we can start broadband, we can start OTT and everything.

Already with the cable TV, we have started the combo products for broadband and cable plus OTT, which the take-up is very good, plus gaming plus TV everywhere. Everything has started, and already we are into that mode and going on.

This Headend-In-The-Sky will give us more opportunity, and in more aggressive way, this will give us the opportunity to have more combo product or the bundled product and go into the market. It's a very good step, I will say, from the company side and from the industry side also that it will help us in grow significantly.

Okay. I have a question that GTPL Infinity is positioned with a planned capacity of 800+ channels, including the 100 HD, and while GTPL's broader TV catalog is cited as 975+ channels and 130+ GTPL's own and operated platform services.

Can you clarify how Infinity's 800 planned capacity match to the 975+ catalog, and whether there's a phased capacity ramp to close that gap? Yeah.

We are going to ramp this up very soon, and we are going to have more than 1,000-plus channels in this platform. Started with the 800-plus channels right now, and we are going to ramp it up very soon to 1,000-plus channels on this.

That is the plan. Right now, we are doing 970 plus 975 plus 130, but we have the capability to insert this locally also in this, the channels.

We are going to ramp it up very soon. Okay.

Last question is that what is your roadmap for expanding the fiber to the home coverage, and how much incremental capex do you foresee that in FY26 and '27 to scale broadband infrastructure in high-potential states like Andhra Pradesh, Telangana, and Maharashtra? See, if I have to go for FTTH, full FTTH and B2C business, we are targeting only six cities outside of Gujarat right now, which is Pune, Nagpur, Jaipur, Hyderabad, Varanasi, and Patna.

These six cities which we are doing the FTTH and we are expanding fast on this market. Other markets, we have gone for the different model, which is the B2B model, which is the broadband through our partners where we are doing the combined infrastructure, you can say.

Some infrastructure cost has been taken by the partner, some by us, and we are doing in that way. That's where your capex is less and you share the revenues with your partner.

That model is what we are going for all over India right now, which has a faster rollout and which will help us in the rural side also, which we are going to penetrate through HITS and all. That's the way we are doing it, and Gujarat plus six cities, we are doing for the FTTH totally, which we are expanding with the time.

Okay. Thank you, sir.

Thanks.

Last 8 years CAGR if you see, we are doing it at around somewhere 11% to 12% CAGR in our subscriber base and our revenue side, and we are going to again go back on that. That is our plan to maintain that.

The CAGR for EBITDA and all is at around 13% to 14%, which we are trying to get back into that after the launch of Headend-In-The-Sky. Those are the targets which we are keeping it in the mind, and hopefully we're going to achieve that.

Understood. Could you elaborate on the early adoption trends of GTPL Infinity platform?

The response is very great. We have got lot of inquiries on that, and already we are started implementing on the ground.

There are two way we have to do. One is to convert the existing CATV sub-base into Headend-In-The-Sky, and second is to go for new subscriber base and new market.

We have to balance that out because going into the existing CATV converting to HITS will save the cost, mainly the bandwidth cost, and getting into the new subscriber base will increase our subscription revenue. We have to balance that out as we have to do both the things together.

We look forward to increase the revenue also and save the cost. Both will directly impact our EBITDA and PAT.

Understood. This is how the platform is expected to reshape your growth trajectory?

That's right. You increase the revenue and you reduce the cost.

A significant cost of your bandwidth, which is your delivery cost, is going to go significantly down, almost negligible, and you are increasing your sub-base, you are growing your revenues in that way. Both side, on turnover side and on the cost side, both benefits will come into the bottom lines.

Understood. Additionally, what incremental capex and operating cost should investors expect as you scale this initiative?

No, the capex will be remain same because you don't have to do any more capex for the Headend-In-The-Sky. We already established the platform and we already taken the satellite transponders and all, which is fixed.

You don't have to do any capex. Yes, the ground capex which we are doing right now also for the new place, which is somewhere between 4 to 6 lakhs for starting a operation at a new place, that is going to happen in the HITS also.

That is for the CATV also and it is for the HITS also, it's the same cost, same capex, small capex for starting the new place. You don't have to go for any extra capex for this.

Understood. All right, I'll just join the queue again.

Thank you.

Please. Thank you for the opportunity, sir.

I have a few questions. Actually I wanted to know the broadband ISP revenue grew 4% year-on-year to 1,433 million with ARPU stable at ₹465 and average monthly data consumption rising to 410 GB per customer.

Can you discuss the sustainability of this ARPU level in a highly competitive broadband market? Because see, we are not increasing our rates, but the mix of customer is getting increased.

Means the customers are adopting for higher packages or higher-speed packages where the prices are high, and because of that, some movements are happening in the ARPU. We are not increasing our price.

If I am giving 60 Mbps or 80 Mbps plans, the price are same, but 60 Mbps or 80 Mbps customers are moving to 100 Mbps, 150 Mbps. Because of that, the movements are happening in that way.

Yes, we have added some subscriber base, which has given us some revenues and enhancement in the revenue. That is what's happening.

Overall, we are very satisfied with our broadband, and as you can see that the capex is reduced. We have planned for somewhere around 150 crore of capex for this financial year, and I've given that we're going to do somewhere around 350 crore of capex this year, 350 to 360 crore, 200 crore in the cable side and 150 crore in the broadband side.

Till date, we just did the 200 crore capex, 80 crore in the broadband and 120 crore in the cable. We are looking forward that we will going to close the financial year at 270, 280 crores of capex, which is somewhere around 110 to 120 crore in the broadband side and the rest in the cable side.

Sir. Sir, adding on to this, what are the strategies you're deploying to drive both subscriber growth and ARPU expansion in rural markets like new geographies as well, like Andhra Pradesh, Telangana, and Maharashtra?

You can see in the cable side, already cable means entertainment side, we have gone for the Headend-In-The-Sky where we are presence in every nook and corner now, and we can start for you can say as low as 200 customers, 500 customers, 1,000 customers also. We can go and operate in every villages now, okay, and there the whole rural India will come into the picture, which earlier it was not possible to go in the cable because the delivery cost were so high.

Now it is possible to go there, and once you go there with the Headend-In-The-Sky, then you can go with the broadband also on that, and you have the access to those customers which are very rural customers, interior customers and all. That's one.

Second, it's more of a density business. Means if I am present in Aurangabad, but I'm not present around Aurangabad because the delivery cost were high, now I can present around Aurangabad also, and I can extend the broadband into those markets also.

Suddenly, the opportunity for both the business, which is, I will say, the entertainment business plus the broadband with the partner, their whole market is open for us, and that's going to give us growth in both the businesses and both the segments. Sir.

Sir, another question is on the EBITDA margin. It improved to 12.7% in Q3 FY26, supported by lower pay channel cost and operating efficiencies.

However, the employee cost and amortization rose due to the new wage code and HITS platform ROU impact. Should we expect elevated employee expenses and depreciation and amortization impact going forward to support HITS technology?

The employee cost which we have seen for the wage is only one time, from next quarter, you will see the reduction on that. Yes, as you say, the right-of-use, ROU, is going to be there throughout.

You have to understand that this quarter, the ROU, the capex has come into the play for Headend-In-The-Sky, but no benefits has come because we have launched in the last of this quarter. This quarter has witnessed no benefits from the Headend-In-The-Sky, whether it is at the cost side or whether it is the revenue side, which will start coming in the subsequent quarters.

The whole impact of your capitalization has come into the play in your P&L, but the benefits because of this platform has not come into the play, which is going to give us positive quarters in going forward. Sir.

Any prospect of margin improvement as you expand and fully deploy GTPL Infinity infrastructure nationwide? I will say for the margin as I said that marketing and placement income is linked with the pay channel cost.

You will go into the operational slide, which is the slide number 25, I will say. You will see there that we have already at 24% operating EBITDA which we have there, and we are very confident that this will improve with the coming quarters.

It has gone down to somewhere around 22%. Now again, we are back to 24%, and this will improve from this quarters for the coming quarters.

Sir. Sir, one last question.

Do you see HITS technology accelerating industry consolidation by enabling smaller MSOs and LCOs to plug into your platform rather than maintaining independent headends, and what is the revenue potential from it? It's a speculative question.

We say that our strategy is for inorganic and organic both. We are looking forward for both.

It's a speculative question that whether it will give us what and what, but you will start seeing it in the quarters. We look forward for organic and inorganic both growth.

Sir. Thank you so much.

Thanks.

If you are going for more broadband investment and data center investment, it is definitely going to help the whole industry, and GTPL is part of that industry. It will open more rural markets for us as we are going ahead with the Headend-In-The-Sky and we are creating our infrastructure at the rural side.

It will give us more benefit that the broadband infrastructure are also getting available over there easier. That's going to give us the benefit in the both the businesses, and I will say that we as a industry, we appreciate this initiatives, and it is going to give benefit to whole industry.

We have to see that how we can take advantage of these policies. Okay.

Is it fair to assume that we are going to engage with the government programs to accelerate the rollout? It depends on which market we want to go and what we do.

Yes, we are engaged with the government. Mainly with the different government, we are doing the, as in the BharatNet project, we were the part of that.

Already 17,000 km we have laid in Gujarat. Plus, we are doing lot of government projects for different governments.

That is related to communication, broadband, laying of fibers, and everything. Yes, we look forward for those opportunities, and we have the active team who is engaging with the different governments and different tenders and all.

Yes, we are looking forward for those. Got it, sir.

My last question was with regards to the peers. We can see that beside us now, there is only one other HITS distributor.

As we have been seeing over the period of time that TV still remain as a mass media of consumption, yet we are only the second player using this technology. What are the barriers that have been deterred other MSOs to venture into this form of distribution?

This form of distribution is good for a pan-India player. Because if you are a regional player, you are just in three, four states or, I will say, only 10 states, then still you're going for the P2P and through the bandwidth and all is more beneficial for you financially.

Yes, if you are pan-India player, which we are now, having in 26 states and 4 UTs and expanding in different states also, so that way, going for the satellite is going to give you the benefits, a lot of benefits. That's the decision which we have taken.

You're right. We have the last 8 years, we have working as a MSOs and expanding when we did our IPO, we were just in the 12 states, and now we are in 26 states, 4 UTs.

We have expanded from there, the journey, last 8 years we are doing the MSO business only. Now we have considered that we have to go for satellite for expansion also, and being the pan-India player, it is going to be more beneficial for us to do this.

That's the business case which is beneficial to us, and we have gone for that. Got it, sir.

My last question was, what was the trigger that convinced the management to go for the HITS given they are already the largest MSOs? That's I said that we have 350 million households and still only 220 million households are TV households.

There is a big, big opportunities in the rural markets and untapped markets, cable dark areas and all, which at some point of time, seeing the whole India and digitizations approach, we have to do the inclusions of those households into the TV households. Being the largest cable TV and you can say the largest operator, it's our duty to do that.

That's the motion which we go for supporting the digital infrastructure of India also and created one of the largest C-band teleport in Ahmedabad. Now we can go into the nook and corner of the country very easily.

Got it, sir. That was all from my side.

Thank you for patiently answering my questions in detail. Thank you.

Cord cutting is major problem in only US, not in the Europe also, you can say. If you study the Europe market and other markets you will study, Africa market, you study the Australia, New Zealand market, whole cord cutting, the word or the happening is given just by the American media because that's a different, you can say, landscape.

In India, cord cutting has not come into the play. Yes, subscriber base going up and down is going to be there.

As you know that this is going to be connected TVs, connected TVs means TVs are there in the household, people are watching cable and DTH also, plus they have some OTTs also. It's not that they are gone totally OTT.

All those things are happening. India is a very price-sensitive, and customers are want to consume content in all the platforms, as you see.

This is a totally different market, which we believe it, and we are in the market as I see. Our belief is a bit different than what cord cutting is happening in American media.

That's the way we see it. Understood.

What are the key financial and operational metrics used to measure GTPL Infinity's success, such as revenue growth, ARPU improvement, cost saving, or partner acquisition, or subscriber expansion, and when will these metrics start appearing in your earnings report? You talk about KPIs.

Yes, KPIs, as I said earlier also, that we have to see the KPIs for subscriber growth, that will convert it to the revenues, and second, we have to see for the saving the cost. Both parameters are going to give us that whether the thought or our kind going for this Headend-In-The-Sky platform is getting fulfilled or not.

Yes, we will start seeing that in the coming quarters. We are looking forward that you can say the full benefit of this is by end of one year, which I'll say by December 2026, you will see the full conversion of everything as we have to do for the current market also and we have to do for the new market.

By next one year, you will start seeing the whole benefit which is started coming, and the 100% benefit will the revenue side also and the cost side. You will start reflecting that in the next one year.

Understood. Can you also share had there been no one-off costs, how much would be the consolidated EBITDA and PAT, and also the corresponding year-on-year growth?

Sorry, this is a speculative question. I have already given you my expectation on the CAGRs and all, so that is there.

We will start seeing that in the quarter-on-quarter. Understood, sir.

All right, sir, that's it from my side. Thank you so much.

Thanks. I would like to express my thanks to every participant who took their time out to attend the call.

I would like to thank Emkay for organizing this call. For any queries, please free to contact with MUFG IR who are our investor relations advisors.

Thank you and have a good day.