Good evening, 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, Chief Financial Officer; and Mr. Paramveer Jadeja, Chief Business Officer.

Over to you, gentlemen.

Thank you, Mr. Tripathi.

Good evening, everyone, and a warm welcome to GTPL Hathway Limited earning call to discuss our financial and operational performance for the second quarter FY27. During the first half of the year, we continue to focus on strengthening our presence across digital TV and broadband businesses.

Both segments remain integral to growth strategy, and our efforts are directed towards enhancing customer experience, strengthening our operating capability, and expanding reach across key markets. We have completed the acquisition of the ACT Group's cable TV business.

In parallel, GTPL Infinity, our HITS platform launched in November 2025, continued to support our expansion and enable us to extend our reach through a scalable operating model. I will now hand over the call our CFO, Mr.

Piyush Pankaj, who will take you through the key operating highlights and financial performance of the company.

Thank you, Mr. Jadeja.

Good evening, everyone, and thank you for joining us for GTPL Hathway Limited's Quarter 2 FY27 earnings call. Let me begin with the key operational highlights for the quarter.

We successfully completed the acquisition of cable television business of seven companies belonging to the ACT Group on September 15, 2026, for an aggregate cash consideration of ₹35.155 crore. As mentioned during our previous earning calls, this businesses serve approximately 6 lakh digital TV subscribers across Andhra Pradesh, Telangana, Odisha, and Karnataka.

As we integrate these operations, we see opportunities to realize revenue synergies, optimize cost, and improve overall operating efficiencies. Moving to our operational performance this quarter, starting with the digital TV business, our digital cable TV subscriber base, as of September 30, 2026, stood at 11 million, addition of 1.5 million in this quarter, of which 10.30 million were paying subscribers.

The full impact of this subscriber additions will realized in financials in subsequent quarter once we monetize the synergy benefits. Our business partner network comprised more than 51,000-plus partners, who continue to play an important role in strengthening our market reach and supporting customer acquisition and retention.

Coming to our broadband business, our active subscriber base stood at 1.07 million at the end of quarter, which is 10k additions QoQ, while broadband homepass reached 6 million as of September 30, 2026. Broadband ARPU for Quarter 2 FY27 stood at ₹470, while average monthly data consumption per user was 436 GB.

We have strengthened higher management in broadband. We have appointed new CEO Mr.

Vivek Raina as broadband in for broadband business and other higher management of town appointments. We look forward that through the new branding of TRUE FIBER and aggressive market strategy, which will reap benefits in coming quarters for subscriber addition and positive financial impact.

Our focus remains on improving subscriber conversion from our existing homepass, increasing broadband penetration within our digital TV customer base, and expanding our B2B business. Let me take you through our financial performance.

Starting with the consolidated results, for Quarter 2 FY27, consolidated total income stood at ₹11,464 million compared with ₹9,649 million in Quarter 2 FY26, translating into year-on-year growth of 19% and quarter-on-quarter growth of 12%. Subscription revenue stood at ₹3,455 million compared with ₹3,024 million in the corresponding quarter last year and ₹2,930 million in Quarter 1 FY27.

Broadband revenues stood at ₹1,459 million compared with ₹1,393 million in Quarter 2 FY26 and ₹1,425 million in the previous quarter. Consolidated EBITDA for the quarter stood at ₹1,103 million with reported EBITDA margin of 9.6%.

The operational EBITDA margin stood at 20% this quarter. The consolidated PAT stands negative ₹50 lakh in this quarter due to additional impact of 75 million ₹75 million, which is ₹45 million on account of forex loss and ₹30 million amertization impact due to seven new transponders, which is in standalone financials.

Moving to the standalone performance, total revenue for this quarter stood at ₹8,003 million compared with ₹6,402 million in Quarter 2 FY26, representing year-on-year growth of 25% and quarter-on-quarter growth of 15%. Standalone subscription revenue stood at ₹2,692 million compared with ₹2,191 million in Quarter 2 FY26 and ₹2,127 million in Quarter FY27.

EBITDA stood at ₹667 million. With this, I conclude my opening remarks and would now request the moderator to open the floor for the Q&A session.

Good afternoon, sir. Am I audible?

Nimish, please go ahead.

Sir, I had a few set of questions. The first one being, following the addition of ACT subscribers, what changes are expected in average revenue per subscriber and contribution margins in acquired markets compared with established markets, and what integration or pricing actions will be required to bring acquired market economics closer to the group's established markets?

Yeah. ACT business is overall accretive to our financials.

Currently, still the whole integration and whole synergy which has to come into the business is going to come into the next quarters. As there are 1,25,000 primary subscribers in this business, which is at higher ARPU, which is going to give us a better revenues in the whole region.

That will help us to expand our business also for you can talk about broadband, or you can talk about any other business. All the synergies which has to be reaped from this benefit, we are going to reap in next few quarters, and full realization of value will happen at that point of time.

Okay. Sir, my second question would be: GTPL announced the acquisition of the remaining 74% stake in GL DL GTPL Cabinet for 83.25 million.

What operational benefits are expected from full ownership, and how material is this business to the group? How the full ownership simplify decision-making or improve operating coordination within the group?

This is a 20 this is the company where GTPL has 26% stake. We are going to purchase 74% stake at said price.

This company has 1.5 lakh subscriber base of CATV subscriber base, which is in the Gujarat, Maharashtra, and a bit in MP. All these three markets we are going to have more benefits, and this are the HSM market, we are going to reap benefits in other side also.

This is a good acquisition for us and increasing and getting into the fold totally. Plus, there is going to be synergy benefits, as we are also present in those markets, somewhere the synergy benefits will start flowing in the financials.

Okay. The third question would be: Which rural, cable-dark, or difficult-to-reach markets are being prioritized by HITS-led expansion, and how do their economics compare with existing markets?

What subscriber or operator density is needed for these markets to become commercially viable?

See, headend-in-the-sky we have launched in November 2025, and the first target is to convert the existing sites into the HITS platform, to get into the HITS platform, which we are doing. Simultaneously, we are going into wherever we are seeing the good opportunities for new markets, we are going and reaping those.

We still have to get into the cable-dark areas and those, the plan is ready. We are waiting for once by December we will complete the existing conversion, then we will start doing in the cable-dark areas and all.

Yes, the benchmarks and all are ready, but those are the commercial decisions. I can't talk about those in this call.

Yes, the benchmarks are there, and as our signals are available all India, we can add as many as subscriber bases in the all over India. Yes, the opportunities are large.

Okay. My last question would be: Paying subscribers grew 17% year-on-year, slightly faster than active subscribers at 16%.

What does this indicate about conversion into paying connections and the quality of subscriber growth? How does the man expect this trend to influence the monetization and the revenue quality going forward?

This is going to increase our revenue monetization as we go forward, and that's what we are expecting, that as we go more and more towards headend-in-the-sky, with the effort, we will get our churn restricted. That's what we are trying to do in the market, and we are looking forward that this will reap benefits to the company.

Got it, sir. Thank you.

Thank you for your time. All the best for the future.

Hello? Hello, am I audible?

Yeah. Suvarna.

Go ahead. Yeah.

Good afternoon. I have two set of questions.

First is broadband subscriber growth. Historically

Hold on. Hello?

Now am I audible?

Yeah. Historically, GTPL was adding around 25,000 to 40,000 broadband subscribers per quarter, but addition appears to have slowed down significantly in recent quarter.

Could management explain the key reasons behind this slowdown? Is it due to the higher subscription churn, increasing competition, or challenges in acquisition of new customers?

My second question is ACT Group acquisition. Could management share the updates on the ACT acquisition integration and its Q2 FY27 revenue and EBITDA contribution?

When can we expect it to contribute meaningfully to profitability?

Yeah. First, on the broadband, as you know that we have made around 5.95 or 6 million homepass, and we are doing the conversion out of that.

If you see, we had the conversion of around 14- to 13% to 14% earlier, which has grown to now 17% to 18%, and we are looking forward that we will come up to around 20% of that. Already those you can say the influx of the broadband business has already passed off now.

As I said that we have appointed the new management under Mr. Vivek Raina, and we are going very aggressive in the market now.

We'll looking forward to reap the benefits and come again back to those positions of what you have seen additions. The additions have to be at that level.

That's what the intent towards the business. It's more of the last 1 year or 1.5 year, you can say, it's more of the clean-up of the all in the grounds and all, and that's why if you see our homepass was remained same for last 1 year, and now started growing.

It's more of the clean-up and influx that all the connections has to be in FTTH and everything. That was all what happening.

Now we are geared up to again go for the growth.

Okay. What are the initiative are being taken to revive subscriber base?

Initiative is still early, because Vivek has joined just 3 months back, and we have already changed our brand. The new brand is TRUE FIBER, which we have started, and somewhere we are identifying the markets on which we have to go.

We are putting efforts both sides, the B2C and the B2B, that's the way. The backend side we have geared up the new you can say the

Yes, our network is completely migrated in the G-PON side, basically now the entire network, you can say, it's completely FTTH markets. The reason is, because of the last 1 and 1.5 years we were slow, because of we took the LAN market and a lot of other migration is also going on.

Now we completed entire migration. I feel again and again back-to-back, we are again back to the our earlier we were connecting monthly around 20,000 number more than 20,000, I can say that, we will again back to the same number.

Your second question was on the ACT, as you know that we have completed the acquisition on September 15th, and after that all the integration is happening with the business. Already the revenues are reported there in our ACT revenues, and somewhere the EBITDA margin right now is operating margin you can talk about is 12%, which we are looking forward that it should start giving us somewhere around 25% margin, 25% to 26% margin, as our operational margin currently for the whole company is 20%.

As we are going to integrate everything, convert it in the GTPL systems and GTPL environment, then we will see somewhere around 25% operating margin in this business.

Okay. Okay.

Thank you. Thank you so much.

Good evening, sir. My first question is the monthly data consumption rose 6% year-on-year to 436 GB per user.

What does this mean for network capacity, service quality, and the cost of serving customers? Is additional capex required to support this usage growth, and how could it affect broadband margins?

No, for this consumption and there is no additional capex or opex I'll say, because we have the technology in such a way that it can be flexible. Right now, at this consumption level, we have not hit any capex and opex.

Yes, if the consumption will increase significantly, then, yes, we have to add some capex and opex, but that is not going to be in the same level, you can say, that if it is double, then it has to be double. No, it has to be at 10% of that.

Sir, how does management expect the revenue mix between digital TV subscription, broadband, and placement income to evolve? What would that mean for earnings stability?

What does management see as a healthy long-term mix and considering the relative predictability and margins of each stream?

Yeah. We are looking forward that we are going to have a double-digit growth in subscription revenues in both the businesses and improving our operational EBITDA in comparison to last financial year.

In H1 FY27, we have 21% operational EBITDA, which we expect to increase by 150 to 250 basis points once we fully realize all the synergy benefits and the delivery cost benefits due to HITS implementation, everything. We are looking forward that the revenues will increase and the margin will increase, the operational margin will increase in the business.

No.

Yeah. Hi, sir.

Thanks for the opportunity. I have some couple of questions with me.

My first question is that what assumptions is management using for the pace of subscriber additions and margin improvement in H2 FY27? Also, which operating risks could cause actual performance to differ?

My continuing with that, that what assumptions underpin this outlook, and which operating risk could cause actual performance to differ?

Yeah. This year, already we have added around, if I'm talking about the whole year, we have already added around 1.6 million subscriber 1.6, 1.65 million subscriber base in the digital TV business, and we are looking forward that by the end of the year, we will be somewhere around net additions of 1.8 to 1.9 million subscriber base in this year.

Next year, as the market is becoming more and more challenging with the change of the technologies, change of the delivery mediums and everything, and we are also gearing up that broadband and entertainment and everything we can take it forward for our customers, so that whatever customer needs we have the complementary products for them. That's what we are doing, and that's the endeavor to do.

We're looking forward that in the 3 years' time, somewhere we have reached 11 million right now, we are looking forward that in 3 years' time we will be at somewhere around between 13 to 14 million in this CATV business. In we are more than 1 million in broadband business, we're looking forward that we can have somewhere the in next 3 years somewhere we are going to be close to 12 million subscriber base in 1 1.2 million subscriber base in the broadband side.

That's the way we are looking forward that the growth per annum growth in the subscriber base will be somewhere around 7% to 8% every year, seeing the challenging situation in the in the market currently.

Thank you, sir. My next question is that what evidence is there that digital TV, OTT, and other bundled offerings are improving customer retention or generating incremental revenue per customer?

Also, which bundles are seeing the strongest response, and how is the company measuring the incremental value?

See, this bundle of broadband and cable TV, and OTT, you will say, OTT is a bit less, but mainly cable TV and digital TV, entertainment plus broadband, they are more working towards the retention, reducing the churn in both the businesses, in broadband businesses and in the digital TV business. As people are converting into the dual or triple services, there is a less chance of getting impacted on the churn, and that is helping us indirectly in improving our revenue and the retention quality of the whole business.

This is working on that way, because we are looking forward that as we go more towards this bundle and all, our the capex which is using for the maintenance capex is going to get reduced with the time.

Fine, sir. My last question is that how is GTPL responding to competition from telecom operators, local ISPs, and fiber networks on pricing, service quality, and customer retention?

How is the company differentiating its service proposition beyond headline pricing and advertised speeds?

We are at par with the telcos, as you know. Now the competition is with the telcos, and GTPL is the company who is at that telco level, and we are endeavor to do that and work towards that, that we are going to give the competition to them and do better than them in our strong markets.

That's already we are showing that wherever we are strong, we have the strong markets, we are doing better than them, and we continue to do so. Competition is there, and it's a healthy competition.

It's a good competition. Competition keeps you on toe and gives you more edge towards performing better and better.

That's there is no complacency if the competition is there, and we are happy to have the competition.

Got it, sir. Got it.

Thank you so much, and all the best.

Hi, sir. Good afternoon.

I just had a couple of questions. The active digital TV subscribers reached 11 million in Q2 FY27, which was up 1.5 million year-on-year.

While paying subscribers reached 10.3 million, how much of this growth came from ACT acquisition versus the existing business? Also, please, if you could indicate the expected contribution from the existing subscriber base over the next few quarters?

As in my opening statement also, I have said that around 6 lakh subscriber base, out of which 1.25 lakh is primary subscriber base, which has come into the fold by acquiring the ACT business. Out of this 1.5 million, you can say 6 lakhs is what ACT is contributed.

Others are different. That's where looking forward.

Sorry, what was the next question? Sorry.

If you could indicate the expected contribution from existing subscriber base over the next few quarters, that would be great.

You're talking about the gross adds, which we are going to do?

Yes.

Somewhere the company, from the last 5 years if you see, somewhere the company is doing the gross add of 2 million to 2.5 million every year, and that's why we are growing on that way. We look forward to continue that trend, and as you get the impact on the churn, a contained churn, then your business will start getting improved, as you are adding that.

Some are going into the maintenance capex or maintenance additions. As you contain the churn, your business will become better, your ROI and ROA will become better.

That helped. The ARPU increased by ₹5 year-on-year to ₹470 per month.

What is driving this improvement, and if there is any further scope to grow ARPU without affecting retention? How does the management balance higher pricing with competitive offers and customer churn?

Yeah. This is because the subscribers are adopting to the higher plans, the current subscriber, who are at the lower plans, they are adopting to the higher plans, and that is moving our ARPU up.

That's the way we are seeing it in the last 1 year.

That helped. The revenue grew 19% year-on-year to ₹11,464 million, while the EBITDA was broadly flat at ₹1,103 million.

What prevented revenue growth from translating into EBITDA growth? Could the management separate the impact of higher operating costs, content costs, and the revenue mix on EBITDA?

See,

while revenue has grown, EBITDA has not kept pace and PAT has declined mainly for two reasons. First, the benefits of the acquisitions have not come at through in full.

We are realizing the synergies progressively for this whatever we have added, 1.5 million subscriber base and other. As this integration deepens, we expect them to support a steady improvement in EBITDA over the coming periods.

As you will see, the operating EBITDA we are maintaining at around 20%, 21%, which is last year it was 22%. We are looking forward that by the end of year we will adding 150 to 250 basis points on those EBITDAs, operating EBITDAs.

Second, the PAT side, the foreign exchange fluctuations and transponder-related cost, which I have explained in my speech earlier. Because of that, you will see a bit of lesser PAT in this quarter, which will improve, because these are notional cost, forex loss and all, which will improve with the time.

That helped. How will GTPL use its expanded presence in four states to cross-sell broadband or bundled services?

When could this opportunity begin contributing to revenues? What would be the likely rollout sequence and the key prerequisites for successful cross-selling?

It's a continuous effort, you can say, which we are doing. We already have the product, and we are putting the effort to convert our subscriber base into the dual services so that we can contain churn and we can increase loyalties on that way in the network.

That is a continuous effort which is going on, and we are very hopeful that with the time, we will convert a large number of subscriber base into dual services.

That helped. Thank you so much, sir.

All the best.

Thank you.

Hello, everyone. I have got a few set of questions.

Firstly, since GTPL completed the acquisition of seven ACT digital business, adding a subscriber across Andhra Pradesh, Telangana, Odisha, and Karnataka, what are the main integration milestones for the next two to three quarters? Can you also share the key milestones against which investors should track integration process?

See, we have completed the acquisitions on 15th September 2026, and the integration will happen at the operational level, at the ground level, as we already had present in those markets. Somewhere we have to do the synergies with our businesses, integrate the systems and processes of GTPL, and bring all the cost under our roof where the synergies will start flowing into the company.

Revenues already started coming, but still in the market we have to do the synergies in the revenues, in the market, on the ARPU, on the packages, on the content, everything we have to do. It's a very early time, because 15th September we have just completed that, and so what we are seeing that this quarter and the next quarter is the milestones which we have to achieve.

By end of FY27, we are hopeful that all integration would happen, and all the benefits will start flowing into the financials.

Understood. My next question is regarding GTPL Infinity, which was launched in November 2025.

What are the progresses that have been made in onboarding cable operators and expanding platform reach? Can you also share any operating indicators that demonstrate the progress since it has launched?

I already said in the earlier one that first the focus was that existing subscriber base where we can save the delivery cost, there we should convert it into the HITS platform. Already around more than 60% has happened.

The existing network has gone into the HITS platform. We are looking forward that by December or maximum by January, all the existing network will convert into HITS platform, and we will start getting the whole delivery cost benefits in our books.

Parallelly, we are doing the new markets and all. Wherever we are getting lucrative offers, there we are going for the new markets.

Yes, all the plans are ready for the expansion in the cable-dark, rural, you can say semi-urbans, urbans, everywhere the different different plans are ready for us to how we are going to roll out, and we will start doing or start pursuing aggressively for the expansion after January once we convert the existing one. That's the plan, and we are following that.

Understood. Also regarding the operating EBITDA margin, which declined to 20% from 22% in both Quarter 2 FY26 and Q1 FY27.

What measures could help restore the earlier margin levels? What are the timelines should investors use to assess whether this initiatives are delivering a sustained improvement?

As I said that ACT business we have taken, but the contribution towards EBITDA is somewhere 12% right now, as the still the synergies and all have to come, which will become 25% later, as we are hoping on that way. That will going to improve.

Same way, other acquisitions and all, the other additions, you can say, because we have added around 1.5 million subscriber base in the CATV business, there you can see the all benefits will come in the two quarters. We are hopeful that this operating EBITDA will margin is going to increase by 150 to 250 basis points by the end of the FY27.

Then from the next year onwards, it will improve as we go more aggressive with the both the businesses.

Got it. Lastly, what are the key metrics that investors should track over the next two to four quarters to assess whether the subscriber growth or the broadband investments are translating into sustainable profitability?

Can you also provide some directional targets or milestones that will help investor track this progresses?

Two targets. One is the KPIs, which is the subscriber base, active, paying, and in the broadband the subscriber base.

Second is the operational EBITDA margin, because as operational EBITDA margin will improve, this will show that more efficiency is coming into the business. If improvement in subscriber base and all are happening, related to that, revenue and all will go up also.

That's the way that one is the subscriber base, which is related to revenue, and the second is your operational EBITDA margin, improvement on that. I will say that if you continue to look into this, you will get the health of the business.

Understood. That's it.

Thank you so much.

Thank you, Yash.

Thank you. I would like to express my thanks to every participant who took the time out to attend this earning call of Q2 FY27.

I would like to thank Emkay for organizing this call. For any queries, please feel free to contact Orient Capital, who are our investor relations advisor.

Thank you, and have a good day.