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Q2 FY27 Results Update GTPL HATHWAY LIMITED
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Company Overview 01 3 Table of Contents 2 Industry Dynamics & Growth Strategy 10 02 Key KPIs 15 03 Consolidated Financials 20 04 Standalone Financials 24 05
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Company Overview
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4 Leader Across Key Markets Sources : * Performance Indicators Report, TRAI ** Independent third party Report – FY2022 Digital TV Digital TV & Broadband • Commenced Business in 2006 • Footprint in 1,600+ towns in 26 States and 5 Union Territories • Connecting 12 Mn+ Households • 336 offices across India to manage operations • No.1* MSO in India • No.1 MSO in Gujarat • No.2 MSO in West Bengal • Leading private Wireline Broadband Player • No. 1 in Gujarat** • 1 Mn+ Broadband subscribers • GTPL launched HITS Platform in Q3 FY26 • GTPL to acquired ACT’s Digital TV business in the state of Andhra Pradesh, Telangana, Karnataka & Orissa ; completed by 15th Sept 2026. Himachal Pradesh Uttarakhand Delhi Uttar Pradesh Bihar Madhya PradeshGujarat Rajasthan Maharashtra Goa Karnataka Tamil Nadu Andhra Pradesh Telangana Orissa Jharkhand Chhattisgarh West Bengal Meghalaya Arunachal Pradesh Assam Tripura Mizoram Manipur Nagaland Haryana Jammu & Kashmir Kerala GTPL has entered two new markets: 1. Kerala – State 2. Jammu & Kashmir – Union Territory Ladakh
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5 Value Creation Over The Period Of Time Subscriber Base ~1.5x growth in last 8 years for Digital TV ~4.0x growth in last 8 years for Broadband Growth CAGR Growth over last 8 years • Revenue : ~16% • EBITDA : ~5% Cash Positive Free Cash Flow (FCF) generated for last 8 years Net Worth Net worth increased by 2x in last 8 years Consistent Performance • PAT Positive for last 8 years • IND AA-/Stable • IND A1+ (WC) by ‘India Ratings’ Dividend Consistent Dividend paying history for last 8 years 20% dividend for FY26 Extend Image, middle the content
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6 Enhanced Infrastructure NOC Infra Network Operating Centre (NOC) in Ahmedabad, Gujarat forms the backbone of operations ensuring smooth delivery of services to customers across the country • Mother Headend in Ahmedabad, Gujarat serves as epicenter for nation wide services • 2nd Headend in Kolkata, West Bengal to enhance coverage and service quality in Eastern India • Uplink facility: Created State of Art uplink C- Band infrastructure for HITS at Ahmedabad, Gujarat • Distributing 975+ channels including 97+ HD channels across India • Owned : 1,00,000+ KMs Network Infra
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7 HITS Platform: Powering GTPL Infinity Platform Capabilities • ~800 TV Channels, including ~100 HD channels • Pan-India reach via multiple C-Band transponders • Powered through Telkom-4 satellite in partnership with PT Telkomsat (Indonesia) Key Strategic Benefits • Pan-India Expansion: Enables entry into rural, cable-dark, and underserved markets • Cost Efficiency: Significantly lowers delivery and bandwidth costs • Faster Go-to-Market: Partners can go live within 24 hours using a single dish antenna • High Reliability: Satellite delivery ensures uptime, redundancy, and low maintenance Value for Partners • Quick infrastructure setup with minimal capex • Ability to bundle Digital TV + Broadband + OTT + Cloud Gaming • Enhanced monetization through regional and content partnerships Strategic Impact • Unlocks new growth opportunities through nationwide scalability • Strengthens GTPL’s leadership in digital content distribution • Aligns with Digital Bharat vision and digital inclusion goals • GTPL Hathway Limited launched GTPL Infinity, it’s Headend in the Sky (HITS) platform on 30th Nov 2025. • GTPL Infinity is set to redefine digital broadcasting infrastructure and content delivery across India. • Operators use a single downlink antenna to receive signals and distribute them through local cable networks ensuring nationwide access with minimal setup.
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8 Technology Partners – Best in Industry Headend Cloud Infrastructure Digital Partner Database Digital Presence SMS*** CPE* NOC** Security Digital Service Partner ERP## Inhouse BSS Apps#
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9 Inherent Strengths Preferred Partner • 51,000+ Business Partners • 200+ Broadcasters • 1,750+ Enterprise Clientele • 30+ Government Projects Pioneer Offerings • GTPL Buzz app with Live TV, Distro TV and Blacknut Cloud Games • GTPL Genie: Digital TV + OTT bundle • Business app in Vernacular Languages • Industry-first Live TV on Samsung TVs via TV Key Cloud Pan India PresenceLeveraging Technology • GTPL Infinity: Launched HITS platform which enabled signal delivery at Pan-India. • Strategic partnerships with industry leaders like Oracle, Nokia, Aprecomm, Nagra, Broadpeak and Harmonic • GIVA – AI chatbot integrated in consumer app and website for providing seamless self-service, support & customer assistance • Covering 26 states thus providing premium Digital TV services nationwide & High-Speed Broadband in 11 states • Better Negotiation Power backed by largest subscriber franchise Growth Initiatives • Driving market expansion and stronger presence through new initiatives and product launches. • The HITS platform enables pan-India expansion into cable-dark and challenging regions while reducing signal delivery and infrastructure costs. Huge Catalogue for Entertainment • Deliver the highest number of total channels from the headend combined with a seamless blend of OTT services • 975+ Tv Channels, 97+ HD Channels, 130+ Company Owned and Operated Platform Services
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Industry Dynamics & Growth Strategy
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11 Industry Dynamics *Source:, FICCI-EY 2025 Report, Global Data, ITU, Statista Company Estimates, TRAI report dated 1st April 2026 Traditional TV Retains Strong Mass Appeal 14 18 2024 2029 5.3% p.a. Industry Consolidation to Drive Scale, Negotiation Power & Cost Efficiency December 2020 June 2024 September 2025 MSO 1702 880 818 DTH 5 5 5 HITS 1 1 2# TRAI performance indicators reports | Count of operators TV Viewership Trends India’s TV Market Reaches Global Scale Growth in India’s population will increase Indian households from 332 million in 2025 to 345 million by 2028 India’s per capita income is expected to increase from US$2,820 in 2025 to US$3,640 by 2028 As a result, the middle class is expected to grow to 715 million people by 2030-31, enabling more households to buy a television. Integrated bundles of TV, broadband and OTT are gaining momentum as DPOs combat cord-cutting through convergence of Pay TV, IPTV, and broadband. 745 million Average weekly TV reach stable vs 2024 (751 Mn) 3 hrs 45 min Avg Time spent on TV per day 15-50 years 58% of total viewership (USD Billion) #GTPL Hathway got HITS License in August 2025 Television households expected to cross 200 million by 2028 This expansion positions India to surpass the UK in 2025 and Japan in 2028, becoming the fourth-largest traditional TV market globally. Expanding Middle Class: Catalyst for TV Penetration
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12 Huge Runway for Growth Total TV households that can be targeted ~200 Mn households* GTPL Hathway’s Digital Subscribers – 11 Mn *Source:, FICCI-EY 2025 Report, Global Data, ITU, Statista Company Estimates, TRAI report dated 1st April 2026, Management Estimate, World Bank Data for fixed broadband subscription Total broadband connections that can be targeted ~150 Mn households* GTPL Hathway’s Wireline Broadband Subscribers – xx Mn Natural Growth from TV dark households buying a TV - of over 320 million Indian households, over 120 million do not have a television set.* Shift of DTH viewers to Digtial TV since quality of broadcast and no. of channels offered have become at par post digitisation Industry dynamics favouring market consolidation in favour of organised players - MSO registration cancellation as well as shift from unorganised players presents opportunity 0.9 40.0 12.0 35.9 20.5 38.7 20.1 Africa (ex. South Africa) North America Arab States East Asia & Pacific European Union World India 3.2* Latin America & Caribbean Number of fixed broadband subscriptions per 100 India has one of the lowest fixed broadband penetration levels, with wired subscribers at 46.02 Mn as of February 2026. This represents ~14.5% penetration across ~320 Mn households, significantly lower than developed markets.
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13 Strategies to Enhance Digital TV Business INORGANIC ACQUISITIONS • Opportunities to add and consolidate smaller/regional players catering to ~40 Mn Cable TV Households • Increase in compliances leads to consolidation of industry & also triggered by cancellation of licenses by MIB of non- compliant MSOs. CONTENT AVAILABILITY • Distribution of Content (Broadcasting & OTT) to be available through GTPL at competitive prices • Availability of extensive local content through platform channels in multiple languages • Live TV channels & Distro TV service available on mobile devices without any additional cost via GTPL Buzz App. SWOT USER FRIENDLY SERVICES • Online payment mode available for instant activation of services • Availability of additional touch points for customer interaction including WhatsApp, Social Media, Website and Consumer Application. HITS – EXPANSION OF MARKET & DELIVERY COST SAVING • HITS provides ability to expand Company’s reach nationwide. It enables to deliver signal seamlessly all over India including rural markets, cable-dark areas, hilly terrains and other geographies where earlier expansion was not viable due to high delivery costs. This opens up a very large growth opportunity in underserved and new markets • Will help company to conserve delivery costs for its current business and for future expansion.
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14 Multiple Growth Levers for Broadband Business Source: Report by Internet and Mobile Association of India (IAMAI) and KANTAR; Wired Broadmand Report by TechSci Research and marketxcel Acquiring Customers • Increased Focus on B2B model • Digital and broadband initiatives by the Government across India • Tapping rural Gujarat market in the digital push. Market Size & Geographies Driving Growth • Potential to convert 12+ Mn GTPL Digital TV households • Andhra Pradesh, Telangana, Maharashtra and rural Gujarat to drive growth. Staying Competitive • Improved content offerings - OTT distribution as an add-on available to all GTPL customers • >75% of Homepass in FTTX in broadband which provides a ready infrastructure. Factors contributing to growth Increasing use of Internet for Consumer & Enterprise needs Higher data usage with increased adoption of Social Media & OTT Push for digital connectivity by the Government of India Necessity of uninterrupted broadband services at homes Large opportunity market size India Wired Broadband Market stood at USD 605.37 Million in FY2023 and is expected to register a CAGR of 15.43% from FY23 to FY2028. Of the overall wired broadband market the Fibre to the Home (FTTH) segment is expected to grow at a CAGR of 17.62% during the forecast period.
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Key Performance Indicators
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16 Digital TV Business Performance * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar 1Active = Active during last 60 days 11 Mn Active STBs1 10.30 Mn Paying Subscribers 51K+ Business Partners 80%+ Digital Collection 100% Base in prepaid business Launch GTPL Infinity Pan-India HITS platform Active Subscribers at 11 Mn by Q2 FY27 Launched GTPL Infinity to enable pan-India, HITS-based content delivery at scale. 130+ Owned & Operated Channels Paying Subscribers at 10.30 Mn by Q2 FY27 Expanding aggressively in Andhra Pradesh, Telangana, Tamil Nadu, North-East, Haryana, Uttarakhand & Chhattisgarh
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17 Digital TV Business: Quarterly* * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar Active1 Subscribers (Mn) 9.50 9.40 9.40 9.60 11.00 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Paying Subscribers (Mn) 8.80 8.70 8.70 8.90 10.30 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1Active = Active during last 60 days
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18 Broadband Business Performance * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar 1070 K Active Subscribers 6.00 Mn Homepass 436 GB Average Data Consumption per month 5% Y-o-Y Revenue Growth 200 Mbps Speed with Unlimited Data ₹ 470/- ARPU Maintaining subscriber base. Increased by 20K Y-o-Y Enhanced High Speed Broadband Service offering up to 200 Mbps coupled with Truly Unlimited Data Average Data Consumption per Customer stands at 436 GB / Month for Q2 FY27; up by 6% Y-o-Y ARPU of ₹ 470 as of September 26 6.00 Mn Homepass; ~75% Homepass available for FTTX conversion
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19 Broadband Business: Quarterly* * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar Homepass (Mn) Active Subscriber’s (‘000) ARPU (₹) (Net of Taxes) 5.95 5.95 5.95 5.95 6.00 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1050 1060 1060 1060 1070 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 465 465 465 470 470 Q2 FY26 Q3 FY26 Q4 FY26 Q2 FY27Q1 FY27
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Consolidated Financials
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21 Financial Highlights : Consolidated* 01 • Total Revenue up by 19% Y-o-Y & 12% Q-o-Q • ISP Revenue up by 5% Y-o-Y & 2% Q-o-Q Revenue 02 • EBITDA of ₹ 1,103 Mn in Q2 FY27 & ₹ 1,101 Mn in Q2 FY26 • EBITDA Margin of 9.6% in Q2FY27 EBITDA 03 • 20% dividend paid for FY26 Dividend * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar
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22 Profit & Loss Statement: Consolidated* * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar Revenue Subscription Income CATV 3,455 2,913 19% 3,024 14% 11,862 Broadband ISP 1,459 1,425 2% 1,393 5% 5,580 Placement / Carriage / Marketing Incentive 6,203 5,485 13% 4,885 27% 18,455 Activation 46 33 39% 27 74% 99 Other Operating Income 266 298 -11% 261 2% 1,196 Other Income 34 45 -25% 59 -43% 274 Total Income 11,464 10,199 12% 9,649 19% 37,466 Expenditure Pay Channel Cost 7,788 6,678 17% 6,160 26% 23,430 Employee Cost 408 405 1% 418 -2% 1,630 Other Operating, Admin & Selling Exp. 2,166 2,024 7% 1,970 10% 8,083 Total Expenditure 10,361 9,107 14% 8,548 21% 33,143 EBITDA 1,103 1,092 1% 1,101 0% 4,323 EBITDA % 9.6% 10.7% 11.4% 11.5% Depreciation/Amortization 1,019 967 5% 909 12% 3,761 Finance cost - Borrowing 53 35 52% 57 -8% 247 Finance cost - IND AS 116 70 61 16% 30 134% 138 Profit before Tax & Exceptional item (40) 29 105 177 Exceptional Items - - - (5) Share of Profit/(Loss) from Associate and JVs 1 (0) 2 6 PBT (38) 29 108 178 Tax (3) 15 34 55 PAT before Other Comprehensive Income (35) 14 74 124 Share of Non Controlling Interest 26 9 18 34 Other Comprehensive Income 4 (1) 1 (1) PAT (5) 23 93 156 Particulars Q2 FY27 Q1 FY27 Q-o-Q% Q2 FY26 Y-o-Y% FY26 Total additional impact of ₹ 75 Mn : (A) One time impact of 45 Mn unrealized Forex loss : • ₹ 10 Mn - Other Operating, Admin & Selling Exp • ₹ 35 Mn - Finance cost- Borrowing (B) Impact of additional 7 Transponders of ₹ 30 Mn in Finance Cost
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23 Analysis on Operating Margin: Consolidated* * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar Revenue Subscription Income CATV 3,455 2,913 19% 3,024 14% 11,862 Broadband ISP 1,459 1,425 2% 1,393 5% 5,580 Other Operating Income 266 298 -11% 261 2% 1,196 Total Income 5,181 4,636 4,678 18,639 Expenditure Net Pay Channel Cost 1,585 1,193 33% 1,275 24% 4,976 Pay Channel Cost 7,788 6,678 17% 6,160 26% 23,430 Placement / Carriage / Marketing Incentive (6,203) (5,485) 13% (4,885) 27% (18,455) Employee Cost 408 405 1% 418 -2% 1,630 Other Operating, Admin & Selling Exp. 2,156 2,024 6% 1,970 9% 8,005 Total Expenditure 4,148 3,622 3,663 14,610 Operating EBITDA 1,033 1,013 1,016 4,028 Operating EBITDA % 20% 22% 22% 22% Activation 46 33 39% 27 74% 99 Unrealised Forex (Loss)/Gain (10) - 0% - 0% (78) Other Non Operating Income 34 45 -25% 59 -43% 274 Published EBITDA 1,103 1,092 1,101 4,323 Particulars Q2 FY27 Q1 FY27 Q-o-Q% Q2 FY26 Y-o-Y% FY26
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Standalone Financials
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25 Profit & Loss Statement: Standalone* * FY = Apr-Mar, Q1 = Apr-Jun, Q2 = Jul-Sep, Q3 = Oct-Dec, Q4 = Jan-Mar Revenue Subscription Income CATV 2,692 2,127 27% 2,191 23% 8,685 Placement / Carriage / Marketing Incentive 4,900 4,356 12% 3,831 28% 14,324 Activation 36 22 67% 13 175% 49 Other Operating Income 347 372 -7% 322 8% 1,450 Other Income 28 55 -50% 44 -38% 217 Total Income 8,003 6,932 15% 6,402 25% 24,725 Expenditure Pay Channel Cost 6,151 5,214 18% 4,733 30% 17,938 Employee Cost 162 149 9% 156 4% 634 Other Operating, Admin & Selling Exp. 1,023 925 11% 921 11% 3,784 Total Expenditure 7,336 6,288 17% 5,809 26% 22,356 EBITDA 667 644 4% 593 13% 2,369 EBITDA % 8.3% 9.3% 9.3% 9.6% Depreciation/Amortization 573 533 7% 447 28% 1,892 Finance cost 113 84 35% 73 54% 336 Profit before Tax & Exceptional item (18) 28 73 141 Exceptional Items - - - (57) PBT (18) 28 73 84 Tax (5) 7 21 25 PAT before Other Comprehensive Income (13) 20 53 59 Add/(Less) Other Comprehensive Income 2 (1) 1 (3) PAT (11) 19 54 56 Particulars Q2 FY27 Q1 FY27 Q-o-Q% Q2 FY26 Y-o-Y% FY26 Total additional impact of ₹ 75 Mn : (A) One time impact of 45 Mn unrealized Forex loss : • ₹ 10 Mn - Other Operating, Admin & Selling Exp • ₹ 35 Mn - Finance cost- Borrowing (B) Impact of additional 7 Transponders of ₹ 30 Mn in Finance Cost
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26 Investor Conference Call Details
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27 The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time. There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc. may be done at your end. You may also contact us directly for any questions or clarifications at our end. This presentation contains certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. Actual results, performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number of factors, including without limitation future changes or developments in our business, our competitive environment, telecommunications technology and application, and political, economic, legal and social conditions in India. It is cautioned that the foregoing list is not exhaustive This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for any investment decision. Safe Harbor
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Mr. Piyush Pankaj Chief Financial Officer +91 98113 21102 piyush.pankaj@gtpl.net Company : Ms. Pradnya Singh pradnya.singh@in.mpms.mufg.com MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Mr. Omkar Bagwe omkar.bagwe@in.mpms.mufg.com Investor Relations Advisors : Thank You Meeting Request Link Link