GTPL Hathway financials and balance sheet

NSE: GTPLBSE: 540602EntertainmentSmall Cap

₹52.52₹2.11 (3.86%)BSE ₹51.58

Share price at the NSE close on 23 Oct 2026. Previous close ₹54.63.

52-week range of traded prices to 23 Oct 2026

₹50.85Low, 17 Aug 2026₹108.96High, 24 Oct 2025

Market cap: ₹591 Cr1,618th largest listed
P/E: Lossover the last 12 months
P/B: 0.5
Dividend yield: 3.81%
ROE: −0.2%
ROE without one-offs: −0.2%
ROCE: 0.9%
Debt to equity: 0.16
Volume, NSE: 17,04051.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.GTPL Hathway annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,719 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,719
Materials and goods−29
Employee costs−163
Other expenses−3,122
Operating profit405
Depreciation−376
Other income+27
One-off items−0.5
Finance costs−39
Profit before tax17
Tax−5.5
Joint ventures+0.6
Net profit12

What the company owns

Plant, investments and other assets₹2,635 Cr
Receivables₹545 Cr
Cash and bank₹67 Cr
Inventory₹28 Cr

What pays for it: net worth and liabilities

Net worth₹1,267 Cr
Other liabilities₹982 Cr
Owed to suppliers₹799 Cr
Borrowings₹227 Cr

GTPL Hathway business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.GTPL Hathway segment results by quarter

Revenue by segment

₹3,737 CrTotal

Cable TV Business₹3,080 Cr82.4% of total
Internet Service₹561 Cr15.0% of total
Projects (Including O&M)₹96 Cr2.6% of total

Profit by segment

Internet Service₹28.8 Cr58.0% of total
Projects (Including O&M)₹20.9 Cr42.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cable TV Business
Revenue, ₹ crore
1,101
1,566
1,778
1,908
2,118
2,591
2,862
3,080
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
25
108
216
207
82
86
27
−32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Internet Service
Revenue, ₹ crore
145
168
279
408
483
529
549
561
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
5
43
55
49
36
22
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Projects (Including O&M)
Revenue, ₹ crore
83
96
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,246	2,384	2,467	2,414	2,680	3,229	3,493	3,737
Company revenue, as in its results	1,246	2,384	2,467	2,414	2,664	3,212	3,477	3,719
Revenue	1,101	1,566	1,778	1,908	2,118	2,591	2,862	3,080
Revenue growth	–	42.2%	13.6%	7.3%	11.0%	22.3%	10.5%	7.6%
Profit	25	108	216	207	82	86	27	−32
Profit growth	–	340.0%	99.2%	−4.2%	−60.1%	4.3%	−68.8%	–
Margin	2.2%	6.9%	12.1%	10.8%	3.9%	3.3%	0.9%	−1.0%
Return on capital	3.9%	16.5%	26.8%	24.8%	10.6%	11.1%	3.6%	−4.3%
Assets	1,600	1,501	1,463	1,494	1,787	2,041	2,270	2,284
Liabilities	968	844	660	661	1,008	1,269	1,515	1,539
Capital employed	632	657	803	834	780	773	755	745
Revenue	145	168	279	408	483	529	549	561
Revenue growth	–	15.9%	66.7%	45.9%	18.4%	9.6%	3.7%	2.3%
Profit	0	5	43	55	49	36	22	29
Profit growth	–	–	759.8%	28.7%	−10.0%	−27.7%	−38.9%	31.9%
Margin	−0.2%	3.0%	15.3%	13.5%	10.2%	6.7%	4.0%	5.1%
Return on capital	−0.5%	6.9%	42.0%	29.8%	11.2%	7.0%	4.2%	5.8%
Assets	284	377	556	715	857	952	921	892
Liabilities	215	305	454	531	417	442	401	397
Capital employed	68	72	102	184	440	510	520	495
Revenue	–	–	–	–	–	–	83	96
Revenue growth	–	–	–	–	–	–	–	15.6%
Profit	–	–	–	–	–	–	15	21
Profit growth	–	–	–	–	–	–	–	35.0%
Margin	–	–	–	–	–	–	18.7%	21.8%
Return on capital	–	–	–	–	–	–	86.6%	75.6%
Assets	–	–	–	–	–	–	76	99
Liabilities	–	–	–	–	–	–	59	72
Capital employed	–	–	–	–	–	–	18	28
Revenue	0	–	–	–	80	108	–	–
Revenue growth	–	–	–	–	–	36.1%	–	–
Profit	1	–	–	–	38	29	–	–
Profit growth	–	–	–	–	–	−22.2%	–	–
Margin	–	–	–	–	47.1%	26.9%	–	–
Return on capital	100.0%	–	–	–	–	761.1%	–	–
Assets	148	–	–	–	66	62	–	–
Liabilities	148	–	–	–	76	58	–	–
Capital employed	1	–	–	–	−10	4	–	–
Revenue	–	651	409	99	–	–	–	–
Revenue growth	–	–	−37.1%	−75.8%	–	–	–	–
Profit	–	45	30	28	–	–	–	–
Profit growth	–	–	−33.5%	−4.4%	–	–	–	–
Margin	–	6.9%	7.3%	28.7%	–	–	–	–
Return on capital	–	99.0%	62.2%	26.4%	–	–	–	–
Assets	–	306	333	142	–	–	–	–
Liabilities	–	261	286	35	–	–	–	–
Capital employed	–	45	48	108	–	–	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.GTPL Hathway quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 16 Apr	Mar 2022Filed 11 Apr	Mar 2023Filed 17 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 15 Apr
Revenue from operations	909	1,091	1,246	2,384	2,467	2,414	2,664	3,212	3,477	3,719
	701	799	928	1,922	1,958	1,887	2,198	2,735	3,045	3,314
Materials and goods bought	–	–	0	0	0	0	0	19	19	29
Employee costs	–	–	147	142	115	121	145	155	159	163
Other expenses	–	–	781	1,780	1,843	1,766	2,053	2,562	2,867	3,122
Operating profit before depreciation	208	292	318	462	509	528	466	478	432	405
Operating margin	22.9%	26.8%	25.5%	19.4%	20.6%	21.9%	17.5%	14.9%	12.4%	10.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.5%	0.8%
Employee costs, % of revenue	–	–	11.8%	6.0%	4.7%	5.0%	5.4%	4.8%	4.6%	4.4%
Other expenses, % of revenue	–	–	62.7%	74.7%	74.7%	73.1%	77.1%	79.7%	82.4%	83.9%
Depreciation and amortisation	139	171	202	232	260	253	319	337	369	376
Operating profit after depreciation	68	121	116	230	249	275	147	140	64	29
Other income	33	22	43	41	63	43	50	34	30	27
Finance costs	58	39	51	45	23	14	10	23	30	39
Profit before one-off items and tax	43	104	108	226	289	303	188	151	64	18
One-off items	−2	−4	−65	−68	0	−12	−19	0	0	0
Profit before tax	41	100	43	158	289	290	169	151	64	17
	15	41	18	70	78	71	45	39	15	5
Current tax	18	–	38	62	61	37	18	23	10	2
Deferred tax	−4	–	−19	8	16	35	27	16	5	4
Share of profit of joint ventures and associates	–	−2	0	0	−1	0	1	0	0	1
	26	56	25	88	210	219	125	112	49	12
Belonging to the company's shareholders	26	56	19	78	188	200	114	107	48	16
Belonging to outside owners of subsidiaries	–	–	6	10	22	19	11	5	–	−3
Other comprehensive income	–	–	0	−1	0	1	0	0	0	0
Total comprehensive income	–	–	25	87	211	220	125	112	49	12
Net margin	2.9%	5.2%	2.0%	3.7%	8.5%	9.1%	4.7%	3.5%	1.4%	0.3%
Net margin without joint ventures and associates	–	5.3%	2.0%	3.7%	8.6%	9.1%	4.7%	3.5%	1.4%	0.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 13 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 16 Apr	Mar 2022Filed 11 Apr	Mar 2023Filed 17 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 15 Apr	Sep 2026Half yearFiled 13 Oct
	701	774	953	1,126	1,210	1,287	1,293	1,267	1,243
	665	728	880	1,032	1,103	1,160	1,164	1,146	1,126
Share capital	112	112	112	112	112	112	112	112	112
Reserves	552	616	768	919	991	1,047	1,051	1,034	1,014
Belonging to outside owners of subsidiaries	36	46	73	94	107	127	129	121	117
	278	152	125	118	140	228	228	227	196
Repayable after a year	153	58	16	35	27	58	56	70	35
Repayable within a year	125	93	110	83	113	170	172	158	161
	1,025	1,223	1,303	1,102	1,370	1,563	1,748	1,571	2,676
Trade payables	299	574	688	456	602	715	952	799	1,804
Other financial liabilities	169	177	146	193	301	292	267	253	332
Other liabilities	419	376	348	368	351	382	354	356	375
Provisions	0	0	0	1	1	2	2	2	2
Tax owed	11	2	11	1	1	1	0	3	1
	306	187	97	125	130	205	228	438	471
Other financial liabilities	0	25	16	9	14	46	65	254	321
Other liabilities	127	54	21	15	14	11	11	8	8
Provisions	9	11	10	10	11	15	17	21	22
Deferred tax	18	39	35	55	63	75	79	85	85
Total assets	2,032	2,184	2,353	2,352	2,710	3,054	3,268	3,276	4,390
	1,396	1,541	1,619	1,742	2,051	2,330	2,362	2,494	2,594
Plant in use, after depreciation	1,044	1,084	1,124	1,234	1,471	1,705	1,761	1,937	–
Plant being built	32	32	71	92	112	88	108	66	–
Intangible assets	123	167	197	202	230	237	210	198	221
Goodwill	47	75	73	71	67	88	86	86	86
Intangible assets being developed	0	0	0	0	0	–	10	0	0
Investments	14	14	10	9	0	0	0	0	0
Stakes in joint ventures and associates	0	0	0	0	9	11	12	11	10
Loans given	10	25	23	5	3	3	3	3	3
Other financial assets	10	11	10	9	23	37	39	50	22
Deferred tax	96	103	75	60	41	35	33	35	36
Other assets	21	31	36	59	95	126	100	107	114
	636	643	734	610	659	725	907	782	1,797
Inventories	25	23	8	14	41	24	25	28	34
Trade receivables	321	279	383	284	292	437	588	545	1,404
Cash and cash equivalents	124	77	87	63	133	63	24	31	20
Other bank balances	15	11	58	71	79	85	92	36	63
Current investments	1	1	0	0	0	0	0	0	0
Loans given	16	13	15	15	16	15	9	5	4
Other financial assets	54	80	50	14	16	16	14	35	52
Tax paid in advance	17	26	32	44	0	–	–	–	0
Other assets	62	134	101	105	83	83	154	101	219
Net debt	138	63	−19	−17	−72	80	112	160	113

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 16 Apr	Mar 2022Filed 11 Apr	Mar 2023Filed 17 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 15 Apr	Sep 2026Half yearFiled 13 Oct
	549	398	584	454	452	360	230
	599	456	546	487	430	357	238
	−10	−119	37	−20	−33	−98	17
Receivables	−121	125	−45	−147	−164	23	−831
Inventories	15	1	−27	18	−1	−3	−4
Other working capital	96	−245	109	109	132	−118	852
Tax paid	−51	−58	38	−33	16	4	−8
Capital spending	371	290	468	470	385	297	157
Free cash flow	178	108	116	−17	67	64	73
	−375	−313	−462	−476	−380	−273	−185
Plant and property sold	0	0	0	0	0	0	0
Companies bought	0	−29	0	0	−6	0	−36
Interest received	3	6	6	10	12	7	3
	−163	−107	−58	−47	−111	−81	−56
Borrowings raised	−58	−40	58	85	75	113	28
Borrowings repaid	0	0	−42	−53	−75	−114	−59
Interest paid	−23	−15	−10	−22	−30	−39	−22
Lease payments	−6	−6	−8	−22	−34	−13	−3
Dividends paid	34	45	45	45	45	22	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	11	−23	65	−70	−39	7	−11

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.GTPL Hathway dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 16 Apr	Mar 2022Filed 11 Apr	Mar 2023Filed 17 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 15 Apr
Earnings per share	₹4.10	₹5.18	₹1.68	₹6.91	₹16.73	₹17.75	₹10.13	₹9.51	₹4.26	₹1.40
Diluted earnings per share	₹4.10	₹5.18	–	₹6.91	₹16.73	₹17.75	₹10.13	₹9.51	₹4.26	₹1.40
Dividend per share	₹1.00	₹1.00	₹1.00	₹3.00	₹4.00	₹4.00	₹4.00	₹4.00	₹2.00	₹2.00
Book value per share	–	–	₹59.11	₹64.76	₹78.26	₹91.75	₹98.10	₹103.13	₹103.49	₹101.93
Dividend payout	–	19.9%	59.6%	43.4%	23.9%	22.5%	39.5%	42.1%	47.0%	142.8%
Shareholder yield	–	–	–	–	2.5%	2.3%	4.1%	2.4%	3.7%	3.6%
Market cap at the year end (₹ crore)	–	1,563	779	470	1,347	1,949	1,098	1,873	1,218	632

Ratios

Consolidated, years to March.GTPL Hathway PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 16 Apr	Mar 2022Filed 11 Apr	Mar 2023Filed 17 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 15 Apr
Revenue growth	–	20.0%	14.2%	91.4%	3.5%	−2.1%	10.3%	20.6%	8.2%	7.0%
Operating profit growth	–	40.7%	8.8%	45.2%	10.3%	3.6%	−11.6%	2.4%	−9.4%	−6.4%
Net profit growth	–	114.9%	−56.0%	253.8%	139.9%	3.9%	−42.9%	−10.4%	−55.8%	−75.0%
Earnings per share growth	–	26.3%	−67.6%	311.3%	142.1%	6.1%	−42.9%	−6.1%	−55.2%	−67.1%
	–	–	2.8%	11.2%	23.4%	20.9%	10.7%	9.5%	4.1%	1.4%
	–	–	–	8.3 pts	12.2 pts	−2.5 pts	−10.2 pts	−1.2 pts	−5.3 pts	−2.8 pts
From the net margin	–	–	–	3.3 pts	14.9 pts	2.0 pts	−10.1 pts	−2.4 pts	−5.5 pts	−2.9 pts
From asset turnover	–	–	–	5.2 pts	−1.0 pts	−1.4 pts	0.3 pts	0.5 pts	−0.1 pts	0.0 pts
From borrowing	–	–	–	−0.1 pts	−1.7 pts	−3.1 pts	−0.4 pts	0.7 pts	0.3 pts	0.1 pts
Return on capital employed	–	–	11.9%	24.9%	23.1%	22.1%	10.9%	9.3%	4.2%	1.9%
Cash conversion	–	–	–	–	260.8%	181.8%	468.0%	405.8%	914.1%	2,915.3%
Interest cover	1.2	3.1	2.3	5.1	10.8	19.0	14.9	6.1	2.1	0.7
Debt to equity	–	–	0.40	0.20	0.13	0.10	0.12	0.18	0.18	0.18
Receivable days	–	–	94	43	57	43	40	50	62	54
Inventory days	–	–	–	–	–	–	–	476	495	352
Payable days	–	–	–	–	–	–	–	13,965	18,737	9,971
Cash conversion cycle, days	–	–	–	–	–	–	–	−13,440	−18,181	−9,565
Working capital days	–	–	−118	−88	−89	−82	−111	−93	−82	−69
Asset turnover	–	–	0.61	1.13	1.09	1.03	1.05	1.11	1.10	1.14
Assets per rupee of net worth	–	–	3.06	3.03	2.82	2.46	2.37	2.55	2.72	2.83
Sales per rupee of plant	–	–	1.19	2.20	2.20	1.96	1.81	1.88	1.97	1.92
Capital spending to depreciation	–	–	–	–	1.42	1.15	1.47	1.39	1.04	0.79
Plant being built, % of plant in use	–	–	3.1%	3.0%	6.3%	7.5%	7.6%	5.2%	6.1%	3.4%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.5%
Cash from operations against operating profit: 88.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	8.6%	11.8%
Profit growth, yearly rate	–	−39.1%	−48.3%
Return on equity, average	–	9.3%	5.0%
Return on capital employed, average	–	9.7%	5.1%
Operating margin, average	19.3%	15.5%	12.7%
Net margin, average	4.1%	3.8%	1.7%
Asset turnover, average	–	1.09	1.12
Cash conversion cycle, days, average	–	–	−13,728
Interest cover, average	6.5	8.6	3.0
Debt to equity, average	–	0.15	0.18

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,247	1,266	360
Cash from investing	−1,903	−1,129	−273
Cash from financing	−405	−239	−81
Capital spending	1,910	1,151	297
Dividends paid	202	112	22
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	273	113
Borrowings repaid	284	242	114

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	4	6	5	7	4
Altman Z-scorePublished threshold 1.1	–	–	0.50	0.38	1.08	1.74	0.76	0.46	0.24	0.23
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−3.00	−3.28	−2.62	−2.82	−3.03
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.62	5.69	0.09	4.64	−0.71	−2.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.76	3.15	5.21	7.29
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−104.65	34.11	−23.86	−7.40	29.15	26.33	−14.26
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	–	–	4.00	−45.45
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	4.50	−2.33	−0.83	−2.43	0.02	1.97	−0.84
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.12	0.24	0.25	0.20	0.15	0.25	0.12
Effective tax ratePublished threshold 17.16 per cent	35.66	41.50	42.56	44.22	26.83	24.53	26.42	25.85	23.25	31.78
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	4.50	3.81	3.75	−1.66	11.36

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Sep 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	500
2 Sep 2025	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA-Review, Re-affirm	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.