📺 GTPL Hathway: India’s No.1 Cable Operator with No.1 Margin Crisis

At a Glance

GTPL is India’s largest MSO and broadband player in Gujarat, but also a case study in margin erosion and PE delusion. While subscriber base is stable, profits have unplugged, dropping 53% YoY. Yet, the stock trades at 32x PE. Because… cable is the new gold?

1. 🧲 Introduction with Hook

GTPL Hathway is basically that guy who throws a LAN cable into rural India and calls it digital revolution. Once a cash-generating machine, now it’s the only “tech stock” where EBITDA margins shrink every quarter without fail.

And yet, investors clap because… 3.45% dividend yield? Bro, even FD gives more security.

2. 📡 WTF Do They Even Do?

Two Core Businesses:

• 🎞️ Digital Cable TV (Main bread):
  • 9.6 million active STBs
  • 8.9 million paying subscribers
  • Presence in Gujarat, West Bengal, and 15+ states
  • Proprietary content via “GTPL Buzz” & “GTPL Genie”
• 📶 Broadband (High-speed dreams, low-speed revenue):
  • Largely Gujarat focused
  • Bundled with OTT plans (Jio-style pitch, Hathway-style infra)

Despite OTT eating its lunch, GTPL keeps pitching itself as “future ready” — with a platform that feels like 2013.

3. 💰 Financials Overview – Profit, Margins, ROE, Growth