1. At a Glance – “Jio ka baccha, par growth ka baccha nahi”
Market cap ₹1,652 Cr, stock price ₹9.33 (almost flirting with its 52-week low of ₹9.25), and returns? A solid –22.5% in 3 months… investors clearly didn’t like what they saw.
Now here’s the spicy part —
- Q3 revenue: ₹536 Cr
- Q3 PAT: ₹21.7 Cr
- Profit growth: +55% YoY
- But ROE? Just 2.22%
Matlab business chal raha hai… par paisa shareholders tak pahunch nahi raha.
Even better:
- P/E = 15.6 (industry ~15.8, so basically average student in class)
- Price-to-book = 0.38 (market is saying “bhai kuch toh gadbad hai”)
- Debt = ₹9 Cr → almost zero (good boy energy)
And the biggest comedy twist?
Company is sitting on investments worth ₹1,677 Cr… but giving 0% dividend 🤡
So question seedha hai:
Ye telecom-cable hybrid company undervalued hai… ya permanently ignored hai?
2. Introduction – Welcome to the “Almost Relevant” Company
Hathway is like that relative who was very famous in 2010 weddings… but now nobody remembers them because Jio ne entry maar di.
Originally, Hathway was a strong cable TV and broadband player.
Then came Reliance Industries, bought majority stake, and suddenly Hathway became:
👉 “Strategic asset”
👉 “Distribution layer”
👉 “Sidekick in Jio ecosystem”
Translation:
Main hero Jio hai, Hathway supporting role mein hai.
Let’s break it down:
- Cable TV → legacy business, slowly dying
- Broadband → future, but facing brutal competition
- Parent → Reliance (means survival guaranteed, growth not)
Now think carefully…
If you are Reliance, would you grow Hathway aggressively…
or just use it to push JioFiber?
Exactly.
And this is where the story gets interesting.
Because Hathway is NOT failing…
But it’s also NOT winning.
It’s just… existing.
Like that WhatsApp group admin nobody listens to.
3. Business Model – WTF Do They Even Do?
Hathway basically has 2 businesses:
1. Cable TV (68%)
- 5.3 million subscribers
- Presence in 700+ towns
- Offers HD channels + proprietary channels
Reality check:
Cable TV = declining business globally.
Young audience be like:
“TV? Bro we have OTT.”
2. Broadband (32%)
- 1.1 million subscribers
- 73,000+ km fiber network
- Avg usage = 346 GB/month
This is the only real growth engine.
But
