GTPL Hathway Ltd (NSE: GTPL) Q1 2026 Earnings Call dated Jul. 11, 2025
Corporate Participants:
Anirudhsinh Jadeja — Managing Director
Piyush Pankaj — Head of CATV Business & Chief Strategy Officer
Saurav Banerjee — Chief Financial Officer
Analysts:
Pranav Kshatriya — Analyst
Kunal Tokas — Analyst
Nisha Murthy — Analyst
Anubhav Goel — Analyst
Shaurya Punyani — Analyst
Vivek Gupta — Analyst
Rahil — Analyst
Radhi Shah — Analyst
Rahul Jain — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the GTPL Hathaway Limited Earnings Conference Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will remain in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchstone telephone. Please note that this conference is being recorded. I will now hand the conference to Mr Pranav Shatriya from Emkay Global Financial Services Limited for opening remarks. Thank you, and over to you.
Pranav Kshatriya — Analyst
Thank you, Ryan. Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr Singh Jadeja, Promoter and Managing Director; Mr Piyush Pankaj, Business Head, B2B and Chief Strategy Officer; and Mr Saurab Banerjee, Chief Financial Officer. I’ll hand over call to Mr Anirud Singh for his opening remarks. Over to you, sir.
Anirudhsinh Jadeja — Managing Director
Thank you,. Good evening, everyone. Warm welcome to everybody to the earning call of Chicpl Hathaway to discuss the financial and operational performance of quarter one FY ’26. We continue to lead as India’s largest MSO providing digital cable TV service pan-India and we are proud to be amongst the country’s leading private wireline broadband providers. We have sustained our subscriber base in the cable TV division and have grown our base in broadband business in the face of dynamic and competitive landspeak. This constancy reflects the strength of our customer relationship, the reliability of our service offering and the ability of our teams to adapt in a challenging environment. I now hand over to Mr Piyush to walk you through the KPI of our cable TV and broadband segments and to share insight of our achievements in the first-quarter.
Piyush Pankaj — Head of CATV Business & Chief Strategy Officer
Thanks, Mr. Good evening, everyone. The usual KPIs for the whole — the businesses are as follows: first, cable TV segment. Our digital cable TV subscriber base as on 30th June 2025 stood at 9.60 million. Among the total subscriber base, paying subscribers stood at 8.90 million. The total business partners count now stands higher at more than 48,000 plus and they remain key enablers of our quest on expanding our pan-India presence. In the broadband business, active subscriber base at the end-of-the quarter stood at 1.05 million, adding 20,000 new subscribers, which is an increase of approximately 2% on a Y-o-Y basis. Home pass stood at 5.95 million having added 50K new-home pass-on a Y-o-Y basis as of 30th June 2025. Of all available home, 70% — 75% are available for FPTX. The broadband ARPU for quarter one FY ’26 stood at INR465, increased by as compared to quarter one FY ’25. Average data consumption per month stood at 410 and 17% increase Y-o-Y. We constantly keep evaluating options for either organic or inorganic revenues for growth in both the business segment and bundled products of cable, broadband and ODP. We continue with our expansion plan in other states across India and want to increase our total addressable market. Regarding the HIPS platform, we are on the verge of obtaining all necessary regulatory approvals for operationalization of platform. We are looking-forward to start the operations in coming quarters. We will provide details of the same at the time of operationalizing the platform. I will now hand over the call to Mr Saurav, who will take you through the financial performance of the company.
Saurav Banerjee — Chief Financial Officer
Thank you, Mr. Good evening to all the participants. For the quarter, on a consolidated level, our total income grew by 7% year-on-year and 1% on a quarter-on-quarter basis to INR9091 million. Subscription revenue saw an increase of 1% sequentially to INR3018 million. The broadband revenue stood at INR1359 million and registered a growth of 1% on a yearly basis and is stable sequentially. Consolidated EBITDA stood at INR1.23 million with an EBITDA margin of 12.4%. Net profit for Q1 FY ’26 stood at INR105 million. Now looking at the standalone performance for the quarter, our total revenue grew by a healthy 10% Y-o-Y and 5% sequentially to INR5,990 billion. Subscription revenue saw an increase of 8% Q-on-Q and largely unchanged Y-o-Y on INR2250 million. Standalone EBITDA stood at INR592 million with an EBITDA margin of 9.9%. Net profit for Q1 FY ’26 stood at INR56 million on a standalone basis. Overall, our consolidated operating EBITDA stood at INR1042 million in Q1 FY ’26, registering an operating margin of 22%. I would now request the moderator to open the floor for the Q&A session.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles the first question comes from the line of Kunal from Fairvalue Capital. Please go-ahead.
Kunal Tokas
Hello, am I audible?
Operator
Yes, Kunal, please go-ahead
Piyush Pankaj
Bit cloud.
Kunal Tokas
Yes, yes, sure. The first question is if you can please tell me what your ranking in terms of size in the wired broadband market in Gujarat would be?
Piyush Pankaj
Ranking in the size of the wired broadband.
Kunal Tokas
Yes, I mean, how large would you be in that market? Would you be number-one, number two or three are
Piyush Pankaj
We are number-one as per the last report which we got, which is in ’22, ’23, we are number-one, still we are number-one which is there
Kunal Tokas
In the wide broadband market, right?
Piyush Pankaj
Definitely. Wide broadband.
Kunal Tokas
And is there a large gap between number-one and number two or are the top three pretty close together?
Piyush Pankaj
Not pretty close because out of 1 million subscribers which we have, we are mainly into the as we always say.
Kunal Tokas
Kay, most of the — most of the 1 million are in Gujar.
Piyush Pankaj
That’s right,
Kunal Tokas
Okay sir. And the next question is about capex. We can see very large capex figures over the years and just wanted to confirm if all of this — most of this relates to sector boxes?
Piyush Pankaj
No, the capex for the quarter one, as we gave you in the guidance in the last call also, that the capex for next year this year is going to be somewhere between INR350 crores to INR400 crore, which we usually do. This quarter we did around INR79 crores of capex rental basis where the debt in the broadband, it is around INR30 crores hasn’t gone into broadband and INR50 crores has gone into the CAT
Kunal Tokas
What exactly is this capex? What are you spending on?
Piyush Pankaj
Come again sorry.
Kunal Tokas
What exactly is this capex? What are the things that you are
Piyush Pankaj
In the business SKB and other network materials and in the broadband it is the CPE, CPE and home pass materials which we use.
Kunal Tokas
Okay, so the bulk of the capex is CATV and within that the bulk of it is on STV.
Piyush Pankaj
STV and some portion this quarter is in or
Kunal Tokas
What does this capex correlate with? Does it correlate with your expansion or is because the share of won’t necessarily be going through
Piyush Pankaj
Now we have — we have given that there is a maintenance capex which is going on and there is a growth capex going on. As we said that the industry churn has gone up and because of that, the tenant capex has gone up in the whole industry. So this is part of — this is the whole capex, which is there is a part of maintenance capex also a growth capex also. And plus the platform which we are doing in this kind.
Kunal Tokas
And sir, just one last clarification, if you can answer you have a multi you have a multitude of CATV subscribers to your ISP subscribers. Can you provide broadband to those CATV customers through the same cable.
Piyush Pankaj
Yeah, yeah. We utilize the same. That’s why our ROI is better on that way that the network, whatever network we are utilizing in cable, we are using it for the broadband also and that’s why it is helping.
Kunal Tokas
So how many of your current 1 million broadband customers are also your cable customer
Piyush Pankaj
There are combo customers, there are customers who are not in the combo also, but 40% — 40% you can say is 27% 38% to 40% is what the is right.
Kunal Tokas
And YT was how many of the cable customers would have — would be availing of someone else’s services for broadband
Piyush Pankaj
That data we don’t have for other broadband players now. But yes we assume that at least in the urban areas and all urban and some of urban areas must-have been penetrated. But we don’t have data. We have our own data.
Kunal Tokas
But do you get any cost benefits from already having cable into customers’ home, especially in maybe rural, semi-urban areas.
Piyush Pankaj
So that’s on the capex side, yes, capex side is there that we get some capex benefit, plus we get the office, manpower, administratives, all those things benefit because we are already present there in the cable side. We already have the insight in the market. We already have manpowers over there. I already have the knowledge of those markets. So those are the soft — it’s a soft benefits which we get. Plus if our network is good on that market with some improvement, we can provide the Internet also in that. So yes, that benefit.
Kunal Tokas
That’s also you should also be the cheapest provider in those markets, right, where you have cable customers and the entire setup
Piyush Pankaj
Not going on that way, but yes, if we want to leverage that, we are and we are leveraging it lot of it.
Kunal Tokas
Okay. Thank you very much, sir. Have a good day.
Operator
Thank you. The next question comes from the line of Nisha Murti from MI Capital. Please go-ahead.
Nisha Murthy
Hello, sir. In the light of rapidly evolving digital infrastructure landscape in GDPL, so GDPL actively exploring strategic alliances or acquisition in the strengthen its regional footprint for accelerating technological advancements?
Piyush Pankaj
Yeah, technology is we have our partner as you see that this is a slide which we have given that what partnerships we have with our technology partners, which is best-in the industry. So to slide number 7 in the presentation — in the investor presentation. So yes, we look-forward for best of technology partners in different areas in, you can say different area of technology. So yes, we are looking-forward and always — always will be to partner with the good technology player in the market.
Nisha Murthy
Also like especially, are there plans to partner with startups or like OTT platforms or broadband innovators or to enhance the delivery mechanisms, delivery mechanisms and diversify offerings or improve last man connectivity.
Piyush Pankaj
Yeah, yeah. We are already doing it with the digital service partners. It’s like Blackmap is there, the strategy is there, OTTP players there. We have given the details and we are exploring for others also who can give us better services for our customers. Here we are not the OTT player, we have to aggregate and same is for the channel also as you know that the channels belongs to star TV or CTV and all, we are the aggregators of those channels and distribute it to the customer. Same way it is for the gaming services and all this is Blacknapt, which is giving. So gaming service providers a different way of the aggregator. Same like on the OTT side, we become the aggregator and we provide it to our customers. So in the last we have the pipe which is going to the customer households so we have to see that we can aggregate all type of services which are required for the customer and provide it to them.
Nisha Murthy
Okay, okay. And how are these growth levers being evaluated in the context of — it has been seen that there is a rising demand for high-speed internet and personalized consumption.
Piyush Pankaj
This is not a platform to do that because it depends on a lot of criteria as you can understand. And then our technology team gets involved in that. Our experts get involved in that CTO, the CIO, the digital experts, all those get to the. And we have a standard process that how we can do it and rest of the industry I will say we do evaluate on that one. But I don’t think this is the platform to talk about those criteria.
Nisha Murthy
Yeah, okay. Also like as OTT platforms continue to redefine content consumption across India, so how is CTPL evolving its business model and services offering to be competitive in the environment? In particularly I’m talking about in Tier-2 and Tier-3 market where traditional cable still holds a major part
Piyush Pankaj
See the world is going towards the layered solution and you have to go for that as depending upon the consumer demand you have to provide what they want and you have to study because already that changes have started happening in the urban areas and all that we will continue to do in India, in the semi-urban and rural areas also. We have to be prepare for that. So that’s what we are doing that we have some mining, entertainment broadband, OTT, gaming, other services altogether and that’s the way to go. That’s the transformation which we are doing in the whole country in our product-line. That is the case. Yes, we are dominant CATV provider number-one in India and we are going to exploit that for adding the layer of services and to keep our customers
Nisha Murthy
Okay sir, thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Anubhav Goyal from Cosma Ventures. Please go-ahead.
Anubhav Goel
Yeah, hi, sir. So just — sir, just wanted to confirm, so 9 million cable customers and 1 million broadband customers, so 995% plus would be from, right?
Piyush Pankaj
No. In the cable — in the cable side, we talked about the 9 million, we are all over India, on the 9 million hardly 1.7 million, 1.8 million is in the Gujarat the 20% is in Gujarat, rest is in all over Italy. We are play. And in the broadband, if you see, we are present in 11 states, but yes, yet around 77% to 78%. Close to 80% customers are from in the broadband right. The rest are from others has in other states, we have started just now, it’s like one year back, one year like four-quarter to five quarters back. So that’s right.
Anubhav Goel
So you said 20% in Gujarat for cable. Can you give the share for the next two states
Piyush Pankaj
Next-stage, you talk about
Anubhav Goel
In terms of share, in terms of higher share.
Piyush Pankaj
In others we have around 12% to 30% Andhra and together, we have around 13% to 14% south and we have around 4% to 5%. Maharashtra we have around 8% to 9% talk about not just not just in overall scenario we have around 7% to 8% we had happen to 8% so like that it is all over India.
Anubhav Goel
Got it, sir. So sir, in terms of the growth outlook, from a very long-term point-of-view, is it fair to say that the growth we expect will largely come from broadband like over-time as people off for fiber cable, so this 1 million number which we have can go up higher. So this would be the prime growth driver for us, right?
Piyush Pankaj
No, you look into another way that out of around 14 million households, only 200 million households are around 200 million households are previous households income. The spread 140 million 150 million households are where the TV is not there at all and to the there to the areas on cable dark areas and the dark areas and India. So that’s why one of the strategy which we have gone for the headed in the sky, which is new satellite so that we can cover all of our India footprint in the one and we can start providing the CATV services all over India. So that’s on the CATU side. So still you have a very big opportunity. Apart from that, we have the opportunity that out of around 20 million cable numbers, which is around out of 100 only organized just have around 35 million to 40 million. It’s still 40 million to 45 million is with the smaller MSOs and smaller players where the opportunity is large for the consolidation. So it’s a large, large opportunity, which is there in the cable side also plus app. The second will come into the broadband side. Broadband, if I talk about out of INR350 million houses, it’s 40 million to 50 million ounces, million to 38 maximum 40 million and there is a wide run, which is hardly 12% to 13%. So there is a large scope that it will go off for the decade and it will go up in a very good way via broadband, which is more sustainable and which will remain cost-effective for the households. So both the businesses have a lot of opportunities right now. Plus as we combine both broadband, classic plus we bring more contact on that start putting more of a layering of the services in that, more services in that, then you can make more customer sequentially. So that’s the strategy which you have to go. So the opportunity is in India, both sides, both the businesses opportunity is very large. You just have to tap that in the right way and the right strategy and both businesses will grow.
Anubhav Goel
Got it, sir. So sir, between the two, over-time, we would expect the broadband ARPU from 460 to at some point start going up. It’s not a fair assumption.
Piyush Pankaj
I can’t say that this business — that business, both the business will grow. Yes, the CAGR will be more in the group CAGR will be more in broad as you know. As I say that it is just a 10% to 12% — 12% penetrated in the market right now by the year. So yes, CAGR is going to be higher in the broad rate.,
Anubhav Goel
I guess you mentioned and I’ve heard you in the previous few calls talk about it. Can you — are we now comfortable sharing more details on this and what is the technology? What cost-savings we expect?
Piyush Pankaj
I think this is not a platform as you know, we just have a limited time to do that. I think we should — if we want to do this technology we should do it offline at what technology will prevail and what will not or how the how it may shape the whole.
Anubhav Goel
All right, sir. All the sir. Thank you. Thank you so much.
Operator
Thank you. The next question comes from the line of Shariya Panyani from RF Partners. Please go-ahead.
Shaurya Punyani
Hi, am I audible?
Piyush Pankaj
Yeah, yeah.
Shaurya Punyani
Sir, so given the growth prospects, what kind of like revenue growth can we expect? Can we grow 80% to 20% this year?
Piyush Pankaj
See, as you see, this quarter we have grown around Y-o-Y, if you see, we have grown around 7% in this quarter. And last year, year-wise, if you see, we have grown around 10% to 11%. So yes, the double figure is going to be there in the revenue side and all. But achieving straight back to 20%, which we did around two years to three years back is still — still we have to watch, we have to see that how we can do it. But yeah, it’s going to be the double-digit growth in the business.
Shaurya Punyani
So and what is regarding margins like we have seen you — year-on-year margins have declined. So what’s your view regarding margins and why they have declined?
Piyush Pankaj
The operating — operating margin, if you say it is operating margin, which you can see in the slide number 22 in our investor presentation, the margin has not gone down. Yeah, you can say by basis-points it has gone down, 10.3% to somewhere 22% quarter-to-quarter say. So yes, we are looking-forward that as because as we know that some of our capex is going to the hidden in the sky on the platform because we are doing it through the internal tools and all. So once the platform will be launched and then we start getting more subscriber base and we start getting more of the money through acquisitions and all, we are looking-forward that again we are going to have healthy margin between 23% to 25%, which was there and of the operating margin of 23% to 25% again back to that. Right now, we are at 22%.
Shaurya Punyani
So when this new platform will be live
Piyush Pankaj
As I say that see on the side, on a regulatory front, we have already signed grant of commission agreement with for the in 10 years and already submitted license fee of INR10 crores bank guarantee of INR40 crore and we have already taken NOCC for satellite frequency. And we are at the last stage of taking wireless operation license purchases and with them we will continue to optimate the platformance. So we are looking-forward that somewhere we are going to launch by end of — by this quarter only, which we are looking-forward, but we’ll see that either this quarter or early next quarter, we are going to definitely launch it. So that is the.
Shaurya Punyani
Okay, sir. Okay, that helps. Thank you.
Operator
Thank. The next question comes from the line of Vivek Gupta from Star Investments. Please go-ahead.
Vivek Gupta
Yeah, hi. Am I audible?
Operator
Yes, Vivek, please go-ahead.
Vivek Gupta
Yeah. So my first question is to the CFO. Usually the trend is that our consolidated ex-tax expenses are in the range of 24% to 26% of.
Operator
I just wanted to interrupt you, Vivek. We have lost the line of the management. Please stay connected while I rejoin the management.
Vivek Gupta
Sure.
Operator
Thank you. Hello. Ladies and gentlemen, we have the management reconnected. Vivek, if you can please ask a question once again.
Vivek Gupta
Sure. Yeah. So my first question is to the CFO. Usually the trend is that our consolidated tax expenses are in the range of 24% to 26% of PBB. However, any particular reason why the tax expense has gone so up during the June 2025 quarter that is almost 40% of the
Saurav Banerjee
Normally the tax-rate is, as you have just mentioned, that is the range at which the tax-rate is there normally. But in this quarter, the profitability has increased to a certain extent because of broadband. And also there are some impacts that have been taken of deferred tax. So a combination of that factor is leading to arithmetically that percentage looking higher. But on an overall basis, if I were to look at the tax percentage, it is in the range of the same 25% 26% that we usually. So there is no real increase in the percentage?
Vivek Gupta
Okay, okay. So can you just give me an idea like why was it unusually low in last quarter, that is Q4 FY ’25, which was 3% of the PBT?
Saurav Banerjee
Yeah. So as I said that there are always some tax adjustments on the deferred tax front and we cannot just unilaterally look at a percentage on a plain arithmetical basis. So we have to consider the entire tax workings and accordingly, whatever is the percentage of actual amount which comes out as the tax. So it is not the percentage which determines the amount. It is the amount which determines the percentage point.
Piyush Pankaj
So if you refer to the presentation on Slide number 21, you will see that we have given finance costs as two-parts. Just for that clarification that what is the finance cost and borrowing and what is the finance cost, which is more of a deferred taking care of deferred amount. Just to give that comfort, greater clarity to everyone. So refer to that slide, slide number 21 in the investor presentation,
Vivek Gupta
Slide number 21, yes yeah yeah,
Piyush Pankaj
Yes Vivek, we can. We can go for the next question.
Vivek Gupta
Yeah, we can go for the next. So my next question was the broadband ISP revenue has remained the same quarter-on-quarter and largely same on a Y-o-Y basis too. Given that presentation mentioned subscriber growth of 2%, taking an average of 1%, largely the broadband growth is due to subscriber growth than it seems. Where does the ARPU gain fit into the equation? Or is it that the gain was due to ARPU and that bulk of new subscribers were added closer to-end of the quarter.
Piyush Pankaj
No, no, it is ARPU remains same as we are providing there we have not increased the price or decreased the price in the market. Whatever some ARPU here and there is happening because of change in subscribers from lower package to-upper package or upper package to lower package something like that. But ARPU, ARPU remains same. We had not decreased or increased the price in the market in the last one year.
Vivek Gupta
So what measures are being taken to increase revenue from this segment?
Piyush Pankaj
Measures to increase the revenue in this segment is more of how you are going to increase the volume and how you are going to increase the volumes, the number of subscriber base and all-in this market. So that’s why, see, the growth strategy is that already we are present in Gujarat and we have around out of 5.95 million home passes. We have around 5 million home passes in Gujarat. And in Gujarat, we have the penetration of around somewhere around 17% to 18% you can say, 17%, 17% to 18% penetration is there in the market and this business is totally B2C business. So we are giving the services directly to create available services directly to the consumer. That’s a B2C business we are doing. So still there is a lot of scope, but we can extract more from those 5 million, which we are trying to do. And we are hopeful that as the things will improve, we will do it. The second is that to launch, right now, we are in 10 states, more time states. We just launched and we still have — if you see in the cable side, we are in 26 states. So still around 15 states are left where we have to launch fast, plus we have to penetrate more on those markets. We are doing the B2B and B2C both on those markets. And prevalent is B2B. As we say that we have 48,000 plus operators with us and we have to explore that, that through operators, how much you can bring it for the broadband and how you can provide the combos to those combo product to those customers. So that’s the way we have to go. And so Gujarat market, we are going to put more money in the capex and all and bring more customers and all. And outside, we have the dual strategy for going into the putting some of the capex also and going through the — our partners also. So that’s the way we are looking-forward for the broadband business. And so we are pretty sure that we will get into that growth mode again in that way. Right now yes as we are investing in the new platform so we are using the money from that in the capex side and once that will be over which is this is the last quarter I think then the more focus will be on both side.
Vivek Gupta
Okay, thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Rahil from Cow Capital. Please go-ahead.
Rahil
Hi, sir. Good afternoon. Can you hear me?
Piyush Pankaj
Yeah, Rahil. You’re right.
Rahil
Yes. Hi, good evening. Sir, firstly, in the previous call, quarter-four, you had mentioned FY ’26, it seems to be that you can touch that 500,000 subscriber addition. Is that something you see happening?
Piyush Pankaj
Yeah, it will plus. Yeah, we are looking-forward for that right. So a little things are in the place we have waited for this quarter so that we can complete our in this kind of platform otherwise things are already in the place so we are looking-forward that we will achieve them?
Rahil
Okay. And if you could speak about the opportunity for GTPL, what’s the current outlook and our position there?
Piyush Pankaj
Bharaknet right now we are hopeful for the Gujarat one so already that is we are looking-forward that will get open in 1.5 months time. We are hopeful for that. We have the capability, we already did the project. So we are looking-forward that we will participate there and so still keeping the finger crossed.
Rahil
So that would currently just focusing Gujarat, right, for the.
Piyush Pankaj
That’s right. Yeah.
Rahil
Okay. The EBITDA margins, they have consistently stayed around 11.8% or almost 12% last 3/4. So even this first-quarter, same EBITDA margins. So what kind of improvement do you see going coming 3/4 where can we end — can we end on a higher-level for FY ’26 compared to the last year
Piyush Pankaj
That is we are looking-forward that EBITDA margin will go up, but I will say that it’s better to look at the operational EBITDA margin, which we are at 32%, which I said that inventory investor presentation that slide number 22, as tax gives the better health of the business which is there. So we are there if you see that we are still at 22% and we are looking-forward that will go up to between 23% to 25%. And this 12% also we are looking-forward that will go up.
Rahil
So sorry, 22% you’re currently at operating EBITDA and you see it going to, ’24 ’25 by year-end you saying?
Piyush Pankaj
Yeah, I’m talking about it.
Rahil
And lastly, if you could just repeat for me the capex which you are planning, right, INR350 crores like I believe you mentioned for the year. So can you so already spend around INR80 crores, I guess. The remaining, can you just tell me where will you be spending majority of it?
Piyush Pankaj
Yeah, so majority is going to be on the as it improves also. So out of INR350 crores, we are looking-forward that somewhere around INR200 crore will be on the side and INR150 crore will be on the side
Rahil
And CAT INR150 on the what site
Piyush Pankaj
On the broadband platforms that broadband,
Rahil
Broadband. Okay, okay.
Piyush Pankaj
Broadband business is on 50, 200 is going to be the, which includes the platform.
Rahil
Right, okay. Okay, sir. Thank you and all the best.
Piyush Pankaj
Thanks. Thanks, sir.
Operator
Thank you. The next question comes from the line of Shah from SAS Capital. Please go-ahead.
Radhi Shah
Hello. Thank you for the opportunity. My first question is, why did we see a revenue de-growth in this segment? And did IPF should not aid the segment?
Piyush Pankaj
You’re talking about which segment is the.
Radhi Shah
So we are going to know about the cable TV revenue, but the growth is
Piyush Pankaj
Growth in the cable TV revenue. Yeah. If you talk about Y-to-Y, Y-Y quarter-to-quarter we have gone up by 1%, but the subscription income is down by around INR18 crores, which is 5% Y-o-Y. So you know this the industry witnessed higher churn during FY ’24 — FY ’25, as the invent of expansion of different content providers in the industry, including telcos, players, social media sites, etc. GTPL, we have increased our revenue by 1% in this quarter-to-quarter and we are hopeful that coming quarters will be more positive on that way. So last quarter, the churn are higher because we have seen the the telcos have come out with the schemes with and all and the wind and that is put some pressure on that. Plus we have seen that the free DTH is gaining the market in the liberal side because they have started providing more-and-more channels and again some of the broadcaster speed their broadcaster channels has come back-in the last one year. So those are the factors, but yes, we are hopeful that it has marginally it has gone down and again, we are going to recover this in the coming quarters
Radhi Shah
Okay. My next question is while revenue growth in subscription income of CATV was flat on standalone basis, it was down on consolidated basis also. So I want to understand which subsidiary and what geography is seeing something?
Piyush Pankaj
Yeah. So as you know that we have presence in Karnataka and Bharashtra market to one of our subsidiaries. So there we have lost a better-off market and we have gained in the BTPL side, but we have lost on the daily side. So some of the revenues which you will see in the console side, it has gone down, but yes, standalone it is flat. So yes one or two subsidiaries has not done well especially with the national market. So because of that, we have seen that’s 5% down in the consumer.
Radhi Shah
And how do you plan to achieve growth in this cable TV segment?
Piyush Pankaj
Yes. Cable segment is, as you know, as we talked about the headed in the Sky platform. So I explained that there is dark areas there are Google areas where we are not present. There are a lot of big opportunities on that all over India. Plus I talked about that there is a feminent consolidation in the market where you can get 40 million 45 million of subscriber base state rate in the consolidation. So all those big opportunities are there if we have to explore and we have to start winning the market.
Radhi Shah
Okay, okay. Now when I do a rough bridge between the profitability on a standalone and consolidated level, right from the EBITDA level to the PBT and then a PAT level, the incremental numbers from subsidiaries shows a mark improvement on a sequential basis and on a year-on-year basis. Incremental EBITDA contribution by subsidiary for Q1 FY ’26 is like INR531 crores, which is up to 10% Y-o-Y and PBT is around one — for INR144 crores, almost 3.5 times higher the contribution by subsidiary in Q4 FY ’24. So can you share what the changes — changes in the subsidiary operation by such a difference in performance of standalone business, profitability and subsidiaries.
Piyush Pankaj
So you are talking about that subsidiaries did better in the last one year.
Radhi Shah
Yeah, so now we can see that there is some changing in the changes in the subsidiary operation. So why such there is a difference in performance of the standalone business, profitability and subsidiary?
Piyush Pankaj
What is happening here that a lot of synergies, benefit which subsidiaries are getting once they are into the cars with us and post-synergy benefits you will see that in their books they are getting into being with associated with the GDPL, those subsidiaries of those like company are getting lot of benefits out of that and that’s the reason that we are seeing that if you compare on that basis, their performance are better, but their performance are better because they are a sustainable in the or they are part of the growth. So that’s the way. But yes, we look at it in the holistic way rather than individual books level. That’s why we always prefer to go on the consolidated results rather than the standalone concentration on that side because if it is going into the gyms, it’s also we are happy to do that because the synergy is we can say the synergy benefits are going over there. So that is, that is the case.
Radhi Shah
Okay, okay. Thank you.
Operator
Thank you. We take the next question from the line of Rahul Jain from KB Securities. Please go-ahead.
Rahul Jain
Hello, am I audible?
Operator
Yes, Rahul. Please go-ahead.
Rahul Jain
Yes. So my question was with regards to GTPL partnership with OTT Play Premium with OTT curation tech and personalization engine. How do we differentiate our value proposition from other streaming aggregators in the market since we have also been offering access to OTT already on GTPL Genie app.
Piyush Pankaj
Yeah, yeah. So GV app, we are see GD App also we have aggregated the all the different OTT players who have aggregated and have started putting the GMI plans, GV and GM but right now a lot of agreements are getting expired with the individual OTT players. And that’s why we wanted to go for the aggregator like an OTT player who is providing the whole thing together and that’s why we have gone for the OTT play in that way and replaced lot of things on the GD. So whoever has still on the Glass and all, the subscription is still there on and whoever is coming the news, they are into the OT2 play because the agreement with the individual which is getting
Rahul Jain
And could this partnership pave the way for more intelligent recommendation systems tailored to regional giving preferences?
Piyush Pankaj
Yes, yes. We are going to do that. All those benefits will come to ourselves.
Rahul Jain
And is there potential for strategic cross-industry tie-ins like or retail to do subscriber acquisition through bundled offerings.
Piyush Pankaj
Yeah, yeah, that’s what we are doing. We are doing the bundled one, even we are in touch with the cross bundling and everything other players also.
Rahul Jain
Okay. And on a different note, can you share some KPIs related to your latest announcement, how many downloads of the consumer app and how many people have used the Samsung TV, key cloud OTT the subscription to our application? And finally, how has that translated to you in terms of subscribers churn? Or have you seen some slowing down in that churn?
Piyush Pankaj
I got your point. I think we have to — we have to offline, we have to do this because we don’t have the related data available for those downloads now.
Rahul Jain
Okay. All right. That’s all from my side. Thank you for taking my question.
Piyush Pankaj
Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. As there are no further questions, I would now hand the conference over to the management for their closing comments.
Piyush Pankaj
Yeah. Thanks. I would like to express my thanks to every participant who took their time-out to attend the call. I would like to thank MK for organizing this call. For any queries, please free-to contact with FGIR who are our Investor Relations Advisors. Thank you, and have a good day.
Operator
Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines