GTPL Hathway Ltd (NSE: GTPL) Q3 2026 Earnings Call dated Jan. 13, 2026
Corporate Participants:
Anirudhsinh Jadeja — Managing Director
Piyush Pankaj — CATV Business Head and Chief Strategy Officer
Saurav Banerjee — Chief Financial Officer
Analysts:
Pranav Kshatriya — Analyst
Priti Agarwal — Analyst
Viral Jain — Analyst
Riddhi Vora — Analyst
Muskaan Agarwal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to GTPL Hathway’s Q3 FY ’26 Earnings Conference Call hosted by Emkay Global Financial Services Limited. [Operator Instructions]
I now hand the conference over to Mr. Pranav Kshatriya, Emkay Global Financial Services Limited. Thank you, and over to you, sir.
Pranav Kshatriya — Analyst
Good afternoon, everyone. I would like to welcome the management and thank them for this opportunity.
We have with us today, Mr. Anirudhsinh Jadeja, Promoter and Managing Director; Mr. Piyush Pankaj, Business Head, B2B and Chief Strategy Officer; and Mr. Saurav Banerjee, Chief Financial Officer.
I shall now hand over the call to Mr. Anirudhsinh Jadeja for his opening remarks. Over to you, sir.
Anirudhsinh Jadeja — Managing Director
Thank you, Pranav. Good evening, everyone. Thank you for joining us today as we discuss GTPL Hathway’s performance for third quarter of FY ’26. At GTPL Hathway, our journey has always been driven by clear purpose to build scalable future-ready platform that expand access, create value and strengthen India’s digital infrastructure. The launch of GTPL Infinity, our Headend in the Sky platform marks a decisive step forward in the journey. The details of which will be given by Mr. Piyush in his speech. This quarter underscored our strong operational momentum and reinforcement of our leadership in both Digital Cable TV and Broadband Services. In Digital Cable TV, we sustained our market share and on the Broadband, we continue to grow our subscriber base and strengthened our presence in key markets.
I now invite Mr. Piyush Pankaj to share deeper insight into the key performance indicator of our Cable TV and Broadband segment and highlights of our achievement in the current quarter.
Piyush Pankaj — CATV Business Head and Chief Strategy Officer
Thanks, Mr. Jadeja. Good evening, everyone. It gives me immense pride to share with you a landmark development in India’s digital broadcasting journey. GTPL Hathway Limited unveiled its revolutionary Headend in the Sky platform, GTPL Infinity, built on one of the world’s largest C-band teleport infrastructures. The platform is designed to support a plant capacity of nearly 800 channels, including around 100 HD channels and enables partners to go live within as little as 24 hours using minimal infrastructures. This significantly reduces deployment time, enhances uptime and lowers operating costs while enabling true pan-India reach. The benefit of these platforms are transformative. It reduces delivery costs, opens new monetization opportunities and empowers digital service providers, whether LMOs, LCOs, MSOs or commercial establishments to go to market faster.
With just a single dish antenna and minimal investment, partners can be operational within 24 hours, a true game changer for undeserved regions. GTPL is going beyond television and enabling bundled services like high-speed broadband, OTT and cloud gaming. From metros to rural villages, it delivers world-class entertainment and connectivity. Now let me start off by mentioning KPIs for both our business segments. First, Cable TV segment. Our Digital Cable TV subscriber base as on 31st December ’25 stood at 9.40 million. The total business partners count stands at more than 48,000 plus, and they remain key enablers for our quest on expanding our pan-India presence.
In the Broadband business, the active subscriber base at the end of quarter stood at 1.06 million, adding 18,000 new subscribers. Homepass stood at 5.95 million as of 31st December 2025. The Broadband ARPU for quarter three FY ’26 stood at INR465. Average data consumption per month stood at 410 GB, a 12% increase Y-o-Y. As part of our strategic roadmap, we remain focused on both organic and inorganic opportunities to drive sustainable growth across our core business segments.
I will now hand over the call to Mr. Saurav Banerjee, who will take you through the financial performance of the Company.
Saurav Banerjee — Chief Financial Officer
Thank you, Mr. Piyush. Good evening to all participants. For the quarter, on a consolidated level, our total revenue grew by 5% Y-o-Y to INR9,382 million. Subscription revenue for quarter three FY ’26 is at INR2,970 million. The Broadband revenue stood at INR1,433 million and registered a growth of 4% on a yearly basis and 3% on a sequential basis. Consolidated EBITDA stood at INR1,189 million with an EBITDA margin of 12.7%. Net profit for Q3 FY ’26 stood at INR111 million, a decrease — sorry, an increase of 19% Q-o-Q and 9% Y-o-Y. Our consolidated operating EBITDA stood at INR1,109 million in Q3 FY ’26, registering an operating margin of 23.9%. On the standalone front, total revenue grew by 9% Y-o-Y to INR6,148 million. Subscription revenue saw an increase by 2% Y-o-Y to INR2,165 million.
Standalone EBITDA stood at INR587 million with an EBITDA margin of 9.6%. The standalone net profit of Q3 FY ’26 stood at INR10 million. During the quarter, employee costs were impacted by a onetime expense of INR22 million due to the new wage code, which has been implemented recently, while the HITS right of use resulted in an additional INR55 million impact across amortization and finance costs.
I would now request the moderator to open the floor for the Q&A session.
Questions and Answers:
Operator
Thank you so much, sir. Ladies and gentlemen, we’ll now begin with the question-and-answer session. [Operator Instructions] Our first question comes from the line of Priti Agarwal from SK Associates. Please go ahead.
Priti Agarwal
Hello. Yeah, thank you so much for the opportunity. So as I see the presentation highlights upon the opportunities from industry consolidation with MSO count declining sharply and like around 40 million households potentially up for grabs. But like are you finding acquisition to be a challenge? Or is it the valuation being asked or the quality of subscribers or even the presence which is a hurdle in the inorganic growth?
Piyush Pankaj
As you know, as a part of our strategy — hello? Yeah. So as part of our strategy, we are increasing our sub base and increasing our market share through inorganic and organic both. In inorganic, the opportunities is very large. As you mentioned, about 40 million subscriber base is there for the grabs the whole country. Yes, we are going ahead and doing the different deals for independent MSOs or different partners in the market. Yes, the valuations and all we have to go according to which market it is, what is the offer which is coming up and what is the quality of that network, depends on all those things.
And the opportunities are large, and we are exploring it. It’s, I will say, not easy or difficult. It is the matching of the right fit with our network, the quality and all and which is one of the priorities which we give that whether this is a qualitative analysis of that network and then we go ahead for any acquisitions or any inclusion in our network. So yes, the opportunities are large, and we are exploring it, and this is part of our strategy to expand.
Operator
Thank you. Our next question comes from the line of Viral Jain [Phonetic] from FNG Finance. Please go ahead.
Viral Jain
Yeah, hi. Am I audible?
Piyush Pankaj
Yeah, Viral.
Viral Jain
Yeah. Thank you for the opportunity. So my first question was with — so as we can see from the results, the Q3 consolidated revenue stood at INR9,382 million, which was up by 5% year-on-year and with CATV subscription income declining by 2% and placement and revenue — placement revenue was down by 5% quarter-on-quarter. So could you help us to give us more color on the underlying drivers of the revenue mix, particularly the reasons behind the sequential decline in CATV and placement revenue?
Piyush Pankaj
CATV revenue, you are right that it has been declined by around 2%, and that is mainly because you will see that from 8.9 million, we have come down to 8.7 million as an active subscriber base in the last four quarters, and that has impacted us around 2% of subscriber revenues, which with the launch of HITS, we are very confident that we’ll gain back and we will continue growing our subscriber base and subscription revenue in the future.
The second portion is the broadcasting and placement revenue, which is linked with the pay channel cost, I will say. So if you will see that the pay channel cost has also declined by around 5%. And in the same proportion, the placement and talent and marketing has been declined by 5%. So the placement, the pay channel cost and the marketing incentive and placement is linked together because it is both from the broadcasters. So if pay channel cost is going down, then correspondingly, you will see that the revenue is also going down. Thank you.
Viral Jain
Got it, sir. Apart from this, I have a follow-up question. So how do you see this segment evolving in next few quarters as we can see that the industry is in the consolidation phase and the current competitive dynamics?
Piyush Pankaj
See, the competition is there as you see that this is the time where you have to have — the contents are becoming platform agnostic. But still in India, you will see that 350 million households are there. And around 220 million households are TV households currently. Still, there is a big journey for TV to get penetrated into the households. And being one of the robust platforms, the Cable and DTH and everyone, the robust platforms, they are going to again gain back and continue to grow. That’s our take on this. But at some point of time, whatever decline which has to happen, you will see that the rate of decline has also gone down totally.
And now it will again come back as the market will stabilize. And we are looking forward for that as we have launched the Headend in the Sky, and this will give us the all pan-India coverage and we can start the business at anywhere in very short time. And it will give us all the cable dark areas, difficult terrains, more density, and even through all 350 million households are now approachable to us. And we are looking forward to explore that opportunity and increase our sub base. So for industry, this is one of the significant things, the Headend in the Sky, which give us the access to all 350 million households immediately. So that’s the way we are looking forward that this business will grow and the whole segment will grow.
Viral Jain
Got it, sir. And my last question was with regards to the active Cable TV segment. So we have saw that the active Cable TV subscribers stood at 9.4 million and the paying subscribers were being stood at 8.7 million. So we have seen a slight dip as compared to the previous quarter. So just wanted to know that what were the key challenges that you faced in customer retention?
Piyush Pankaj
It’s not you can say that there is no increase in churn and all. It is in the same way. The new acquisitions, which we are doing, we have slowed down a bit because we were launching the Headend in the Sky. We wanted to become aggressive after launching of the Headend in the Sky. So you will start seeing that from this quarter again, the reverse trend will start, that the increment will start and everything will happen. But we have slowed down a bit, and that’s why you will see that the capex which we have planned for somewhere around more than INR200 crores in the Cable business we did till date, just the INR120 crores on that. So those are the things which we — a bit in the planned way, we have sustained our — not gone for the growth, we have sustained our sustainability. Now after Headend in the Sky, we will go for the growth.
Viral Jain
Got it, sir. That was all from my side. Thank you.
Operator
Thank you. Our next question comes from the line of Riddhi Vora [Phonetic] from SAS Capital. Please go ahead.
Riddhi Vora
Hello. Am I audible?
Piyush Pankaj
Yes.
Riddhi Vora
Yeah. So my question is that how does GTPL Infinity fit into GTPL Hathway’s overall plan for TV, Broadband and new services like OTT and gaming? As in what key goals are you aiming to achieve in the next one year to two years?
Piyush Pankaj
Overall, if I talk about entertainment side, CATV or you can say the subscriber base on that side, Headend in the Sky, as I said, that it has given us the accessible to 350 million households straightway from — in the one go. We just have to execute and get into the rural side and everywhere and get the more subscriber base. Because of the delivery — high delivery cost in the CATV business, we are not able to penetrate in the rural areas or where the subscriber base is less than 3,000, you can say. There we can’t go because per sub or the delivery cost is high, and it’s not making us the financial sense to go for that delivery cost and go for those type of markets.
But now there is no recurring cost on that, no Headend in the Sky. So we can go for all over India straightway and increase our sub base. Once we go into the different markets, we can start Broadband, we can start OTT and everything. Already with the Cable TV, we have started our — the combo products for Broadband and Cable plus OTT, which is — the take-up is very good. Plus gaming plus TV, everywhere, everything has started. And already, we are into that mode and going on. This Headend in the Sky will give us more opportunity and in a more aggressive way, this will give us the opportunity to have more combo product or the bundled product and go into the market. So it’s a very good step, I will say, from the Company side and from the industry side also that it is going to help us in the growth side.
Riddhi Vora
Okay. Okay. And I have a question like GTPL Infinity is positioned with a planned capacity of 800 channels, including the 100 HD. And while GTPL’s broader TV catalog is set as 975-plus channels and 130-plus GTPL’s own and operated platform services. So like can you clarify how Infinity’s 800 planned capacity maps to the 975-plus catalog and whether there’s a phased capacity ramp to close that gap?
Piyush Pankaj
Yeah, yeah. So we are going to ramp this up very soon, and we are going to have more than 1,000-plus channels in this platform, started with the 800-plus channels right now, and we are going to ramp it up in the next — very soon to 1,000-plus channels on this platform. So that is the plan. But right now, you are — we are doing 975 channels plus 130 channels. But we have the capability to exert this locally also in the channels. But we are going to ramp it up very soon.
Riddhi Vora
Okay. Okay. And last question is that what is your roadmap for expanding the Fiber to the Home coverage? And how much incremental capex do you foresee that in FY ’26 and FY ’27 to scale broadband infrastructure in high potential states like Andhra Pradesh, Telangana and Maharashtra?
Piyush Pankaj
See, if I have to go for FTTH, full FTTH and B2C business, we are targeting only six cities outside of Gujarat right now, which is Pune, Nagpur, Jaipur, Hyderabad, Varanasi and Patna. So these six cities which we are doing the FTTH, and we are expanding fast on this market. Other markets, we have gone for the different model, which is the B2B model, which is the Broadband through our partners, where we are doing the combined infrastructure, you can say. Some infrastructure cost has been taken by the partner, some by us, and we are doing it that way.
So that way, that’s where your capex is less and you share the revenues with your partner. So that model is what we are going for all over India right now, which has a faster rollout and which will help us in the rural side also, which we are going to penetrate through HITS and all. So that’s the way we are doing it. And Gujarat plus six cities, we are going for the FTTH totally, which we are expanding with the time.
Riddhi Vora
Okay. Okay. Thank you, sir.
Piyush Pankaj
Thanks.
Operator
Thank you. [Operator Instructions] Our next question comes from the line of Priti Agarwal from SK Associates. Please go ahead.
Priti Agarwal
Yeah. So I wanted to know that what is your medium-term growth outlook in terms of revenue, CAGR, margin trajectories and subscriber additions?
Piyush Pankaj
Last eight-year CAGR, if you see, we are doing it at somewhere 11% to 12% CAGR in our subscriber base and our revenue side. And we are going to again go back on that and maintain that. And the CAGR for EBITDA and all is at around 13% to 14%, which we are trying to get back into that after the launch of Headend in the Sky. So those are the targets which we are keeping it in the mind. And hopefully, we are going to achieve that.
Priti Agarwal
Understood. And could you elaborate on the early adoption trends of GTPL Infinity platform?
Piyush Pankaj
Yeah, Surya is very great. We have got a lot of inquiries on that. And already, we have started implementing on the ground. There are two ways we have to do. One is to convert the existing CATV sub base into Headend in the Sky. And second is to go for new subscriber base or new markets. So we have to balance that out because going into the existing CATV converting into HITS will save the cost, mainly the bandwidth cost and getting into the new subscriber base will increase our subscription revenue. So we have to balance that out as we have to do both the things together. So we look forward to — we also — both will directly impact our EBITDA and PAT.
Priti Agarwal
Understood. And this is how the platform is expected to reshape your growth trajectory?
Piyush Pankaj
That’s right. So you increase the revenue and you reduce the cost. A significant cost of your bandwidth, which is your delivery cost is going to go significantly down, almost negligible. And you are increasing your sub base, so you are growing the revenues on that. So both sides, turnover side and on the cost side, both benefits will come into the bottom line.
Priti Agarwal
Understood. And additionally, what incremental capex and operating costs should investors expect as you scale this initiative?
Piyush Pankaj
No, the capex will remain same because you don’t have to do any more capex for the Headend in the Sky. We already established the platform, and we have already taken a satellite transponders and all, which is fixed. So we don’t have to do any capex. Yes, the ground capex, which we are doing right now also for the new place, which is somewhere between different INR4 lakhs to INR6 lakhs for starting an operation at a new place, that is going to happen in the HITS also. So that is for the CATV also, and it is for the HITS also, it’s the same cost, same capex, small capex for starting the new. So that’s it. So you don’t have to go for any extra capex for this.
Priti Agarwal
Understood. All right, I’ll just join the queue again. Thank you.
Operator
Thank you. Our next question comes from the line of Muskaan Agarwal [Phonetic] from N. N. Vadia & Co. Please go ahead.
Muskaan Agarwal
Hello?
Piyush Pankaj
Yeah, please.
Muskaan Agarwal
Yeah, thank you for the opportunity, sir. I have a few questions. Actually, I wanted to know, the Broadband ISP revenue grew 4% year-on-year to INR1,433 million with ARPU stable at INR465 and average monthly data consumption rising to 410 GB per customer. So can you discuss the sustainability of this ARPU level in a highly competitive Broadband market?
Piyush Pankaj
Yeah, because see, we are not increasing our rates and — but the mix of customer is getting increased, means the customers are adopting for higher packages or higher speed packages where the prices are high. And because of that, some movements are happening in the ARPU. We are not increasing our price. If I am giving 60 Mbps or 80 Mbps plans, there, the prices are same. But 60 Mbps or 80 Mbps customers are moving to 100 Mbps, 150 Mbps. And because of that, the movements are happening on that way.
Yes, we have added some subscriber base, which has given us some revenues and enhancement in the revenue. So that is what’s happening. So overall, we are very satisfied with our Broadband. And as you can see that the capex has reduced. We have planned for somewhere around INR150 crores of capex for this financial year. And I have given that we are going to do somewhere around INR350 crores of capex this year, INR350 crores to INR360 crores, INR200 crores in the Cable side and INR150 crores in the Broadband side.
Till date, we just did the INR200 crores capex, INR80 crores in the Broadband and INR150 crores in the Cable. We are looking forward that we’ll be good to close the financial year at INR270 crores to INR280 crores of capex, which is somewhere around INR110 crores to INR120 crores in the Broadband side and the rest in the Cable side.
Muskaan Agarwal
Okay, sir. Sir, actually, I wanted to — like adding on to this, what are the strategies you are deploying to drive both subscriber growth and ARPU expansion in rural markets, like new geographies as well like Andhra Pradesh, Telangana and Maharashtra?
Piyush Pankaj
Yeah. So you can see in the Cable side, already Cable means in the entertainment side, we have gone for the Headend in the Sky where we are present in every nook and corner now and we can start for, you can say, as low as 200 customers, 500 customers, 1,000 customers also. So we can go and operate in every villages now, okay? And there, the whole rural India will come into the picture, which earlier, it was not possible to go in the Cable because the delivery costs were so high. But now it is possible to go there. And once you go there with the Headend in the Sky, then you can go with the Broadband also on that. And you have the access to those customers, which are like very rural customers, interior customers and all. That’s one.
Second, it’s more of like a density business, means if I am present in Aurangabad, but I’m not present around Aurangabad because the delivery costs were high. Now I can present around Aurangabad also, and I can extend the Broadband into those markets also. So suddenly, the opportunity for both the business, which is, I will say, the entertainment business plus the Broadband, which is with the partner, Broadband with the partner. Already the whole market is open for us. And that’s going to give us growth in both the businesses in both the segments.
Muskaan Agarwal
Okay, sir. Sir, another question is on the EBITDA margin. It improved to 12.7% in Q3 FY ’26, supported by lower pay channel cost and operating efficiencies. However, the employee cost and amortization rose due to the new wage code and HITS platform ROU impact. So should we expect elevated employee expenses and depreciation and amortization impact going forward to support HITS technology?
Piyush Pankaj
The employee cost, which we have seen for the wage is only onetime. So from next quarter, you will see the reduction on that. Yes, the — as you say, the right-of-use ROU is going to be there throughout. But we have to understand that this quarter, the ROU, the capex has come into the play for Headend in the Sky. But no benefits has come because we have launched in the last of this quarter. So this quarter has witnessed no benefits from the Headend in the Sky, whether it is at the cost side or whether it is the revenue side, which will start coming in the subsequent quarters. So the whole impact of your capitalization has come into the play in your P&L. But the benefits because of this platform has not come into the play, which is going to give us positive quarters going forward.
Muskaan Agarwal
Okay, sir. And any prospect of margin improvement as you expand and fully deploy GTPL Infinity infrastructure nationwide?
Piyush Pankaj
I will say for the margin, as I said that marketing and placement income is linked with the pay channel cost. We will go into the operational slide, which is the Slide Number 25, I will say, you will see there that we are already at 24% operating EBITDA, which we have there, and we are very confident that this will improve with the coming quarters. So it has gone down to somewhere around 22%. Now again, we are back to 24%, and this will improve from this quarter — for the coming quarters.
Muskaan Agarwal
Okay, sir. Sir, one last question. Do you see HITS technology facilitating industry consolidation by enabling smaller MSOs and LOCs to plug into your platform rather than maintaining independent headends? And what is the revenue potential from it?
Piyush Pankaj
It’s a speculative question. We said that our strategy is for inorganic and organic growth. We are looking forward for both. It’s a speculative question that whether it will give us what and what, but we will start seeing it in the quarters. We look forward for organic and inorganic growth.
Muskaan Agarwal
Okay, sir, thank you so much.
Piyush Pankaj
Thanks.
Operator
Thank you. [Operator Instructions] Our next question comes from the line of Viral Jain from FNG Finance. Please go ahead.
Viral Jain
Yeah. Hello, sir. So a few days back, I was just referring to a news article, which stated that industry body, PHDCCI, which stands for PHD Chamber of Commerce and Industry, have recently called for a higher investment in the Broadband and data center as a part of budget 2026 priority. So looking at this, how do we see this policy initiative translating into a real opportunity for the GTPL Hathway, particularly as we can see in rural and semi-urban area market where penetration remains low?
Piyush Pankaj
Yeah, so if you are going for more Broadband investment and the data center investment, It is definitely going to help the whole industry, which is — and GTPL is part of that industry. It will open more rural markets for us as we are going ahead, the Headend in the Sky, and we are creating our infrastructure at the rural side. So it will give us more benefit that the Broadband infrastructure are also getting available over there easily. So that’s going to give us the benefit in both the businesses. And I would say that we — as an industry, we appreciate these initiatives. And it is going to give a benefit to the whole industry. We have to see that how we can take advantage of these policies.
Viral Jain
Okay. And is it fair to assume that we are going to engage with the government programs to accelerate the rollout?
Piyush Pankaj
It depends on which market we want to go and what we do. Yes, we are engaged with the government, mainly with the different government, we are doing the — as you know, in the BharatNet project, we were the part of that, already 17,000 kilometers we have made in Gujarat. Plus, we are doing a lot of government projects for different governments and that is related to communication, broadband, laying of fibers and everything. So yes, we look forward for those opportunities, and we have the active team who is engaging with the different governments and different tenders and all. So yes, we are looking forward for those.
Viral Jain
Got it, sir. And my last question was with regards to the peers. So we can see that beside us now, there is only one other HITS distributor. So as we have been seeing over the period of time that TV still remains as a mass media of consumption, yet we are only the second player using this technology. So what are the barriers that have been deterred other MSOs to venture into this form of distribution?
Piyush Pankaj
Yeah. So this form of distribution is good for a pan-India player because if you’re a regional player, you are just in three states, four states or I will say, only 10 states, then still you’re going for the P2P and through the bandwidth and all is more beneficial for you financially. But yes, if you are a pan-India player, which we are now having in 26 states and four UTs and expanding in different states also. So that way, going for the satellite is going to give you the benefits, a lot of benefits. So that’s the decision which we have taken. Yes, you’re right, we have from last eight years we have working as MSOs and expanding when we did our IPO, we have just in the 12 states. And now we are in 26 states, four UTs.
So yeah, we have expanded from there, the journey. Last eight years, we’re doing the MSO business only. But now we have considered that we have to go for satellite for expansion also and being the pan-India player, we have — it is going to be more beneficial for us to do this. So that’s the business case, which is beneficial to us, and we have gone for that.
Viral Jain
Got it, sir. And my last question was what was the trigger that convinced the management to go for the HITS given they are already the largest MSOs?
Piyush Pankaj
That’s — I said that we have 350 million households and still only 220 million households are TV households. And there is a big, big opportunities in the rural markets and untapped markets, cable dark areas and all, which at some point of time, seeing the whole India and digitization approach, we have to do the inclusions of those households into the TV households and being the largest Cable TV and we consider the largest operator, it’s our duty to do that. And that’s what — that’s the motion which we go for on supporting the digital infrastructure of India also and created one of the largest C-band teleport in Ahmedabad. And now we can go into the nook and corner of the country very easily.
Viral Jain
Got it, sir. That was all from my side. Thank you for patiently answering my questions in detail. Thank you.
Piyush Pankaj
Thanks.
Operator
Thank you. Our next question comes from the line of Priti Agarwal from SK Associates. Please go ahead.
Priti Agarwal
Yeah, thank you so much. So I would like to know, sir, that globally, cord-cutting has been a major challenge for cable operators. But in India, TV remains one of the most consumed media platforms. So do you see early signs of cord-cutting in India, particularly among urban households? And how are you preparing to mitigate this risk?
Piyush Pankaj
Cord-cutting is a major problem in only the U.S., not in the Europe also, you can say. If you study the Europe market and other markets you study, other markets, you study the Australia or New Zealand market, cord cutting, the world or the — even just by the American media because that is a different, you can say, landscape. In India, cord-cutting has come into the play, yes. Subscriber base going up and down is going to be there. As you know that this is going to be connected TVs. Connected TVs means TVs are there in the household. People are watching Cable and DTH also, plus they have some OTTs also, not that they have gone totally OTT. So all those things are happening. India is a very price sensitive and customers are — want to consume content in all the platforms as you see. So this is a totally different market, which we believe it, and we are in the market as I said. So our belief is a bit different and what cord-cutting is happening. So that’s the way we see it.
Priti Agarwal
Understood. And like what are the key financial and operational metrics used to measure GTPL Infinity’s success such as revenue growth, ARPU improvement, cost saving or partner acquisition or subscriber expansion? And when will these metrics start appearing in your earnings report?
Piyush Pankaj
Yes. So you talk about KPIs, yes, KPIs as I said earlier also, but we have to see the KPIs for subscriber growth that will convert it. And second, we have to see for the savings in the past. Both parameters are going to give us that whether the thought or the — not going for this Headend in the Sky platform is getting fulfilled or not. So yes, we will start seeing that in the coming quarters. We are looking forward that the full — you can say the full benefit of this is by end of one year, which I’ll say by December 2026, you will see the full conversion of everything as we have to do for the current market also and we have to do for the new market. So yeah, by next one year, we will start seeing the whole benefit which has started coming and the 100% benefit will — the revenue side also and the cost side will start reflecting that in the next one year.
Priti Agarwal
Understood. And can you also share, had there been no one-off costs, how much would you consolidate — how much would be the consolidated EBITDA and PAT and also the corresponding year-on-year growth?
Piyush Pankaj
Sorry, this is a speculative question. I have already given you my expectation on the CAGRs and all. So that is there. And you will start seeing that in the quarter-on-quarter.
Priti Agarwal
Understood, sir. All right, so that’s it from my side. Thank you so much.
Operator
Thank you. Ladies and gentlemen, that was the last question. I would like to hand the conference over to the management for the closing comments. Thank you, and over to you, sir.
Piyush Pankaj
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 Emkay for organizing this call. For any queries, please free to contact with MUFG IR, who are our Investor Relations advisors. Thank you, and have a good day.
Operator
[Operator Closing Remarks]