Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
GTPL Hathway Ltd (NSE: GTPL) Q3 2026 Earnings Call dated Jan. 13, 2026
Corporate Participants:
Anirudhsinh Jadeja — Managing Director
Piyush Pankaj — Business Head CATV and Chief Strategy Officer
Saurav Banerjee — Chief Financial Officer
Analysts:
Pranod Chhatriya — Analyst
Priti Agarwal — Analyst
Unidentified Participant
Viral Jain — Analyst
Unidentified Participant
Riddhi Vora — Analyst
Muska Nagarwal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to GTPL Hathaway’s Q3FY26 earning conference call hosted by MK Global Financial Services Limited. As a reminder, all participant line will be 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Pranod Chhatriya, MK Global Financial Services Ltd. Thank you. And over to you sir.
Pranod Chhatriya — Analyst
Good afternoon everyone. I would like to welcome the management and thank them for this opportunity we have with us today Mr. Aniruddhasing Jadeja, Promoter and Managing Director, Mr. Piyush Pankaj, Business Head B2B and Chief Strategy Officer and Mr. Saurabh Banerjee, Chief Financial Officer. I shall now hand over the call to Mr. Aniruddhasing Chadeja 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 Hathaway’s performance for third quarter of FY26 at GTPL Hathaway. 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 Hidden in the sky platform marked as decisive steps forward in the journey the details of which will be given by Mr. Pews in his speech. This quarter underscored our strong operational momentum and reinforcement our leadership in both digital cable TV and broadband services.
In digital cable TV we sustain our market share and on the broadband we continue to grow our subscriber base and strengthen our presence in key market. I now invite Mr. Piyushkankar 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 — Business Head CATV 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 Hathaway limited unveiled its revolutionary Hidden 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 planned capacity of nearly 800 channels, including around 100 HB 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 cost while enabling true Pan India reach. The benefits of this platform 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. DTPL 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 25th 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 actives of cyber base at the end of quarter stood at 1.06 million, adding 18,000 new subscribers.
Home pass stood at 5.95 million as. Of 31 December 2025. The broadband ARPU for quarter three FY26 stood at INR 465. Average data consumption per month stood at 410 GB, a 12% increase. YY as part of our strategic roadmap, we remain focused on both organic and inorganic opportunities to drive sustainable growth across. Our core business segment. I will now hand over the call to Mr. Saurabh Guinerji 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% YoY to INR 9,382 Million. Subscription revenue for Quarter 3 FY26 is at INR. The broadband revenue stood at INR14.33 Million and registered a growth of 4% on a yearly basis and 3% on a sequential basis. Consolidated EBITDA stood at INR 1,189 Million with an EBITDA margin of 12.7%. Net profit for Q3 FY26 stood at INR. An increase of 19% QoQ and 9% YoY. Our consolidated operating EBITDA stood at INR 1109 million in Q3FY26, registering an operating margin of 23.9%.
On the standalone front, total revenue grew by 9% YoY to INR 6148 million. Subscription revenue saw an increase by 2% YoY to INR 2165 million. Standalone EBITDA stood at INR 587 million with an EBITDA margin of 9.6%. The standalone net profit of Q3FY26 stood at INR 10 million during the quarter. Employee costs were impacted by a one time expense of Rupees 22 million due to the new wage code which has been implemented recently. While the hits right of use resulted in an additional rupees 55 million impact across amortization and finance costs.
I would now request the moderator to open the floor for the Q and A session.
Questions and Answers:
Operator
Thank you so much, sir. Ladies and gentlemen, we’ll now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are request to use handsets which while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Preeti Agarwal from SK Associates.
Please go ahead.
Priti Agarwal
Hello. Yeah, thank you so much for the opportunity. So you know, 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 you know, even the presence which is a hurdle in the inorganic growth.
Piyush Pankaj
As you know, as a part of strategy.
Unidentified Participant
The person you are speaking with has. Put your call on hold. Please stay on the line.
Piyush Pankaj
Hello? Yeah, so as part of our strategy we are increasing our sub base and. Increasing our market share through inorganic and organic. Both inorganic the opportunities is very large as you mentioned, about 40 millions of cyber base is there for the grab 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 the 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 the 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 from FNG Finance. Please go ahead.
Viral Jain
Yeah, hi. Am I audible? Yeah. Thank you for the opportunity. So my first question was with. So as we can see from the result, the Q3 consolidated revenue stood at 9,382 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 CATB and placement revenue.
Piyush Pankaj
CATB 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 subscriber base and subscription revenue in the future. The second portion is the broadcasting and placement revenue which is linked with the pre channel cost.
I will say so if you will see that the pre channel cost has also declined by around 5% and in the same proportion the placement and challenge and marketing has been declined by 5%. So the placement, the pre channel cost. And the marketing incentive and placement is linked together because it is both from the broadcasters. So if pre channel cost is going. Down then correspondingly you will see that the revenue is also going to. Thank you.
Viral Jain
Got it sir. Apart from this, I have a follow up question. So how do you see this segment evolving evolving in next few quarter? As we can see that the industry is in the consolidation phase and the current competitive dynamics.
Piyush Pankaj
The competition is there. As you see that this is the time where you have to the contents are becoming platform agnostics. But still 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 and everyone the robust platforms, they are going to again gain back and continue to grow. That’s, that’s our take on this, that at some point of time, whatever decline which has to happen, you will see that the rate of decline is 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 Hidden in the sky and this will give us the Pan India coverage and we can start the business at anywhere in very short time. And it will give us all the dark areas, difficult terrains, more density.
Unidentified Participant
And
Piyush Pankaj
Even though 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 we Hidden 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. 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 with 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 new. Acquisitions which we are doing. We have slowed down a bit because we were launching the Hidden in the Sky. We wanted to become aggressive after launching of the Hidden 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 we have planned for somewhere around more than 200 crores in the cable business.
We did till date just the 120 crore from that. So those are the things which we in the planned way we have sustained our group of not gone for the growth. We have sustained our sustainability. Now after his in the sky we. Will go for the.
Viral Jain
Got it. That was all from my side. Thank you.
Operator
Thank you. Our next question come from the line of Ridi Vora from SAS Capital. Please go ahead.
Riddhi Vora
Hello. Am I audible?
Operator
Yes.
Riddhi Vora
Yeah. So my question is that how does GDPL Infinity fit into GDPL Hathaway’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 to two years.
Piyush Pankaj
Overall if I talk about entertainment site. CATV or you can say the subscriber base on the that side headed in the sky as I said that it has given us the accessibility to 315 million households straight away from in the one go. We just have to execute and get into the ruler side and everywhere and get the most subscriber. 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 distant city 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 go for that delivery cost and go for those type of markets.
But now there is no refilling cost of that hidden in the sky. So we can go for all over India straight away and increase our subway. Once we go into the different market. 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 hidden in the sky will give us more opportunity and in 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 would say from the company side and from the industry side also that it is going to help.
Riddhi Vora
Okay. Okay. And I want. I have a question that 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 up is setide as 975 plus channels and 130 plus GTPL’s own and operated platform services. So can you clarify how Infinity’s 800 planned capacity maps to the 975 plus catalog and whether there is a phased capacity ramp up 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 thousand plus channels in this platform started with the 800 plus channels right now. And we are going to ramp it up in next very soon to thousand plus channels. So that is the plan. Right now you are. We are doing 970 plus 975 plus 130. But we have the capability to exert this locally also in this 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 and how much incremental capex do you foresee that in FY26 and 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 6 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. It is the broadband through our partners where we are doing the combined infrastructure. You can say some infrastructure cost has been taken by the partners and by us and we are doing in that way.
So that’s where your capex is a less and you share the revenues with your partner. So that model is what we are going for all over India right now which is 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. That’S the way we are doing it. And Gujarat plus six cities we are doing for the ftth. Okay. Which we are expanding with the time.
Riddhi Vora
Okay. Okay. Thank you sir.
Piyush Pankaj
Thanks.
Operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press Star and one on their touchstone telephone. Our next question come from the line of Preeti 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 years CAGR. If you see we are doing it at around 11 to 12% CAGR in our subscriber base and our revenue side we are going to again go back on that, maintain that. And the CATR for EBITDA and all is at around 13 to 14% which we are trying to get back into that after the launch of. 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, the Surya is very great. We have got lot of inquiries on that and already we are started implementing on the ground. There are two ways we have to do. One is to convert the existing CAT sub base into hidden in the sky and second is to go for new subscriber base, a new market. So we have to balance that out because going into the existing CAT converting into HITS will save the cost, mainly the bandwidth costs and 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.
Unidentified Participant
So
Piyush Pankaj
We look forward to also and say both will directly impact our ebitda.
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 side over side and on the cost side both benefits will come into the bottom line.
Priti Agarwal
Understood. And additionally, what incremental capex and operating cost 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 established the platform and you already taken satellite transponder scenario which is fixed so you don’t have to do any CapEx. You. Yes, the ground CapEx which we are doing right now also for the new place which is somewhere between 4 to 6 lakhs for starting a operation at a new place that is going to happen in the HITS also. So that is for the CATB also and it is for the HITS also. It’s the Same cost, same CapEx in small CapEx for starting the.
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 Muska Nagarwal from Nnvadia and company. Please go ahead.
Muska Nagarwal
Hello.
Piyush Pankaj
Yeah please.
Muska Nagarwal
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 1433 million with ARPU stable at 465 rupees and average monthly data consumption rising to 410 hp per 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 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 output. We are not increasing our price. If I am giving 60Mbps or 80Mbps plans where the price are safe but 60Mbps or 80Mbps customers are moving to 100Mbps 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 150 crore of capex for this financial year. And I’ve given that we were going to do somewhere around 650 crore of capex this year. 350 to 360 crore, 200 crore in the cable side and 150 crore in the broadband side. Till date we just did the 200 crore capex, 80 crore in the broadband and 120 crore in the cable. We are looking forward that we will good to close the financial year at 270280 crores up capex which is somewhere around 110220 crore broadband size and the rest of the cable side.
Muska Nagarwal
Okay sir, so 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 or as well like Andhra Pradesh, Telangana and Maharashtra.
Piyush Pankaj
Yeah. So you can see in the cable side already cable means an entertainment side. We have gone for the hidden in the sky where we are presence in every nook and corner now. And we can start for you can say as low as 200 customers, 500 customers, thousand customers also. So we can go and operate in every village is not okay. And there the whole ruler India will come into the picture which earlier it was not possible to go in the cable because the delivery cost was so high. But now it is possible to go there.
And once you go there with the hidden 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 little 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 cost were high. Now I can presence 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 the with the partner already the whole market is open for us.
And that’s. That’s going to give us growth in both the businesses and both the segments.
Muska Nagarwal
Okay sir. So another question is on the EBITDA margin. IT improved to 12.7% in Q3 FY26 supported by lower pay channel cost and operating efficiencies. However, the employee cost and amortization rose due to the new wage code and hit platform RUA impact. So should we expect elevated employee expenses and depreciation and amortization impact going forward to support HITCH technology?
Piyush Pankaj
The employee cost which we have seen. For the VET is only one time so so from next quarter you will see the reduction in that. Yes, the as we say the right of use ROU are is going to be there throughout. But we have to understand that this. Quarter the rou the capex has come. Into the play for headed in the sky but no benefits has come because we have launched in the last the last of this quarter. So this quarter has witnessed no benefits. From the hidden index guy whether it is at the cost side or whether it is a 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 and L but the benefits because of this platform has not come into the plate which will going to give us four positive quarters going forward.
Muska Nagarwal
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 paychannel cost. We will go into the operational file 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 in the coming quarters. So it has gone down to somewhere around 22% now. Again we are back to 24% and this will improve from from this quarters from the coming quarters.
Muska Nagarwal
So 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 head ends? And what is the revenue potential from it?
Piyush Pankaj
It’s a speculative question. Yeah, we said that our strategy is for inorganic and organic both. 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 both.
Muska Nagarwal
Okay sir, thank you so much.
Operator
Thank you ladies and gentlemen. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. Our next question come from the line of Viral Gen from FNG Finance. Please go ahead.
Viral Jain
Yeah, hello sir. So few days back. I was just referring to a News article which stated that industry body PhD CCI 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 GDPL headway? Particularly as we can see in ruler and semi urban area market where penetration remains low.
Piyush Pankaj
Yeah. So if you’re going for more broadband investment and the data center investment it is is definitely going to help the whole industry which is NGDPL is part of that industry. It will open more rural markets for us as we are going ahead the hidden in the sky and we are creating our infrastructure at the rural side so it will give us more benefit that the broadband infrastructure also getting available over there easily. So that’s going to give us the. Benefit in both the businesses. And I will say that we as an industry we appreciate these initiatives and it is going to give benefit to 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 have engaged with the government mainly with the different government. We are doing the as you know in the Bharatnet program project we were the part of that already 17,000 km we have laid in Gujarat plus we are doing 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 hit distributor. So. So as we have been seeing over the period of time that TV still remain 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 are a digital player you are just in three, 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 Pan India player which we are now having in 26 states and 4 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, that’s the decision which we have taken.
Yeah, you’re right. We have the last eight years we have working as MSOs and expanding. When we did our IPO we have adjusted the 12 states and now we are at 26 states, four utilities. So yeah, we are expanded from there. The journey last eight years we’re doing the MSO business. But now we have considered that we have to go for satellite for expansion also. And being the Pan India peer we have, it is going to be more beneficial for us to do this. So that’s, that’s the business case which is beneficial to us and we have gone for that.
Viral Jain
Got it. So 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
Thus 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, scale dark areas and all which at some point of time seeing the whole India and digitizations approach, we have to do the inclusions of those households into the ATV households. And being the largest cable TV and the largest operator, it’s our duty to do that. And that’s what motion which we go for of 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.
Operator
Thank you. Our next question comes from the line of Preeti Agarwal from SK Associates. Please go ahead.
Priti Agarwal
Yeah, thank you so much. So I would like to know that globally cord cutting has been a major challenge for cable operators. But in India our TV remains one of the most consume media platforms. So do you see early signs of corn cutting in India particularly among urban households and how are you preparing to mitigate this risk?
Piyush Pankaj
Podcutting is major problem in only us, not in the Europe also. You can see if you study the Europe market and other markets you will study. Market
Viral Jain
Code
Piyush Pankaj
Card cutting the world or the just by the American media? Because that’s a different, you can say landscape. In India cost cutting has come into the play. Yes. So cyber base going up and down is going to be there. As you know that this is going to be connected TVs. Connected TVs means TV are there in the Household people are watching cable and DTH also. Plus they have some entities also. So all those things are happening. India is a very price sensitive and customers want to consume
Unidentified Participant
Content in
Piyush Pankaj
All the platforms as you see. So this is a totally different market which we believe it. We are in the market.
Unidentified Participant
Our
Piyush Pankaj
Belief is a bit different than what hard cutting is happening.
Unidentified Participant
So that’s
Piyush Pankaj
The way we see it.
Priti Agarwal
Understood. And like what are the key financial and operational matrix used to measure gdpl? Infinity success such as revenue growth, ARPU improvement, cost saving or you know, partner acquisition or subscriber expansion. And when will these matrix start appearing in your earnings report?
Piyush Pankaj
Yeah, 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.
Unidentified Participant
And second,
Piyush Pankaj
We have to see for the saving in the past. Both parameters are going to give us that whether the thought or the. Going for this hidden 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, the full benefit of this is by enough one year, which I will 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 you will start seeing the the whole benefit which has started coming and the 100% benefit will start projecting 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 impact 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 csvrs and all. So that is there and you will start seeing that in the 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 MK 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
Thank you sir. On behalf of MK Global Financial Services limited That concludes this conference. Thank you for joining us and you may now disconnect your lines.