Hathway Cable Q2 FY27: PAT falls 44% YoY to ₹10.2 Cr as consolidated margins compress

Hathway Cable's consolidated revenue rose 5.7% YoY (and a flat 0.4% QoQ) to ₹567.51 Cr, but consolidated net profit fell 44.3% YoY to ₹10.16 Cr (₹18.25 Cr a year ago) and 58.6% QoQ (₹24.56 Cr in Q1 FY27); EPS fell to ₹0.06 from ₹0.10 YoY. No exceptional items were booked in either period, so the drop is a core-operations story, not a one-off. The operating (EBITDA) margin compressed to 10.35% from 15.07% YoY and 13.34% QoQ. Pay Channel Cost — the single largest expense line — rose 19.9% YoY to ₹335.91 Cr, nearly 3.5x revenue growth, while Other Expenses rose 6.3% YoY to ₹70.76 Cr. Segment data show both core connectivity businesses in the red: Broadband Business swung to a ₹1.84 Cr loss from a ₹3.22 Cr profit a year ago, and Cable Television Business's loss widened to ₹29.44 Cr from ₹6.30 Cr YoY. The reported consolidated PBT of ₹15.14 Cr was effectively carried by the Dealing in Securities treasury segment (+₹15.24 Cr) and other unallocated income (₹29.90 Cr) — strip those out and the group's core telecom operations were loss-making at the PBT line. Standalone PAT, by contrast, rose 10.2% YoY to ₹20.71 Cr on revenue of ₹142.71 Cr (down 2.8% YoY), since the standalone entity sits above the loss-making operating subsidiaries and carries investment income instead — a material basis divergence readers should note rather than read as contradicting the group number. No analyst consensus estimates for this specific quarter and no formal management guidance were found in available sources or the filing; management's press release was not provided alongside this filing, so there is no company framing to reconcile against the print. The quarter's governance developments — the August 31, 2026 appointment of Jitesh Shah as CFO and the August 19, 2026 appointment of Deloitte Haskins & Sells as auditors for five years — are structural, not earnings drivers. The filing also discloses Show Cause cum Demand notices from the Department of Telecommunications for past-period license fees totalling ₹3,201.93 Cr (consolidated) and ₹3,160.63 Cr (standalone), including interest and penalty; the company continues to contest the demand on legal advice and has made no provision.