GTPL Hathway swings to ₹3.5 Cr consolidated loss in Q2 FY27 as OPM compresses to 8.5%
PAT -147.97% YoY · revenue +19.19% · margins compressing
₹1,143.06 Cr
+19.19% YoY
₹-3.55 Cr
-147.97% YoY
-0.31%
-1.1pp YoY
₹-0.08
GTPL Hathway's consolidated Q2 FY27 print is a swing to loss: net loss of ₹3.5 Cr against a ₹7.4 Cr profit in Q2 FY26 and a ₹1.4 Cr profit in Q1 FY27, even as revenue from operations grew 19.2% YoY (12.6% QoQ) to ₹1,143.1 Cr on consolidation of the ACT Group cable business acquired effective July 1, 2026. No formal brokerage consensus for this quarter turned up in public searches, so the print cannot be benchmarked against a street number; the only public baseline was a generic preview flagging operating margin as "the key swing factor" and net profit as "the most unpredictable line" for this stock — both proved true.
Q2 FY-2027 vs prior quarters
On margins: OPM compressed to 8.5% from 10.9% a year ago and 10.3% last quarter, as the operating cost basket (purchase, inventory change, operating, employee and other expenses) rose 22.4% YoY against 19.2% revenue growth. Segment data shows the Cable TV business — now carrying the ACT integration — swung to a ₹9.1 Cr segment loss (PBT) from a ₹0.7 Cr profit a year ago, and widened from a ₹4.7 Cr loss last quarter; Internet Services, the more profitable segment, saw its result nearly halve YoY to ₹1.5 Cr from ₹6.3 Cr. Below the operating line, finance cost rose 41% YoY to ₹12.3 Cr and depreciation 12% YoY to ₹101.9 Cr, both consistent with lease and intangible additions tied to the acquisition.
The stock went into the print at ₹58.81, down 1.6% over the past month of trading.
For context: revenue is at a 6-quarter high.
Management expressed confidence in continued growth across both Digital TV and Broadband segments, driven by the recent ACT Group acquisition and strategic expansion into new markets like Kerala and Jammu & Kashmir. The company anticipates the ACT acquisition will contribute significantly from Q2 FY27, leading to marke
— This quarter: missed
Management's July 2026 concall had guided that the ACT acquisition would "contribute significantly from Q2 FY27" toward market leadership in Andhra Pradesh/Telangana and operational synergies, with the HITS platform lifting margins fully only by Q4 FY27. This quarter's numbers run against the first part of that framing — the acquired Cable TV segment is loss-making, not yet margin-accretive — though it's consistent with management's own caveat that new markets need a 6-12 month gestation period before profitability. FY27 capex guidance of ₹400 Cr looks on track: H1 FY27 consolidated PPE/intangible purchases were ₹156.8 Cr, about 39% of the full-year guide at the half-year mark. No company press release commentary on this result was available to cross-check management's own framing.
W1
Cable TV segment (post-ACT) profitability — this quarter's ₹9.1 Cr segment loss needs to turn as management's 6-12 month new-market gestation period plays out
W2
HITS platform margin benefit guided for Q4 FY27 — watch whether OPM recovers from this quarter's 8.5% toward the 10-11% band seen in H1
W3
FY27 capex pace against the ₹400 Cr guide — H1 FY27 spend of ₹156.8 Cr (consolidated) is ~39% of the full-year number at the half-year mark
Figures sourced in Rs Million, converted to Cr (÷10). No exceptional items this quarter or year-ago quarter, so no adjustment needed. Consolidated PAT of -3.548 Cr is the total (pre-NCI-split) figure matching row 8 of the statement and our comparison-context convention; attributable-to-owners share alone was -0.928 Cr (EPS -0.08 computed on this). 25 subsidiaries unreviewed by the principal auditor carried a combined net loss after tax of ₹2.5 Cr this quarter. DOT AGR contingent liabilities (₹975.4 Cr parent, ₹384.2 Cr at GBPL) remain unprovided, unchanged.