Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,963Cr
Rev Gr TTM
Revenue Growth TTM
5.39%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

HATHWAY
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 11.6 | 2.2 | 5.5 | 7.3 | 0.7 | 6.0 | 1.3 | 4.0 | 5.5 | 4.7 | 5.0 | 6.4 |
| 422 | 401 | 423 | 413 | 422 | 426 | 428 | 422 | 443 | 456 | 459 | 470 |
Operating Profit Operating ProfitCr |
| 15.5 | 17.1 | 16.3 | 16.3 | 16.1 | 16.8 | 16.3 | 17.7 | 16.5 | 15.1 | 14.4 | 13.9 |
Other Income Other IncomeCr | 46 | 44 | 39 | 46 | 26 | 35 | 23 | 38 | 38 | 22 | 25 | 15 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 92 | 93 | 90 | 80 | 81 | 81 | 87 | 87 | 85 | 76 | 74 | 74 |
| 31 | 34 | 31 | 46 | 25 | 40 | 19 | 41 | 40 | 26 | 28 | 17 |
| 9 | 14 | 8 | 11 | 7 | 14 | 5 | 6 | 9 | 8 | 6 | 6 |
|
Growth YoY PAT Growth YoY% | 6.6 | -33.8 | -22.3 | 336.6 | -18.1 | 28.7 | -39.0 | 0.7 | 69.4 | -29.2 | 59.2 | -67.7 |
| 4.5 | 4.1 | 4.4 | 7.0 | 3.6 | 5.0 | 2.7 | 6.8 | 5.8 | 3.4 | 4.0 | 2.1 |
| 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | -37.9 | 18.3 | 14.2 | 1.5 | 15.4 | -3.7 | 3.5 | 3.6 | 6.6 | 3.0 | 5.4 |
| 1,580 | 1,016 | 1,148 | 1,199 | 1,250 | 1,363 | 1,257 | 1,400 | 1,543 | 1,659 | 1,699 | 1,828 |
Operating Profit Operating ProfitCr |
| 13.8 | 10.6 | 14.6 | 21.9 | 19.8 | 24.2 | 27.4 | 21.9 | 17.0 | 16.3 | 16.7 | 15.0 |
Other Income Other IncomeCr | 78 | -10 | 26 | 44 | -362 | 272 | 212 | 130 | 132 | 174 | 122 | 100 |
Interest Expense Interest ExpenseCr | 154 | 90 | 111 | 153 | 221 | 226 | 37 | 0 | 0 | 1 | 1 | 1 |
Depreciation DepreciationCr | 324 | 259 | 306 | 335 | 352 | 371 | 371 | 368 | 357 | 354 | 336 | 309 |
| -147 | -238 | -194 | -108 | -627 | 110 | 279 | 156 | 90 | 142 | 125 | 112 |
| 28 | 0 | 0 | 0 | -439 | 4 | 25 | 26 | 25 | 42 | 32 | 30 |
|
| | -36.2 | 18.6 | 44.2 | -74.0 | 156.2 | 140.1 | -48.5 | -49.9 | 51.9 | -6.8 | -11.1 |
| -9.5 | -20.9 | -14.4 | -7.0 | -12.0 | 5.9 | 14.6 | 7.3 | 3.5 | 5.0 | 4.5 | 3.8 |
| -2.3 | -2.9 | -2.3 | -1.3 | -1.9 | 0.6 | 1.4 | 0.7 | 0.4 | 0.6 | 0.5 | 0.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 166 | 166 | 166 | 166 | 354 | 354 | 354 | 354 | 354 | 354 | 354 | 354 |
| 1,044 | 923 | 727 | 626 | 3,285 | 3,389 | 3,642 | 3,771 | 3,829 | 3,936 | 4,028 | 4,111 |
Current Liabilities Current LiabilitiesCr | 1,343 | 1,246 | 1,397 | 1,468 | 1,219 | 2,526 | 491 | 472 | 621 | 638 | 712 | 690 |
Non Current Liabilities Non Current LiabilitiesCr | 895 | 1,018 | 1,123 | 1,013 | 1,566 | 101 | 30 | 22 | 26 | 34 | 26 | 26 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,009 | 573 | 644 | 553 | 3,456 | 3,473 | 1,540 | 1,100 | 1,863 | 2,209 | 2,542 | 2,763 |
Non Current Assets Non Current AssetsCr | 2,682 | 2,781 | 2,770 | 2,716 | 2,967 | 2,898 | 2,979 | 3,520 | 2,968 | 2,754 | 2,580 | 2,419 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 226 | 83 | 325 | 293 | 246 | 432 | 467 | 333 | 453 | -405 | 290 | 199 |
Investing Cash Flow Investing Cash FlowCr | -522 | -511 | -313 | -133 | -3,289 | 800 | 542 | -382 | -303 | 274 | -264 | -210 |
Financing Cash Flow Financing Cash FlowCr | 356 | 428 | -4 | -166 | 3,098 | -244 | -2,003 | 0 | 0 | -6 | -8 | -7 |
|
Free Cash Flow Free Cash FlowCr | -211 | -479 | 7 | 28 | -33 | 64 | 30 | -47 | 62 | -624 | 94 | |
| -129.7 | -35.1 | -167.8 | -271.6 | -131.2 | 409.9 | 184.5 | 255.3 | 693.5 | -407.5 | 313.7 | 241.4 |
CFO To EBITDA CFO To EBITDA% | 89.8 | 68.9 | 165.0 | 87.3 | 79.8 | 99.3 | 98.3 | 84.6 | 143.8 | -125.5 | 85.2 | 61.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 4,074 | 3,218 | 3,143 | 2,849 | 5,124 | 2,381 | 4,540 | 3,053 | 2,294 | 3,471 | 2,299 | 1,572 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 22.8 | 17.9 | 23.6 | 35.0 | 35.0 | 25.0 | 19.1 |
Price To Sales Price To Sales | 2.2 | 2.8 | 2.3 | 1.9 | 3.3 | 1.3 | 2.6 | 1.7 | 1.2 | 1.8 | 1.1 | 0.7 |
Price To Book Price To Book | 3.4 | 3.0 | 3.5 | 3.6 | 1.4 | 0.6 | 1.1 | 0.7 | 0.6 | 0.8 | 0.5 | 0.3 |
| 19.8 | 36.0 | 21.1 | 11.4 | 21.1 | 2.9 | 8.9 | 7.3 | 6.2 | 10.2 | 6.2 | 4.3 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 31.1 |
| 13.8 | 10.6 | 14.6 | 21.9 | 19.8 | 24.2 | 27.4 | 21.9 | 17.0 | 16.3 | 16.7 | 15.0 |
| -9.5 | -20.9 | -14.4 | -7.0 | -12.0 | 5.9 | 14.6 | 7.3 | 3.5 | 5.0 | 4.5 | 3.8 |
| 0.3 | -6.5 | -4.2 | 2.5 | -7.8 | 5.9 | 7.9 | 3.8 | 2.2 | 3.3 | 2.9 | 2.5 |
| -14.4 | -21.8 | -21.7 | -13.6 | -5.2 | 2.8 | 6.3 | 3.2 | 1.6 | 2.3 | 2.1 | 1.8 |
| -4.7 | -7.1 | -5.7 | -3.3 | -2.9 | 1.7 | 5.6 | 2.8 | 1.4 | 2.0 | 1.8 | 1.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Hathway Cable & Datacom Limited (HCDL) is a leading Indian fixed-line internet service provider (ISP) and multi-system operator (MSO), delivering high-speed broadband, cable television (CATV), and OTT services across India. A part of the **Reliance Group** following a strategic acquisition, HCDL has evolved from a traditional B2B MSO model into a **technology-driven, customer-centric Telco-grade B2C enterprise**. Through its wholly owned subsidiary **Hathway Digital Limited (HDL)** and associate company **GTPL Hathway Limited**, it maintains a dominant presence in both the broadband and digital cable ecosystems.
---
### **Market Presence & Scale**
- **Digital Cable Subscribers:**
HDL serves **4.9 million digital cable subscribers** across **over 700 towns**, with a pan-India reach supported by a robust fiber and coaxial network.
- **Broadband Subscribers:**
As of **March 31, 2025**, HCDL had **1.06 million wireline broadband subscribers**, driven by strong demand in tier 2 and tier 3 towns for remote work, education, and digital entertainment.
- **Infrastructure Footprint:**
- **Fiber Optic Network:** Operates over **85,000 km** of fiber-optic cable (pan-India).
- **Homes Passed:** **6.3 million** two-way broadband-enabled homes.
- **Headends:** HDL operates **seven main digital headends**, with backend support from **Jio’s fiber infrastructure**.
- **Associate Company:**
HCDL holds a **37.32% equity stake in GTPL Hathway Limited**, one of India’s largest MSOs and the market leader in Gujarat. GTPL serves over **8 million cable subscribers** and is a major broadband player in eastern and western India.
---
### **Core Business Segments**
#### **1. Cable Television (via HDL)**
- **Technology & Delivery:**
- Leverages **Jio’s fiber backend infrastructure** for high-quality, stable signal delivery.
- All subscribers are managed through **Hathway Connect**, a digital portal for Local Cable Operators (LCOs), ensuring 100% digital service orchestration.
- Achieves **96% online payment collection**, with instant activation post-payment.
- **Content & Viewing Experience:**
- Offers **HD picture quality (5x sharper)**, 16:9 widescreen format, and support for **3D content**.
- Provides **52 in-house regional channels** and supports **TRAI’s Channel Selector App**, giving users control over bouquet customization.
- Launched **Kflicks**, a dedicated Korean content channel with **dubbing in Telugu and Kannada**, targeting millennials and regional audiences in South India.
- **Set-Top Box (STB) Innovation:**
- Rolled out **next-generation HEVC HD and OTT Hybrid STBs**, enabling:
- **Time-shift TV**, **trick-play**, **PVR via USB (up to 1TB)**, and **Push VOD**.
- Direct access to **OTT apps** on TV without additional devices.
- Uses **Nagra Vision and Jio-branded STBs** with enhanced content security via **Verimatrix CAS upgrade**.
- **LCO Engagement:**
- Supports **~80,000 LCOs** via the **LCO LightHouse App** – a B2B platform offering training, troubleshooting, rate updates, and gamified reward programs.
- Enhanced API integration enables **instant service activation** across LCO-operated apps.
---
#### **2. Broadband Services (FTTH & Hybrid)**
- **Technology Leadership:**
- **First Indian MSO to launch GPON-based FTTH broadband** nationwide.
- Utilizes **state-of-the-art FTTH and DOCSIS 3.1** technologies for high-speed, low-latency connectivity.
- Deploys **dual-band Optical Network Terminals (ONTs)** with **band-steering** – a **first-in-industry innovation** that optimizes WiFi by dynamically switching devices between **2.4 GHz (coverage)** and **5 GHz (speed)** bands.
- **Broadband Offerings:**
- **FiberMAX Premium Broadband** launched in **22+ cities** including Delhi-NCR, Mumbai, Bengaluru, Hyderabad, and Kolkata.
- All plans offer **unlimited data with no throttling or overage charges**.
- Speeds range from **100–500 Mbps**, with **guaranteed Wi-Fi speeds** and **free dual-band routers**.
- **User Engagement & Performance:**
- **Average monthly data consumption:** **>357 GB per FTTH customer** (highest in southern India).
- **84% of installations completed within 48 hours**; repeat complaint rate is just **4% within 7 days**.
- Technical complaints: **74 per 1,000 subscribers**, indicating high service reliability.
- **Network Expansion:**
- Doubled FTTH capacity via **1:64 to 1:128 split upgrades**, enabling cost-effective scalability.
- Deployed **parallel GPON networks in high-penetration DOCSIS areas** to offer premium speed tiers.
---
### **Digital & AI-Driven Innovations**
Hathway has embraced digital transformation to enhance customer experience and operational efficiency:
- **AI-Powered Customer Support:**
- **DIVA**, the AI chatbot (powered by Jio Haptik), provides 24x7 support across **web, app, and WhatsApp**, resolving **83% of queries autonomously**.
- **VoiceBOT (NLP + ML)** integrated with OSS/BSS systems, handles IVR calls, reduces call center load, and improves first-time resolution.
- **Customer Self-Service:**
- **MyJio app** and **Hathway mobile app** enable subscription renewal, plan upgrades, complaint logging, and OTT access.
- **WhatsApp Business** used for continuous engagement, notifications, and service activation.
- **Infrastructure Modernization:**
- Investments in **headend modernization**, **cybersecurity**, and **middleware deployment** enable real-time service activation (as fast as **15 seconds**).
- **IT backend supports 2 million+ transactions per day**.
---
### **Strategic Growth Initiatives**
- **Market Expansion:**
- Connecting **new towns via IP links and fiber extension** (e.g., +900 km added in FY24).
- Focus on **Southern and Eastern India**, where broadband adoption is growing rapidly.
- **Product Innovation:**
- Launch of **DPO (Disaggregated Pay Options)** packs for flexible, regionalized channel bundles.
- Piloting **"TV Plug"** – a **mobile tower-based last-mile delivery solution** for remote areas.
- **OTT Integration:**
- Combines **cable TV with OTT streaming** through hybrid set-top boxes and Jio apps.
- Partnerships with education and infotainment platforms to offer **bundled digital lifestyles**.
- **ARPU & Engagement Focus:**
- Aims to **rationalize ARPU** through innovative packaging and regional content.
- Increasing engagement via **localized content, interactive services, and digital upsell paths**.
---
### **Competitive Position & Risks**
- **Strengths:**
- First-mover in **GPON FTTH**, **dual-band ONTs**, **AI chatbots**, and **OTT-hybrid STBs**.
- Strong **scale and negotiating power** with broadcasters and vendors.
- Backed by **Reliance ecosystem** – access to Jio’s fiber backbone, NOC, and technology stack.
- **Opportunities:**
- Rising demand for **fixed broadband** due to **online education, OTT consumption, and work-from-home**.
- Untapped potential in **non-metro markets** and **OTT bundling**.
- **Threats:**
- Intense **competition from mobile broadband (4G/5G)** and **DTH providers**.
- Long-term **shift toward non-linear, on-demand content**.
- **Digital fatigue among LCOs** may delay adoption of new initiatives.
- **Risk Mitigation:**
- Continuous **network and device upgrades** (MPEG-4/HEVC STBs, DOCSIS 3.1, GPON).
- Offering **converged solutions (Cable + Broadband + OTT)** to retain customers.
- Strengthening **LCO digital readiness** via training and incentives.
---