GTPL Hathway beats Tata Play to lead India’s TV distribution market by revenue

MUMBAI: India’s television distribution pecking order has changed, with Reliance Industries-backed GTPL Hathway overtaking Tata Play to become the country’s largest TV distributor by revenue in FY26.

GTPL reported revenue of Rs 3,746.6 crore for the financial year ended March 2026, compared with Rs 3,530 crore for Tata Play, according to regulatory filings.

The shift is notable because GTPL has a smaller subscriber base than Tata Play. GTPL had around 9.6 million active cable subscribers, while Tata Play had more than 15 million DTH subscribers.

The revenue reversal marks a change at the top of the industry after Tata Play had held the revenue leadership position for several years.

However, it does not necessarily signal a revival for traditional television distribution. Both cable and DTH operators are dealing with a structural shift in consumer behaviour as viewers increasingly move from traditional pay-TV services to internet-based streaming and OTT platforms.

DTH operators spent much of the past two decades gaining ground over fragmented cable networks following the entry and expansion of private operators in the 2000s.

The DTH model brought greater addressability and scale to television distribution, helping companies such as Tata Play build large nationwide subscriber bases.

GTPL’s latest revenue performance shows how the economics of the sector are changing. Its stronger consolidated revenue has allowed it to move ahead of Tata Play despite operating with a significantly smaller subscriber base.

The comparison, however, includes more than core television distribution. Consolidated figures for both companies include cable and DTH operations as well as broadband revenue.

Revenue leadership has not translated into a stronger bottom line for GTPL.

The company’s net profit fell sharply to Rs 15.6 crore in FY26 from Rs 47.9 crore in FY25.

Tata Play’s financial position was even more challenging, with its net loss widening to Rs 551 crore from Rs 529 crore during the year.

The numbers underline the broader challenge facing the industry. With consumers increasingly opting for streaming services such as Netflix and Amazon Prime, traditional television operators are competing for a shrinking pool of pay-TV subscribers while managing network, content and customer acquisition costs.

For investors, the key question is therefore not simply which company has the highest revenue, but whether either business can protect margins as the traditional television market contracts.

GTPL is looking to strengthen its position through a planned capital expenditure programme of around Rs 1,000 crore over the next three years.

The investment is expected to focus on network infrastructure and technology, with the company targeting an EBITDA margin of 23 to 25 per cent.

The strategy will test whether GTPL can turn its current revenue advantage into sustainable profitability while the underlying pay-TV market remains under pressure.

The company is also integrating regional assets, including cable television operations acquired from the ACT Group. How efficiently those assets are integrated, and whether they add revenue without significantly increasing costs, will be an important monitorable.

GTPL is also preparing for a change in its finance leadership. Chief financial officer Saurav Banerjee is set to retire on September 30, 2026.

Investors are likely to track the transition alongside customer churn, margin movement, capital expenditure and cash flow as GTPL executes its expansion plan.

The company’s promoter entity has reported no encumbrance on its shares for FY26, providing some comfort on the ownership side even as the operating environment remains challenging.

GTPL’s overtaking of Tata Play is therefore a significant change in India’s television distribution rankings, but the bigger battle is happening elsewhere. As streaming continues to reshape how Indians consume video, revenue leadership alone may offer little protection unless GTPL can convert its larger top line into stronger margins and sustainable cash generation.