They see strong long-term growth potential, especially in broadband, which currently has only 10–12% market penetration. As a result, broadband is expected to have a higher CAGR over the decade.

“So, there is a large, large scope that it will go up for the decade, and it will go up in a very good way. Yes, the CAGR will be more in – the growth CAGR will be more in broadband as you know. As I say that it is just 10% to 12% penetrated in the market right now. So, yes, CAGR is going to be higher in the broadband side.”

— Piyush Pankaj, CSO

They are funding the HITS platform through internal accruals. Once it launches and gains subscribers, they plan to focus more on acquisitions and expect to maintain healthy margins around 25%.

“So yes, we are looking forward, because as we know that some of our capex is going to the Headend-in-the-Sky and the platform, because we are doing it through the internal accruals and all. So once the HITS platform will be launched, then we’ll start getting more subscriber base, and we’ll start putting more of the money towards acquisitions and all. We are looking forward that again, we are going to have healthy margin between 25% to 25%”

— Piyush Pankaj, CSO

Cable TV revenue has declined due to increased competition from OTT platforms, social media, and expanded content offerings. Additionally, free DTH is gaining ground in rural areas by offering more channels.

“De-growth in cable TV revenue… So this industry witnessed a higher share, during FY 24 – FY 25, after investment on expansion of different content providers in the industry, including index, the OTT players, social media sites, etc. Plus, we have seen that the free DTH is gaining the market in the rural side, because they have started providing more and more channels.”

— Piyush Pankaj, CSO

They shifted to an OTT aggregator to offer all content in one place, moving away from the Genie platform to streamline and modernize their service.

“And that’s why we wanted to go for the aggregator like an OTT player who is providing the whole thing together. And that’s why we have gone for the OTT play on the way. And replaced a lot of things on the Genie.”

— Piyush Pankaj, CSO

Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.

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They are close to receiving all regulatory approvals for the HITS platform and plan to begin operations in the coming quarters.

“Regarding the HITS (Headend-in-the-Sky, a satellite-based platform for delivering cable TV services) platform, we are on the verge of obtaining all necessary regulatory approvals for operationalization of the platform. We are looking forward to starting the operations in the coming quarters”

— Piyush Pankaj, CSO