GLOBAL ECONOMY
The global economy is expected to maintain a stable growth trajectory through CY 2026, supported by resilient demand, sustained investment, and favourable financial conditions. According to the IMFs World Economic Outlook (April 2026), global GDP is forecast to increase by 3.1% in 2026 and strengthen marginally to 3.2% in 2027, following an estimated expansion of 3.4% in 2025.
Growth continues to be driven by accelerating investment in digital technologies, supportive fiscal measures, and a gradually easing monetary environment across several major economies. However, the outlook is tempered by geopolitical uncertainties, including evolving US-China trade dynamics and instability in the Middle East, which could weigh on the outlook. Even so, the global economy has repeatedly demonstrated resilience. Diversified supply chains, adaptive policy responses, and ongoing innovation continue to cushion shocks and support medium- term growth.
Global inflation is expected to remain elevated in CY 2026 before resuming its moderation in CY 2027. Headline inflation is projected to increase to 4.4% in CY 2026, from 4.1% in 2025. This is driven primarily by higher energy prices, supply chain disruptions, and geopolitical tensions stemming from the Middle East conflict. Inflationary pressures are expected to ease thereafter, with global inflation moderating to 3.7% in 2027. This is expected on the back of stabilising commodity markets, receding supply disruptions, and the continuing effects of monetary policy tightening. While the overall disinflation trend remains intact over the medium term, risks remain. Persistent geopolitical uncertainties and the risk of further energy price shocks could continue to pose upside risks to the inflation outlook.
OUTLOOK
The global growth outlook remains constructive, despite a challenging external environment marked by geopolitical tensions, trade fragmentation, and elevated policy uncertainty. Ongoing investment in digital technologies, improving financial conditions, and policy support across major economies, are expected to sustain economic activity. At the same time, energy market disruptions, supply chain realignments, and inflationary pressures remain key downside risks. Over the medium term, advances in technological innovation, productivity-enhancing reforms, and stronger international cooperation are expected to reinforce economic resilience. This is likely to support a more balanced and durable global expansion, provided geopolitical tensions ease and macroeconomic stability is preserved.
INDIAN ECONOMY
The Indian economy continued to demonstrate strong momentum in FY 2025-26, supported by resilient domestic demand, continuing policy reforms, and a stable macroeconomic environment. According to provisional estimates, real
GDP is expected to record 7.7% growth in FY 2025-26, positioning India among the worlds fastest-growing major economies. Moderating inflation, improving employment conditions, and comfortable external sector fundamentals have strengthened macroeconomic resilience despite an uncertain global backdrop. This is enabling the economy to sustain its growth momentum while navigating external challenges.
The primary driver of economic activity was the services sector, delivering broad- based growth across major segments. Trade, Hotels, Transport, Communication, Broadcasting, and Storage recorded the -highest growth at 11%, up significantly from 6.6% in FY 2024-25. This was supported by robust consumption, higher travel activity, and expanding logistics. Financial, Real Estate, IT, and Professional Services grew by 10.4%, improving from 10.0% in the previous year, reflecting continued momentum in financial intermediation and digital services. Meanwhile, Public Administration, Defence, and Other Services expanded by 5.0%, maintaining the previous years growth rate and providing steady support to the overall services sector.
The Union Budget 2026-27 reaffirmed the Governments commitment to fiscal prudence, structural reforms, and longterm economic competitiveness, while maintaining policy continuity amidst a changing global environment. The Budget focuses on strengthening manufacturing, exports, MSMEs and financial services through continued public investment, regulatory simplification, and enhanced market access. It also included measures to deepen Indias integration with global value chains. Reforms in foreign investment norms, export-import regulations, and external borrowing frameworks are likely to improve the ease of doing business and draw greater capital inflows. The new
Income Tax Act, 2025 marks a significant step towards a simpler, more modern tax regime. It is complemented by streamlined compliance procedures, rationalised TDS/ TCS provisions, and a voluntary foreign asset disclosure scheme. Continued policy support for GIFT City is further expected to reinforce Indias position as an emerging international financial hub.
OUTLOOK
The RBI expects the Indian economy to remain resilient in FY 2026-27, supported by strong macroeconomic fundamentals despite an increasingly uncertain global environment. Although geopolitical tensions in West Asia, elevated crude oil prices- and potential supply chain disruptions could create inflationary and growth pressures, the economy remains well-positioned to absorb external shocks. The RBI has projected real GDP growth of 6.9% for FY 2026-27, with CPI inflation expected at 4.6%. This remains broadly aligned with its target, despite upside risks from volatile global commodity and energy prices. Overall, Indias economic outlook remains favourable, although the evolving geopolitical landscape warrants continued vigilance. .
(Source: RBI)
INDUSTRY OVERVIEW
GLOBAL MEDIA AND
ENTERTAINMENT
INDUSTRY
The global media and entertainment industry was valued at USS 3.12 Trillion in CY 2026 and is projected to reach USS 3.78 Trillion by CY 2031, expanding at a 3.93% CAGR over the forecast period. The ongoing transition towards digital video, connected TV (CTV), streaming platforms and AI-enabled content personalisation is creating new avenues for growth across the media ecosystem. Expanding 5G connectivity and increasing smart TV penetration are driving higher digital consumption.
Additionally, the continued relevance of linear television, particularly across regional and emerging markets, provides a resilient foundation for diversified media distribution platforms. Mature markets are seeing greater adoption of hybrid ad-supported streaming models, while emerging economies such as India, China and Brazil continue to benefit from rising television, broadband and digital content consumption. In India, the combination of increasing broadband penetration, growing demand for high-speed connectivity and sustained consumption of regional and vernacular content is supporting opportunities for integrated cable TV and broadband operators. Technological advancements, including digital network upgrades software-defined workflows, cloud-based distribution and lower content localisation costs, are further enabling operators to enhance service quality, expand their addressable markets and improve customer engagement. The convergence of television and broadband is also creating opportunities to crosssell services, strengthen subscriber relationships and drive greater revenue per customer.
(Source: Mordor Intelligence)
INDIAN MEDIA AND ENTERTAINMENT INDUSTRY
Indias Media & Entertainment industry continued its robust growth trajectory in 2025, driven by rapid digital adoption, evolving consumer preferences and technological innovation. The sector expanded to 2.78 Trillion (USS 32 Billion), registering 9% growth during the year. This outpaced Indias nominal GDP per capita growth of 7.7%. Stronger-than-anticipated demand across digital platforms, increasing monetisation opportunities, and the sectors ability to adapt to changing consumption patterns supported industry performance. The continued integration of technology with content creation and distribution is reshaping audience engagement, strengthening long-term growth prospects.
Digital platforms continued to reshape the landscape, led by expanding digital advertising, e-commerce-led marketing, and rising subscription revenues across video and music streaming services.
The increasing adoption of data-driven advertising and personalised content has strengthened digitals role as the industrys key growth engine. Traditional media also demonstrated resilience: linear television retained its extensive reach while increasingly complementing digital platforms through integrated content consumption. Regulatory reforms and greater pricing flexibility are expected to support bundled offerings that help expand household penetration and unlock new monetisation opportunities. Meanwhile, the print segment remained stable, supported by steady growth in advertising revenues.
Live entertainment continued to emerge as a key growth segment, with rising demand for concerts, sporting events, and immersive experiences attracting global performers and expanding audience participation. Technology is redefining content creation and consumption, with AI enhancing production efficiency, personalisation, and multilingual content delivery. As creators and businesses increasingly leverage digital technologies to strengthen audience engagement, the industry is becoming more innovative, scalable, and globally competitive. Supported by these trends, Indias Media & Entertainment industry is expected to surpass 3 Trillion by CY 2027, creating significant opportunities for investment, innovation and long-term value creation across the ecosystem.
KEY TRENDS OF 2025
| Segment ( Billion) | 2022 | 2023 | 2024 | 2025 | 2026E | 2028E | CAGR (2025-2028) |
| Digital Media | 571 | 686 | 851 | 1,110 | 1,301 | 1,640 | 14% |
| Television | 726 | 711 | 679 | 617 | 587 | 535 | -5% |
| 250 | 259 | 257 | 259 | 264 | 264 | 1% | |
| Filmed Entertainment | 172 | 197 | 187 | 205 | 224 | 253 | 7% |
| Online Gaming & | 222 | 236 | 236 | 195 | 74 | 92 | -22% |
| Video Games | |||||||
| Live Events | 73 | 88 | 101 | 145 | 140 | 196 | 10% |
| Animation & VFX | 107 | 114 | 103 | 105 | 113 | 138 | 10% |
| Out-of-Home Media | 48 | 54 | 59 | 67 | 74 | 85 | 8% |
| Music | 46 | 54 | 53 | 59 | 64 | 75 | 9% |
| Radio | 21 | 23 | 25 | 23 | 23 | 22 | -2% |
| Total | 2,237 | 2,422 | 2,553 | 2,785 | 2,862 | 3,301 | 6% |
| Growth (%) | 23.3% | 8.3% | 5.4% | 9.1% | 2.8% |
? Billion (gross of taxes) IEY Estimates (Source: India Media & Entertainment Report EY)
Indias Media & Entertainment sector expanded by 232 Billion to reach 2.78 Trillion (US$ 32 Billion) in CY 2025, outpacing the countrys nominal GDP per capita growth of 7.7%. Excluding the online gaming and video games segment, which was temporarily impacted by regulatory restrictions on real money gaming, the industry recorded a robust 11.8% growth.
The sector contributes ~0.8% to Indias GDP, supports direct employment for around 2.75 Million people, and generates indirect employment for over 10 Million.
Looking ahead, the industry is projected to grow by 2.8% in 2026 to 2.86 Trillion (US$ 32.9 Billion). Excluding online gaming, it is projected to expand by 8% in CY 2026, maintaining a CAGR of over 7% to reach 3.3 Trillion (US$ 37.9 Billion) by CY 2028.
INDIAS DIGITAL INFRASTRUCTURE
India has built one of the worlds largest Digital Public Infrastructure (DPI) ecosystems. The JAM Trinity integrates Jan Dhan, Aadhar and Mobile penetration to strengthen digital inclusion. As of March 2026, India had issued over 144 Crore Aadhaar numbers, and opened 57.71 Crore Jan Dhan accounts. Smartphone penetration reached 85.5% of households. The country had 125.87 Crore wireless subscribers and 5.18 Lakh 5G base stations, covering 99.9% of districts.
Built on this foundation, India Stack has evolved into an interoperable network powering payments, governance, and public services at population scale. UPI processed 2,170 Crore transactions worth 28.33 Lakh Crore in January 2026. Direct Benefit Transfers exceeding 49 09 Lakh Crore through PFMS generated savings of over 4.31 Lakh Cro e.
Citizen platforms have significantly expanded digital public service delivery. DigiLocker serves over 67.63 Crore users with more than 950 Crore documents. UMANG supports 10.25 Crore users and has processed 723.36 Crore transactions. CoWIN has helped deliver over 220 Crore vaccine doses, while eSanjeevani has enabled 45.42 Crore consultations. DIKSHA has recorded 566 Crore learning sessions and Poshan Tracker has supported 8.90 Crore beneficiaries. Meanwhile, API Setu with 8,036 APIs and ONDC with 1.16 Lakh+ sellers across 630+ cities, have transformed payments, welfare delivery, healthcare, education, commerce, and governance. They have also helped improve transparency, lower eakages, and expand inclusion.
Indias DPI model has emerged as a global benchmark for open, interoperable, and inclusive digital infrastructure. As of
February 2026, India had signed DPI and India Stack cooperation agreements with 24 countries. Meanwhile, UPI expanded to 8 countries, deepening cross-border payments and financial connectivity. During its G20 Presidency, India placed DPI at the centre of the global development agenda through the Global DPI Repository.
It also championed international adoption by offering CoWIN as an open-source digital public good. Additionally, Indias MOSIP, a global digital public good, is now being adopted or explored by 25+ countries, for sovereign digital identity systems. Scale, trust, interoperability, and public purpose combine to make Indias DPI a model worth emulating.
It shows how digital infrastructure can strengthen governance, accelerate economic growth, and deepen inclusion.
For countries pursuing resilient, citizencentric digital transformation, it offers a replicable blueprint.
INDIAN BROADBAND INDUSTRY
The Indian broadband industry is better understood as a multi-technology market than as a simple contest between wired and wireless access. TRAIs March 2026 classification distinguishes three broad segments: fixed wired, fixed wireless and mobile wireless broadband, each serving different connectivity requirements and deployment models.
Fixed wired broadband includes DSL, FTTx Ethernet/LAN, cable modem and Internet leased lines, while fixed wireless broadband comprises 5G FWA, Wi-Fi, Wi-Max Radio/UBR and satellite-based access. Mobile wireless broadband, meanwhile, covers handset, dongle and M2M-based 3G, 4G and 5G connectivity. This classification highlights the breadth of technologies through which broadband services are delivered across India.
The distinction is commercially important because each technology addresses a different combination of customer needs, coverage requirements and deployment economics. Mobile broadband offers mass-market reach, portability and widespread accessibility, making it the primary connectivity layer for Indias large wireless subscriber base. Fixed wired broadband, by contrast, is suited to customers that require dependable, high- capacity connectivity at a specific location, particularly households, enterprises and other high-data users.
FWA occupies an increasingly important position between these two models. It delivers a fixed broadband experience without requiring a physical wired last-mile connection to the premises, allowing operators to extend high-speed connectivity more rapidly and potentially at lower deployment complexity than fiber in certain locations.
These technologies therefore function less as mutually exclusive alternatives and more as complementary access models. Their coexistence enables operators to serve different customer segments while balancing coverage, capacity, service requirements and network investment.
FY 2025-26 Highlights
India crossed the 1 billion broadband subscriber milestone, reflecting the rapid expansion of 5G mobile broadband and fiber- to-the-home (FTTH) connectivity. Total subscriptions reached 1,065.88 million by March 2026, highlighting three distinct growth engines:
| Broadband Subscriber Segment | Subscribers (million) |
| Fixed Wired | 46.51 |
| Fixed Wireless | 17.10 |
| Mobile Wireless | 1,002.27 |
| Total | 1,065.88 |
• Mobile wireless remains the dominant form of broadband access and continues to drive the market in terms of scale.
• Fixed Wireless Access (FWA) is emerging as a faster-growing segment, albeit from a smaller base, reflecting increasing demand for fixed connectivity delivered over wireless networks.
• Wired broadband is also maintaining healthy expansion, indicating that demand for reliable, high-capacity fixed connectivity remains strong alongside the widespread adoption of mobile broadband.
COMPETITIVE LANDSCAPE
Indias broadband market is highly concentrated, with the top five providers accounting for 98.60% of total broadband subscribers in March 2026. This concentration is particularly pronounced in wireless broadband, where the top five providers held a 99.99% share, reflecting the importance of national scale, network coverage, spectrum availability, capacity and sustained infrastructure investment. Mobile broadband remains the primary channel for mass-market and portable connectivity, while FWA is emerging as an important fixed-location access model that can extend broadband without requiring a traditional wired last-mile connection.
Fixed wired broadband, by comparison, represented around 4.4% of the overall broadband market, but remained strategically important for high-bandwidth and fixed-location requirements across households, businesses and institutions. The top five fixed wired providers accounted for 71.68% of the segment, indicating greater scope for regional and specialist providers than in the wireless market. Local fiber infrastructure, geographic focus, service differentiation and established customer relationships can therefore support competition alongside the scale advantages of larger operators.
Within this broader landscape, FWA is particularly important because it bridges the gap between mobile and traditional fixed broadband, offering fixed-location connectivity without requiring a physical wired last-mile connection. Its growing rural penetration suggests that FWA is likely to complement fiber rather than simply compete with mobile broadband, while the broader expansion of fiber and wireless fixed access could create new avenues for competition and extend high-capacity broadband to underserved locations.
Source: Telecom Regulatory Authority of India Press Release No. 53/2026
URBAN RURAL DYNAMICS
Indias connectivity landscape remains significantly more urban in its fixed and wireline segments, while wireless access has achieved a much broader geographic distribution. At the end of March 2026, urban telephone subscribers stood at 778.79 million compared with 551.79 h^^Alion in rural areas. Despite the larger urban base, rural connectivity continued to expand at a faster pace, indicating gradual improvement in access outside major urban centres.
| Metric | Urban | Rural |
| Wireless subscribers | 735.73 Million | 546.60 Million |
| Wireline subscribers | 43.06 Million | 5.19 Million |
| Wireless monthly growth | 0.68% | 0.74% |
| Share of wireline base | 89.24% | 10.76% |
Source: Telecom Regulatory Authority of India Press Release No. 53/2028 The urban-rural divide is considerably more pronounced in wireline connectivity. Urban wireline subscribers accounted for 43.06 million connections, or 89.24% of the total wireline base, compared with just 5.19 million rural subscribers. Wireless access, by contrast, was distributed much more broadly, with 735.73 million urban and 546.60 million rural subscribers. This gap highlights the structural advantage of wireless technologies in extending connectivity across geographically dispersed markets, while also pointing to significant headroom for expanding fixed broadband infrastructure in rural areas.
OUTLOOK
The next phase of Indias fixed broadband market is expected to be driven by four structural factors:
Rising Incomes are expanding the addressable market and Improving affordability
Increasing household incomes are expected to support broader fixed broadband adoption. As disposable incomes rise, a growing number of Indian households will have sufficient purchasing power to subscribe to fixed broadband services.
As of FY 2025-26, up to 137 million households are estimated to be able to afford fixed broadband. This addressable base could increase to up to 201 million households by FY2031, representing households with annual disposable income above 829,000 (~US$9,211). This affordability threshold reflects current entry-level broadband pricing and consumer spending patterns, with digital connectivity accounting for approximately 1.2% of disposable income, across mobile and fixed services.
Growing demand for reliable, high-capacity connectivity is driving media-rich consumption
Fixed broadband is increasingly shifting from a basic connectivity service to an essential enabler of digitally intensive lifestyles. The adoption of bandwidth-heavy use cases, including AI applications, remote work online learning, 4K OTT streaming and cloud gaming, is driving demand for high-speed, reliable and low-latency connectivity.
As these use cases become more mainstream, consumers are increasingly prioritizing network quality and reliability alongside price. Fixed broadband is therefore emerging as an important complement to mobile data, particularly for households with high levels of digital consumption.
Rapid FWA deployment is accelerating broadband penetration in underserved markets
Fixed Wireless Access (FWA) is emerging as a key growth engine, particularly in areas where fibre infrastructure remains limited. By leveraging technologies such as 5G and UBR, FWA can deliver fibre-like speeds without the cost, complexity and deployment timelines associated with last-mile fibre rollout.
Government initiatives are supporting infrastructure expansion and lowering deployment barriers
Government initiatives continue to play an important role in expanding Indias digital connectivity infrastructure. Programs such as BharatNet and National Broadband Mission 2.0 are supporting connectivity expansion in rural and underserved areas.
At the same time, streamlined Right of Way (RoW) regulations and incentives for infrastructure sharing are helping reduce deployment costs and accelerate network rollout for private operators.
TELEVISION
Indias television market continues to expand, supported by rising demand for smart TVs, greater availability of regional content, and widespread access to affordable internet services. Penetration across non-metropolitan regions, coupled with ongoing technological advancements, is expanding market reach. Meanwhile, evolving lifestyles and rapid digitalisation are reshaping viewing habits in both urban and rural households, reinforcing televisions role as a primary home entertainment platform.
A significant technological transformation is also underway, as consumers increasingly prefer smart, connected entertainment solutions. Smart TV shipments have grown substantially, with Samsung and LG maintaining leading positions. Smart TVs now account for the vast majority of television sales in India, signalling a clear shift away from conventional television sets. A growing population and an expanding middle- class consumer base continue to support higher television adoption, creating attractive growth opportunities. The rapid rise of OTT platforms and regional content is further driving demand for high- resolution displays, enhanced audio-visual technologies and feature-rich televisions.
Television reach remained stable in 2025, while average daily viewing time edged up by 0.5%, to 3 hours and 44 minutes per day. Audience demographics remained consistent with 2024: the 15-50 age group accounted for 58.00% of viewership, and those aged 14 and below for 23.00%.
Content preferences also remained largely unchanged. General Entertainment Channels (GEC) and movies continued to dominate consumption at 76% of total viewership, a share that has remained stable for the past seven years. Sports viewership, however, grew by 5%, driven by marquee events such as the ICC Womens Cricket World Cup, ICC Mens Champions Trophy, Asia Cup, and IPL. The IPL final alone became the third most- watched T20 match in television history, recording 15 billion viewing minutes and attracting 169 million live viewers.
Language preferences stayed stable as well. Hindi remained the most-watched language at 45% of total viewership, a marginal increase over 2024, while the top five languages together contributed 81% of total viewership. South Indian languages accounted for 34%, underscoring the continued strength of regional content. English language viewership remained below 1%, - a clear mark of vernacular programmings dominance.
Customer Average Revenue Per User (ARPU)
Linear television subscription revenues in India declined by 8% in 2025, despite a 2.4% increase in TV subscription ARPUs, which reached an average of 288 (gross of taxes) at end customer prices. The decline stemmed mainly from a reduction of 11.5 Million Pay TV households as consumers increasingly shifted to Connected TV and Free TV platforms.
Pay TV households, including underdeclared and/or pirated connections, fell by 11.5 million to just under 100 million in 2025. Combined with Connected TV households, however, the overall television base held stable at approximately 140 million homes.
Several factors drove the decline in Pay TV households. Premium consumers continued migrating to Connected TVs, which is estimated to have surpassed 40 Million weekly active households, while digital entertainment platforms grew more popular. OTT services added premium exclusive content backed by strong marketing campaigns, and the Free TV expanded its bouquet of Hindi content. Free digital platforms such as YouTube also gained further ground.
India has an estimated 8-10 Million under-declared and/or pirated television households, with piracy occurring across both linear television and digital platforms. Free TV continued to expand, adding 4.5 Million subscribers to reach an estimated 53 Million households in 2025. Growth was supported by the availability of premium content from leading broadcasters, a wider selection of channels including regional language offerings, and affordable TV sets. Mobile connectivity challenges in rural areas, and rising cable and DTH subscription costs added further momentum.
FreeDish distributors report accelerating year-on-year growthr-wrth "demand expected to remain stable as the platform continues to benefit from a growing channel line-up and improving content quality.
Telecom Regulatory Authority of India [TRAI]
QoS Regulations —
TRAI issued a consultation paper on proposed amendments to the Standards of Quality of Service of Access (Wireline and Wireless) and Broadband (Wireline and Wireless) Service Regulations, 2024. The proposals seek to strengthen standards for latency, packet loss, jitter, and automated compensation for service downtime.
MyCall App Upgrade —
TRAI enhanced the MyCall mobile application to provide consumers with improved, crowdsourced monitoring of voice and data network quality.
Nationwide Drive Tests
TRAI conducted network quality assessments across major highways, railway routes, and urban corridors, including Delhi, Mumbai, Katra-Udhampur, and Srinagar, to assess compliance with prescribed service-quality benchmarks.
Satellite Communication Framework
TRAI released a consultation paper on Satellite Communication Network Authorisation and Spectrum Assignment, addressing the regulatory framework for commercial satellite broadband services.
Satellite Spectrum Assignment
TRAI finalized its recommendations to the Department of Telecommunications (DoT) on the terms and conditions for assigning spectrum for commercial satellite communication services.
Microwave Backhaul Spectrum
TRAI issued recommendations covering spectrum bands including 6 GHz, 7 GHz, 13 GHz, 15 GHz, 18 GHz, 21 GHz, E-Band, and V-Band to support high-capacity telecom backhaul requirements associated with 5G and fiber broadband expansion.
Rating Manual 2026
TRAI released the Rating Manual 2026 under the Rating of Properties for Digital Connectivity Regulations, 2024. The framework establishes criteria for evaluating residential and commercial properties based on fiber readiness and in-building digital connectivity infrastructure.
PM-WANI Expansion
TRAI issued a consultation paper examining barriers to the wider deployment of PM-WANI public Wi-Fi networks, particularly across tier-2, tier-3, and rural markets
Domestic Leased Circuits
TRAI initiated a review of tariffs for Domestic Leased Circuits, including enterprise broadband ceiling tariffs and band rental charges.
Interconnection
Framework
TRAI initiated a review of existing interconnection I arrangements to address the evolving requirements of IP-based, high-capacity traffic exchange between fiber and wireless networks.
M2M and IoT Devices
TRAI issued recommendations concerning the sale and licensing of SIM/eSIM cards of foreign telecom service providers for use in M2M and IoT devices exported from India.
V2X Connectivity
TRAI released a consultation paper examining spectrum and bandwidth requirements for Vehicle-to-Everything (V2X) communication and connected vehicle networks.
Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Seventh Amendment) Regulations, 2026
TRAI notified the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Seventh Amendment) Regulations, 2026, in February 2026. The amendment strengthens the audit framework for addressable television distribution and addresses concerns relating to repetitive audits and infrastructure sharing. It also seeks to improve regulatory oversight while reducing unnecessary compliance burdens on distributors.
Ministry of Electronics and Information Technology [MeitY)
Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2026 (SGI Amendment Rules)
The Ministry of Electronics and Information Technology (MeitY) notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2026, effective February 20, 2026. The amendments establish a regulatory framework to address risks associated with the creation and dissemination of synthetically generated information (SGI). They also promote greater transparency and accountability in digital content.
India Artificial Intelligence (AI) Governance Guidelines
MeitY unveiled the India AI Governance Guidelines in November 2025, marking the countrys first comprehensive, sector-agnostic framework for the safe and responsible adoption of AI. The guidelines adopt a principles-based approach, built around seven guiding sutras that emphasise trust, human- centricity, innovation, fairness, accountability, explainability by design, and safety and resilience.
Digital Personal Data Protection Rules, 2025
MeitY notified the Digital Personal Data Protection Rules, 2025 (DPDP Rules) to operationalise the Digital Personal Data Protection Act, 2023 (DPDPA). The implementation has three phases. Phase I, effective November 13, 2025, establishes the regulatory framework by operationalising the Data Protection Board and bringing foundational provisions and definitions into force. Phase II, commencing on November 13, 2026, introduces registration and operational requirements for consent managers. Phase III, effective May 13, 2027, marks the commencement of the principal compliance obligations applicable to data fiduciaries.
Reserve Bank of India (RBI)
AI Committee Report
The RBI released its report, Framework for Responsible and Ethical Enablement of Artificial Intelligence in the Financial Sector, on August 13, 2025. Iy sets out a high-level roadmap for the responsible adoption of AI by regulated financial entities.
The Report recommends enhancing existing RBI regulatory frameworks to address AI-specific risks. In particular, it proposes amendments to the RBI (Digital Lending) Directions, 2025, requiring disclosures where AI is used to support credit decisions. It also mandates fairness audits to identify and mitigate algorithmic bias. It further recommends updating the RBI (Outsourcing of Information Technology Services) Directions, 2023, to require service providers to disclose use of AI and undertake AI-specific risk assessments. This will reinforce accountability across outsourced technology services
Ministry of Information and Broadcasting (MIB)
Draft Amendments to the Policy Guidelines for Television Rating Agencies
The Ministry of Information and Broadcasting released draft amendments to the Policy Guidelines for Television Rating Agencies in November 2025. The proposed reforms aim to enhance transparency, address conflicts of interest, and modernise audience measurement for evolving viewing platforms. They propose reducing the minimum net worth requirement for registration from 200 Million to 50 Million and raising the permissible cross-holding limit from 10% to 20% of equity. They also require the expansion of audience measurement panels. Further, it has been clarified that viewership generated from a channels landing page following a television switch-on will no longer be counted towards official television viewership metrics. This will help improve the accuracy and reliability of audience measurement.
Indian Computer Emergency Response Team [CERT-In]
Comprehensive Cyber Security Audit Policy Guidelines
CERT-In issued the Comprehensive Cyber Security Audit Policy Guidelines on July 15, 2025. The Guidelines standardise cybersecurity audits and strengthen governance across the audit lifecycle, defining audit scope, methodology, reporting standards, and the roles and responsibilities of
The Guidelines require specified entities, including listed companies, banks, and fintech platforms, to undergo an annual audit by a CERT-In empanelled auditor. Additional audits are required before major system overhauls. They also introduce vulnerability classification using CVSS and EPSS frameworks, and mandate local storage of audit data. Further provisions prescribe oversight measures for non-compliance and eligibility criteria for CERT-In empanelled auditors.
Supreme Court
CCIs Jurisdiction Over the Broadcasting Sector
On 27 January 2026, the Supreme Court of India upheld the Competition Commission of Indias (CCI) jurisdiction to examine competition law issues in the broadcasting sector. The Court dismissed a special leave petition filed by the Joint Star Private Limited challenging the Kerala High Courts decision that permitted the CCIs investigations. The decision reinforces the application of competition law principles to the broadcasting industry while providing ^greater regulatory certainty for market participants.
Company Overview
GTPL Hathway Limited is Indias largest Multiple System Operator (MSO), offering Digital TV and wired broadband services across a wide geographic footprint. Since its inception in 2006, the Company has established industry leadership through advanced technology, a compelling content portfolio, robust infrastructure, and one of the countrys largest distribution networks. Today, GTPL is the No. 1 MSO in India, the largest MSO and wired broadband service provider in Gujarat, and the second-largest MSO in West Bengal. Its operations span more than 1,500 towns across 26 states and 5 Union Territories, connecting over 12 million households through a network supported by 336 offices nationwide.
Alongside its Digital TV business. GTPL has built one of Indias leading private wireline broadband businesses serving more than 1 million broadband subscribers. The Company provides reliable high-speed internet through a robust fiber network with unlimited data plans catering to residential customers, enterprises, and small businesses. GTPL continues to benefit from rising adoption of higher- speed plans and customer-focused
GTPL has further strengthened its infrastructure by operating over 100,000 kilometres of owned optical fiber, a nationwide Network Operations Centre (NOC) in Ahmedabad, a secondary headend in Kolkata, and a distribution network delivering more than 975 television channels, including over 97 HD channels. These investments enable reliable service delivery across urban, semi-urban, and rural markets.
A major strategic milestone in FY 202526 was the launch of GTPL Infinity, the Companys Headend-In-The-Sky (HITS) platform. Backed by one of the worlds largest C-band teleport facilities in Ahmedabad and powered through multiple C-band transponders on the Telkom-4 satellite, GTPL Infinity enables pan-India signal delivery with minimal infrastructure, faster deployment, lower delivery costs, and access to underserved and cable-dark regions. The platform delivers approximately 1,000 channels, including around 100 HD channels, and significantly enhances GTPLs nationwide growth potential.
The Company continues to strengthen its technology leadership through strategic partnerships with global technology providers, AI-enabled customer service, digital platforms such as GTPL Buzz and GTPL Genie+, and an extensive ecosystem of more than 48,000 business partners, over 200 broadcasters, 1,750+ enterprise customers, and 30+ government projects. GTPLs sustained investments have translated into consistent value creation. Over the last eight years, Digital TV subscribers have grown by approximately 1.5x wired broadband subscribers by nearly 4x revenue has delivered a CAGR of around 16%, and the Company has generated positive free cash flow while maintaining profitability every year. The Company has remained PAT positive for eight consecutive years, doubled its net worth during this period, and maintained a consistent dividend payout track record, with a 20% dividend recommended for FY 2025-26. Its financial strength continues to be supported by IND AA-/Stable (LT) and IND A1+ (WC) credit ratings from India Ratings.
In-House Platform Services for Entertainment
Beyond connectivity, GTPL offers a diverse in-house entertainment portfolio, owning and managing more than 130 channels across genres and regional languages. This content depth sharpens content differentiation and boosts engagement, reinforcing GTPLs position as an integrated digital entertainment and connectivity provider.
Business Partners
A robust network of over 48,000+ Last Mile Operators (LMOs), who serve as key business partners across the country, support GTPLs operations. The Company operates on a collaborative, bottom-up approach built on mutual growth, transparency, and long-term partnerships. By drawing on the local market knowledge and onground presence of its LMO network, GTPL is able to expand its reach and deliver consistent service quality across regions.
Technology
Technology anchors GTPLs promise of reliable, high- quality digital entertainment and broadband services. The Company has built a robust technology ecosystem in collaboration with leading global and domestic technology partners. This collaboration spans cloud infrastructure, network operations, security, content delivery, customer engagement and enterprise applications.
Oracle powers the Companys cloud infrastructure and database, while its enterprise-wide business processes are managed by Oracle Fusion Applications. GTPLs broadcasting infrastructure is supported by headend technology partners including Broadpeak Ateme, and Harmonic, enabling efficient content processing and seamless delivery across its nationwide network. Strategic partnerships with Juniper Networks, Nokia, and Alepo strengthen network operations, ensuring high network availability, scalability, and operational efficiency. Customer premises equipment is sourced from established technology providers such as ZTE, Nokia, Aprecomm, Jiuzhou, Changhong, and OVT, supporting consistent connectivity and customer experience.
To safeguard its digital infrastructure, the Company uses advanced cybersecurity and content protection solutions from NAGRA Kudelski, Fortinet, and Verimatrix. Digital service offerings are further enhanced through partnerships with DistroTV, and OTTplay, offering customers access to a diverse portfolio of gaming and OTT entertainment services. AI-driven digital solutions from Yellow.ai and Affle help fortify customer engagement. GTPL also maintains an active presence across major digital platforms, including Facebook Instagram, X LinkedIn, YouTube, Google, and the Google Play Store. Magnaquest supports subscriber lifecycle management, while operational efficiency is further enhanced through the Companys proprietary in-house BSS applications, including CRM for MSO and GTPL Ledger. • i Lm
GTPLs technology backbone is anchored by its primary headend in Gujarat, supported by a regional headend in Kolkata, enabling efficient nationwide service delivery. With the capability to distribute over 975 television channels, including over 97 HD channels, GTPL continues to invest in advanced technologies and strategic partnerships. These investments enhance service quality, strengthen network resilience, and deliver a seamless digital experience to customers across India.
Together, this integrated ecosystem allows GTPL to deliver secure, scalable, and future-ready digital entertainment and connectivity solutions, living up to its promise of Connection DU Se.
SWOT Analysis
STRENGTHS
Market leader as Indias No. 1 MSO, largest MSO and broadband provider in Gujara and No. 2 MSO in West Bengal.
Extensive presence across 26 states, 4 Union Territories and more than 1,500 towns, connecting over 12 million households.
Robust infrastructure comprising over 100,000 km of owned optical fiber, nationwide Network Operations Centre, dual headends and distribution of 975+ channels including 97+ HD channels.
One of Indias leading private wireline broadband providers with over 1 million broadband subscribers and strong digital cable franchise.
GTPL Infinity (HITS) platform enables pan-India signal delivery, faster deployment lower delivery costs and expansion into cable-dark and underserved markets.
Strong partner ecosystem comprising 48,000+ business partners 200+ broadcasters, 1,750+ enterprise customers and 30+ government projects.
Diversified offerings including Digital TV,Wired broadband, OTT bundles, cloud gaming, Live TV, AI-enabled customer service and vernacular digital applications.
Consistent profitability, positive free cash flow, eight consecutive years of PAT, regular dividend payments and strong investment-grade credit ratings.
OPPORTUNITIES
Television households in India are expected to exceed 200 million by 2028, supported by rising incomes and an expanding middle class, providing a significant opportunity for subscriber growth.
Indias fixed broadband penetration remains significantly below global benchmarks, creating substantial long-term growth potential for broadband services.
Industry consolidation and cancellation of non-compliant MSO licences present opportunities to acquire customers and consolidate a market of nearly 40 million cable TV households.
GTPL Infinity (HITS) enables expansion into rural, cable-dark and difficult-to-reach markets while reducing signal delivery and infrastructure costs.
Integrated offerings combining Digital TV, Wired broadband, OTT platforms and cloud gaming provide opportunities to improve customer engagement and increase ARPU.
Strategic acquisitions and expansion into new geographies can further strengthen the Companys leadership position.
WEAKNESSES
Customer retention remains challenging amid intense competition from DTH, OTT platforms and telecom broadband providers.
Wired broadband business remains concentrated in selected states despite nationwide cable presence, leaving scope for wider geographic expansion.
Digital TV business continues to face structural pressure from evolving digital content consumption and OTT adoption.
THREATS
Intensifying competition from DTH operators, telecom broadband providers and OTT platforms may put pressure on subscriber growth, pricing and market share.
Changing consumer preferences towards streaming services and digital entertainment could reduce demand for traditional cable television services. Rapid advancements in broadband technologies and digital content delivery require continuous investment to remain competitive.
Regulatory changes and increasing compliance requirements in the broadcasting and telecom sectors could impact operations and industry dynamics.
Operational Performance
Digital TV - Active Subscribers (in Million)
Wired Broadband Home Pass (in Million)
Wired Broadband Subscriber Base (in Thousand)
Broadband ARPU (In Rupees)
Financial Performance
Digital TV Subscription Revenue (in Million)
ISP Revenue (in Million)
EBITDA (in Million)
Key Financial Ratios (Consolidated)
Human Resources
GTPL recognizes its employees as a key driver of business success and remains committed to building a high-performance, future-ready organization. During FY 2025-26, the Company continued to strengthen its people practices through focused investments in talent acquisition, enhancing employee productivity and engagement, promoting people practices, and digital HR transformation.
The Company continued to promote meritocracy, equal opportunity, and transparent people policies while strengthening its employer brand.
Learning and development remained a key focus area during the year. Employees participated in various technical, functional, behavioral, and leadership development programmes designed to enhance professional capabilities and prepare them for future business challenges. The Company also continued to invest in managerial effectiveness, customer service excellence, compliance awareness, and technology-focused learning initiatives.
The Companys performance management framework continued to foster a culture of accountability, transparency, and continuous improvement by aligning individual goals with organizational objectives.
As part of its digital transformation journey, GTPL continued to enhance technology-enabled HR processes to improve employee experience, operational efficiency, and decision-making. Increased adoption of digital workflows, self-service platforms, and analytics-driven HR practices enabled greater transparency and effectiveness in people management.
The Company believes that its employees will continue to play a pivotal role in driving innovation, operational excellence, and sustainable growth while delivering superior value to customers and stakeholders.
Risk Management
Description and Specification
During FY 2025-26, GTPLs Enterprise Risk Management framework identified three key emerging risks requiring focused Management attention: talent attrition and sourcing challenges in specialized technology roles, compliance obligations under the Digital Personal Data Protection (DPDP) Act, 2023, and supply chain and procurement disruption risk arising from evolving geopolitical and logistics conditions.
Potential Impact
GTPL operates in a fiercely competitive talent market for technology roles such as Digital Headend Engineers application developers, and cybersecurity specialists, competing against better-resourced MSOs, telecom, and technology companies. Attrition among senior leadership and subject-matter experts during the Companys ongoing technology transformation poses a risk to operational continuity, driven by limited career- advancement perception, compensation gaps, and skill obsolescence amid rapid technological change.
Separately, as a data fiduciary managing personal data for millions of cable TV and broadband subscribers, GTPL faces new statutory obligations under the DPDP Act 2023 — including consent management, breach notification, and data-principal rights. Gaps such as the pending appointment of a Data Protection Officer and an undeployed consent management platform expose the Company to regulatory and reputational risk.
On the supply chain front, GTPLs large-scale digital distribution network depends on timely procurement of set-top boxes and network equipment from domestic and international vendors. Geopolitical disruptions to key shipping routes, such as the Strait of Hormuz, together with a tightening marine insurance environment marked by elevated war-risk premiums and reduced reinsurance capacity, have increased the risk of deployment delays, cost escalation, and working capital pressure.
Internal Control Systems
The Company has established a comprehensive internal control framework to improve operational efficiency, optimise resource use, and ensure compliance with applicable laws and regulations. An independent firm of Chartered Accountants serves as Internal Auditor, reinforcing this framework.
The Audit Committee reviews internal audit findings and recommendations on a quarterly basis. Each review is aimed at strengthening business processes and controls. Management then implements appropriate preventive and corrective measures to address identified risks and safeguard the Companys assets and business interests.
Risk Management and Mitigation
To address talent risk, GTPL has strengthened its Balanced Scorecard system, competency matrices, and succession planning, supported by the ZingHR digital HR platform; the Company plans to expand Learning & Development programs, broaden succession coverage to Tier 2 and Tier 3 roles, and build its employer brand around its digital transformation narrative.
On data protection, GTPL has engaged a consultant for an independent DPDP compliance audit, alongside existing controls such as password policies, data masking, and two- factor authentication. The Company plans to deploy a Consent Management Platform by Q4 FY 2026-27 and conduct stakeholder awareness programs, with a formal compliance audit targeted for Q2 FY 2026-27.
On supply chain resilience, GTPL maintains a diversified vendor base with strategic rate contracts, ERP-integrated procurement systems for real-time tracking and demand planning, and a minimum 90-day buffer stock of critical components including settop boxes. The Company continues to pursue alternate vendor development and increased sourcing localization, supported by continuous market monitoring and vendor performance reviews to strengthen resilience against ongoing supply chain disruptions.
Cautionary Statement
The Company has disclosed forward-looking information to enable investors to comprehend our prospects and take investment decisions. This Report and other statements written and oral that we periodically make, contain forward-looking statements that set out anticipated results based on the managements plans and assumptions. We cannot guarantee that these forward-looking statements will be realised although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Readers are requested to keep this in mind. Actual results may differ from those expressed or implied. We undertake no obligation to publicly update or revise any forward-looking statement whetheras a result of new information future events or otherwise.
Our •
ESG
Purpose
Connecting Responsibly: Leading Sustainably
Our ESG philosophy is embedded in our identity and guides not only what we do, but how we do it. Through every connection we build, we strive to foster digital inclusion, environmental responsibility, and ethical governance. We recognise the responsibility that comes with scale and are committed to managing our footprint responsibly while delivering sustainable, long term value for our stakeholders.
ESG Reporting Scope
We present our Environmental, Social and Governance (ESG) disclosures for the financial year FY 2025-26, reflecting our continued commitment to responsible growth, transparency, and long-term stakeholder value creation.
Our ESG reporting covers the full extent of our operations across 26 states in India, representing a diverse and expansive footprint in both urban and rural markets. Through this wide operational presence, we remain closely connected to the communities we serve. It also enables us to integrate sustainability practices consistently across geographies.
This report outlines our approach, performance, and progress on key ESG parameters during the year. We aim to provide our stakeholders with a clear, comprehensive, and transparent view of our sustainability efforts. It also highlights how we integrate sustainability into our business strategy and day-to-day operations.
Shaping Our Priorities: Stakeholder Voice & Material Issues
At GTPL, we recognise that stakeholder engagement is integral to how we operate and grow responsibly. Meaningful and continuous dialogue with our stakeholders enables us to stay aligned with their evolving expectations. It also helps us respond proactively to their concerns and co-create long-term value. Our engagement approach is structured, inclusive, and anchored in transparency, accountability, and mutual respect.
Our stakeholder ecosystem comprises diverse stakeholder groups, each playing a distinct role in shaping our strategic direction and ESG priorities:
—
Expectation
Reliable services, seamless connectivity, responsive support, and strong data privacy practices.
Engagement Approach
We engage through customer care service centres and formal grievance channels, ensuring resolution in line with regulatory frameworks, including the TRAI Complaint Redressal Regulations (2012).
Employees
Expectation
Look for a safe, inclusive, and growth-oriented work environment supported by fair practices and opportunities for development.
Engagement Approach
We provide multiple accessible platforms, including a vigil mechanism, POSH framework, and ESG policies. These enable continuous, confidential, and transparent reporting supported by defined escalation processes.
Investors and Shareholders
Expectation
Seek consistent financial performance, robust governance, and long-term value creation.
Engagement Approach
We institutionalise engagement through robust governance structures and well-defined communication channels. Stakeholders inputs and concerns are reviewed quarterly by the Board and annually by the Stakeholders Committee. Regular disclosures through our Annual Report, regulatory filings, and ongoing investor interactions are complemented by established grievance mechanisms to support timely review and resolution.
Suppliers and Business Partners
Expectation
Ethical dealings, collaboration, and sustained, mutually beneficial partnerships.
Engagement Approach
We maintain dedicated points of contact within our supply chain, enabling ongoing engagement and structured resolution of concerns through periodic reviews.
Communities and NGOs
Expectation
Responsible operations, local engagement, and meaningful social impact.
Engagement Approach
We engage through our CSR framework, supported by a formal CSR Policy, ensuring continuous interaction and responsiveness to local needs and concerns.
Regulators and Government Bodies
Expectation
Strict compliance, transparency, and active contribution to the digital infrastructure ecosystem.
Engagement Approach
We engage proactively with regulators and government bodies through structured compliance frameworks, periodic regulatory filings, and ongoing consultations. We address regulatory inputs and requirements in a timely manner through transparent disclosures and compliance with applicable laws. We also contribute to the development of Indias digital infrastructure ecosystem.
We have established structured engagement mechanisms across all stakeholder groups to capture feedback consistently and address concerns in a timely manner. Through formal grievance redressal systems and ongoing dialogue, we incorporate stakeholder feedback into our operations. This helps us remain responsive, transparent, and accountable.
Translating Stakeholder Insights into Material ESG Priorities
Our materiality assessment is a strategic exercise that helps GTPL identify and prioritise ESG topics that matter most to our business and stakeholders. Our latest comprehensive materiality assessment was conducted in FY 2023. It established a strong foundation for our ESG strategy and continues to guide our sustainability priorities.
We follow a structured and systematic approach to determine material ESG issues:
We begin by identifying a comprehensive universe of \ ESG topics through internal assessments, peer / benchmarking, and industry insights.
Map these issues against our business objectives, risk landscape, and stakeholder \ expectations, ensuring alignment with both operational priorities and external perspectives.
Prioritise these topics based on their significance \ to stakeholders and their \ potential impact on business \ performance, drawing insights from stakeholder interactions and engagement mechanisms.
Based on this process, ESG topics are plotted on a materiality matrix using two key parameters:
Significance to Stakeholders
Impact on Business Performance )
This framework categorises ESG issues into high, medium, and emerging priorities. It allows us to focus on areas that are most critical to long-term sustainability and value creation.
The materiality assessment is periodically reviewed to reflect changes in stakeholder expectations, evolving regulatory requirements, and shifting business priorities. This ongoing process ensures that our ESG strategy remains dynamic, relevant, and aligned with our long-term vision for responsible and sustainable growth.
From Materiality to Momentum: Our ESG Strategy
Our ESG philosophy is anchored in responsible growth, ethical governance, and creating long-term sustainable value for all stakeholders.
Building on the insights from our FY 2023 materiality assessment, we have structured our ESG approach around four strategic pillars. These pillars directly reflect the priorities identified through stakeholder engagement and issue mapping. They translate material topics into clear action areas, ensuring our efforts remain purposeful, measurable, and aligned with the expectations of those we serve.
Our ESG approach stands on four strategic pillars:
GTPL ESG Strategy and Framework
A Future Ready Foundation
These four pillars form the foundation of GTPLs ESG strategy-guiding every initiative, investment and interaction across our business. Each pillar is supported by specific focus areas that directly align with the material topics identified through our comprehensive materiality assessment.
For every priority area, we have defined measurable goals and established Key Performance Indicators (KPls) that turn strategy into action.
This approach keeps us agile in a dynamic world. It enables us to meet evolving expectations, stay ahead of regulatory developments, and deliver long-term value for all stakeholders. It is also instrumental in building a more inclusive and sustainable future.
Environmental Stewardship & Resource Management
Every connection we power through digital TV and wired broadband reflects our commitment to using resources responsibly and reducing our impact on the environment.
We focus on energy efficiency, responsible resource utilisation, and sustainable operational practices to minimise our environmental footprint. This helps us support the growing demand for reliable digital connectivity while balancing business growth with environmental responsibility. Our networks not only connect people but aIso contribute to a more sustainable future.
Environment Highlights
Policies Governing Environment
Our approach to environmental stewardship is guided by our overarching ESG Policy. It serves as the foundation for integrating sustainability principles into our business operations and decisionmaking processes. Through this framework, we embed environmental considerations across key areas such as resource efficiency, energy management emissions reduction, water conservation, and responsible waste management. We also ensure compliance with all applicable regulations and standards.
We strive to adopt efficient technologies, promote responsible consumption, and encourage sustainable practices across our value chain, supported by continuous improvement and heightened internal awareness. This policy-driven approach enables us to minimise our environmental footprint, mitigate risks, enhance operational efficiency, and contribute to building a more sustainable and resilient future.
Energy Management
Our energy footprint is primarily derived from two sources— direct energy and indirect energy consumption. Direct Energy consumption mainly comprises fuel used in diesel generators and owned vehicles. Indirect Energy consumption includes electricity used across our offices and operational hubs to power network infrastructure and service delivery systems.
During FY 2025-26, our total energy consumption stood at 26,086.11 GJ, reflecting a year-on-year marginal reduction of 0.2%. This was achieved despite the continued expansion of our operations and growing demand for connectivity services. As depicted in the chart, our energy consumption has remained broadly stable over recent years. It has declined by 12% compared to FY 2022-23, demonstrating our sustained focus on improving energy efficiency even as our business scales.
Encouragingly, we continued to improve our operational efficiency during the year. Our energy intensity reduced by 10.6%, from 1.19 to 1.06 GJ per million INR of turnover year-on-year. This indicates more efficient energy utilisation relative to business growth. The improvement reflects our continued focus on optimising energy usage, enhancing infrastructure efficiency, and adopting better operational practices.
Emissions Management
We recognise the importance of actively monitoring and managing our greenhouse gas (GHG) emissions as part of our broader environmental responsibility. Our GHG emissions are primarily derived from two sources: direct energy consumption and indirect energy consumption. Direct emission (Scope 1) arises from diesel generators and owned vehicles, while indirect emission (Scope 2) are generated from grid electricity used across our offices and operational sites. Given the nature of our operations, Scope 2 emissions constitute the majority of our overall carbon footprint due to our electricityintensive network infrastructure.
In contrast, Scope 1 emissions have remained minimal at approximately 2% of total emissions from FY 2022-23 to FY 2025-26.
Scope 1
Our Scope 1 emissions, arising from diesel generators and owned vehicles, reflect our ongoing commitment to optimising fuel use while ensuring operational reliability. As illustrated in the chart, Scope 1 emissions have shown an overall improvement over the medium term. They declined from 100.17 tCO2e in FY 2022-23 to 77.41 tCO2e in FY 2025-26, representing a reduction of approximately 23%. This gradual decline highlights our efforts to enhance operational efficiency, improve fuel utilisation, and strengthen infrastructure resilience across our network. It also demonstrates our continued focus on managing direct emissions responsibly, despite operational variations in regions with intermittent power supply.
Scope 2
Our Scope 2 emissions arise from purchased electricity used across our offices and operational sites. They account for the largest share of our overall carbon footprint because of the electricity-intensive nature of our operations.
As shown in the chart, Scope 2 emissions declined from 6,274.33 tCO2e in FY 2022-23 to 4,928.99 tCO2e in FY 2025-26, representing a reduction of approximately 21%. This was achieved despite the continued expansion of our operations and increasing energy requirements. The decline reflects improved energy efficiency and a lower emission factor of grid electricity. These improvements support our efforts to optimise indirect energy use and reduce our overall carbon footprint.
Our continued focus on operational efficiency is evident in the steady decline in emissions intensity over the years. As shown in the chart, Scope 1 and Scope 2 emissions intensity reduced to 0.20 tCO2e per million INR of turnover in FY 2025-26, compared to 0.23 in FY 202425. This extends the downward trend from 0.24 in FY 2023-24 and 0.38 in FY 2022-23. Overall, this demonstrates an improvement of approximately 46% over the four-year period, highlighting our success in decoupling emissions growth from business expansion.
FY 2025-26 marks an important milestone in our emission management framework, as we have initiated the assessment of Scope 3 emissions for the first time. During the year, we have evaluated emissions across selected categories, laying the groundwork for a more comprehensive understanding of our value chain impact. Going forward, we aim to expand the scope and coverage of our Scope 3 emissions, progressively including all relevant categories in line with evolving standards and best practices.
| Scope 3 Category | Emission (tCO2e) | |
| Category 5 | Waste Generated in Operations | 48.36 |
| Category 6 | Business Travel | 71.48 |
| Category 7 | Employee Commute | 635.09 |
| Category 8 | Upstream Leased Assets | 676.36 |
| Category 9 | Downstream Transportation and Distribution | 289.15 |
Waste Management
We recognise that responsible waste management is critical to minimising our environmental impact and advancing a more circular, resource- efficient approach to operations. Our waste management strategy is designed to reduce waste generation at source, maximise recovery, and ensure safe and compliant disposal across our operational footprint.
During FY 2025-26, our total waste generation stood at 118.58 metric tonnes, reflecting a stable trend compared to 119.49 metric tonnes in FY 2024-25. This remained broadly stable despite the continued expansion of our operations. Over the years, our waste profile has evolved in line with business growth, with a clear focus on improving efficiency and recovery.
The majority of our waste comprises e-waste (101.81 metric tonnes) and battery waste (14.81 metric tonnes), reflecting the technology-driven nature of our operations. Plastic waste remained minimal at 1.96 metric tonnes, while other waste categories continued to remain negligible.
Encouragingly, our waste intensity improved to 0.0048 MT per million INR, compared to 0.0054 in FY 2024-25. This indicates greater efficiency in waste management relative to revenue growth and reinforces our focus on optimising resource use while scaling operations.
A key pillar of our approach is our robust e-waste management programme. Under this programme, we prioritise the refurbishment, reuse, and recycling of electronic assets, particularly set-top boxes. We follow a structured lifecycle management process that extends the usability of equipment wherever possible. Only assets that have reached the end of their lifecycle are directed for responsible disposal.
To ensure compliance with applicable environmental regulations and standards, we partner with authorised recyclers who are equipped to handle electronic and battery waste responsibly. This enables the recovery of valuable materials, reduces dependence on virgin resources, and strengthens our contribution to a circular economy.
Water Management
We approach water management with a clear focus on responsibility, efficiency, and minimal minimal environmental impact, aligned with the our office-based and technology- driven operations. Although water is not a significant operational input for our business, we recognise the importance of managing this resource prudently. We therefore ensure that consumption practices remain efficient and sustainable across all our locations. Our primary sources of water withdrawal include third-party supply and groundwater. Water is largely used for drinking and sanitary purposes, making our water footprint inherently lean and controlled. Given the predominantly domestic nature of our water use, total water withdrawal is equivalent to total water consumption. Our operations do not generate wastewater discharge, reflecting a low impact operating model. This ensures that water is used purposefully, monitored regularly, and limited to essential requirements.
Total water withdrawal has declined from 32,116.50 kilolitres in FY 2022-23 to 24,733.80 kilolitres in FY 2025-26. The overall reduction over the period stood at approximately 23%. This steady decline highlights our sustained efforts to optimise consumption, improve efficiency across facilities, and embed a culture of responsible usage. Year-on-year, better monitoring practices, greater awareness, and disciplined resource utilisation further contributed to this performance, even as our business continued to expand.
In addition to lower water consumption, we have also achieved a significant improvement in water consumption intensity. As illustrated in the chart, water intensity reduced from 1.89 kilolitres per million INR of turnover in FY 202223 to 1.01 in FY 2025-26. This marks a substantial improvement of nearly 47% over the period. The sustained reduction has enabled our ability to decouple resource consumption from growth, reinforcing our focus on operational efficiency and sustainable practices.
Our water management approach is further supported by continuous monitoring, internal awareness initiatives, and process-level controls aimed at minimising wastage and improving efficiency. We actively promote responsible consumption practices across our offices, ensuring that water is used judiciously and only where necessary. These initiatives, combined with our low-consumption operational model, enable us to maintain a disciplined and efficient water footprint.
Social - People Customers & ? Communities
Every connection we enable through our digital TV and wired broadband services reflects our commitment to strengthening communities and fostering inclusive growth.
By prioritising customer well-being, employee development, and meaningful community engagement, we strive to create a positive and lasting social impact. Our efforts focus on enhancing inclusion, delivering services responsibly, and building lasting relationships with stakeholders. Through this approach, we aim to bridge digital divides, empower people with reliable connectivity, and contribute to a more connected, equitable, and resilient society.
Social Highlights —
Policies Governing Social Circle
Our approach to social responsibility is anchored in a robust policy framework comprising our ESG Policy, Employee Welfare Policy, Human Rights Policy, Prevention of Sexual Harassment Policy, and Vigil Mechanism. Together, these policies guide our commitment to fostering an inclusive, safe, and ethical workplace while upholding the rights, dignity, and well-being of all stakeholders.
We prioritise fair labour practices, equal opportunity, and a respectful work environment, supported by structured mechanisms to address grievances and promote transparency. Through continuous focus on employee development, diversity and inclusion, and responsible business conduct to strengthen trust, enhance organisational culture, and drive positive social impact.
This policy-led approach enables us to create a supportive ecosystem that empowers our workforce, safeguards stakeholder interests, and contributes to sustainable and equitable growth.
Our People
Our people are central to our growth and long-term success. We are committed to building an inclusive, equitable, and high-performing workplace where individuals feel respected, supported, and empowered to contribute meaningfully. By embracing diversity, fostering collaboration, and investing in continuous development we aim to cultivate a resilient workforce. In turn, this helps us adapt to evolving business needs while delivering sustained value.
Gender Diversity
We believe that a diverse workforce brings varied perspectives, fosters innovation, and strengthens organisational resilience. We remain committed to enhancing gender diversity across all levels including technical and field roles where female representation has traditionally been limited.
In FY 2025-26, women constituted 7% of our permanent workforce (47 out of 631) and 4% of our other-than- permanent workforce (55 out of 1,483). Overall, women accounted 5% of our total employee base (102 out of 2,114). While female representation remains modest we continue to take focused steps to improve gender balance across functions and roles, particularly in traditionally underrepresented areas. We have set a long-term target to increase womens representation to 10% by FY 2027. To guide our diversity and inclusion efforts, we also monitor workforce composition across gender, age groups, and management levels. This helps us drive data-informed diversity and inclusion initiatives and ensure sustained progress. The following table presents a detailed breakdown of our workforce for FY 2025-26.
Talent Retention and Employee Policies
Retaining the right talent is critical to building a resilient and future-ready organisation. We recognise that a motivated, engaged, and supported workforce is fundamental to sustaining business continu ity and driving innovation. Guided by our Employee Welfare Policy, we aim to create an environment where our people feel valued, respected, and empowered to grow.
Our approach to talent retention is anchored in the following key areas:
Employee Well-being and Support: We promote a safe, healthy, and inclusive work environment through structured welfare measures and employee-friendly policies.
Learning and Development: We undertake continuous u ps killing and capability building initiatives to support career progression and prepare employees for evolving business needs.
Inclusive and Engaging Workplace: We strive to create a culture of belonging by encouraging diversity, collaboration, and open communication across all levels.
Performance and Growth Opportunities: We implement merit-driven performance management and provide internal growth opportunities to motivate employees and strengthen talent retention.
In FY 2025-26, we recorded an overall employee turnover rate of 16.3%. While this reflects the dynamic and competitive nature of the industry, we continue to strengthen our retention strategy. We do this by enhancing employee engagement, expanding development initiatives, and reinforcing a culture that prioritises well-being and inclusivity. These efforts aim to build stronger workforce stability and longterm organisational resilience.
| Management Level | Gender (No.) | FY | |
| Male | Female | 2025-26 | |
| Permanent Workforce | 584 | 47 | 631 |
| Other-Than-Permanent Workforce | 1428 | 55 | 1483 |
| Total Workforce | 2012 | 102 | 2114 |
Our workforce also reflects a strong regional presence, with 100% Indian nationals employed across our locations.
Permanent Employees- Turnover
FY 2023-24 FY 2024-25 FY 2025-26
Our efforts to support employees returning from parental leave have resulted in a 100% return-to-work rate, with an overall retention rate of 68%. As part of our future roadmap, we aim to achieve 100% retention post-parental leave, while continuing to support employees at all life stages.
| FY 2025-26 | Male | Female | Total |
| Return to work rates of employees who took parental leave | 100% | 100% | 100% |
| Retention rates of employees who took parental leave | 68% | 67% | 68% |
Employee Wellbeing and Development
We are committed to supporting the holistic well-being and professional development of our employees by creatin g a secure, inclusive, and enabling work environment. Our approach ensures that they feel supported not only in their professional roles but also in their overall health, safety, and personal wellbeing.
We provide a comprehensive range of benefits to all permanent employees including health and accident insurance, as well as maternity and paternity benefits. These provisions are designed to offer financial security, promote work- life balance, and contribute to workforce stability and morale.
In addition to these benefits, we actively promote employee wellness and engagement through a range of initiatives including:
Health and Wellness Programs: We support employee well-being through benefits such as health and accident insurance coverage, ensuring financial protection and access to healthcare when needed.
* Employee EngagementActivities: We organise cultural and recreational events such as International Yoga Day celebrations Diwali and Navratri festivities, and sports tournaments fostering team bonding and a sense of belonging.
* Learning and Development
Opportunities: We invest in structured skill development trainings and upskilling programs aimed at enhancing employee competencies and career progression. As a result of these efforts, 50% of our permanent workforce and 64% of our other than permanent workforce received skill development training in FY 2025-26.
Supportive Work Environment: We promote work-life balance through inclusive policies such as maternity and paternity leave benefits, enabling employees to manage their personal and professional responsibilities effectively.
Through these engaging efforts we aim to build a workplace where employees feel valued, cared for, and empowered to perform at their best.
Human Rights
We are committed to upholding and promoting human rights across all aspects of our operations. Our workplace culture is built on dignity, fairness, and mutual respect. We have set an objective to achieve 100% awareness of human rights among our permanent employees. As of FY 202526, 94% of permanent employees have undergone dedicated human rights awareness training. We continue to address the remaining gap through targeted sensitisation initiatives.
Our approach to human rights is supported by a comprehensive policy framework, including:
Code of Conduct: Outlines our principles on non-discrimination, equal opportunity, and ethical workplace behaviour.
Employee Welfare Policy and ESG Policy: Emphasise our responsibility to safeguard employee well-being and uphold human rights standards.
Human Rights Policy: Provides a structured approach, defining our core principles, commitments, and expectations from all stakeholders.
Prevention of Sexual Harassment Policy:Ensures a safe and respectful workplace, with clear guidelines and redressal mechanisms to address concerns.
All these policies are publicly available on our website, reflecting our commitment to transparency and accountability.
We also respect our employees right to freedom of association and support their ability to form or join unions without restriction. While no unions were formed during FY 2025-26, we remain committed to upholding this right as an integral part of our human rights framework. 2025-26, GTPLeodedzeroreporedcaseseaed to sexual harassment workplace discrimination, child labour, forced or involuntary labour, and issues concerning equal wage
Occupational health and safety
We are committed to fostering a safe, healthy, and resilient workplace at GTPL through a comprehensive and proactive approach to Occupational Health and Safety (OHS). Our focus remains on strengthening awareness, enhancing preparedness, and embedding a culture of safety across all operations. We aim to achieve 100% training coverage on health and safety for all permanent employees. In FY 202526, 69% of our permanent workforce received health and safety training, reflecting steady progress in building organisation-wide awareness and capability.
Our commitment to safety is supported by a robust policy framework. The EHS Policy and ESG Policy define our approach, guiding responsible conduct, risk management, and adherence to safety standards across all operations.
To uphold high safety standards, we have implemented a structured EHS management system aligned with ISO 45001 guidelines, supported by well-defined protocols and procedures. Key elements of our approach include:
Safety Governance and Compliance: A dedicated Health and Safety framework ensures compliance with applicable legal and regulatory requirements. Regular internal audits help identify risks and assess hazards across operational sites.
Safe Operations and Equipment: Technicians strictly follow Standard Operating Procedures (SOPs) and are equipped with appropriate Personal Protective Equipment (PPE), including safety kits, shoes, and protective gear.
Health and Wellness Initiatives:
We promote holistic well-being through doctor consultations, health awareness talks, and sessions on nutrition, hypertension, and yoga, ensuring both physical and mental health support.
Safety Infrastructure and Awareness: Our office premises are equipped with essential safety infrastructure, including first aid kits, smoke detectors and fire extinguishers. Regular communication of health and safety tip sthrough internal channels further reinforces a culture of awareness and preventive care.
The effective implementation of our OHS initiatives is driven by active oversight from management, relevant committees and functional teams. Together, they help ensure safety is prioritised, risks are proactively managed, and both physical and mental well-being are safeguarded across the organisation.
Customers & Service Responsibility
Delivering reliable, accessible, and customer-centric services remains a core priority for GTPL. We place a strong emphasis on transparency, responsiveness, and continuous improvement. Our focus is on understanding evolving customer needs, enhancing service delivery, and ensuring a seamless experience across all touchpoints.
To provide convenient access to information and support, we have established multiple platforms that facilitate seamless customer engagement and timely support:
Digital Access to Information
Our website and mobile application serve as comprehensive platforms, offering up-to-date information on services, pricing, and availability, enabling customers to make informed decisions.
24x7 Customer Support
Our dedicated toll-free customer care helpline operates round-the-clock, allowing customers to seek assistance, raise queries and receive prompt support at any time.
Customer Awareness and Education
Through initiatives such as the Consumer Corner on our website, we promote responsible usage and provide guidance on our products and services. We also collaborate with industry experts and associations to stay aligned with emerging concern and best practices.
Dedicated Support Team
Our trained customer support team ensures personalised assistance, addressing queries effectively and enhancing overall customer satisfaction.
Customer Satisfaction Survey
Customer satisfaction remains a key priority for us. We conduct customer satisfaction surveys for both our primary (PP) and secondary (SP) customers. The assessment covers parameters such as channel availability, picture quality, services, and cost. The average CSAT score stood at 84.66% for PP customers and 82.74% for SP customers.
We have also established a robust and accessible grievance redressal mechanism. Customers can register complaints through multiple channels including:
Upon receiving a complaint or service request, a unique docket or complaint reference number is generated and shared via SMS to the registered mobile number. All complaints are addressed within defined timelines. Once resolved, an update on the action taken is communicated to the customer through SMS, ensuring transparency and timely closure.
Supply Chain Management
We are committed to building a responsible and sustainable supply chain that aligns with our ESG values and business objectives. Our ecosystem base includes both Business-to- Business (B2B) and Business-to- Consumer (B2C) segments. In the B2B space, we collaborate with Local Cable Operators (LCOs) for last-mile digital TV distribution and with broadcasters to offer diverse content. In the B2C segment, we deliver services directly to customers, providing seamless access to digital and entertainment solutions.
A robust governance framework underpins our supply chain practices. The Suppliers Code of Conduct outlines clear expectations on ethical business practices, human rights, environmental stewardship, and regulatory compliance. This Code applies to all suppliers, including contractors, service providers, agents, and representatives. Supplier selection follows a structured evaluation process. This gives preference to partners who uphold fair labour practices, respect human rights, and demonstrate commitment to sustainability. These expectations are further reinforced through our ESG Policy, which emphasises energy efficiency, resource conservation, and emission reduction.
Key elements of our responsible supply chain approach include:
Inclusive Sourcing
Procurement from Micro, Small, and Medium Enterprises (MSMEs) is prioritised to support local economic development and innovation. In FY 2025-26, 45% of input materials (by value) were sourced from MSMEs, reflecting a significant increase from the previous year.
02
Local Procurement
A strong focus is placed on domestic sourcing. In FY 2025-2026, 94% of inputs procured from within India, strengthening local supply networks and reducing dependency on external markets.
03
Vendor Governance
A structured vendor registration and evaluation system ensures adherence to applicable standards. It also encourages continual improvement in supplier performance and sustainability practices.
04
Circular Economy Practices
The reuse and refurbishment of set-top boxes, in collaboration with LCO partners, help minimise electronic waste and improve resource efficiency. In FY 202526, reclaimed products and packaging materials accounted for 14% of total products sold in relevant categories.
Through these measures, sustainability principles are embedded across the supply chain. They strengthen long-term partnerships, enhance operational efficiency, and contribute to environmental and socio-economic value creation.
Percentage of Input Material Source
Directly sourced from MSMEs/ Small producers
Directly from within India
Grievance Redressal Mechanism
We are committed to maintaining transparent and responsive grievance redressal mechanisms for all our stakeholders. Our structured approach ensures that concerns are addressed promptly, fairly, and in alignment with applicable policies and regulations.
In FY 2025-26,100% of grievances received from all stakeholder groups were addressed
Investors/Shareholders
Complaints received from investors and shareholders are reviewed quarterly by the Board and annually by the Stakeholders Relationship Committee, as outlined in the Committees charter. Details of such grievances and their resolution are disclosed in our Annual Report in accordance with regulatory requirements.
Employees and Workers
We have a robust grievance redressal framework in place for our workforce. It includes a Vigil Mechanism for reporting unethical practices a Prevention of Sexual Harassment (POSH) policy to address gender-based grievances, and provisions within our ESG Policy that promote a safe and equitable workplace. These channels ensure that employees and workers feel secure in raising concerns without fear of retaliation.
Customers
Customer grievances are handled through our dedicated Customer Care Service Centre. Issues related to services, billing, and technical support are logged, tracked, and resolved in a time-bound manner to ensure high customer satisfaction.
Value Chain Partners
Our suppliers and other value chain partners may raise concerns through the designated point of contact within the supply chain management team. We encourage open communication and timely resolution of issues to maintain ethical and sustainable business relationships.
Community Development and Responsible Supply Chain
Community development remains a key pillar of GTPLs Corporate Social Responsibility (CSR) approach, reflecting our commitment to inclusive and sustainable growth. Our initiatives are guided by need-based assessments and continuous engagement with local communities. This helps ensure interventions are relevant, impactful, and aligned with long-term development goals.
In FY 2025-26, CSR initiatives reached a wide base of beneficiaries across focus areas such as education, healthcare, and empowerment. A significant proportion belonged to vulnerable and marginalised groups. Our programmes are designed to create measurable impact by improving access to quality education, strengthening community well-being, and enabling equitable opportunities.
Key focus areas and outreach include:
Education
2,020 beneficiaries supported, with 78.81% from vulnerable groups, focusing on improving access to quality learning.
Daughter
Empowerment
61,500 beneficiaries reached, with 100% belonging to marginalised communities reflecting our commitment to gender inclusion and empowerment.
Healthcare and Education Support
290 beneficiaries covered, with 45.86% from vulnerable groups, addressing essential health and education needs.
Case Study 1
Empowering Young Girls and Women Through Life Skills - Education
Case Study 2
Supporting Holistic Learning
As part of our commitment to creating inclusive and empowered communities, we partnered with Rotary Club Charitable Trust to implement Project Asmita, a transformative initiative focused on the empowerment of girls and women in rural communities. Recognizing that education extends beyond academics Project Asmita was designed to equip participants with essential life skills that enable them to navigate personal, social, and economic challenges with confidence. Through a structured learning programme, beneficiaries were provided access to video-based learning modules, practical learning tools, and informative booklets covering critical topics such as financial literacy, mental well-being, digital and technological skills, and self-defense.
The programme created awareness on managing personal finances, encouraged open conversations around mental health, strengthened digital readiness, and enhanced personal safety and self-confidence among participants. By combining knowledge with practical application, Project Asmita helped foster greater selfreliance and decision-making ability among young girls and women.
Our collaboration with the Lotus Petal Foundation extends to supporting students at the Lotus Petal Senior Secondary School in Dhunela, Gurugram, Haryana. Through the CSR initiative, "Supporting Academic Excellence Complemented by Skill Education under the CBSE Framework" we sponsor teaching expenses for pre-primary and primary classes, benefiting 455 students.
We have adopted a comprehensive approach to education by providing access to quality teaching. It also includes essential resources such as textbooks, notebooks, stationery, uniforms, nutritious meals, and transportation. In addition to strengthening academic foundations, our initiative integrates skill development aligned with NEP 2020 and CBSE guidelines. This helps equip students with future-ready capabilities.
Through this initiative, we aim to create a supportive and inclusive learning environment. It empowers students not only academically, but also socially and professionally helping them build confidence and prepare for future opportunities.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
