Cable TV
Hathway Bhawani plans equity offer; mulls pay-per-view service
Hathway Bhawani Cabletel & Datacom Limited has announced that an offer of 1.6 million equity shares of Rs 10 each for cash at a price of RS 20/- per share aggregating Rs 32 million is on the anvil.
This represents 20 per cent of the present paid up equity capital of the company. The offer for sale document has been filed with market regulator Securities and Exchange Board of India for necessary clearances. An official release informs that the proposed offer for sale benefits the company and its shareholders as the company will maintain its listed status on the Bombay Stock Exchange and at the same time offer greater liquidity to the shareholders of the company.
Hathway Bhawani is a leading Multiple Service Operator (MSO) with operations in the Central and Eastern Suburbs of Mumbai covering areas of Chembur, Sion, Kurla, Ghatkopar and Dadar T.T. The company claims to be the first cable television company to be listed on the Bombay Stock Exchange. It is also the largest cable network in Central Mumbai.
Since 1999, 51 per cent of the company’s existing paid up equity capital is held by Hathway Cable & Datacom Private Limited (HCPDL), Hathway Investments Limited (HIL) and United Cable Networks Private Limited (UCNPL). The Rupert Murdoch promoted broadcaster Star TV officially holds 26 per cent of the paid up equity capital of HCDPL.
Hathway Bhawani recently invested about RS 10 million for a state-of-the-art new head-end at Chembur, Mumbai, and the laying of optic fiber cables for its cable internet business. The company’s services / businesses have been organised into three divisions: distribution, channel and ISP.
On the company’s agenda is the launch of a Pay Per View (PPV) service, where the subscribers can view movies and additional channels at their home. One of the options before the company is to launch PPV at a small incremental investment and thus offer a value-added service to the subscriber at a competitive price.
Hathway Bhawani runs two movie-based Cable Channels – BTV (Bhawani Superhit which telecasts popular Hindi Movies) and BVC (Bhawani Viewers Choice). The Company also runs a Religious Channel – BTV Upasana.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
