Cable TV
DTH to benefit, Reliance Jio to intensify competition in DAS Phase III: Edelweiss
NEW DELHI: Broadcasters are obviously clear winners, but the direct to home (DTH) platforms may ultimately become the greatest beneficiaries of Phase III of digital addressable system (DAS) by garnering incremental market share of more than 50 per cent.
According to Edelweiss Securities Ltd, broadcasters will be one of the safest and most attractive plays on the digitisation theme, irrespective of higher subscriber additions by DTH or MSOs. “We expect a one-year lag for subscription revenue to flow (starting FY18) from the newly digitised subscribers,” Edelweiss said in its analysis of DAS Phase III.
“In our view, analogue signals will gradually switch off and substantial roll out of Phase III digitisation will take at least three to four quarters driven by mass media ads and proactive steps by DTH players, national MSOs & the regulator,” the firm said.
However, this view is contrary to the Chrome Data Analytics’ claim of 70 per cent digitisation in Phase III.
With six states (Assam, Telangana, Andhra Pradesh, Maharashtra and Odisha and Tamil Nadu) stalling Phase III digitisation by eight weeks or more with High Court orders, Edelweiss says, “Uncertainty persists; we expect many more states to follow suit.” In Tamil Nadu, the stand-off between Arasu and the Information & Broadcasting Ministry will delay digitisation, as was the case with Chennai earlier.
Moreover, Edelweiss believes Reliance Jio’s entry in cable TV will intensify competition in the space. “Overall, we expect Zee, Sun TV, TV18 and Dish TV to be bigger beneficiaries of Phase III digitisation over the long term.”
In Phase I and II cities, MSOs were able to retain around 75 per cent of incremental market share, while DTH players managed to garner only 25 per cent.
However in Phase III markets, Edelweiss says regional MSOs will have to incur substantial capex to make the cable infrastructure digital ready. “We believe DTH players will enjoy natural advantage over regional MSOs in Phase III markets.”
Further, voluntary digitisation by national MSOs in Phase III markets, learnings from Phase I & II digitisation and parts of Phase III areas being contiguous with Phase I & II markets put national MSOs in better position than regional MSOs.
With the rollout of Reliance Jio, Edelweiss expects “competition to intensify in cable TV business. Cashing in on its strong balance sheet, RJio will fuel further competition in cable TV (free STBs, bundled services) in Phase I and II markets. We expect RJio’s entry to change the industry dynamics led by introduction of packaging and prepaid billing.”
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
