Cable TV
Hathway Cable becomes India’s first $1bn enterprise valuation MSO
MUMBAI: New year celebrations don’t seem to have ended at the Raheja group company and multi system operator Hathway Cable & Datacom. The MSO has become the first company from the cable TV industry to have crossed the $1 billion mark in terms of enterprise valuation.
At the time of filing the report, as on 6 January 2015, (1 USD= 63.4286 INR mid- market rate), the total valuation of the company including market cap (Rs 5581 crore) and debt (Rs 806 crore) and excluding cash and cash equivalents was close to $ 1 billion (Rs 6387 crore).
Hathway Cable & Datacom MD and CEO Jagdish Kumar Pillai is over the moon with this feat. Says he, “This achievement has got more to do with the potential of the Indian cable TV market, and not just with what Hathway does.”
For Pillai, digitisation has opened up the potential of unlocking the value that Indian cable TV industry holds. “With broadband and cable TV getting more transparent, the market is viewing this as a great industry to invest in the next five years, and that’s reflected in the balance sheet. It is a promise of a good potential,” he opines.
With the industry getting more organised, Pillai expects more foreign investors to pump in funds into cable TV. “And that is what Hathway is doing. We are corporatising the whole industry and bringing the professionals to run our business. We have invested heavily in computer software and automation. It has become more like a telecom company. We expect a lot of investment interest in the industry now,” he adds.
Pillai feels that it is Hathway’s broadband service which differentiates the company from the other players. “Our broadband service is strong and that has, along with our strong CATV, helped us reach at this level,” he says.
The plan for Hathway from here is clear: monetisation of the investments made in the phase I and II markets. “We have deployed 7 million set top boxes in the first two phases of DAS and we would like to monetise that. Also as we get closer to phase III and IV deadlines, we will look at opportunities which will enable us to expand further,” he informs.
As for broadband, Hathway which has already upgraded its platform to DOCSIS 3.0, is looking at expanding to all the cities in which it has a presence. “The investment will be two-fold, both in broadband and in cable TV,” concludes Pillai.
Coming on the back of the announcement that the Videocon group has signed an agreement with US-based Silver Eagle Acquisition Corp to sell 33.5 per cent of its shares in its DTH venture Videocon d2h for $300 million, the Hathway landmark shows that confidence amongst investors for TV distribution initiatives seems to be reviving. And that’s good news for the entire TV ecosystem which has been struggling to digitise its TV viewer base.
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.
