Cable TV
ICRA upgrades Siti Cable’s long term rating to A-
MUMBAI: Long term rating on term loans for Siti Cable Network Limited, an Essel Group Company, has been upgraded by credit rating agency ICRA. ICRA has upgraded the long-term rating of Siti Cable to [ICRA] A- from [ICRA] BBB+. Further ICRA has a [ICRA] AA (SO) outstanding rating on the term loan facility of Siti Cable. The outlook on the ratings is ‘stable’.
Siti Cable ED and CEO V D Wadhwa said,“We welcome this upgrade in SITI Cable’s credit rating and thank ICRA for re-affirming SITI Cable’s growth story. Improvement in profitability, growth in Digital Subscriber base, continuous focus on operational excellence and promoter’s confidence in sustainable growth of the company, have all been the drivers for SITI Cable’s growth. SITI Cable has been at the forefront in offering great value to customers through video and broadband services.”
The rating upgrade takes into account the recent equity infusion from the promoter group (Rs. 530 crores in February 2016) and the improving operating performance of Siti Cable, which is expected to result in an improvement in the credit profile of the company. ICRA also noted that being an Essel Group entity, Siti Cable has been benefitting from regular financial support from the promoter group. The promoters had infused fresh funding in Q3-2016 (quarter ended 31 December 2015).
While the transitioning of the cable TV system in India from analog to digital is underway, ICRA reinforced the belief that Siti Cable’s execution risk is mitigated by the management team’s extensive experience in various areas of the television and media industry. The rating also factors in Siti Cable’s `status as one of the largest multi system operators (MSOs) in India in terms of its cable universe of 1.22 crore subscribers as of December 201) and revenues Rs 905.9 crore in FY-2015 (year ended 31 March 2015) as well as the high growth potential of digital cable services in India.
ICRA has also noted Siti Cable’s significant investments in consumer premise equipment towards conversion of analog subscribers to digital.
Buoyed by DAS Phase III, Siti Cable achieved a financial turn-around for the first time by reporting Profit Before Tax of Rs 56 crore in Q3-2016.
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.
