Bharti Hexacom Limited (BHARTIHEXA)
₹1,621.90 -1.73% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bharti Hexacom's revenue was ₹2,510 Cr (+10.9% year on year, +4.0% on the previous quarter), and net profit ₹482 Cr (+23.2% year on year); the operating margin was 52.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,510 | +10.9% | +4.0% |
| Operating profit | ₹1,322 | +13.9% | +4.4% |
| Net profit | ₹482 | +23.2% | +7.9% |
| EPS (₹) | 9.65 | +23.2% | +8.1% |
| Operating margin | 52.7% | — | — |
BHARTIHEXA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.22% of the BHARTIHEXA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.75%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 67.9% · 60.4% · 63.0% · 27.8% · 45.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bharti Hexacom Limited has informed the exchanges about its upcoming participation in two investor conferences. The company will attend the CITIC CLSA Investors' Forum on September 22-23, 2026, and the BofA Asia Pacific Conference on September 23, 2026, both in Hong Kong. The interactions will be group and one-on-one meetings. The company clarified that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Participation in CITIC CLSA Investors' Forum scheduled for September 22-23, 2026
- Participation in BofA Asia Pacific Conference scheduled for September 23, 2026
- Meetings format includes Group and One-on-One interactions in Hong Kong
- No unpublished price sensitive information (UPSI) to be shared as per filing notes
Bharti Hexacom Limited has disclosed participation in upcoming institutional investor conferences scheduled for September 22 and 23, 2026. The company will attend the CITIC CLSA Investors' Forum on September 22-23 and the BofA Asia Pacific Conference on September 23, both held in Hong Kong. The interactions will include group and one-on-one meetings. The company clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Participating in CITIC CLSA Investors' Forum on September 22, 2026 - September 23, 2026
- Attending BofA Asia Pacific Conference on September 23, 2026
- Meetings will be conducted as group and one-on-one sessions in Hong Kong
- Company confirmed no unpublished price sensitive information will be disclosed
Bharti Hexacom Limited has informed the exchanges that it will participate in an investor meeting at the Jefferies India Forum on September 17, 2026. The interaction will involve Group and One-on-One meetings in Gurugram. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the sessions.
- Scheduled meeting date: September 17, 2026
- Event: Jefferies India Forum located in Gurugram
- Format: Group and One on One Meetings
- No unpublished price sensitive information (UPSI) will be shared
Bharti Hexacom Limited has disclosed its participation in the UBS India Summit scheduled for September 10, 2026, in Mumbai. The company will engage in Group and One-on-One meetings with institutional investors and analysts. As per statutory disclosures, no unpublished price sensitive information (UPSI) will be shared during these interactions.
- Participation scheduled in UBS India Summit on September 10, 2026
- Format includes Group and One on One meetings in Mumbai
- Company confirmed that no unpublished price sensitive information will be disclosed
Bharti Hexacom Limited has informed stock exchanges about its upcoming participation in investor meetings scheduled for August 27, 2026. The company will attend the Singtel Investor Day and investor meetings organised by HSBC in Singapore. These interactions will be conducted in Group and One-on-One meeting formats. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Meeting Date: August 27, 2026
- Event: Singtel Investor Day & HSBC organised investor meetings
- Format: Group / One on One Meeting
- Location: Singapore
Bharti Hexacom Limited has scheduled an institutional investor meeting for August 18, 2026, in Mumbai. The company will participate in the Motilal Oswal Annual Global Investor Conference, involving both group and one-on-one meetings. Management has confirmed that no unpublished price-sensitive information (UPSI) will be shared during these interactions. This is a standard procedural disclosure to ensure transparency regarding management's engagement with the investment community.
- Investor conference is scheduled for August 18, 2026, in Mumbai
- Company serves a customer base of 28 million as of Q2 FY26
- Reported revenue of Rs 2,263.0 Cr for the quarter ended June 2025
- Maintains a dominant 51% market share in the North East region
- Promoter holding remains stable at 70.0% as of recent filings
Bharti Hexacom shareholders have approved a final dividend of Rs 18 per share for FY26, representing a 360% payout on the Rs 5 face value. The total dividend outflow is approximately Rs 900 crore, which is about 12.5% of the company's net worth of Rs 7,165 crore. Key resolutions passed include the approval of material related-party transactions with Bharti Airtel and Indus Towers, which are essential for the company's network operations. Additionally, a special resolution was passed to amend the Object Clause of the Memorandum of Association, potentially allowing for business diversification.
- Final dividend of Rs 18 per fully paid-up equity share approved for the financial year ended March 31, 2026
- Shareholder turnout for the dividend resolution was 98.23%, with 491,147,866 votes cast
- Material Related Party Transactions with holding company Bharti Airtel and fellow subsidiary Indus Towers were ratified
- Special resolution passed to amend the Object Clause of the Memorandum of Association
- Total number of shareholders as of the August 04, 2026 record date stood at 86,713
Bharti Hexacom concluded its 31st Annual General Meeting on August 11, 2026, with 156 members representing 85% of the paid-up equity capital. Shareholders voted on seven key resolutions, including the adoption of FY26 financial statements and the declaration of a final dividend. A significant portion of the agenda focused on approving material Related Party Transactions (RPTs) with the parent company, Bharti Airtel, and fellow subsidiary, Indus Towers. Management reiterated its growth strategy focusing on the Rajasthan and North-East circles, where it maintains dominant market positions.
- 85% of the total equity paid-up capital (42,50,76,883 shares) was represented at the meeting.
- Shareholders voted on material Related Party Transactions with parent Bharti Airtel and fellow subsidiary Indus Towers.
- Final dividend for the financial year ended March 31, 2026, was put to vote for shareholder approval.
- Management highlighted market leadership in the North East with ~51% share and Rajasthan with ~36% share.
- The meeting addressed an amendment to the Object Clause of the Memorandum of Association of the Company.
Bharti Hexacom reported a customer base of 28 million as of Q2 FY26, maintaining its dominant market share in the North East (51%) and Rajasthan (36%). The company noted a 4.9% sequential increase in depreciation, driven by IPTV rollouts and an extra calendar day in the quarter. While the Home Broadband segment currently shows negative EBIT due to initial scale-up costs, management expects profitability to turn positive as it reaches critical mass. The India business (excluding passive infra) now maintains a healthy Net Debt to EBITDAaL ratio of less than 1%.
- Total revenue-earning customers reached 28 million as of Q2 FY26.
- Depreciation increased by 4.9% quarter-on-quarter due to IPTV rollout and calendar effects.
- Home Broadband subscribers grew 46.9% year-on-year to 448,000 in FY25.
- Net Debt to EBITDAaL for the India business (excluding passive infrastructure) is now below 1%.
- Capex of Rs 1,473 Cr dedicated to connectivity expansion, representing ~20.5% of Net Worth.
Bharti Hexacom has released the audio and video recordings of its earnings call held on August 05, 2026, following the announcement of its Q1 results for the period ended June 30, 2026. This disclosure is a standard regulatory requirement under SEBI LODR regulations to ensure transparency for all shareholders. The call likely discussed the company's performance across its 28 million customer base and its dominant 51% market share in the North East. Investors can access the full recording on the company's official website to understand management's commentary on ARPU and network expansion.
- Earnings call conducted on August 05, 2026, following Q1 FY27 results.
- Recording pertains to the financial period ended June 30, 2026.
- Company manages a customer base of 28 million revenue-earning users as of Q2 FY26.
- Maintains a significant market leadership with 51% share in the North East and 36% in Rajasthan.
- Debt levels stood at Rs 6,137 Cr against a net worth of Rs 7,165 Cr as per latest context.
Bharti Hexacom reported a strong Q1'27 with revenue growing 10.9% YoY to Rs 2,510 crore. Operational efficiency improved as EBITDA margins expanded by 99 bps to 54.8%, leading to a 23% YoY increase in net income (before exceptional items) to Rs 482 crore. A significant highlight is the deleveraging, with Net Debt to EBITDA falling to 0.80x from 1.30x a year ago. The company continues to focus on its core markets in Rajasthan and the North East, launching 'Fast Lane' for enhanced network experience.
- Revenue increased 10.9% YoY to Rs 2,510 crore in Q1'27
- EBITDA margin expanded by 99 bps to reach 54.8% compared to 53.8% in Q1'26
- Net Income (before exceptional items) grew to Rs 482 crore from Rs 392 crore in the previous year
- Net Debt to EBITDA (annualized) significantly improved to 0.80x from 1.30x YoY
- EBIT margin improved by 74 bps to 30.7% in Q1'27
Bharti Hexacom reported a strong Q1 FY27 with total revenues reaching ₹2,510 crore, a 10.9% YoY increase driven by higher ARPU and customer additions. Net income (before exceptional items) grew 23.2% YoY to ₹482 crore, while EBITDA margins expanded by 99 bps to 54.8%. The mobile ARPU improved to ₹259 from ₹246 a year ago, and the Homes segment saw a significant 61.4% revenue jump. Deleveraging continued, with the Net Debt to EBITDA ratio improving to 0.80x from 1.30x in the previous year.
- Total revenue grew 10.9% YoY to ₹2,510 crore, with mobile services revenue up 9.3% YoY.
- Mobile ARPU increased to ₹259 in Q1 FY27, compared to ₹246 in Q1 FY26.
- Homes, Offices, and Other services segment revenue surged 61.4% YoY, adding 416K customers.
- Net Debt to EBITDA ratio strengthened to 0.80x from 1.30x as of June 30, 2025.
- Smartphone data customers now account for 80% of the total mobile customer base, adding 1.3 million YoY.
Bharti Hexacom reported a strong start to FY27 with revenue growing 10.9% YoY to ₹2,510 crore. Net profit (before exceptional items) rose 23% YoY to ₹482 crore, driven by operational efficiencies and a 99 bps expansion in EBITDA margins to 54.8%. The company achieved significant deleveraging, with its Net Debt to EBITDA ratio improving to 0.80x from 1.30x in the previous year. Growth was particularly robust in the 'Homes, Office and Other Services' segment, which saw revenue jump 61.3% YoY.
- Revenue from operations increased 10.9% YoY to ₹2,510 crore from ₹2,263 crore.
- EBITDA margin expanded by 99 bps YoY to reach 54.8% in Q1 FY27.
- Net Income (before exceptional items) grew 23% YoY to ₹482 crore.
- Net Debt to EBITDA (annualized) improved significantly to 0.80x from 1.30x YoY.
- Homes, Office and Other Services revenue grew 61.3% YoY to ₹126.5 crore.
Bharti Hexacom has scheduled its Q1 FY2026 earnings call for August 05, 2026, to discuss audited results for the period ended June 30, 2026. The management will hold a dedicated Q&A session starting at 01:00 pm IST. Investors will be looking for performance consistency following the Rs 2,263 cr revenue reported in the year-ago quarter (Jun 2025). Key focus areas will include ARPU improvements and the expansion of the 28 million customer base in Rajasthan and the North East.
- Earnings webinar scheduled for August 05, 2026, from 12:00 pm to 01:20 pm IST
- Dedicated Q&A session for Bharti Hexacom to commence at 01:00 pm IST
- Results cover the first quarter (Q1) ended June 30, 2026
- Company maintains a significant 51% market share in the North East region
Bharti Hexacom Limited has received a penalty notice of Rs 252,000 from the Department of Telecommunications (DoT), North East LSA. The penalty is attributed to alleged violations of subscriber verification norms discovered during a Customer Application Form (CAF) audit for the quarter ending March 2026. The company has stated that the penalty is calculated at a higher rate and the matter is currently sub-judice before the TDSAT. Given the company's quarterly revenue of approximately Rs 2,263 Cr, this penalty is financially immaterial.
- Penalty of Rs 252,000 imposed by the Department of Telecommunications, North East LSA
- Alleged violation pertains to subscriber verification norms for the quarter ending March 2026
- Notice received by the company on July 29, 2026
- The penalty rate is currently being contested and is sub-judice before the TDSAT
- Financial impact is limited to the penalty amount, which is negligible compared to quarterly revenue of Rs 2,263 Cr
Financial Performance
Revenue Growth by Segment
The company derives 100% of its turnover from Information and Communication (wired, wireless, and satellite telecommunication activities). Total revenue for FY25 reached INR 8,547.9 Cr, representing a growth of 20.6% YoY from INR 7,088.8 Cr in FY24. This growth was driven by high-quality customer acquisitions and steady improvement in ARPU.
Geographic Revenue Split
Operations are concentrated in two primary circles: Rajasthan and the North East (covering 7 states). As of March 31, 2025, the company held a subscriber market share of ~36% in Rajasthan and ~51% in the North East. Revenue is entirely domestic as the company has no international operations.
Profitability Margins
Net Profit Margin improved significantly to 17.47% in FY25 from 7.11% in FY24. EBIT margin rose to 26.5% (INR 2,265.3 Cr) from 24.7% in the previous year. The sharp increase in net profit to INR 1,493.6 Cr (up 196% YoY) was aided by an exceptional gain of INR 304.1 Cr and improved operating efficiencies.
EBITDA Margin
EBITDA margin stood at 51.15% in FY25, an increase of 1.9% YoY from 49.24% in FY24. EBITDA grew 25.3% YoY to INR 4,372.1 Cr. For Q2 FY26, the EBITDAaL margin was reported at 47.5% with an EBITDAaL of INR 1,098 Cr.
Capital Expenditure
Capital expenditure for FY25 was INR 1,473 Cr, focused on enhancing network coverage and ensuring ubiquitous connectivity. Capex productivity improved by 7.3% YoY to 63.84%.
Credit Rating & Borrowing
Crisil reaffirmed its 'Crisil A1+' rating on the company's INR 3,500 Cr Commercial Paper programme. The rating factors in the strong support from parent Bharti Airtel (Crisil AAA/Positive). Interest coverage ratio improved to 7.23x in FY25 from 6.23x in FY24.
Operational Drivers
Raw Materials
The primary 'raw materials' for telecom services are Spectrum (radio frequencies) and Network Equipment. While specific % of total cost for equipment is not disclosed, network operating costs are the largest component of Opex. The company is transitioning to green energy, with 48% of sites being green as of March 31, 2025.
Import Sources
Network equipment and technology are sourced through group-wide procurement policies of Bharti Airtel, involving global vendors. Specific countries are not listed, but geopolitical supply chain risks are noted as a potential disruption factor.
Key Suppliers
The company enters into long-term contracts with strategic partners for network infrastructure and maintenance. Specific vendor names like Ericsson or Nokia are not explicitly mentioned in the provided text, but it operates under Bharti Airtel's group-wide procurement framework.
Capacity Expansion
The company serves 28 million revenue-earning customers as of Q2 FY26. Network expansion included adding solar energy access to 1,732 sites in FY25. Capex of INR 1,473 Cr is dedicated to further ubiquitous connectivity.
Raw Material Costs
Not applicable in a traditional manufacturing sense; however, Opex productivity improved by 1.9% YoY to 30.67% in FY25, indicating better cost management relative to revenue growth.
Manufacturing Efficiency
Capex productivity stood at 63.84% in FY25. The company focuses on indoor-to-outdoor conversion and AI/ML for energy savings to drive operational efficiency.
Logistics & Distribution
Distribution is driven by digital customer interactions and 'WoW' initiatives, focusing on online recharges and digital-first acquisition to lower physical distribution costs.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth is targeted through higher ARPU led by customer up-trading and tariff revisions. The company focuses on Rajasthan and the North East, which have lower-than-average mobile and internet penetration. Strategy includes network expansion (INR 1,473 Cr capex), digital tool integration for efficiency, and leveraging the 'Airtel' brand to capture high-quality customers.
Products & Services
Wireless mobile services (telecom SIM cards), wired broadband (Home subscribers), and enterprise digital services.
Brand Portfolio
Airtel (operates under the brand and group policies of Bharti Airtel Limited).
New Products/Services
Expansion of Home Broadband (Homes subscribers grew to 448,000 in FY25 from 305,000 in FY24, a 46.9% increase) and integrated digital services for enterprises.
Market Expansion
Focusing on deep rural penetration in its 7-state footprint where internet penetration remains relatively low compared to national averages.
Market Share & Ranking
Market leader in the North East with ~51% share and a strong position in Rajasthan with ~36% share.
Strategic Alliances
The company is a 70% subsidiary of Bharti Airtel Limited and follows its group-wide policies and strategic partnerships.
External Factors
Industry Trends
The industry is seeing a shift toward higher data consumption and 5G. Bharti Hexacom is positioning itself by increasing data capacity and expanding its smartphone customer base (193,000 additions in Q2 FY26).
Competitive Landscape
Faces competition from other national telecom players, but maintains resilience through superior network quality and a 50% operating profitability margin.
Competitive Moat
The moat is built on dominant market share (51% in NE), the 'Airtel' brand equity, and a robust balance sheet with Net Debt/Equity of 1.22x. These are sustainable due to high entry barriers in telecom infrastructure.
Macro Economic Sensitivity
Highly sensitive to per capita income levels in Rajasthan and the North East. Slowing economic growth directly impacts consumer spending on telecom recharges.
Consumer Behavior
Shift toward digital-first interactions, e-bills, and online recharges. The company is adapting via its 'WoW' initiatives and AI-based customer interactions.
Geopolitical Risks
Geopolitical tensions are a key risk for the supply chain of telecom hardware, potentially impacting the timeline for network expansion.
Regulatory & Governance
Industry Regulations
Subject to TRAI regulations and Department of Telecommunications (DoT) norms. Key risks include changes in spectrum usage charges and privacy/data security regulations.
Environmental Compliance
ESG is central to strategy; costs are embedded in the transition to 48% green sites and solar expansion to 1,732 locations.
Taxation Policy Impact
Tax expense for FY25 was INR 315.2 Cr, down from INR 418.9 Cr in FY24, despite higher profits, due to tax treatments of exceptional items.
Legal Contingencies
The company (via parent BAL) faces large dues pertaining to spectrum purchase and Adjusted Gross Revenue (AGR) led liabilities. Net leverage of the parent is maintained at ~2.1x to manage these liabilities.
Risk Analysis
Key Uncertainties
Regulatory risks (AGR/Spectrum) and technological obsolescence (transition from 4G to 5G) are primary uncertainties. Cybersecurity and data privacy are also highlighted as key strategic risks.
Geographic Concentration Risk
100% of revenue is concentrated in Rajasthan and the North East circles, making it vulnerable to regional economic or political instability.
Third Party Dependencies
Dependent on strategic partners for network maintenance and equipment; managed through group-wide Bharti Airtel contracts.
Technology Obsolescence Risk
Mitigated by continuous investment in network (INR 1,473 Cr Capex) and leveraging Bharti Airtel’s cutting-edge digital tools.
Credit & Counterparty Risk
Low risk due to the prepaid nature of the majority of the 28 million subscriber base; cash and equivalents stood at INR 17.1 Cr with short-term investments of INR 73.9 Cr.
