AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - Bharti Hexacom will attend UBS India Summit on September 10, 2026 in Mumbai.
Source: Bse
Bharti Hexacom Limited (BHARTIHEXA)
Large CapTelecom stocks · Large cap · NSE
Bharti Hexacom Limited is a regional telecom operator, a subsidiary of Bharti Airtel, operating in the India mobile segment. The provided earnings call transcript primarily details the consolidated and India business performance of its parent, Bharti Airtel, with specific financial and operational metrics for Bharti Hexacom not separately disclosed.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result04 Aug, 09:44 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 -2.4% / mo · MACD +
Stock trend: 55
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BHARTIHEXAD candles · FIT view+6.5%Latest close ₹1632.60 on 2026-10-19
Bar
+1.4%
RSI
65
MACD hist
24.47
52W pos
46%
2026-10-19O ₹1610.00H ₹1649.00L ₹1579.20C ₹1632.60Vol 1.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BHARTIHEXANifty TelecommunicationsNifty 500
- BHARTIHEXA
- +1.0%
- Nifty 500
- -5.6%
- Nifty Telecommunications
- +3.9%
- Vs Nifty 500
- +6.5 pp
Chart stats
19 Oct 2026- From 52W high
- -16.5%
- 52W range position
- 46%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹35.5 Cr
- 20D price channel
- ₹1,359.2 - ₹1,665
₹1,955.6
₹1,359.2 - ₹1,955.6
₹51.3
Latest completed session
20-session average
38.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +10.9% · PAT +23.0% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +11% YoY · PAT +23% YoY · margin expansion · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,510 Cr | +10.9% | +4.0% |
| EBITDA | ₹1,322 Cr | +13.9% | +4.3% |
| Operating margin | 53.0% | +200 bps | +100 bps |
| PAT | ₹482 Cr | +23.0% | +7.8% |
| PAT margin | 19.2% | +188 bps | +68 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.90
- P/B
- 11.34
- EV/EBITDA
- 11.90
- Market Cap
- 81095.00Cr
Profitability
- ROE
- 26.00%
- ROCE
- 21.40%
- ROA
- 9.57%
- Dividend Y
- 1.11%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 8.48×
- Altman Z
- 6.12
- Book Value
- 143.00
Cash Flow
- FCF Yield
- 3.03%
- FCF Positive Y
- 5/5
- OCF
- 4464.00 Cr
- EPS TTM
- 36.47
Shareholding
- Promoter Hold
- 70.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,354+9.4% vs prev
Net Profit
₹ CrLatest: 1,733+16.0% vs prev
Return on Equity
%Latest: 24.2-4.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 65. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 65 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 17% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
57
RS percentile
Stage 3 Topping
1M return
+6.0%
3M return
+1.0%
6M return
+5.3%
1Y return
-11.6%
RS 1D
+5
RS 20D
+17
Sector rank
#7
Industry rank
#2
Stage evidence
- 14.7% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-0.8% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
improving
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 100.36+1.70%
RS vs Nifty 500100
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth21/25
Quality17/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 3.0%.
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
Main drags
- Fair-value margin of safety is negative at -6.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
43.9
PB
11.3
EV/EBITDA
11.9
ROE
26.0%
ROCE
21.4%
FCF Yield
3.0%
Debt/Equity
0.9
MoS
-6.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-6.2%
Previous: -6.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
62
62
62
59
59
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹342.55
-376.6% MoS
Growth-justified P/E
42.1
Growth-justified Value
₹1,537.21
-6.2% MoS
PEG
1.11
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TTML
Large
Tata Teleservices (Maharashtra) Limited
Telecom Services
match 83
32
—
—
-1304%
WATCHLIST
TATACOMM
Mid
Tata Communications Limited
Telecom Services
match 82
37
41.0
32.6%
-710%
WATCHLIST
IDEA
Mid
Vodafone Idea Limited
Telecom Services
match 81
49
—
—
+92%
FAIR VALUE
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 78
57
19.6
28.9%
+53%
FAIR VALUE
BHARTIARTL
Large
Bharti Airtel Limited
Telecom Services
match 76
57
38.1
20.3%
+8%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:39:48.497Z
Management commentary snapshot
Bharti Airtel's India mobile segment, which includes Bharti Hexacom, reported strong Q4 customer additions and sustained revenue market share gains. ARPU growth was modest, impacted by geopolitical events, with management aiming for acceleration.
The India mobile segment shows continued customer growth and market share gains, indicating operational strength. However, ARPU growth remains a key challenge, with management acknowledging the need for acceleration and a fundamental re-evaluation of pricing architecture.
Current business mix
Consolidated Revenue by Segment (Bharti Airtel)
Latest issuer-disclosed distribution across 4 reported categories.
India Mobile52.0%
Africa29.0%
India Non-Mobile13.0%
Indus6.0%
Growth engines
ARPU Growth & Portfolio Premiumization (Airtel India Mobile)
Overall upgradation with data consumption in 5G, handset upgrades from feature phones, and international roaming offer large headroom for growth.
Homes Business Expansion (Airtel India)
Rapid expansion of homes business, with a market potential of nearly 100 million connected homes over the medium-term in India.
B2B Adjacencies (Airtel India)
Majority of incremental growth for the industry in B2B is coming from adjacencies including cloud, security, IoT, CPaaS, data centers.
New Digital Growth Bets
Investments are directed towards scaling new digital growth engines: data centers, financial services, and Airtel cloud.
Capacity and execution
Home Pass Expansion (Airtel India)
Rolled out upwards of 8 million home passes in FY2026 to cross 45 million home passes.
Fiber Deployment (Airtel India)
Deployed over 1,43,000 kilometers of fiber over the last three years.
Data Center Capacity
Ambition of building 1 gigawatt capacity over the next few years; Nxtra announced a $1 billion fund raise.
Edge Data Centers (Airtel India)
Focused on building 56 world class edge data centers in the next 18 to 24 months.
Tailwinds
Digital Business Growth (Airtel India)
Digital businesses delivered a strong revenue growth of 27% in FY2026.
Demand for Home Connectivity (Airtel India)
Growing smart TV penetration, evolving content consumption, and need for reliable home connectivity are driving strong demand.
Financial Services Opportunity
Loan service provider business delivers strong growth, with monthly loan disbursement run rate over Rs.550 Crores, leveraging digital platform and data.
AI Integration
AI is contributing to nearly 30% of all code written at Airtel and is seeing meaningful impact across businesses.
Headwinds
ARPU Growth Challenges (Airtel India Mobile)
ARPU increase of Rs.3 was 'not happy', partly linked to West Asia crisis and international roaming revenues.
Geopolitical Crisis Impacts
Impacts include international roaming, capex due to INR depreciation, gas supply restrictions affecting tower build-outs, and energy price increases.
Homes Business Supply & Cost
Challenges on Homes business with memory and chipset supply as well as prices.
Cost Pressures
Cost headwinds on opex and capex, particularly in servers and memory prices, and component availability.
Risk radar
Broken Pricing Architecture (Airtel India Mobile)
Management believes the price architecture in India is 'broken' due to unlimited data plans capping ARPU at low levels.
Smartphone Shipment Softening
Some softening of handset shipments and rising prices could lead to lower organic ARPU expansion without tariff increases.
Financial Services Execution
The NBFC business needs to be run prudently, with collections being more important.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Sequential (QoQ) comparisons are relevant for customer additions and ARPU momentum, while annual (YoY) trends provide context for revenue growth and market share gains in the India mobile business.
Sector KPIs management disclosed
Mobile Customer Additions (Airtel India)
Airtel India added 4.7 million customers in Q4, with 5.8 million being smartphone customers.
ARPU (Airtel India)
ARPU for the quarter came in at Rs.257, an increase of Rs.3 QoQ, but management is 'not happy' with this pace.
Revenue Market Share (Airtel India Mobility)
Mobility sustained revenue market share gains to reach a lifetime high share.
Network Sites Deployed (Airtel India)
Nearly 7800 more network sites were deployed.
Management forward view
ARPU Acceleration (Airtel India Mobile)
Management is determined to doubling down on all levers to accelerate ARPU growth, including postpaid differentiation.
Fiber-First Strategy (Airtel India Homes)
The company has pivoted back to a dramatic obsession on fiber for homes, as Fixed Wireless Access (FWA) has become more expensive.
Promoter Shareholding
Chairman Sunil Bharti Mittal's wish is for Bharti Telecom to get back to a controlling shareholding of 51% or just over 50% in the next decade.
Disciplined Adjacency Investments
Will look at adjacencies with a very strong disciplined lens, focusing on small, controlled financial services business initially.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ARPU Growth (Airtel India Mobile) | Rs.257, +Rs.3 QoQ | Acceleration in ARPU growth through postpaid penetration and consumption-driven upgrades. |
| Fiber Home Pass Expansion (Airtel India Homes) | 45 million home passes | Continued rapid expansion of fiber footprint and increased penetration. |
| Digital Business Revenue Growth (Airtel India) | 27% YoY in FY2026 | Sustained strong growth in digital businesses like cloud, security, IoT, and CPaaS. |
| Financial Services Loan Disbursement Run Rate | Over Rs.550 Crores monthly | Prudent expansion and collection efficiency of the new NBFC business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 100th percentile within Telecom. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
34 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Telecom: 100th pctile, median 66 · Large: 94th pctile, median 73
Evidence depth
Financial-only
34 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharti Hexacom Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''''SEBI Listing Regulations'''') - Schedule of analysts/ institutional investors'''' meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''''SEBI Listing Regulations'''') - Schedule of analysts/ institutional investors'''' meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''SEBI Listing Regulations'') - Schedule of analysts/ institutional investors'' meet.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Newspaper Advertisement in respect of 31st Annual General Meeting to be held on August 11, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''SEBI Listing Regulations'') - Schedule of analysts/ institutional investors'' meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug - Disclosure under Regulation 30 of SEBI (LODR), Regulations, 2015 (''SEBI Lising Regulations'') - Schedule of analysts/ institutional investors'' meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Jun - Bharti Hexacom to meet investors at Goldman Sachs Asia Corporate Day in London on June 9-10, 2026.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.