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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 70/100Rev +11% YoY · PAT +23% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Consolidated Revenue by Segment (Bharti Airtel)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -3.1% / mo · MACD − · near 52W low
Technical chart
BHARTIHEXAdaily · 1Y · AUTO-7.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 3.7% of the 30-week proxy.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
Main drags
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: 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.
High Trust Lite: Promoter holding is 70%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Telecom: 100th pctile, median 66 · Large: 94th pctile, median 73
24 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.1%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 40.50
- P/B
- 10.45
- EV/EBITDA
- 11.04
- Market Cap
- 74770.00Cr
Profitability
- ROE
- 26.00%
- ROCE
- 21.40%
- ROA
- 9.57%
- Dividend Y
- 1.20%
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
- 5.80
- Book Value
- 143.00
Cash Flow
- FCF Yield
- 3.28%
- FCF Positive Y
- 5/5
- OCF
- 4464.00 Cr
- EPS TTM
- 36.47
Shareholding
- Promoter Hold
- 70.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable names in Telecom, ranked by similarity
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.