Bharti Hexacom Ltd(BHARTIHEXA)

NSE: BHARTIHEXABSE: 544162

₹ 1,631-0.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 81,550 crWebsite: www.bhartihexacom.inUpdated: 24 Oct 2026

About

Bharti Hexacom Ltd is a telecom operator providing mobile, fixed broadband, and home entertainment services exclusively in the Rajasthan and Northeast circles of India. In FY26 it reported revenue of Rs. 9,353.8 crores, with mobile services accounting for 95.9% of segment revenue. The company operates as a subsidiary of Bharti Airtel and serves 29 million mobile subscribers as of Q1 FY27.^[1][2][3]

Business segments

Mobile Services: Rs. 9,010.8 crores revenue in FY26, representing 95.9% of total segment revenue, with an EBIT margin of 31.7%.^[2]
Homes, Office and Other Services: Rs. 380.8 crores revenue in FY26, representing 4.1% of total segment revenue, with an EBIT margin of 0.9%; mobile services revenue share fell 1.2 ppts over FY2024 - FY2026 as homes grew.^[2]

Key operating numbers

Mobile ARPU was Rs. 259 in Q1 FY27, up from Rs. 252 in Q4 FY26 and Rs. 253 in Q3 FY26, driven by portfolio premiumisation.^[3][4][5]
Mobile subscriber base reached 29 million in Q1 FY27, with net adds of 210,000 and smartphone data customer adds of 344,000.^[3]
EBITDAaL margin was 48.2% in Q1 FY27, expanding from 47.9% in Q4 FY26 and 47.6% for full-year FY26; FY26 margin expanded 3.4 ppts year-on-year.^[3][4]
Operating free cash flow (EBITDAaL minus capex) was ~Rs. 830 crores in Q1 FY27; full-year FY26 operating FCF was Rs. 2,935 crores, up 27% year-on-year.^[3][4]
FY26 revenue growth was 9.4% and EBITDAaL growth was 17.9%; mobile revenue growth of ~8.3% trailed Airtel India's ~12% due to lower international roaming revenue and lower postpaid penetration.^[4]

Subscriber base and additions

Mobile net adds were 210,000 in Q1 FY27 and ~370,000 in both Q3 and Q4 FY26; smartphone net adds were 344,000 in Q1 FY27 and 478,000 in Q4 FY26, the highest in four quarters.^[3][4][5]
Home broadband net adds were 75,000 in Q1 FY27, down from a record 148,000 in Q4 FY26; full-year FY26 homes net adds were 395,000, described as the highest ever annual figure.^[3][4]
Postpaid penetration remains low as a share of the customer base but management noted steady quarter-on-quarter additions as of Q1 FY27.^[3]

Network technology and services

Home broadband is delivered via a fiber-first strategy; Fixed Wireless Access (FWA) is deployed where fiber is inaccessible, with FWA structurally more important in Rajasthan and Northeast due to lower urbanisation and limited wired infrastructure.^[4][6]
IPTV services were launched in Rajasthan and Northeast circles in Q3 FY26, with early adoption described as very strong; IPTV rollout also contributed to a sequential increase in depreciation as of Q1 FY27.^[5][3]
Technology sequence for home broadband access is explicitly: fiber first, then FWA, then UBR (Unbundled Radio), with UBR to be deployed where 5G handset penetration is insufficient for FWA.^[5]
Homes revenue grew 51% in FY26 and 21% sequentially in Q4 FY26; homes and office segment EBIT is negative or near breakeven at current scale, with unit economics described as consistent with other operators.^[4][3]

Balance sheet and leverage

Net debt excluding leases stood at ~Rs. 960 crores in Q1 FY27, down sharply from ~Rs. 2,000 crores at end of FY26 and ~Rs. 2,160 crores in Q3 FY26.^[3][4][5]
Net debt to EBITDAaL (excluding leases) improved to 0.2x in Q1 FY27, from below 1x in Q3 FY26 and 0.6x in Q2 FY26.^[3][5][6]

Expansion and capex

Homes capex for the first 9 months of FY26 exceeded full-year FY25 levels due to FWA-led expansion from a low prior base; management attributed this to a base effect rather than a structural step-up.^[5]
Rising FWA chipset and memory prices prompted a pivot toward fiber wherever feasible; management stated it will not reduce growth ambitions in homes despite the cost increase.^[4]
Capex is directed toward 5G densification, network modernisation, homes expansion, and IPTV; management stated capex will not be constrained if the growth opportunity exists.^[3]

Recent developments

Board recommended a dividend of Rs. 18 per share for FY26, up from Rs. 10 per share in FY25, citing a philosophy of progressive payout increases as the balance sheet strengthens.^[4]
Q1 FY27 homes net adds moderated to 75,000 after management tightened FWA acquisition quality, having found that low-entry-level pricing led to higher churn; management expects recovery to prior run-rate by Q3 FY27.^[3]
Energy costs were temporarily lower in Q1 FY27 due to seasonal solar generation benefit and one-off items; management cautioned the full diesel price impact had not yet been reflected.^[3]

Market Cap

₹81,550 Cr

High / Low

₹1,955 / 1,360

Stock P/E

44.7

Price / Book

11.4

Book Value

₹143

EPS

₹34.7

No. of Shares

50 Cr

ROCE

22.7%

ROE

26.5%

OPM

30.3%

Debt / Equity

0.38

Sales

₹9,354 Cr

Net Profit

₹1,733 Cr

Promoter holding

70.0%

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Bharti Hexacom Ltd(BHARTIHEXA)

About

Business segments

Key operating numbers

Subscriber base and additions

Network technology and services

Balance sheet and leverage

Expansion and capex

Recent developments

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