NSE: BHARTIHEXA · BSE: 544162
BHARTI HEXACOM LIMITED
Earns almost all of its revenue from mobile telecom services, with a small but fast-growing contribution from home and office connectivity. In FY26, Mobile Services contributed ₹9,010.8 crore, or 95.9% of segment revenue, at a segment EBIT margin of 31.7%. Homes, Office and Other Services contributed ₹380.8 crore (4.1% share) at a 0.9% segment EBIT margin — a business still in early-stage investment. The mobile base stood at 28.8 million customers in Q4 FY26 with ARPU of ₹252, while the homes business had 843K customers and added 148K net customers in the quarter on 21% sequential revenue growth. The cost structure is dominated by network-related other operating expenses at 46.5% of revenue and depreciation at 23.7%, reflecting an asset-heavy, capital-intensive model. Q4 capex was ₹586 crore; full-year operating free cash flow (EBITDAaL minus capex) was ₹2,935 crore, up 27% YoY. Bharti Airtel holds a 70% stake. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Mobile Services (96%), Homes, Office and Other Services (4%). Cyclical, asset-heavy regional telecom operator
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 7,089 | 8,548 | 9,354 |
| EBITDA (ex other income) | 3,058 | 4,410 | 4,857 |
| margin % | 43.1 | 51.6 | 51.9 |
| Owners' profit | 504 | 1,494 | 1,733 |
| EPS, as reported (₹) | 10.09 | 29.87 | 34.66 |
| ROE % · ROCE % | 10.9 · 14.3 | 25.2 · 20.1 | 24.2 · 21.8 |
| Debt / equity (x) | 1.04 | 0.64 | 0.38 |
| Cash from operations | 3,546 | 4,583 | 4,464 |
| Capex | (2,058) | (1,469) | (1,421) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,098 | 2,251 | 2,289 | 2,263 | 2,317 | 2,360 | 2,414 | 2,510 |
| Profit before tax | 340 | 379 | 513 | 527 | 564 | 569 | 606 | 653 |
| Net profit | 253 | 261 | 468 | 392 | 421 | 474 | 447 | 482 |
| EPS (₹) | 5.06 | 5.22 | 9.37 | 7.83 | 8.42 | 9.47 | 8.93 | 9.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| - Mobile Services | 9,011 | 95.9 |
| - Homes, Office and Other Services | 302 | 3.2 |
| - Homes and Office Services | 78 | 0.8 |
| Total, before eliminations | 9,392 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHARTI AIRTEL LIMITED | 12,08,092 | 40.4 | 6.16 | 11.1 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED | 1,31,203 | 3.5 | — | 3.6 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED ◆ | 83,500 | 45.8 | 11.65 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 48,707 | 51.5 | 13.34 | 11.7 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) | 8,035 | 216.3 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,436 | — | — | 82.9 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 42 | — | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 5 | — | — | — | 8.3 | (19.2) | — | 27.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.8 | 45.8 | 3 of 5 | 50% |
| P/B | 11.7 | 11.7 | 2 of 3 | 50% |
| ROCE | 17.3 | 11.9 | 3 of 7 | 67% |
| ROE | 24.2 | 24.2 | 2 of 3 | 50% |
| Debt / Equity | 0.4 | 0.6 | 1 of 3 | 100% |
| EBITDA margin | 55.5 | 41.3 | 3 of 8 | 71% |
| Revenue growth | 10.9 | 8.3 | 3 of 8 | 71% |
| Profit growth | 23.2 | 39.0 | 6 of 8 | 29% |
| Market cap | 83500 | 28371 | 3 of 8 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Bharti Hexacom to approve Q2 and half-year results ending September 2026 | results | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Schedule of analyst and institutional investor meetings | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Investor meet schedule: CITIC CLSA Forum and BofA APAC Conference in Hong Kong | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Bharti Hexacom to attend Jefferies India Forum on Sep 17 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Bharti Hexacom to attend UBS India Summit on September 10 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Bharti Hexacom to attend Singtel Investor Day and HSBC meetings on Aug 27 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Bharti Hexacom to attend Motilal Oswal investor conference | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Bharti Hexacom AGM results: all 7 resolutions approved, Rs 18 dividend declared | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Bharti Hexacom 31st AGM held; final dividend and related party deals on agenda | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.