Equity Research Report: Bharti Hexacom Ltd.
Date: February 7, 2026
Market Cap: Large Cap (~₹85,000 Cr)
Sector: Telecom Services
CMP (Current Market Price): ₹1,699
Namaste Investor,
Main ek professional Equity Research Analyst hoon. Aapne Bharti Hexacom ka deep fundamental analysis manga hai. Maine verified sources (Exchange Filings, NSE/BSE data) se latest Q3 FY26 (Quarter ending Dec 2025) ke results fetch kiye hain jo abhi 6 February 2026 ko release hue hain.
Yeh company Bharti Airtel ki subsidiary hai jo specifically Rajasthan aur North East circles me operate karti hai. Aaiye iska detailed breakdown dekhte hain.
1️⃣ Business Model & Work (Kya karti hai company?)
Bharti Hexacom ek pure-play regional telecom operator hai. Ye Bharti Airtel ki “sister” nahi balki subsidiary hai (70% stake Airtel ka hai).
- Core Business: Mobile Services (4G/5G), Fixed Line Telephone, aur Broadband Services provide karna.
- Geography (Circles): Ye pan-India player nahi hai. Ye sirf Rajasthan aur North East (Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura) me operate karti hai.
- Revenue Source:
- Mobile Services: Prepaid/Postpaid recharges (Main revenue contributor).
- Homes & Office: Broadband (Airtel Xstream Fiber) aur Fixed Wireless Access (FWA).
- Competitive Advantage: Rajasthan aur North East mushkil terrains hain. Wahan naya network lagana kisi bhi naye competitor ke liye bahut expensive hai. Hexacom ka wahan already established infrastructure hai.
2️⃣ Industry & Sector Analysis
- Sector Status: Indian Telecom sector Secular Growth phase me hai. Market ab 3-player oligopoly (Jio, Airtel/Hexacom, Vodafone Idea) me consolidate ho chuka hai.
- Growth Drivers:
- ARPU Expansion: Industry ka focus ab subscriber growth se zyada ARPU (Average Revenue Per User) badhane par hai. Recent tariff hikes ka full impact ab dikh raha hai.
- Data Consumption: 5G adoption ke karan data usage per user historic high (32 GB/month) par pahunch gaya hai.
- Major Competitors:
- Reliance Jio: Rajasthan aur North East dono jagah fierce competition hai.
- Vodafone Idea: Weak competitor, jiska market share Hexacom capture kar rahi hai.
3️⃣ Latest Financial Performance (STRICT DATA RULE)
Maine Q3 FY26 (Dec 2025 Quarter) ke latest results use kiye hain.
(Figures in ₹ Crores, Standalone/Consolidated Data)
| Metric | Q3 FY25 (Prev Year) | Q3 FY26 (Latest) | YoY Growth | Remarks |
| Revenue | 2,251 | 2,360 | ▲ 4.8% | Stable growth driven by ARPU. |
| EBITDA | 1,194 | 1,282 | ▲ 7.4% | Efficiency improve hui hai. |
| EBITDA Margin | 53.0% | 54.3% | ▲ 130 bps | High margin business. |
| Net Profit (PAT) | 261 | 474 | ▲ 81.6% | Superb Jump. Interest cost kam hua hai. |
| ARPU (₹) | 241 | 253 | ▲ 5.0% | High quality subscribers add hue hain. |
- Profit Explosion: Net Profit me 81% ka jump dekhne ko mila hai. Iska main karan operating leverage hai—yaani revenue badha lekin kharcha utna nahi badha, seedha profit me flow hua.
- Customer Base: Total customer base 2.90 Crore ho gaya hai.
- Data Usage: Average data usage 32 GB per month cross kar gaya hai (vs 26 GB last year).
4️⃣ Management & Shareholding (Latest Available)
- Promoter (Bharti Airtel): 70.00% holding. (Parent company ka full control aur backing hai).
- Public/Others: 30.00%. Isme se TCIL (Govt company) ne IPO ke waqt apna stake becha tha.
- FIIs/DIIs: FIIs ka stake ~4-5% aur Mutual Funds ka ~8-10% hai. Institutional holding stable hai.
- Governance: Bharti Group ka governance track record excellent raha hai. Management ka focus “Quality Customers” par hai, na ki sirf number badhane par.
5️⃣ Valuation (Latest Market Data As of Feb 7, 2026)
- Current P/E Ratio: ~55x (TTM).
- Note: Telecom companies ka P/E high dikhta hai depreciation ke karan. EV/EBITDA better metric hai.
- EV/EBITDA: ~14x – 16x range.
- Ye valuation thodi Premium side par hai, lekin growth (80% profit jump) isse justify karti hai.
- Peer Comparison: Bharti Airtel ke valuation ke aas-paas hi trade karta hai. Since ye regional monopoly jaisa behave karta hai, market isse premium deta hai.
6️⃣ Future Growth Triggers (3–5 Years)
- Homes Business (Broadband): Company aggressive expansion kar rahi hai “Fixed Wireless Access” (AirFiber) ke through. Rajasthan aur North East me wired broadband pahunchana mushkil hai, wahan AirFiber game changer banega. Homes business revenue 50% YoY grow hua hai.
- Prepaid to Postpaid Conversion: Management ka focus users ko high-paying plans me convert karna hai, jisse ARPU ₹300 ki taraf badhega.
- 5G Monetization: Jaise-jaise 5G users badhenge, data consumption aur badhega, jo direct revenue growth layega.
7️⃣ Present Situation (Current Outlook)
- Stock Phase: Stock Strong Bull Run me hai. IPO price (₹570) se ye ab ~₹1,700 tak pahunch chuka hai (Multibagger in <2 years).
- Short-term: Q3 results ke baad positive momentum jari rahne ki ummeed hai. Market 81% profit growth ko cheer kar raha hai.
- Long-term: Structural story intact hai. Rajasthan aur NE me data demand kam nahi hone wali.
8️⃣ Risk & Red Flags
- Regional Risk: Kyunki ye sirf 2 circles me hai, agar wahan koi natural calamity (North East floods/landslides) ya political instability hoti hai, to business par bada asar padega.
- Regulatory Dues (AGR): Telecom sector par purane government dues ka shadow hamesha rehta hai.
- Spectrum Costs: Future me agar 6G ya naye spectrum auction hote hain, to debt badh sakta hai.
9️⃣ Final Verdict
Summary:
- Bharti Hexacom ek “Chota Packet Bada Dhamaka” hai. Ye Airtel ka mini-version hai lekin growth rate Airtel se fast hai (base chota hone ke karan).
- Q3 FY26 Results ne prove kiya hai ki company massive operating leverage enjoy kar rahi hai (Revenue up 5%, Profit up 81%).
- Efficiency: EBITDA Margin 54% hona world-class telecom operation ko darshata hai.
Investor Suitability:
- Conservative Investor: ⚠️ Moderate. Regional concentration risk hai. Bharti Airtel (Parent) zyada safe bet hai diversified portfolio ke liye.
- Aggressive Investor: ✅ YES. High growth potential ke liye hold karein.
- Target View: Stock expensive lag sakta hai (PE 55x), lekin jab tak profit growth 20-30%+ rahegi, premium bana rahega. Buy on dips strategy use karein.
Next Step:
Kya aap Vodafone Idea ka status janna chahte hain taaki ye pata chale ki kya wo Hexacom ke liye koi threat ban raha hai ya nahi?
Disclaimer: Ye article sirf educational purpose ke liye hai. Kisi bhi nivesh se pehle apne Financial Advisor se salah zarur lein.