Bharti Hexacom
BHARTIHEXA NSE
Bharti Hexacom
TelecomNSE: BHARTIHEXA BSE: 544162 Telecom Service Provider
Key Fundamentals
MidcapTelecom Service ProviderTelecomMarket Cap
₹69,505 Cr
Volatility
Moderate
P/E Ratio
37.82
EBITDA
₹5,114 Cr
Return on Equity
24.19%
Debt to Equity
0.86
Book Value
₹143.3
EPS
₹8.38
52W High
₹1,955.6
52W Low
₹1,398
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 34.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 51.3%
Weaknesses
1- Stock is trading at 9.62 times its book value
Growth Rate
Revenue Growth
9.71% lower than
3Y
Net Income Growth
16.04% lower than
3Y
Cash Flow Change
-2.59% lower than
3Y
ROE
-3.93% lower than
3Y
ROCE
8.55% lower than
3Y
EBITDA Margin (Avg.)
6.46% lower than
3Y
AI Analysis — Bull vs Bear
6d ago
AI opinion · based on fundamentals
Risk medium
Bharti Hexacom, a Bharti Airtel subsidiary providing mobile and fixed-line services in the Rajasthan and North East telecom circles, has a market capitalisation of about ₹74,190 crore. Profit has compounded at 35% over 5 years and 46% over 3 years, and ROE reached 26% last year. The stock trades at 41.3x earnings and 10.52x book, TTM sales growth has slowed to 8% from a 5-year CAGR of 15%, and the share price is down 12% over the past year.
Bull Case 7
- Profit has compounded at 35% CAGR over 5 years and 46% over 3 years. That is well ahead of sales growth of 15% and 12% over the same periods, which points to strong operating leverage and margin expansion.
- ROE has risen to 26% in the latest year, up from a 3-year average of 22% and a 5-year average of 17%. Returns on shareholder capital are improving.
- TTM profit growth of 29% is still well above TTM sales growth of 8%. Margins are still expanding even as revenue growth slows.
- The company pays out 51.3% of profits as dividends, giving a yield of 1.19%. Implied annual dividends are roughly ₹880 crore on the current ₹74,190 crore market cap.
- Sales have grown at a 15% CAGR over 5 years and 12% over 3 years. This reflects steady subscriber monetisation and ARPU gains in a consolidated three-player telecom market.
- As a subsidiary of Bharti Airtel, the company draws on the parent's network, spectrum strategy, brand and distribution scale. This supports operating efficiency behind the 26% ROE.
- The stock is down 12% over 1 year while profit grew 29% on a TTM basis. The valuation multiple has contracted relative to earnings growth over this period.
Bear Case 8
- At a P/E of 41.3x, the earnings yield is about 2.4%. The valuation already assumes profit growth stays high, even though TTM growth (29%) is below the 3-year CAGR (46%).
- The stock trades at 10.52x book value, or about ₹7,050 crore of implied book against a ₹74,190 crore market cap. That leaves limited asset-based downside protection for a capital-intensive telecom business.
- Revenue growth is slowing: TTM sales growth of 8% compares with a 3-year CAGR of 12% and a 5-year CAGR of 15%. Top-line momentum depends heavily on further tariff increases.
- Profit growth is also decelerating, from a 46% 3-year CAGR to 29% TTM. As margin gains mature, earnings growth may converge towards the 8% revenue growth rate.
- The stock has returned -12% over the past year, and 3-, 5- and 10-year return history is not available since the 2024 listing. The track record for judging performance across cycles is limited.
- Operations are concentrated in two telecom circles, Rajasthan and North East. That creates regional concentration risk compared with pan-India operators, on a ₹74,190 crore valuation.
- The 5-year average ROE of 17% is well below last year's 26%. Some of the recent return improvement may be cyclical, driven by tariff hikes, rather than structural.
- The dividend yield is 1.19% despite a 51.3% payout. That is a modest income return, and ongoing spectrum and 5G capex needs could limit future payout increases.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
1d ago
Neutral 1
- Investor meets in Hong Kong Sep 17
Bharti Hexacom will attend the CITIC CLSA Investors' Forum and the BofA Asia Pacific Conference in Hong Kong on September 22-23, 2026. This is routine investor outreach, and the article mentions no financial disclosures or corporate actions.
TL;DR: The only recent news for Bharti Hexacom is routine institutional investor engagement, so there is no new fundamental catalyst or risk in this news set. Taking part in two major Hong Kong investor conferences suggests continued interest from foreign institutional investors in the Airtel subsidiary. This news gives no basis to call the trend improving or worsening. Investors should watch for commentary from the September 22-23 meetings and for upcoming quarterly ARPU and subscriber numbers for clearer direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,682 | 1,738 | 1,801 | 1,868 | 1,911 | 2,098 | 2,251 | 2,289 | 2,263 | 2,317 | 2,360 | 2,414 | 2,510 |
| Expenses | 852 | 913 | 973 | 990 | 1,035 | 1,096 | 1,099 | 1,121 | 1,102 | 1,109 | 1,105 | 1,146 | 1,188 |
| Operating Profit | 830 | 826 | 828 | 878 | 876 | 1,002 | 1,152 | 1,168 | 1,161 | 1,208 | 1,254 | 1,267 | 1,322 |
| OPM % | 49% | 48% | 46% | 47% | 46% | 48% | 51% | 51% | 51% | 52% | 53% | 52% | 53% |
| Other Income | 80 | -246 | 62 | 49 | 358 | 49 | -61 | 48 | 48 | 61 | 28 | 53 | 72 |
| Interest | 154 | 156 | 169 | 166 | 162 | 175 | 180 | 171 | 154 | 151 | 147 | 149 | 149 |
| Depreciation | 414 | 432 | 433 | 460 | 496 | 536 | 532 | 531 | 527 | 554 | 567 | 565 | 592 |
| PBT | 342 | -8 | 288 | 301 | 577 | 340 | 379 | 513 | 527 | 564 | 569 | 606 | 653 |
| Tax % | 26% | 2322% | 26% | 26% | 11% | 25% | 31% | 9% | 26% | 25% | 17% | 26% | 26% |
| Net Profit | 253 | -184 | 213 | 223 | 511 | 253 | 261 | 468 | 392 | 421 | 474 | 447 | 482 |
| EPS in Rs | 10.13 | -7.36 | 4.25 | 4.45 | 10.22 | 5.06 | 5.22 | 9.37 | 7.83 | 8.42 | 9.47 | 8.93 | 9.65 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,614 | 3,874 | 4,602 | 5,405 | 6,579 | 7,089 | 8,548 | 9,354 | 9,601 |
| Expenses | 3,702 | 3,376 | 3,550 | 3,591 | 3,793 | 3,728 | 4,351 | 4,463 | 4,549 |
| Operating Profit | -89 | 499 | 1,052 | 1,814 | 2,786 | 3,361 | 4,197 | 4,890 | 5,052 |
| OPM % | -2.5% | 13% | 23% | 34% | 42% | 47% | 49% | 52% | 53% |
| Other Income | 222 | -2,158 | -240 | 2,040 | 140 | -54 | 394 | 190 | 215 |
| Interest | 248 | 526 | 517 | 572 | 639 | 644 | 688 | 601 | 596 |
| Depreciation | 1,009 | 1,250 | 1,285 | 1,441 | 1,553 | 1,739 | 2,094 | 2,213 | 2,278 |
| PBT | -1,123 | -3,435 | -989 | 1,841 | 734 | 923 | 1,809 | 2,266 | 2,392 |
| Tax % | -36% | -21% | 5% | 9% | 25% | 45% | 17% | 24% | — |
| Net Profit | -722 | -2,716 | -1,034 | 1,675 | 549 | 504 | 1,494 | 1,733 | 1,824 |
| EPS in Rs | -28.88 | -109 | -41.36 | 66.98 | 21.97 | 10.09 | 29.87 | 34.66 | 36.47 |
| Div. Payout % | 0% | 0% | 0% | 0% | 14% | 40% | 33% | 81% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 |
| Reserves | 5,518 | 2,770 | 1,736 | 3,410 | 3,960 | 4,389 | 5,682 | 6,915 |
| Borrowings | 2,941 | 5,191 | 7,774 | 9,068 | 9,204 | 8,105 | 7,353 | 6,137 |
| Other Liabilities | 2,632 | 7,224 | 5,244 | 3,945 | 4,840 | 5,774 | 5,966 | 5,748 |
| Total Liabilities | 11,341 | 15,435 | 15,004 | 16,674 | 18,253 | 18,517 | 19,251 | 19,051 |
| Fixed Assets | 9,226 | 9,874 | 10,304 | 10,234 | 11,174 | 13,615 | 14,733 | 14,038 |
| CWIP | 162 | 110 | 71 | 64 | 1,936 | 444 | 297 | 476 |
| Investments | 0 | 625 | 0 | 49 | 1,046 | 238 | 74 | 631 |
| Other Assets | 1,952 | 4,825 | 4,629 | 6,328 | 4,097 | 4,220 | 4,147 | 3,905 |
| Total Assets | 11,341 | 15,435 | 15,004 | 16,674 | 18,253 | 18,517 | 19,251 | 19,051 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 493 | -316 | 1,517 | 1,258 | 5,108 | 3,546 | 4,583 | 4,464 |
| Investing | -1,166 | -1,076 | -882 | -1,382 | -2,031 | -1,155 | -2,341 | -2,010 |
| Financing | 560 | 1,864 | -604 | 183 | -3,111 | -2,404 | -2,265 | -2,438 |
| Net Cash Flow | -114 | 473 | 30 | 59 | -34 | -13 | -23 | 16 |
| Free Cash Flow | -675 | -777 | 64 | -76 | 4,169 | 1,498 | 3,104 | 3,026 |
| CFO/OP | -653 | -59 | 147 | 70 | 184 | 106 | 125 | 106 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 22 | 11 | 142 | 8 | 23 | 5 | 4 |
| Cash Conversion Cycle | 10 | 22 | 11 | 142 | 8 | 23 | 5 | 4 |
| Working Capital Days | -135 | -317 | -438 | -157 | -243 | -281 | -215 | -171 |
| ROCE % | — | -9% | -1% | 4% | 10% | 14% | 17% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Bharti Hexacom insights
49 extracted metrics + investor summaries across FY15–FY27.
Documents
1
Update on board meeting
1d - Board meeting on May 13, 2026 to consider dividend for FY2025-26. 1d - Board meeting on May 13, 2026 to consider dividend for FY2025-26.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
7 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''''Listing Regulations'''') - Schedule of analysts/ institutional investors'''' meet. 7 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 (''''Listing Regulations'''') - Schedule of analysts/ institutional investors'''' meet.
3
Board Meeting Intimation for Audited Financial Results (Standalone) For The Fourth Quarter(Q4) And Year Ended On March 31, 2026.
1 May - Board meeting on May 12-13, 2026 to consider Q4 and FY2026 audited results; trading window closed until May 15. 1 May - Board meeting on May 12-13, 2026 to consider Q4 and FY2026 audited results; trading window closed until May 15.
4
Board Meeting Intimation for Audited Financial Results (Standalone) For The Fourth Quarter(Q4) And Year Ended On March 31, 2026.
1 May - Board meeting on May 12-13, 2026 to consider Q4 and FY2026 audited results; trading window closed until May 15. 1 May - Board meeting on May 12-13, 2026 to consider Q4 and FY2026 audited results; trading window closed until May 15.
5
Announcement under Regulation 30 (LODR)-Resignation of Director
23 Apr - Mr. Kanwaljit Singh Cheema resigned as Independent Director, effective close of business April 23, 2026. 23 Apr - Mr. Kanwaljit Singh Cheema resigned as Independent Director, effective close of business April 23, 2026.
Frequently Asked Questions about Bharti Hexacom
What does Bharti Hexacom Ltd do?
IIncorporated in 1995, Bharti Hexacom Ltd provides consumer mobile services, fixed-
line telephone and broadband services in Rajasthan and Northeast telecom circles[1]
Where is Bharti Hexacom Ltd (BHARTIHEXA) listed?
Bharti Hexacom Ltd trades as BHARTIHEXA on the NSE and under code 544162 on the BSE.
Which sector does Bharti Hexacom Ltd belong to?
Bharti Hexacom Ltd is classified under the Telecom sector, in the Telecom Service Provider industry.
What is the market capitalisation of Bharti Hexacom Ltd?
Bharti Hexacom Ltd has a market capitalisation of ₹69,505 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharti Hexacom Ltd?
Bharti Hexacom Ltd trades at a PE ratio of 37.82, on earnings per share of ₹8.38, against a book value of ₹143.3 per share.
What is the 52-week high and low of Bharti Hexacom Ltd?
Over the last 52 weeks Bharti Hexacom Ltd has traded between ₹1,398 and ₹1,955.6.
Does Bharti Hexacom Ltd pay dividends?
Bharti Hexacom Ltd has a dividend yield of 1.26%.
What is the Return on Equity (ROE) of Bharti Hexacom Ltd?
Bharti Hexacom Ltd reported a return on equity of 24.19%. Its debt-to-equity ratio is 0.86.
Company Information
IIncorporated in 1995, Bharti Hexacom Ltd provides consumer mobile services, fixed- line telephone and broadband services in Rajasthan and Northeast telecom circles[1]
Website bhartihexacom.in
CEO Mr. Amit Chaturvedi
Employees 569
Listed 2024-04-12
Face Value ₹ 5
Issued Size 50,00,00,000
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