Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,905.00 last close on 16 Oct 2026 +2.75%
Research updated
Bharti Hexacom Ltd.
NSE: BHARTIHEXACommunication ServicesTelecom Services
- Last close
- ₹1,621.90
- Day change
- −₹28.60 (−1.73%)vs
- Market cap
- ₹76,065 crIndian rupees
- Research updated
- 1 report
About Bharti Hexacom
Bharti Hexacom Ltd. is a telecommunications company playing a vital role in India’s expansive communication industry. A subsidiary of Bharti Airtel, one of India's largest telecom operators, Bharti Hexacom provides a range of services including mobile voice, internet, and data solutions. The company predominantly operates in the north-east and Rajasthan regions, where it facilitates connectivity in both urban and rural areas, crucial for bridging the digital divide. Its infrastructure supports not only personal and business communications but also underpins regional economic activities by enabling access to digital platforms. Given the growing demand for reliable communication networks, particularly in underserved regions, Bharti Hexacom Ltd. holds substantial importance within the telecommunications sector, contributing to the overarching goal of enhancing connectivity in India's diverse landscape.
- Sector
- Communication Services
- Industry
- Telecom Services
- Listing
- NSE: BHARTIHEXA
- Employees
- 546
- Headquarters
- New Delhi, India
- ISIN
- INE343G01021
- Website
- bhartihexacom.in
Public research · Report of
Business model & financial foundation
Bharti Hexacom (NSE: BHARTIHEXA), Integrated telecommunication services (mobile and fixed broadband): revenue of ₹9,354 crore in FY26 (+9.4% on FY25), an EBITDA margin of 52.3%, net profit of ₹1,733 crore and net debt of ₹5,473 crore.
- Revenue, FY26 (₹ crore)
- 9,354
- standalone
- Revenue growth, FY26
- +9.4%
- on FY25
- EBITDA margin, FY26
- 52.3%
- EBITDA (Statutory operating EBITDA excluding all other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,733
- to owners
- Return on equity, FY26
- 26.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 5,473
- Company net debt including leases and liquid investments
- Market capitalisation (₹ crore)
- 76,715
- at the close of 13 Oct 2026
Company profile
Bharti Hexacom provides mobile (2G/4G/5G) and fixed-line/home broadband services under the Airtel brand in Rajasthan and the North East telecom circles (Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura; not Assam). It had 28.984 million mobile customers and 0.918 million homes customers at June 2026. It is 70% owned by Bharti Airtel, which supplies network, IT and brand services, and 15% by TCIL.
| Item | Value |
|---|---|
| Legal name | Bharti Hexacom Limited |
| Exchange and ticker | NSE: BHARTIHEXA; BSE: 544162 |
| ISIN | INE343G01021 |
| CIN | L74899HR1995PLC132187 |
| Sector | Communication Services |
| Industry | Integrated telecommunication services (mobile and fixed broadband) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹76,715 crore (13 Oct 2026) |
| Shares outstanding | 50.00 crore shares (FY26) |
| Price | ₹1,521 (close, 13 Oct 2026) |
| 52-week range | ₹1,359 - ₹1,956 (to 13 Oct 2026) |
| Website | https://www.bhartihexacom.in |
Corporate structure and shareholding
Parent: Bharti Airtel Limited (70.00%).
No subsidiary is recorded.
No subsidiaries, JVs or associates. Telecommunications Consultants India Ltd (TCIL, Government of India) holds 15.00%. Airtel provides network, IT and brand services under related-party agreements; Indus Towers (Airtel subsidiary) provides passive infrastructure.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 70.00% | 70.00% | 70.00% | 70.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.94% | 3.98% | 3.69% | 3.58% |
| Domestic institutions | 10.24% | 10.28% | 10.60% | 10.64% |
| of which mutual funds | 8.27% | 8.25% | 8.42% | 8.44% |
| Retail | 0.66% | 0.59% | 0.56% | 0.59% |
| Other | 15.16% | 15.15% | 15.15% | 15.19% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bharti Hexacom is the standalone Airtel-branded mobile and homes operator in Rajasthan and the six-state North East LSA, not Assam. No subsidiaries, associates or JVs: consolidated vendor labelling corrected to standalone. Airtel70%, TCIL15% at June2026. Airtel supplies brand, IT/network and integrated treasury; Indus supplies passive infrastructure. Mobile contributes most revenues; Homes/IPTV is fast-growing but EBIT remains weak. Prepaid customer collections precede service delivery, creating good cash conversion. Tariffs/mix, retention and network quality determine economics; DoT levies, spectrum obligations and parent RPT prices are not independently controlled.
| Segment | revenue, FY26 (₹ crore) | Share | external revenue, FY26 (₹ crore) | Share | statutory segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Mobile Services | 9,011 | 95.9% | 8,973 | 95.9% | 2,853 | 99.9% |
| Homes, Office and Other Services | 380.8 | 4.1% | 380.5 | 4.1% | 3.30 | 0.1% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharti Airtel (BHARTIARTL) | Parent; same brand, network strategy, tariffs and management; India mobile is the closest operating comparable |
| Vodafone Idea (IDEA) | Third private mobile operator and the share donor in Rajasthan and North East |
| Reliance Industries (Jio Platforms) (RELIANCE) | Jio is the main competitor in both circles; listed only via Reliance |
| Indus Towers (INDUSTOWER) | Key supplier of passive infrastructure; tower-rental economics drive Hexacom's network cost |
| Tata Communications (TATACOMM) | |
| Mahanagar Telephone Nigam (MTNL) | State-owned telco; limited relevance, included for sector completeness |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,405 | 6,579 | 7,089 | 8,548 | 9,354 |
| Cost of revenue (vendor classification) * | 3,191 | 3,203 | 3,634 | 3,714 | |
| Other operating costs (vendor classification) * | 292.6 | 468.1 | 678.9 | 593.4 | |
| EBITDA (vendor classification) * | 1,885 | 2,863 | 4,179 | 4,990 | |
| Statutory operating EBIT excluding other income | 2,365 | 1,306 | 1,622 | 2,103 | 2,677 |
| Finance costs including lease interest | 524.3 | 572.6 | 644.4 | 688.3 | 601.2 |
| Profit before tax | 1,841 | 733.8 | 923.3 | 1,809 | 2,266 |
| Total tax expense | 166.5 | 184.6 | 418.9 | 315.2 | 532.9 |
| Standalone profit for year | 1,675 | 549.2 | 504.4 | 1,494 | 1,733 |
| Basic and diluted EPS (₹) | 33.49 | 10.98 | 10.09 | 29.87 | 34.66 |
| Network operating expenses | 1,685 | 1,905 | 2,091 | ||
| Access charges | 746.1 | 921.9 | 693.6 | ||
| Licence fee and spectrum charges | 652.0 | 782.4 | 864.2 | ||
| Employee benefits expense | 105.4 | 134.2 | 116.9 | ||
| Sales and marketing expenses | 369.2 | 407.3 | 373.1 | ||
| Network, sales and marketing plus statutory other expenses | 2,224 | 2,512 | 2,789 | ||
| Statutory operating EBITDA excluding all other income | 3,361 | 4,197 | 4,890 | ||
| Company EBITDA after leases | 2,981 | 3,779 | 4,456 | ||
| Statement subtotal before DA/finance incl other income | 3,610 | 4,379 | 5,114 | ||
| Other income | 248.7 | 181.8 | 223.8 | ||
| Depreciation and amortisation | 1,739 | 2,095 | 2,213 | ||
| Exceptional items signed earnings impact | -303.0 | 212.6 | -33.7 | ||
| Current tax | 513.5 | 501.3 | 541.6 | ||
| Deferred tax credit negative | -94.6 | -186.1 | -8.70 | ||
| PAT attributable to owners standalone | 504.4 | 1,494 | 1,733 | ||
| Government grant in other income | 119.2 | 147.2 | 145.4 | ||
| Access charges plus licence and spectrum charges | 1,398 | 1,704 | 1,558 | ||
| Other expenses, unaggregated statutory row | 170.0 | 200.2 | 324.5 | ||
| Management adjusted non-GAAP EBITDA | 3,491 | 4,372 | 5,069 | ||
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | ||
| Share of associates and joint ventures | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,661 | 4,210 | 4,639 | 5,932 | 7,165 |
| Borrowings excluding leases | 9,068 | 9,164 | 4,835 | 3,780 | 2,694 |
| Cash and cash equivalents | 88.5 | 55.5 | 39.8 | 17.1 | 33.0 |
| Net trade receivables | 2,096 | 148.9 | 444.6 | 108.3 | 108.4 |
| Trade payables | 1,495 | 1,441 | 1,485 | 1,586 | 1,606 |
| Net property plant equipment excluding ROU and intangibles | 95.8 | 88.0 | 5,344 | 5,417 | 5,406 |
| Capital work in progress excluding intangible development | 64.1 | 456.3 | 196.9 | 297.3 | 476.1 |
| Total assets | 16,674 | 18,253 | 18,517 | 19,251 | 19,051 |
| Noncurrent borrowings | 2,792 | 2,652 | 2,416 | ||
| Current borrowings | 2,042 | 1,128 | 278.6 | ||
| Lease liabilities total | 3,270 | 3,573 | 3,443 | ||
| Noncurrent lease liabilities | 2,831 | 3,069 | 2,908 | ||
| Current lease liabilities | 439.4 | 503.9 | 534.8 | ||
| Current liquid investments | 237.6 | 73.9 | 631.2 | ||
| Other bank balances (not net-debt liquidity) | 34.5 | 19.9 | 27.6 | ||
| Company net debt including leases and liquid investments | 7,827 | 7,262 | 5,473 | ||
| Inventory (auditor confirms none) | 0.00 | 0.00 | 0.00 | ||
| Right of use assets | 2,860 | 3,064 | 2,855 | ||
| Recognized sub judice matters provisions separate from net debt | 1,383 | 1,426 | |||
| TTSL portion of provisions with indemnification asset | 967.5 | 827.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash generated from operating activities | 514.4 | 3,576 | 3,546 | 4,583 | 4,464 |
| Free cash flow (vendor definition) * | -90.7 | 4,164 | 2,066 | 2,981 | |
| Cash dividends paid positive outflow | 75.0 | 200.0 | 500.0 | ||
| Cash capex PPE CWIP intangibles ex spectrum | -1,334 | -939.1 | 2,058 | 1,492 | 1,448 |
| Cash purchases PPE and CWIP positive outflow | 2,058 | 1,469 | 1,421 | ||
| Cash purchases intangible assets positive outflow | 0.00 | 22.7 | 26.8 | ||
| Cash spectrum including deferred liabilities | 35.2 | 1,039 | 45.2 | ||
| Long term debt repayments | 1,500 | 2,000 | 213.1 | ||
| Net short term repayment proceeds negative | 0.00 | -821.0 | 882.1 | ||
| Cash payments lease liabilities | 293.0 | 346.2 | 361.5 | ||
| Noncash ROU additions through leases | 641.4 | 696.0 | 297.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding and diluted weighted average | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 |
| CFO / PAT cumulative FY24-FY26 (x) | 3.37x | ||||
| Year-end trade receivable days | 5 | 4 | |||
| Receivable growth less revenue growth (%) | -96.2% | -9.3% | |||
| Known contingencies / equity ex OTSC interest (%) | 8.6% | ||||
| Airtel services received / revenue (%) | 13.5% | ||||
| CFO sum FY24-FY26 | 12,593 | ||||
| PAT sum FY24-FY26 | 3,731 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,098 | 2,251 | 2,289 | 2,263 | 2,317 | 2,360 | 2,414 | 2,510 |
| Cost of revenue (vendor classification) * | 892.5 | 923.1 | 931.7 | 896.3 | 915.9 | 925.1 | 972.0 | |
| Other operating costs (vendor classification) * | 171.0 | 146.7 | 146.4 | 185.0 | 158.9 | 188.1 | 188.9 | |
| EBITDA (vendor classification) * | 1,051 | 1,197 | 1,216 | 1,208 | 1,292 | 1,345 | 1,394 | |
| Statutory operating EBIT excluding other income | 465.8 | 620.2 | 636.6 | 633.4 | 653.8 | 687.6 | 702.4 | 729.7 |
| Finance costs, statutory gross | 175.4 | 180.2 | 171.2 | 154.1 | 150.9 | 147.0 | 149.2 | 148.8 |
| Profit before tax after exceptional items | 339.5 | 379.3 | 513.2 | 526.8 | 564.1 | 569.0 | 606.2 | 653.0 |
| Total current and deferred tax expense | 86.4 | 118.4 | 44.8 | 135.2 | 142.9 | 95.3 | 159.5 | 170.6 |
| Statutory profit after tax | 253.1 | 260.9 | 468.4 | 391.6 | 421.2 | 473.7 | 446.7 | 482.4 |
| Diluted EPS, quarter not annualised (₹) | 5.06 | 5.22 | 9.37 | 7.83 | 8.42 | 9.47 | 8.93 | 9.65 |
| Access plus licence and spectrum charges | 416.1 | 437.8 | 456.1 | 374.4 | 381.3 | 394.3 | 407.8 | 434.4 |
| Employee benefits expense | 32.2 | 29.2 | 43.1 | 21.0 | 32.0 | 30.6 | 33.3 | 26.8 |
| Network, sales and marketing plus statutory other expenses | 647.4 | 632.0 | 622.0 | 706.9 | 695.9 | 680.5 | 705.4 | 726.5 |
| Other expenses, unaggregated statutory row | 56.8 | 43.4 | 60.2 | 84.3 | 69.3 | 74.9 | 96.0 | 98.9 |
| Statutory operating EBITDA excluding all other income | 1,002 | 1,152 | 1,168 | 1,161 | 1,208 | 1,254 | 1,267 | 1,322 |
| Management adjusted non-GAAP EBITDA | 1,046 | 1,194 | 1,220 | 1,217 | 1,256 | 1,282 | 1,314 | 1,375 |
| Other income, statutory gross | 49.1 | 45.0 | 47.8 | 47.5 | 61.2 | 37.5 | 77.6 | 72.1 |
| Depreciation and amortisation | 536.1 | 531.5 | 531.2 | 527.3 | 554.3 | 566.8 | 564.8 | 592.5 |
| Pre-tax exceptional items: signed benefit positive | 0.00 | -105.7 | 0.00 | 0.00 | 0.00 | -9.10 | -24.6 | 0.00 |
| Profit attributable to listed-company owners | 253.1 | 260.9 | 468.4 | 391.6 | 421.2 | 473.7 | 446.7 | 482.4 |
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates and joint ventures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.4% | 21.7% | 7.7% | 20.6% | 9.4% |
| EBITDA margin | 47.4% | 49.1% | 52.3% | ||
| Net margin | 7.1% | 17.5% | 18.5% | ||
| Return on equity | 11.4% | 28.3% | 26.5% | ||
| Return on capital employed | 21.1% | 10.0% | 14.2% | 21.9% | 27.4% |
| Return on assets | 2.7% | 7.9% | 9.1% | ||
| Net debt (₹ crore) | 7,827 | 7,262 | 5,473 | ||
| Net debt / EBITDA | 2.33x | 1.73x | 1.12x | ||
| Interest cover | 4.51x | 2.28x | 2.52x | 3.05x | 4.45x |
| Asset turnover | 0.34x | 0.38x | 0.39x | 0.45x | 0.49x |
| Receivable days | 142 | 8 | 23 | 5 | 4 |
| Inventory days (on revenue) | 0 | 0 | 0 | ||
| Payable days (on revenue) | 101 | 80 | 76 | 68 | 63 |
| Cash conversion | 7.03x | 3.07x | 2.58x | ||
| Capex intensity | 24.7% | 14.3% | 29.0% | 17.5% | 15.5% |
| Free cash flow (₹ crore) | -819.4 | 2,637 | 1,488 | 3,091 | 3,016 |
| Dividend payout | 14.9% | 13.4% | 28.8% | ||
| EPS, diluted (₹) | 33.49 | 10.98 | 10.09 | 29.87 | 34.66 |
| Book value per share (₹) | 73.21 | 84.19 | 92.77 | 118.6 | 143.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Statutory operating EBITDA excluding all other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt including leases and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Statutory operating EBITDA excluding all other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Bharti Hexacom
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 17 Oct 2026.
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