BHARTIHEXA
Bharti Hexacom share price & financials
- Price
- ₹1,605.5
- Market cap
- ₹75.5k Cr
- Sector
- Telecommunication
- Calls analysed
- 7
Bharti Hexacom Limited Q1 FY27
What went well
- Strong sequential revenue growth of 4% to ₹2,510 crores.
- Robust EBITDAaL of ₹1,210 crores, maintaining a healthy margin of 48.2%.
- Significant mobile customer additions of 210,000, bringing the total base to 29 million.
What to watch
- Mobile subscriber net add trends were relatively weaker this quarter compared to historical trends and Pan India numbers.
- Home broadband net adds moderated due to changes in acquisition policy and rising chipset prices.
What Bharti Hexacom Limited does
Bharti Hexacom is a regional telecom operator, part of the Bharti Airtel group, that provides mobile voice and data, home broadband (via Fibre-to-the-Home and Fixed Wireless Access) and Digital TV services under the Airtel brand. It holds telecom licences and spectrum for the Rajasthan and North East circles of India and earns through prepaid and postpaid mobile subscriptions, home broadband plans, and bundled convergence packages that combine mobility, Wi-Fi, Digital TV and OTT content. The company owns and operates its own network of towers and mobile broadband base stations across these two circles, and has been extending fixed broadband and Wi-Fi coverage into new cities and rural villages.
Segments
- Mobile Services
- Home and Office Broadband Services
- Customer base
- 28.6 Mn
- Network towers
- 26,497
- Mobile broadband base stations
- 81,840
- Unpaired spectrum holding
- 2,040 MHz
- Telecom circles of operation
- Rajasthan and North East India (2 circles)
- Market position
- #1 operator in North East, #2 in Rajasthan (by revenue market share)
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 1 delivered 6 missed 4 open- ARPU Growth missed said Q1 FY26 Promised: ARPU will keep growing up because headline tariff if it is not changing, what is changing is ancillary revenue attached to our mobile connection, which is contextual to our customer. Q1 FY27: ARPU recovered and grew strongly to Rs 259 from Rs 252 in Q4. While growth resumed, the original promise of a continuous upward trend was broken in the previous quarter.
- Homes Business Growth Trajectory missed said Q2 FY26 Promised: it is expected that homes growth trajectory which we have done in the last couple of quarters should continue. Q1 FY27: Net adds moderated significantly to 75,000 from a record 148,000 in Q4. Management cited changes in acquisition policy. This breaks the accelerating growth trajectory.
- Dividend Payout on track said Q1 FY26 Promised: this year, the dividend has been increased and there would be a directional increase in dividend. Q1 FY27: No new dividend announced. This is an annual commitment and remains on track for future years.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.9%, net profit up 23.0% against the same quarter last year.
| Line item | 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 +10% | 2,360 +5% | 2,414 +5% | 2,510 +11% |
| EBITDA | 1,002 | 1,152 | 1,168 | 1,161 | 1,208 +21% | 1,254 +9% | 1,267 +8% | 1,322 +14% |
| Net profit | 253 | 261 | 468 | 392 | 421 +66% | 474 +82% | 447 −4% | 482 +23% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −11.2% 1Y
1Y: ₹1,739.1 on 10 Sept 2025 → ₹1,545. High ₹1,914.3 (29 Oct 2025), low ₹1,437.8 (18 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.1%
- 10 Aug
- Q4 FY26
- +1.4%
- 14 May
- Q3 FY26
- +4.4%
- 6 Feb
- Q2 FY26
- +1.4%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.9% a year over 2 years, FY24 to FY26. Operating margin widened to 52.3%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹7.1k Cr | ₹8.5k Cr | ₹9.4k Cr |
| Operating profit | ₹3.4k Cr | ₹4.2k Cr | ₹4.9k Cr |
| Operating margin | 47.4% | 49.1% | 52.3% |
| Interest | ₹645 Cr | ₹688 Cr | ₹601 Cr |
| Depreciation | ₹1.7k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Net profit | ₹505 Cr | ₹1.5k Cr | ₹1.7k Cr |
| Net margin | 7.1% | 17.5% | 18.5% |
| Cash from operations | ₹3.5k Cr | ₹4.6k Cr | ₹4.5k Cr |
| Free cash flow | ₹1.5k Cr | ₹3.1k Cr | ₹3.0k Cr |
| ROCE | 14.0% | 17.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹250 Cr | ₹250 Cr | ₹250 Cr | ₹250 Cr | ₹250 Cr | ₹250 Cr |
| Reserves | ₹1.7k Cr | ₹3.4k Cr | ₹4.0k Cr | ₹4.4k Cr | ₹6.0k Cr | ₹6.9k Cr |
| Borrowings | ₹7.8k Cr | ₹9.1k Cr | ₹9.2k Cr | ₹8.1k Cr | ₹6.6k Cr | ₹6.1k Cr |
| Other liabilities | ₹5.2k Cr | ₹3.9k Cr | ₹4.8k Cr | ₹5.8k Cr | ₹6.1k Cr | ₹5.7k Cr |
| Total liabilities | ₹15.0k Cr | ₹16.7k Cr | ₹18.3k Cr | ₹18.5k Cr | ₹19.0k Cr | ₹19.1k Cr |
| Fixed assets | ₹10.3k Cr | ₹10.2k Cr | ₹11.2k Cr | ₹13.6k Cr | ₹14.4k Cr | ₹14.0k Cr |
| Capital work in progress | ₹71 Cr | ₹64 Cr | ₹1.9k Cr | ₹444 Cr | ₹262 Cr | ₹476 Cr |
| Investments | ₹0 Cr | ₹49 Cr | ₹1.0k Cr | ₹238 Cr | ₹287 Cr | ₹631 Cr |
| Other assets | ₹4.6k Cr | ₹6.3k Cr | ₹4.1k Cr | ₹4.2k Cr | ₹4.1k Cr | ₹3.9k Cr |
| Total assets | ₹15.0k Cr | ₹16.7k Cr | ₹18.3k Cr | ₹18.5k Cr | ₹19.0k Cr | ₹19.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.83 pp while FIIs trimmed −0.75 pp. The shareholder count shrank 8% to 89,330.
- Promoters
- 70.0%
- FIIs
- 3.6%
- DIIs
- 10.6%
- Public
- 15.8%
Since Jun 2025
- DIIs +0.83 pp
- FIIs −0.75 pp
- Public −0.09 pp
How it drifted, 9 quarters
Over this window DIIs went from 9.1% to 10.6% — +1.5 pp.
Ownership split by quarter, oldest first. Jun '24: Promoters 70.0%, FIIs 4.5%, DIIs 9.1%, Public 16.3%.Sep '24: Promoters 70.0%, FIIs 5.1%, DIIs 8.9%, Public 16.1%.Dec '24: Promoters 70.0%, FIIs 5.0%, DIIs 9.3%, Public 15.7%.Mar '25: Promoters 70.0%, FIIs 4.3%, DIIs 10.0%, Public 15.7%.Jun '25: Promoters 70.0%, FIIs 4.3%, DIIs 9.8%, Public 15.9%.Sep '25: Promoters 70.0%, FIIs 3.9%, DIIs 10.2%, Public 15.8%.Dec '25: Promoters 70.0%, FIIs 4.0%, DIIs 10.3%, Public 15.7%.Mar '26: Promoters 70.0%, FIIs 3.7%, DIIs 10.6%, Public 15.7%.Jun '26: Promoters 70.0%, FIIs 3.6%, DIIs 10.6%, Public 15.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Midcap Fund Mutual fund newly disclosed 1.52% held
- ICICI Prudential Innovation Fund Mutual fund newly disclosed 1.03% held
- Kotak Small Cap Fund Mutual fund +0.24 pp 2.28% held
- AMPIN Evolution Private Limited (formely known as Ampsolar Evolution Private Limited) newly disclosed 0.00% held
- AMPIN Energy Green Three Private Limited (formely known as Amp Energy Green Three Private Limited) newly disclosed 0.00% held
- Indus Towers Global Ventures IFSC Limited newly disclosed 0.00% held
- Airtel Global IFSC Limited newly disclosed 0.00% held
- AMPIN Energy C&I Thirty Private Limited newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharti Hexacom Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bharti Airtel Limited | 70.00% | unchanged |
| Telecommunications Consultants India Limited | 15.00% | unchanged |
| Kotak Small Cap Fund Mutual fund | 2.28% | +0.24 pp |
| Motilal Oswal Midcap Fund Mutual fund | 1.52% | newly disclosed |
| ICICI Prudential Innovation Fund Mutual fund | 1.03% | newly disclosed |
| Airtel Mobile Commerce Zambia Limited | 0.00% | unchanged |
| Airtel Mobile Commerce Tchad S.A | 0.00% | unchanged |
| Airtel Mobile Commerce B.V. | 0.00% | unchanged |
| Airtel Money S.A. | 0.00% | unchanged |
| Airtel Money Niger S.A. | 0.00% | unchanged |
| Airtel Mobile Commerce Holdings B.V. | 0.00% | unchanged |
| Airtel Mobile Commerce (Tanzania) Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BHARTIHEXA
Filings to Aug 2026
0 new, 6 added, 3 trimmed, 0 sold out — net −1.13 L shares (−5.4%).
- Held by funds
- ₹311 Cr
- 12 schemes
- Biggest holder
- Nippon India Vision Large & Mid Cap Fund
- ₹81 Cr · 1.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹81 Cr | +0.12 L | Apr '24 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹77 Cr | −1.05 L | Apr '24 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹55 Cr | held | Apr '24 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹30 Cr | held | Apr '26 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹27 Cr | −0.27 L | Apr '24 |
| HDFC Technology Fund HDFC Mutual Fund | ₹17 Cr | held | Apr '24 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹11 Cr | +0.04 L | Sep '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹8 Cr | +0.01 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 3 trimmed — net −1.13 L shares (−5.4%)
- Funds are sitting on
- +41%
- vs est. average cost
- Held by funds
- ₹311 Cr
- 12 schemes · ≈ 0.42% of the company
- Biggest holder
- Nippon India Vision Large & Mid Cap Fund
- ₹81 Cr · 1.0% of that fund
Shares held by these funds −74%
Apr '24 20.75 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Bharti Hexacom Limited
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