Bharti Hexacom Limited is a communications solutions provider in India and a subsidiary of Bharti Airtel Limited. The company provides mobile, fixed-line telephone, and broadband services to customers primarily across two telecom circles: Rajasthan and the North East (encompassing Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura). Operating under the "Airtel" brand name, Bharti Hexacom Limited leverages the technological infrastructure, brand equity, and procurement networks of its parent entity to deliver 2G, 4G, and 5G telecommunications services across urban and deep-rural markets.
Business Segment Revenue Mix of Bharti Hexacom (FY26)
Bharti Hexacom generates the vast majority of its operating revenue from mobile telecommunication services, supplemented by homes and office broadband businesses.
- Mobile Services – 95.8%
- Homes & Office Services (Broadband) – 4.2%
Mobile services form the principal business vertical, supplying prepaid and postpaid wireless voice and data connections. The homes and office services segment provides fixed-line broadband, Wi-Fi solutions, and corporate connectivity, serving as a high-growth diversification driver.
Telecom Circle Revenue Mix of Bharti Hexacom (FY26)
Bharti Hexacom operates exclusively in two dedicated Indian telecommunication service circles under license agreements with the Department of Telecommunications.
- Rajasthan Circle – 78.4%
- North East Circle – 21.6%
The Rajasthan Circle constitutes the largest operational market, offering a massive subscriber base across primary urban centers and semi-urban rural belts. The North East circle covers six regional states, generating high average revenue per user due to growing mobile data usage.
Key Operational Metrics & KPIs of Bharti Hexacom (Q4 FY26)
Bharti Hexacom tracks core telecommunication operational indicators to evaluate network monetization, subscriber growth, and customer retention.
- Total Customer Base – 32.8 million subscribers
- Mobile Data Customer Base – 21.8 million subscribers
- Average Revenue Per User (ARPU) – Rs 252 per month
- Monthly Data Usage Per Customer – 26.4 GB
- Monthly Voice Usage Per Customer – 1,185 minutes
- Monthly Network Churn Rate – 1.8%
The mobile subscriber base expanded to 32.8 million as of March 31, 2026. Monthly ARPU reached Rs 252, up from Rs 228 in Q4 FY25, driven by customer upgrades from 2G to 4G/5G plans and tariff rationalisation. Data consumption remained elevated at 26.4 GB per user per month.
Network Infrastructure & Tower Base of Bharti Hexacom (FY26)
Bharti Hexacom maintains an extensive network infrastructure footprint across its operating circles to deliver high-speed wireless coverage.
- Total Network Towers – 27,852 towers
- Total Mobile Broadband Base Stations (4G/5G) – 102,415 sites
- Fiber Optic Network Reach – 26,400+ route kilometers
- Homes Passed (FTTH Network) – 3.2 million premises
The company expanded its mobile broadband infrastructure by deploying 4,120 new 4G/5G network sites during FY26. Fiber-optic connectivity spans over 26,400 route kilometers, providing backhaul capacity to support expanding 5G network traffic and FTTH broadband installations.
Consolidated Financial Performance of Bharti Hexacom (Q4 FY26 & FY26)
Bharti Hexacom posted double-digit top-line revenue expansion and strong operating profit margins during the fourth quarter and full financial year FY26.
- Q4 Revenue from Operations – Rs 2,312 crore (+18.4% YoY)
- Q4 Operating EBITDA – Rs 1,198 crore (+21.6% YoY)
- Q4 Operating EBITDA Margin – 51.8% (+136 bps YoY)
- Q4 Net Profit After Tax (PAT) – Rs 412 crore (+28.3% YoY)
- Full Year FY26 Revenue from Operations – Rs 8,842 crore (+16.5% YoY)
- Full Year FY26 Operating EBITDA – Rs 4,520 crore (+19.2% YoY)
- Full Year FY26 Net Profit (PAT) – Rs 1,482 crore (+31.4% YoY)
Consolidated revenue for Q4 FY26 reached Rs 2,312 crore, supported by ARPU expansion and premium post-paid subscriber additions. Full-year net profit expanded by 31.4% to Rs 1,482 crore, while operating EBITDA margins held firm at 51.8% due to operating leverage and controlled network energy costs.
Balance Sheet Ratios & Credit Rating of Bharti Hexacom (FY26)
Bharti Hexacom maintains a healthy financial structure characterized by low leverage metrics and high domestic credit ratings.
- Long-Term Credit Rating – IND AA+; Outlook Positive (India Ratings)
- Short-Term Credit Rating – IND A1+ (India Ratings)
- Net Debt to Annualised EBITDA Ratio – 1.15x
- Capital Adequacy / Return on Capital Employed (ROCE) – 21.4%
- Free Cash Flow Generated (FY26) – Rs 2,180 crore
India Ratings affirmed an "IND AA+" long-term issuer rating with a Positive outlook in 2026, citing strong operational integration with parent entity Bharti Airtel. The Net Debt to EBITDA ratio improved to 1.15x as free cash flows were deployed toward debt paydowns.
Capex Roadmap & 5G Rollout of Bharti Hexacom (FY26–FY28)
Bharti Hexacom continues its targeted capital expenditure strategy to deepen 5G coverage and expand home broadband connections.
- Full Year FY26 Capital Expenditure Outlay – Rs 1,620 crore
- Capital Expenditure Intensity – 18.3% of annual revenue
- Target 5G Population Coverage – 85%+ across Rajasthan and North East circles
- Broadband Sourcing Target – 500,000 new FTTH homes passed per year
Capital expenditure in FY26 totaled Rs 1,620 crore, directed primary toward non-standalone 5G site deployments and FTTH fiberization. Capex intensity is projected to taper down over FY27 as foundational 5G rollout targets near completion across primary urban centers.
Management Commentary & Strategic Outlook of Bharti Hexacom (FY26)
Management commentary outlines key operational priorities focused on ARPU growth, premiumization, and cost optimization.
- Management targets driving ARPU toward the Rs 300 milestone over the medium term through tariff adjustments and 2G to 4G/5G user conversions.
- Postpaid subscriber conversion remains a key focus area, backed by family plan bundles and converged Wi-Fi offerings.
- Homes and office broadband expansion will be accelerated in Tier-2 and Tier-3 towns across Rajasthan and the North East using asset-light partnership models.
- Network operating costs will be optimized through AI-driven energy management across tower sites and backhaul sharing.
- Capital allocation priorities emphasize free cash flow generation and net debt reduction to preserve balance sheet strength.
Sources & References
- Bharti Hexacom Limited Q4 & Full Year FY26 Financial Results & Press Release (May 2026) [1]
- Bharti Hexacom Limited Investor Presentation FY26 (May 2026) [2]
- India Ratings and Research Credit Rating Rationale for Bharti Hexacom Limited (2026) [3]
- Ticker Finology Bharti Hexacom Page [4]
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Disclaimer
The information presented above on Bharti Hexacom Limited has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Bharti Hexacom Limited page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.