1. At a Glance
Bharti Hexacom Ltd, the telecom prince ruling Rajasthan and the Northeast, just dropped another quarter that can make even Reliance’s boardroom raise a collective eyebrow. For Q2 FY26 (ended September 2025), the company reported revenue of ₹2,317 crore, EBITDA of ₹1,256 crore, and PAT of ₹421 crore. That’s a 66% YoY profit jump — the kind of number that makes analysts suspicious and investors romantic.
At ₹1,867 per share, BHL now flaunts a market cap of ₹93,448 crore, trading at a P/E of 58.2 — expensive enough to make value investors faint, but hey, profits are doubling, so who’s complaining? With a ROE of 25.2%, ROCE of 17.4%, and net profit margin of 18.2%, Hexacom is not just profitable — it’s borderline smug.
Backed by big daddy Bharti Airtel (70% stake), and enjoying a 37.6% market share in its operating circles, Hexacom has quietly become the crown jewel of Airtel’s regional empire. Oh, and they’re paying dividends too — because when your EBITDA margin hits 51%, you can afford to share some love.
2. Introduction – The Jaipur Juggernaut of Telecom
Let’s be honest: nobody expected a regional telecom operator from Rajasthan and the Northeast to list at a ₹90,000+ crore valuation and then actually justify it. But Bharti Hexacom isn’t your local broadband auntie’s startup. It’s Airtel’s battle-hardened, profit-churning regional wing, operating in India’s most difficult terrains — deserts and jungles — and still pulling off 50% operating margins.
Born in 1995, back when prepaid recharge was a neighborhood ritual and “incoming calls free” was a national dream, Bharti Hexacom has spent three decades crawling through regulatory hurdles, political drama, and the occasional spectrum controversy. Now, post-listing in April 2024, it has transformed from Airtel’s quiet subsidiary to a listed telecom powerhouse.
The company’s focus is brutally clear: mobile services make up 97% of revenue, broadband another 3%, and everything else is just white noise. It serves ~28 million customers with an ARPU of ₹204, which is literally a rupee higher than Airtel’s national ARPU — Rajasthan clearly loves talking more.
The big twist? While Airtel fights Jio in metros, Bharti Hexacom dominates where the real Bharat lives — Jaipur, Guwahati, Imphal, and every 2G tower that somehow became a 5G hotspot overnight.
3. Business Model – WTF Do They Even Do?
Alright, so here’s the tea: Bharti Hexacom is basically Airtel’s regional telecom warlord for Rajasthan and the Northeast. It holds a Unified License from the Department of Telecommunications, which allows it to offer mobile voice, broadband, and fixed-line services. In simple terms — it makes money when you call your ex, stream a movie, or scream at your Wi-Fi router.
About 98% of the company’s revenue comes from data and voice services — the daily bread and butter of the Indian telecom story. Broadband and fixed-line contribute a polite 2-3%, just enough to look diversified in the investor deck.
Operationally, Hexacom runs 25,700+ towers, 79,800+ broadband base stations, and holds 2,010 MHz of spectrum — which is basically telecom jargon for “we own the air you talk through.”
What makes it special?
- Regional Monopoly Vibes – In Rajasthan and Northeast, it’s the #2 player with 37.6% market share.
- Cost Efficiency – No metro drama, fewer competitors, and customers who don’t churn every 6 months.
- Parental Oversight – Bharti Airtel controls treasury, strategy, and even the coffee machines.
So yes, Hexacom looks like an independent company on paper, but in reality, it’s the
