Bharti Hexacom Q2FY26 Concall Decoded: Tariffs, Towers & Tech Talk

Just when everyone thought telecom was boring, Airtel’s Rajasthan-Northeast cousin, Bharti Hexacom, quietly pulled off a tidy quarter—less noise, more network. While Jio flaunted customer adds, Hexacom kept its head down and focused on cash. A rain-soaked Rajasthan and migrating customers couldn’t slow down Soumen Ray’s cool CFO composure. Revenues inched up, margins held firm, and ARPUs stayed premium. If telecoms were IPL teams, Hexacom’s game plan was classic Test match cricket—steady, technical, patient.
Stay tuned, because the real plot—FWA, fiber, and rural monetization—is still buffering.

At a Glance

• Revenue ₹2,317 cr (+2.4% QoQ): Grew slower than Airtel, but hey, rains don’t come with Wi-Fi.
• EBITDA ₹1,098 cr (47.5% margin): Margins held tighter than rural network coverage.
• ARPU ₹251: Benefited from one extra day—talk about compounding.
• Customers 28 mn: Flat growth, but fewer SIM tourists this time.
• Home Net Adds 60k: Strongest ever—fiber finally meets fortitude.
• Operating Free Cash Flow ₹730 cr: Printing cash like it’s prepaid recharge.
• Debt-to-EBITDA 0.6x: CFO sleeps better than most telcos.

Management’s Key Commentary

“Revenue grew 2.4% sequentially despite pronounced seasonality.”
(Translation: Migrant workers left, but we’re still connected emotionally.)

“EBITDA margin steady at 47.5%, showing operational discipline.”
(Discipline = cutting costs before calling it efficiency.)

“ARPU at ₹251, aided by one extra day in the quarter.”
(Because every 24 hours of billing counts in telecom math.)

“Homes business added 60,000 customers, the highest ever.”
(Finally, someone’s plugging in Wi-Fi before the wedding photographer does 😏)

“Operating free cash flow ₹730 crore, net debt to EBITDA 0.6x.”
(Telcos dream of this ratio. Hexacom just lives it.)

“FWA plays a key role in both circles, driving broadband penetration.”
(When fiber takes too long, go wireless and call it innovation.)

Numbers Decoded