Bharti Hexacom Ltd Q3 FY26 – ₹2,360 Cr Revenue, 53% OPM, ₹474 Cr PAT: A Regional Telecom Monopoly Printing Cash Like a PSU Printer on Steroids
1. At a Glance – Desert Monopoly Meets North-East Goldmine
Bharti Hexacom Ltd is what happens when telecom economics finally stop crying and start flexing. Market cap of ₹84,880 crore, stock price around ₹1,698, and a valuation that screams “Yes, I am expensive, but look at my margins.”
This is not pan-India chaos like other telecom players. This is Rajasthan + North-East, a carefully fenced telecom garden where Bharti Hexacom enjoys 37.6% subscriber market share, extremely sticky users, and pricing power that most telecom CEOs can only dream of while staring at their ARPU slides.
Latest Q3 FY26 numbers?
Revenue: ₹2,360 crore
EBITDA: ₹1,282 crore
Operating Margin: ~53% (yes, fifty-three)
PAT: ₹474 crore
QoQ PAT growth: ~49%
With 28 million subscribers, ARPU ~₹204, and Airtel-style discipline baked in, Bharti Hexacom looks less like a telecom company and more like a regional cash-harvesting machine.
Question is: is this a telecom gem… or an overcooked IPO child riding Airtel’s surname?
2. Introduction – When Telecom Finally Learns How to Make Money
Telecom in India is usually a horror movie. High debt. Spectrum payments. AGR litigation. Free data wars. Shareholders crying quietly in a corner.
Bharti Hexacom, however, skipped the horror and jumped straight to the redemption arc.
Incorporated in 1995, the company operates in Rajasthan and the North-East circles under a Unified License from DoT. These are not “glamour metros,” but they are loyal, under-penetrated, and price-disciplined markets. Translation: fewer freebies, more billing discipline.
The company came to the markets in April 2024, when Telecommunications Consultants India Ltd (TCIL) sold its 15% stake. Bharti Airtel continues to hold 70%, exercising tight operational, financial, and strategic control.
So yes, this is effectively Airtel Lite, but with:
Better margins
Lower competitive intensity
Predictable subscriber behaviour
And the numbers are now speaking louder than the brand.
Is Bharti Hexacom boring? Absolutely. Is boring profitable? Ask the cash flow statement.
3. Business Model – WTF Do They Even Do?
Let’s keep it simple.
Bharti Hexacom does exactly what Bharti Airtel does, but only in Rajasthan and the North-East.
Revenue Mix (FY24)
Mobile services: ~97%
Home & Office broadband: ~3%
Usage Mix
Data + Voice: ~98%
Others: ~2%
This is a pure telecom pipe, no distractions, no fintech adventures, no OTT daydreaming.
Key assets:
~25,700 network towers
~79,800 mobile broadband base stations
~2,010 MHz spectrum holding
The business runs on Airtel’s playbook:
Gradual ARPU expansion
Focus on premiumisation, not volume dumping
Tight opex control
Capital allocation discipline
Think of it like this: If Bharti Airtel is a pan-India airline, Bharti Hexacom is the most profitable regional route with guaranteed seat occupancy.
Now tell me — would you rather fly everywhere at break-even… or dominate two routes and print margins?
4. Financials Overview – Telecom Numbers That Don’t Make You Cry
