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Bharti Airtel's regional mobile-network subsidiary providing wireless services in Rajasthan and North-East India.
Bharti Airtel's regional mobile-network subsidiary providing wireless services in Rajasthan and North-East India.
Operates under the Airtel brand and sells monthly mobile plans, mostly prepaid, so average revenue per user is the key measure. Bharti Airtel is the majority shareholder and state-owned Telecommunications Consultants India the minority holder. Listed in 2024.
In one line: A regional wireless affiliate, like a Bell operating company.
Moat: narrow (installed base, brand, distribution). Leverages Bharti Airtel's national network, brand and capital, with strong regional market share.
Headquarters: New Delhi, India · Founded: 1995 · Employees: 2,875
Size Bharti Hexacom (BHARTIHEXA.NS) is an India Communication Services company (Wireless Telecommunications) with a market value of $8.84B, the 135th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,664 on 6 Nov 2026.
Performance Over six months the shares gained 9.8%, against -17.3% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +4.3%); the operating margin is 28.9% (peer median 15.3%).
Valuation It trades at 36.6× forward earnings against a peer median of 14.5× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.0 points above its cost of capital (15.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹96.0B | ₹93.5B | ₹85.5B | ₹70.9B | ₹65.8B |
| Revenue growth | — | +9% | +21% | +8% | — |
| Gross profit | ₹33.8B | ₹32.8B | ₹26.8B | ₹21.3B | ₹16.9B |
| EBITDA | ₹50.5B | ₹48.9B | ₹41.0B | ₹33.6B | ₹27.9B |
| Net income | ₹18.2B | ₹17.3B | ₹14.9B | ₹5.04B | ₹5.49B |
| Free cash flow | ₹27.3B | ₹25.7B | ₹25.8B | ₹10.3B | ₹37.9B |
| Capital expenditure | ₹15.2B | ₹14.5B | ₹25.3B | ₹20.9B | ₹10.8B |
| Total debt | ₹61.3B | ₹61.4B | ₹73.5B | ₹81.0B | ₹92.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharti Hexacom BHARTIHEXA.NS | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% |
| Vodafone Idea IDEA.NS | $14.6B | +14% | +3% | -6% | n/a | 29.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BHARTIHEXA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.6% | -2.0% | 2nd highest of 21 |
| 6-month return | +9.8% | -17.3% | 4th highest of 21 |
| Distance from 52-week high | -13.5% | -30.2% | 6th highest of 21 |
| Revenue growth (TTM) | +7.9% | +4.3% | 9th highest of 21 |
| Operating margin | 28.9% | 15.3% | 2nd highest of 21 |
| Forward P/E | 36.6× | 14.5× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 33.4% | 1.1% | most demanding of 18 |
| Growth delivered (Del g) | +15.2% | +4.3% | highest of 17 |
| Hurdle (Req g minus delivered) | +18.2 pp | -4.7 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +2.0 pp | +0.6 pp | 10th highest of 21 |
| EV / EBITDA | 17.4× | 7.2× | most expensive of 18 |
| Net debt / EBITDA | 0.9× | 1.7× | 7th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |