Bharti Hexacom (BHARTIHEXA) Q3 25/26 earnings summary

Executive summary

• Q3 revenue reached Rs 23,598 Mn, up 4.8% YoY and 1.8% sequentially, with EBITDA at Rs 12,820 Mn and a margin of 54.3%.

• Mobile customer base grew to 29.04 million, with ARPU at Rs 253, driven by premiumization.

• Home business achieved record net adds of 73,000 and 51% YoY revenue growth, supported by FWA and FTTH expansion.

• IPTV services launched in Rajasthan, Northeast, and 264 cities to support convergence strategy.

• Net income (after exceptional items) for Q3 was Rs 4,737 Mn, up 82% YoY.

Financial highlights

• EBITDA margin improved to 54.3% for Q3; EBIT margin at 30.3%.

• Net debt (excluding leases) reduced to Rs 21,565 Mn, with net debt/EBITDAAL at 0.48x.

• Capex for the quarter was Rs 3,403 Mn, up 20% YoY.

• Operating free cash flow (EBITDA minus CapEx) for Q3 was Rs 9,417 Mn.

• Return on equity (post-tax) reached 27.1% for the quarter.

Outlook and guidance

• Management focuses on premiumization, network expansion, and digital offerings to drive growth.

• Ongoing investments in FTTH, FWA, and digital services expected to support future growth.

• Strong balance sheet enables continued investment in homes and FWA-led Wi-Fi penetration.

• No specific CapEx guidance provided, but company will invest as needed to capture growth opportunities.