Revenue for Q4FY26 rose 2.3% sequentially and 5.4% year-on-year, while EBITDA margin remained largely stable at 54.4% compared to 54.3% in the previous quarter.
Average revenue per user (ARPU) stood at ₹252, marginally lower than ₹253 in the December quarter.
Profit after tax declined 5.6% quarter-on-quarter and 4.7% year-on-year due to higher other expenses and slightly elevated exceptional losses.
The board also declared a final dividend of ₹18 per share.
Earlier in March, brokerage firm Jefferies maintained a ‘Buy’ rating on the stock with a target price of ₹1,880, valuing the company at 14 times EV/EBITDA.
Jefferies said Bharti Hexacom remains among the best plays on India’s telecom tariff repair story.
In its bullish scenario, the brokerage sees the stock rising to ₹2,510, assuming cumulative tariff hikes of 30% across FY27 and FY28. In a downside case, the stock could decline to ₹1,270 if tariff hikes do not materialise.
The brokerage, however, expects a lower probability of a headline tariff hike by June 2026, citing inflationary risks linked to the ongoing Middle East crisis.
Factoring in these concerns, Jefferies has assumed a single 15% tariff hike in December 2026 and trimmed its FY27 and FY28 earnings estimates by 4-5%.
Bharti Hexacom shares ended 1.79% higher at ₹1,491 on Wednesday. The stock has declined 18% so far this year.
First Published: May 14, 2026 7:28 AM IST
