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Informist, Thursday, Oct. 30, 2025

By Shakshi Jain

MUMBAI – Bharti Hexacom Ltd. is expected to post a low single-digit sequential growth in its top line for the September quarter, driven by a rise in customers across both its business segments. The company's sequential bottom-line growth for the reporting quarter is expected to be nearly three times the top-line growth, aided by higher average revenue per user in the wireless business.

The company, which is a Bharti Airtel Ltd.'s subsidiary, provides consumer mobile services, fixed line telephone, and broadband services in Rajasthan and north-eastern states including Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Arunachal Pradesh.  

Bharti Hexacom's standalone revenue for the September quarter is expected to grow 2.8% sequentially and 11% on year to INR 23.26 billion, according to the average of estimates from four brokerages. The highest estimate for revenue is INR 23.59 billion from JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 23.05 billion from Motilal Oswal Financial Services Ltd. 

The company's standalone bottom line for the reporting quarter is expected to rise 8% sequentially and 67% on year to INR 4.23 billion. The highest estimate for Bharti Hexacom's September quarter net profit is INR 4.44 billion by Motilal Oswal and the lowest is INR 4.12 billion by ICICI Securities Ltd.

JM Financial expects the company's wireless revenue to grow 4.1% sequentially to INR 22.8 billion for the September quarter, helped by "likely normalisation of roaming revenue". It said the home broadband segment is likely to report an addition of approximately 60,000 subscribers for the reporting quarter while the company's mobile broadband subscribers may rise by 700,000.

In the June quarter, Bharti Hexacom's homes and office businesses net added 54,000 customers while the company's smartphone data customers increased by 300,000.

Brokerages estimate the company's average revenue per user for the wireless business grew to INR 250 in the September quarter from INR 246 in the trailing quarter, driven by an improved subscriber-mix and an extra day in the quarter.

The company's earnings before interest, tax, depreciation, and amortisation are expected to decline marginally on quarter but rise 16% on year to INR 12.15 billion, according to the average of estimates from four brokerages. The highest estimate for the reporting quarter EBITDA is INR 12.42 billion by JM Financial and the lowest is INR 11.90 billion by Emkay Global Financial Services Ltd.

For the June quarter, the company had reported an EBITDA of INR 12.17 billion with an EBITDA margin of 53.8%. The company had reported a deferred tax reversal of INR 305 million for that quarter.

Bharti Hexacom had reported a consolidated net profit of INR 3.92 billion for the June quarter on revenues of INR 22.63 billion. In the year-ago quarter, the company's consolidated net profit was INR 2.53 billion on revenues of INR 20.98 billion. Bharti Hexacom will announce its September quarter earnings Monday.

Thursday, shares of Bharti Hexacom ended at INR 1,866.70 on the National Stock Exchange, down 2.5%. The stock has risen 1% since the company reported its results for the June quarter on Aug. 5. 

Of the four research recommendations on the stock available with Informist, two have a "buy" rating on Bharti Hexacom while two have a "hold" rating. The average target price of the "buy" recommendations is INR 1,978 and that of the "hold" calls is INR 1,805.

Following are the Jul-Sept earnings estimates for Bharti Hexacom from four brokerages in descending order of the estimate of net profit in INR million:

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Edited by Akul Nishant Akhoury

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