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Bharti Hexacom Quarterly Results: Q1 FY26 Momentum And Investor Implications

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Nidhi Thakur
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August 6, 2026
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Key Takeaways

  • Bharti Hexacom Quarterly Results for Q1 FY26 show Rs 2,263 crore in revenue, up 18.4% YoY.
  • EBITDA rose to Rs 1,217 crore with EBITDA margin at 53.8%, up 606 bps YoY.
  • ARPU improved to Rs 246 per month; data usage per user reached 29.4 GB; smartphone data customers up 1.6 million YoY.
  • Net debt to EBITDAaL including leases stood at 1.30x (0.65x excluding), indicating balanced leverage.

Bharti Hexacom Quarterly Results for the quarter ended June 30, 2025, signal a notable shift in India’s telecom growth narrative. In Q1'26, revenues reached Rs 2,263 crore, up 18.4% year over year, while EBITDA stood at Rs 1,217 crore with a margin of 53.8%, marking a robust margin expansion of 606 basis points. EBITDAaL rose to Rs 1,079 crore with a margin of 47.7% YoY, underscoring a profitability upgrade that many investors watch closely. Net income (before exceptional items) was Rs 392 crore; after exceptional items it was Rs 392 crore, versus Rs 511 crore in the same quarter last year.

These results, drawn from Bharti Hexacom Limited's Q1 FY26 media release on August 5, 2025, underscore a business expanding on both the revenue and margin fronts. The mobile segment continues to lead, with ARPU rising to Rs 246 in Q1'26 from Rs 205 in Q1'25, while data consumption per user increased to 29.4 GB per month. Smartphone data customers grew by 1.6 million YoY and 0.3 million QoQ, now representing 77% of the total mobile base. This combination of monetization and data growth supports a compelling growth narrative in Bharti Hexacom's wireless portfolio.

To help you compare the quarter at a glance, here is a compact snapshot of the key metrics.

Metric Value
Q1’26 Revenues Rs 2,263 crore
YoY Revenue Growth 18.4%
Net Income (Before Exceptional Items) Rs 392 crore
EBITDA Rs 1,217 crore
EBITDA Margin 53.8%
EBITDAaL Rs 1,079 crore
EBITDAaL Margin 47.7%
EBIT Rs 677 crore
EBIT Margin 29.9%
Capex (Quarter) Rs 227 crore
Mobile ARPU Rs 246
Data per User 29.4 GB/Month
Smartphone Data Customers Up 1.6 million YoY; Up 0.3 million QoQ
Homes & Office Additions 54K
Home & Office Base 502K
Total Mobile Base 28.65 million
Towers Deployed (12M) 518
Net Debt/EBITDAaL (Incl. Leases) 1.30x
Net Debt/EBITDAaL (Excl. Leases) 0.65x

Beyond the headline numbers, the growth trajectory rests on a data-led monetization engine. A rising ARPU, paired with strong data usage and a robust subscriber base, points to a scalable model that could sustain margin expansion as the network footprint grows. The Homes and Office segment contributed 54,000 net customer additions in Q1'26, lifting the base to 502,000 customers across 115 cities. The company now serves 28.65 million customers in total, supported by 518 towers deployed over the last year. This multi-segment growth approach helps Bharti Hexacom diversify revenue streams and reduce dependence on any single line item.

From a risk-management perspective, the leverage profile remains important. Net Debt to EBITDAaL stands at 1.30x when including lease obligations, and 0.65x excluding leases, signaling a balanced stance given the ongoing capex cycle. Capex for the quarter was Rs 227 crore, underscoring a measured investment pace focused on sustaining data growth and coverage expansion. For retail investors, these metrics collectively imply a constructive risk-reward dynamic as Bharti Hexacom navigates competitive intensity while enhancing profitability and cash flow generation.

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Bharti Hexacom Quarterly Results Q1 FY26 Revenue Momentum And Margin Expansion

The opening data confirms a revenue momentum that underpins the margin expansion. Q1'26 revenues of Rs 2,263 crore reflect an 18.4% YoY increase, while EBITDA expands to Rs 1,217 crore–driving an EBITDA margin of 53.8% and a YoY margin expansion of 606 basis points. EBITDAaL mirrors this profitability arc at Rs 1,079 crore, with a margin of 47.7% and YoY improvement of 735 basis points. The EBIT figure stands at Rs 677 crore, yielding an EBIT margin of 29.9% (up 816 basis points YoY). Capex for the quarter is Rs 227 crore, signaling continued investment in network and services.

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Operational Momentum Through ARPU And Data Growth

ARPU has risen to Rs 246 in Q1'26 from Rs 205 in Q1'25, signaling stronger monetization per user even as data consumption climbs. Mobile data customers rose by 1.6 million YoY and 0.3 million QoQ, totaling 77% of the mobile base. Data consumption per customer stood at 29.4 GB per month, underscoring a data-led growth narrative that supports ARPU uplift. All these metrics combine to create a broader growth trajectory across Bharti Hexacom's wireless operations.

Network Footprint And Customer Base Growth

The Homes and Office segment contributed to the growth story with 54K net customer additions in Q1'26, lifting the Home & Office customer base to 502K across 115 cities. The overall Bharti Hexacom customer base now stands at 28.65 million, with 518 towers deployed in the past 12 months. This network expansion complements subscriber growth, enabling improved coverage and quality of service as the company scales.

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Debt Profile, Capex Pace, And Financial Health

On the debt side, the Net Debt to EBITDAaL ratio sits at 1.30x when annualized and including leases, and 0.65x when excluding lease obligations. This shows a balanced financial posture given the ongoing capex cycle, as the company invests in capacity while maintaining leverage within acceptable ranges for retail investors. Capex for the quarter stood at Rs 227 crore, illustrating a continued emphasis on upgrading and expanding the network.

What This Means For Retail Investors

For retail investors, these Bharti Hexacom quarterly results signal a company delivering revenue scale, stronger margins, and prudent capital management. The combination of higher ARPU, robust data usage, and a disciplined CAPEX path supports a positive long-term view, while the leverage remains manageable. Investors should watch the pace of tower deployments, Homes & Office pipeline, and how the company monetizes data growth as it expands–these are the levers that could determine future margin expansion and cash flow generation.

Frequently Asked Questions

What were Bharti Hexacom's Q1 FY26 revenues and YoY growth?

Rs 2,263 crore, up 18.4% YoY.

What is Bharti Hexacom's EBITDA and EBITDA margin in Q1 FY26?

EBITDA of Rs 1,217 crore with an EBITDA margin of 53.8%.

What is EBITDAaL and its margin in Q1 FY26?

EBITDAaL of Rs 1,079 crore with a margin of 47.7%.

What are Bharti Hexacom's debt metrics as of June 30, 2025?

Net Debt to EBITDAaL including leases is 1.30x; excluding lease obligations it is 0.65x.

What are the ARPU and data usage metrics in Q1 FY26?

Mobile ARPU is Rs 246; data consumption per user is 29.4 GB per month; smartphone data customers rose by 1.6 million YoY and 0.3 million QoQ.

Conclusion

Bharti Hexacom's Q1 FY26 results reinforce a narrative of revenue growth supported by a rising ARPU base, with data-driven monetization fueling profitability. For a retail investor, the key takeaway is to monitor both topline momentum and the efficiency of capital deployment–the two pillars that determine whether the margin improvements can sustain as the network expands.

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Reference :

1 : Business Standard

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