Bharti Hexacom (BHARTIHEXA) Q4 25/26 earnings summary

Executive summary

• Delivered record FY 2026 consolidated revenue of INR 211,000 crore, driven by strong India and Africa performance; Q4 consolidated revenue was INR 55,400 crore, up 2.6% sequentially.

• EBITDA reached INR 108,000 crore with a margin of 51.2%; India EBITDA (excluding passive) grew 18% to INR 72,500 crore; Q4 EBITDA margin was 54.4%.

• Board recommended a dividend of INR 24 per share, up from INR 16 last year, and a final dividend of Rs 18 per share for FY26.

• Net income (before exceptional items) for Q4 was Rs 4,658 million, up 23% year-over-year; full-year net income (before exceptional items) was Rs 17,104 million, up 44% year-over-year.

Financial highlights

• Operating free cash flow (EBITDA minus CapEx) exceeded INR 41,500 crore.

• Net debt to EBITDA improved to 1.1; net debt (excluding leases) to EBITDAAL at 0.44x.

• Q4 EBITDA margin improved by 20 bps to 52%; EBIT margin for Q4 was 30.6%.

• CapEx for India (excluding passive) was INR 31,000 crore; full-year capex was Rs 15,210 million.

Outlook and guidance

• Focus remains on ARPU growth, rapid expansion in homes, and scaling B2B and digital businesses.

• Investments directed at building digital businesses, network expansion, and technology advancement.

• CapEx for FY 2027 expected to be in line with FY 2026, with continued focus on core business and selective adjacencies.