Bharti Hexacom Q2 FY27 Results Analysis: PAT Jumps 34%, Margin Expands 118 bps (BHARTIHEXA)
Bharti Hexacom Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,581.80 Cr (+11.41% YoY) and PAT growth of +34.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,581.80 Cr (+11.41% YoY) |
| PAT (Q2) | Rs. 566.10 Cr (+34.40% YoY) |
| EBITDA margin | 54.87% (+65 bps YoY) |
| EPS (Q2) | Rs. 11.32 (+34.40% YoY) |
Quarter Snapshot
Bharti Hexacom delivered 11.41% revenue growth and 34.40% PAT growth with EBITDAaL margin up 118 bps YoY to 48.6%, its fifth straight quarterly margin gain, while ARPU rose to Rs.264. Net debt ex-leases fell 44% YoY and H1 CFO was 2.60x PAT, though mobile net adds turned negative (−16K) on seasonal churn and the Homes segment remains FCF-negative. No formal guidance exists to benchmark against; execution on capex moderation, ARPU, and dividend progression tracked prior commitments.
Key Numbers, Quarter by Quarter
| Metric | Q2 FY27 | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| ARPU Rs. | 264 | 259 | 252 | 253 | 251 |
| Mobile net adds ('000) | (16) | 210 | 370 | 368 | (110) |
| Churn % | 2.6 | 2.3 | 2.0 | 2.0 | 2.6 |
| Homes adds ('000) | 71 | 75 | 148 | 134 | 60 |
| Homes ARPU Rs. | 475 | 482 | 482 | 483 | 484 |
| Data/user GB | 38.1 | 36.2 | 34.2 | 32.0 | 30.7 |
| EBITDAaL margin % | 48.6 | 48.2 | 47.9 | 47.6 | 47.4 |
Key Investment Insights
Key Positives
- Revenue grew 11.41% YoY to Rs.2,581.8 Cr and 2.86% QoQ
- PAT grew 34.40% YoY to Rs.566.1 Cr; EPS Rs.11.32 vs Rs.8.42 YoY
- EBITDAaL margin rose 118 bps YoY to 48.6%, fifth straight quarterly increase
- ARPU rose to Rs.264 from Rs.259 QoQ and Rs.251 YoY
- Homes segment revenue grew 49.09% YoY with EBITDA margin up 6.7 pp YoY to 40.47%
- Net debt excluding leases fell 44.02% YoY to Rs.1,575.5 Cr; net debt/EBITDA 0.87x vs 1.25x YoY
- H1 CFO of Rs.2,724.0 Cr was 2.60x H1 PAT; H1 FCF Rs.1,711.5 Cr
- Mobile operating FCF grew 20% YoY to Rs.1,177.0 Cr in Q2
Risk Factors
- Mobile net adds turned negative at −16K vs +210K in Q1FY27, with churn rising to 2.6% from 2.3%
- Homes ARPU declined 1.4% QoQ to Rs.475 and homes adds slowed to 71K from 148K in Q4FY26
- Homes operating FCF remained negative at −Rs.96.7 Cr in Q2
- Effective tax rate of 19.26% (vs 26.13% Q1) reflects a deferred-tax credit that may not recur
- Voice minutes declined QoQ to 96,119 Mn from 96,598 Mn and voice usage per customer fell to 1,105 min
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.