BHARTIHEXA · Telecommunication
Bharti Hexacom Ltd. reported revenue of ₹2,360 cr for October to December 2025, +4.8% on the year and +1.9% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹9,229 cr, +13.5% on the four before.
Operating profit (EBITDA) was ₹1,254 cr, a margin of 53.1%, +196 bps on the year and +100 bps on the quarter. It is the widest margin of the last 8 quarters (range 45.8% to 53.1%). Operating costs grew +0.6% against revenue growth of +4.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹474 cr, +81.6% on the year and +12.6% on the quarter, with earnings per share of ₹9.47. Profit before other income, one-offs and tax grew 23.0%, so 59 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 22% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,755 cr, +40.6% on the four before.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹35.09 over the last four quarters, the stock at ₹1,619.50 trades at 46.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,801 cr | ₹1,868 cr | ₹1,911 cr | ₹2,098 cr | ₹2,251 cr | ₹2,289 cr | ₹2,263 cr | ₹2,317 cr | ₹2,360 cr | ₹2,414 cr | ₹2,510 cr | ₹2,582 cr |
| YoY | — | — | +14% | +21% | +25% | +23% | +18% | +10% | +5% | +5% | +11% | +11% |
| EBITDA margin | 46.0% | 47.0% | 45.8% | 47.8% | 51.2% | 51.0% | 51.3% | 52.1% | 53.1% | 52.5% | 52.7% | 53.3% |
| Other income, % of PBT | 22% | 16% | 62% | 14% | −16% | 9% | 9% | 11% | 5% | 9% | 11% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 11% | 25% | 31% | 9% | 26% | 25% | 17% | 26% | 26% | 19% |
| Net profit | ₹213 cr | ₹223 cr | ₹511 cr | ₹253 cr | ₹261 cr | ₹468 cr | ₹392 cr | ₹421 cr | ₹474 cr | ₹447 cr | ₹482 cr | ₹566 cr |
| YoY | — | — | +102% | — | +23% | +110% | −23% | +66% | +82% | −4% | +23% | +34% |
| Core profit YoY | — | — | −16% | +22% | +95% | +85% | +119% | +73% | +23% | +19% | +21% | +27% |
| EPS | ₹4.25 | ₹4.45 | ₹10.22 | ₹5.06 | ₹5.22 | ₹9.37 | ₹7.83 | ₹8.42 | ₹9.47 | ₹8.93 | ₹9.65 | ₹11.32 |
| Flags | · | · | 4 | ✓ | ✓ | 2 | ✓ | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharti Hexacom Ltd. reported revenue of ₹2,360 cr (+4.8% on the year) and net profit of ₹474 cr (+81.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +23.0% on the year, against +81.6% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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