Whalesbook
Revenue Aur Operational Gains Ka Dhamaka
Sabse pehle revenue ki baat karein toh Bharti Hexacom ka revenue 5.4% saal-dar-saal badhkar ₹2,414 crore ho gaya hai Q4 FY26 mein. Ye growth mobile tariff mein thoda sa increase, naye customers ki steady entry aur sabse important, Homes, Office, aur other services segment mein solid growth ki wajah se hui hai. Mobile services revenue mein 3.8% ka jump dekha gaya. Mobile ARPU bhi ₹242 se badh kar ₹252 ho gaya hai. Aur data usage? Woh toh 30.9% up hai, matlab har user ab average 34.2 GB data use kar raha hai per month. Company ka EBITDA bhi 8.5% badhkar ₹1,267 crore ho gaya hai, aur EBITDA margin 53% par pahunch gaya hai, jo ki 200 basis points ka expansion hai. Matlab cost control toh ekdum tight hai bhai!
Homes Segment Ka Toofani Performance
Ab aao asli performance dekhte hain - Homes, Office, aur other services segment. Is segment ne toh aag laga di, revenue mein 65.3% ka zabardast growth dikhaya hai. Ek saal mein 3.95 lakh naye customers is segment mein add hue hain. Ye strategy kaafi successful lag rahi hai, jisse company bundled services aur fixed-line broadband mein expand kar pa rahi hai aur mobile market ki slow growth ko compensate kar pa rahi hai.
Industry Aur Parent Company Se Comparison
Ye results Indian telecom sector ke liye ek cautious optimism ke beech aaye hain, jahan aage tariff hikes ki umeed hai. Interesting baat ye hai ki Bharti Hexacom ka profit girna, inki parent company Bharti Airtel se alag hai. Bharti Airtel ka profit 33.5% gir kar ₹7,325 crore ho gaya tha, lekin unka revenue 15.7% badha tha. Airtel ka ARPU bhi ₹257 tha, jo Hexacom ke ₹252 se thoda zyada hai.
Valuation Ka Chakkar Aur Concerns
Valuation ki baat karein toh Bharti Hexacom ka P/E ratio lagbhag 41.7x hai, jo Bharti Airtel ke same aas-paas hai. Lekin, ye Asian Wireless Telecom industry ke average 18x se kaafi premium par hai, jisse kuch log valuation ko lekar chintit hain. Profit mein 4.6% ki girawat, revenue aur EBITDA badhne ke baad bhi, ek bada concern hai. Ye indicate karta hai ki shayad koi aur expenses ya provisions ho sakte hain. Company ka debt-to-equity ratio bhi industry median se thoda upar, 0.95 hai. Stock ne pichhle saal broader market indices ko bhi underperform kiya hai.
Analyst Log Kya Kehte Hain?
Phir bhi, analysts ka outlook positive hai. Unka average 12-month price target around ₹1,911 hai, jo lagbhag 26% ka upside potential dikha raha hai. Sector mein expected tariff hikes aur data consumption, fixed broadband mein continued growth aage bhi support karega. Company ka Homes and Office segment mein investment aur 5G network expansion future growth ke liye ready hai. Bas ab dekhte hain ki company cost control aur margin sustainability kaise maintain karti hai.