Whalesbook
Ab dekho, Q4 FY26 mein revenue toh 5.4% badh kar ₹2,414 Crore ho gaya, Mostly Home Services ke wajah se. Ye toh achhi baat hai! Lekin, jeb thodi dheeli ho gayi jab profit 4.6% gir gaya aur ₹446.7 Crore pe aa gaya. Iska reason government ke taxes aur charges ko bataya ja raha hai. Aur bhai, sabse zyada pressure aaya hai capital spending (CapEx) par, jo ₹340 Crore se badh kar ₹590 Crore ho gaya hai. Iski wajah se operating free cash flow bhi ₹730 Crore pe aa gaya. Ye sab dekh kar ek brokerage ne apna target price ₹1,700 se ghata kar ₹1,550 kar diya. Us din lagbhag 2.42 lakh shares trade hue the.
Valuation ki baat karein toh Bharti Hexacom ka P/E ratio 43-45x hai, jo ki uske bade bhai Bharti Airtel ke 31-38x P/E se kaafi upar hai. Airtel ki market cap toh ₹11 trillion se bhi upar hai. Haan, Indian telecom sector overall toh saal mein 23% ka earnings growth dikha sakta hai.
Mobile ARPU mein bhi bas thodi si tezi aayi hai, ₹242 se ₹252 ho gaya. Analysts bol rahe hain ki ye growth kaafi kam hai, jabki operating costs badh rahi hain aur hum price increase ki umeed bhi zyada nahi kar sakte. Ye ARPU trend aur jabardast CapEx badhotri ne cash flow par kafi pressure dala hai. Company ne fiber deployment par zyada focus kiya hai, FWA chips ke mahange hone ki wajah se. Par kuch jagahon par FWA zaroori ho sakta hai, jisase aur kharcha badhega. Poore FY26 ke liye, revenue ₹9,354 Crore aur profit ₹1,733.2 Crore raha, jo pichhle saal ke muqable 16% zyada hai.
Stock performance ki baat karein toh Bharti Hexacom ka share pichhle 12 mahine mein ~8.21% aur iss saal ab tak 12.55% gira hai. Analystlogon ka sentiment bhi mila-jula hai. Target price ₹1,450 se lekar ₹2,544 tak hain. Abhi haal mein ek 'Reduce' rating mili hai jisme target ₹1,550 rakha gaya hai, indicating ki kuch analysts ko lagta hai ki short-term mein zyada upside nahi hai aur investment aur pricing power ki risks hain.
Future mein company ka success is baat par depend karega ki woh subscriber aur data growth ko kaise higher ARPU mein badalti hai. Analysts ko aane wale teen saalon mein revenue mein 11.7% aur earnings mein 26.5% ka growth dikh raha hai. Kai analysts abhi bhi 'Buy' rating de rahe hain jiska average 12-month target ~₹1,894 hai, par haal ki downgrades aur cautious targets short-term mein uncertainties dikha rahe hain. Investors yahi dekhenge ki ARPU kitni jaldi recover hota hai aur company apna paisa kitni efficiently lagati hai.