Bharti Hexacom (BHARTIHEXA) Q4 25/26 earnings summary

Executive summary

• Delivered record FY 2026 consolidated revenue of INR 211,000 crore, driven by strong performance in India and Africa; 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 Rs 18 per share for another entity, reflecting a progressive payout policy.

• 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 exceeded INR 41,500 crore; disciplined CapEx for India (excluding passive) was INR 31,000 crore; full-year CapEx for another entity was Rs 15,210 million.

• Net debt to EBITDA improved to 1.1; net debt (excluding lease obligations) reduced to Rs 20,301 million as of March 31, 2026.

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

• Dividend payout increased by 50% year-over-year.

Outlook and guidance

• Large growth opportunities in mobility (ARPU growth, postpaid), homes, and B2B segments; focus on premiumizing customer base and expanding digital offerings.

• Continued investments in digital acceleration, AI integration, network expansion, and technology advancement.

• CapEx for next year expected to be in line with FY 2026, focusing on core business, transport, data centers, and home business.