Bharti Hexacom Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bharti Hexacom Ltd trades at ₹1,545, in a downtrend and 28 weeks into that stage. That is −2.3% against its own 200-day average. It sits at 22% of a 52-week range of ₹1,454 to ₹1,861. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 28 of stage 4. At ₹1,545 it trades −2.3% versus its 200-day average and sits at 22% of its 52-week range (₹1,454–₹1,861).

Against the market, two honest reads. Cumulative: over the last 2.4 years the stock moved +90% while the NIFTY 500 moved +12% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bharti Hexacom Ltd trades at 41.8× P/E, near the bottom of its own range — cheaper only 8% of the time. Its long-run median P/E is 62.1×, measured across 2.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 41.8× is near the bottom of its own range — cheaper only 8% of the time, against a long-run median of 62.1× measured over 2.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +16.0% against a −9.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Bharti Hexacom Ltd was paying for profit growth of about 22.9% a year. Today the market pays 41.8× P/E, the 8th percentile of its own 2-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bharti Hexacom Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 22.5% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

66.3/100 — rank 3 of 18 in Telecom Services · 87% evidence confidence

Bharti Hexacom Ltd scores 66.3 out of 100 against the 18 companies it is compared with in Telecom Services, ranking 3. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 24.4 + 18.5 + 11.8 + 11.6 = 66.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bharti Hexacom Ltd reported ₹2,510 Cr of revenue in the Jun 26 quarter, +10.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 7 years it has compounded at 14.6% a year. The last full year, FY26, came in at ₹9,354 Cr. The last four reported quarters add to ₹9,601 Cr.

FY26 revenue came in at ₹9,354 Cr (+9.4% on the year), capping 7 years at 14.6% compound. The latest quarter (Jun 26) printed ₹2,510 Cr, +10.9% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +7.9% growth against the decade's 14.6% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.9% over the last 4 quarters against +14.5%/yr over the last 8 — rolling over; TTM profit +32.8% vs +54.6%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bharti Hexacom Ltd's operating margin is 53.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged −2.5% to 52.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 53.0%, +2.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −2.5%–52.0%, and FY26's 52.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.4 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bharti Hexacom Ltd earned ₹482 Cr of net profit in the Jun 26 quarter, +23.0% year on year. Full-year FY26 profit was ₹1,733 Cr. That is 19.2% of the quarter's revenue. The same quarter a year earlier earned ₹392 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹482 Cr, +23.0% year on year. On the full year, FY26 printed ₹1,733 Cr (+16.0%).

Why profit moved: revenue contributed +10.9% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +41.6% vs revenue +7.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 338% of Bharti Hexacom Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹4,464 Cr of operating cash against ₹1,733 Cr of profit. After ₹1,697 Cr of capital spending, ₹2,767 Cr was left as free cash.

FY26: operating cash of ₹4,464 Cr against reported profit of ₹1,733 Cr, leaving free cash of ₹2,767 Cr after ₹1,697 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 338% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 338%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bharti Hexacom Ltd's cash conversion cycle runs 4 days in FY26, down from 11 days in FY21. Capital spending ran ₹7,450 Cr over the last 3 years. At FY26 sales of ₹9,354 Cr each day of that cycle holds about ₹25.6 Cr, so roughly ₹103 Cr sits inside the business at any moment.

FY26: debtors at 4 days (an asset-light business — no inventory to speak of) — for a full cycle of 4 days, tighter than FY21's 11.

In money terms: at FY26 sales of ₹9,354 Cr, each day of the cycle holds about ₹25.6 Cr — so the 4-day loop keeps roughly ₹103 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹7,450 Cr over the last 3 fiscal years against ₹6,046 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹476 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bharti Hexacom Ltd earns a ROCE of 21% in FY26. That is up from a trough of −9% in FY20. Return on invested capital clears the cost of that capital by +5.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 18.5% net margin on 0.49× asset turns.

FY26 ROCE is 21%, recovered from a FY20 trough of −9% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 18.5% net margin × 0.49× asset turns × 2.66× balance-sheet leverage ≈ 24.1% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 17.8% − 12.0% = a +5.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Bharti Hexacom Ltd carries total debt of ₹6,137 Cr against shareholder equity of ₹7,165 Cr as of Mar 26, a debt-to-equity of 0.86. On the annual view that ratio went from 2.48 in FY22 to 0.86 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹6,137 Cr against shareholder equity of ₹7,165 Cr — a debt-to-equity of 0.86. On the annual view, debt-to-equity went from 2.48 (FY22) to 0.86 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.5 points of Bharti Hexacom Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 10.6% of the company. Foreign institutions moved −1.0 points over the same window, to 3.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.5 points over 8 quarters to 10.6%; Foreign institutions: −1.0 points over 8 quarters to 3.6%; Promoters: +0.0 points over 8 quarters to 70.0%.

Why the register moved: domestic institutions drove it (+1.5 points), absorbed on the other side by foreign institutions (−1.0 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bharti Hexacom Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions