Bharti Hexacom, the Bharti Airtel group telecom operator serving the Rajasthan and North-East circles, reports Q2 FY 2026-2027 results with the mobile net-add recovery after an acquisition-quality reset the single biggest swing item. The print will speak to whether ARPU momentum beyond Rs. 259 holds and whether homes net adds rebound from 75k amid rising memory and chipset costs that have pressured FWA economics.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,509.9 Cr (+10.9% YoY, +4% QoQ) |
| Previous quarter PAT | Rs. 482.4 Cr (+23.2% YoY) |
| Previous quarter EBITDA margin | 54.8% (EBITDA); EBITDAaL margin 48.2% |
| Net debt (latest quarter) | Rs. 4,392.5 Cr including lease obligations; Rs. 960.4 Cr excluding leases |
| Market cap | Rs. 84,035 Cr |
| CMP | Rs. 1,680.7 |
The Board of Directors will meet on November 4-5, 2026 to consider the audited financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27). The trading window was closed from October 1 to November 7, 2026 (both days inclusive).
The Q2 FY27 earnings call is scheduled for November 6, 2026, 12:00-1:20 pm IST, via Zoom webinar, with Q&A from 1:00 pm IST. The intimation was made under Regulation 30 of SEBI LODR on October 28, 2026.
The company follows a progressively increasing dividend policy, with payouts having moved from Rs. 3 to 4 to 10 to 18 per share. The Rs. 18 per share final dividend (face value Rs. 5) for FY26 was approved at the AGM on August 11, 2026.
The quarter tests whether the mobile net-add recovery management promised after the Q1 acquisition-quality reset materialised, against the recurring Rajasthan monsoon and migration seasonality that makes Q2 the seasonally weak quarter. ARPU momentum is the second lever: Q1's Rs. 259 benefited from one extra day (Q4 FY26's Rs. 252 was about Rs. 257-258 on an equal-day basis), and Airtel's August 12 withdrawal of its Rs. 299 entry plan plus a 3-11% postpaid hike operate in the same premiumization direction Hexacom rides.
On the homes side, Q1 net adds of 75k versus a record 148k in Q4 FY26 reflected the acquisition-quality reset and FWA economics challenged by rising global memory and chipset pricing, with 4Q26 DRAM contracts projected up 10-15% QoQ and NAND up 15-20% QoQ.
Cost-side relief is limited: retail diesel, the tower-site energy line the company is engineering out, stayed flat through the quarter (Delhi Rs. 95.20/litre on both the July 30 and September 30 prints), leaving the EBITDAaL margin bridge (47.5% to 48.2% across Q2 FY26 to Q1 FY27) dependent on the company's own war-on-waste execution.
The AGR overhang remains contingent rather than a running cost, with net debt excluding leases at Rs. 960.4 Cr and no DoT order on the parity letters surfaced in the window; the call on November 6 will also be probed on capex after the +68% YoY Q1 step-up against the directional moderation framing.
Capex trajectory vs directional moderation guidance: Q1 FY27 capex of Rs. 382.2 Cr rose 68% YoY against management's standing open-ended framing that capex should 'directionally... moderate over time'.
ARPU sustainability and mobile net-add recovery: Q1 FY27 ARPU of Rs. 259 included an extra-day benefit, and net adds slowed to ~210k from ~370k in each of the two prior quarters.
Homes and FWA economics: Homes net adds of 75k in Q1 FY27 versus a record 148k in Q4 FY26, with FWA economics the key swing factor.
Depreciation and AGR/spectrum overhang: Two follow-through items from prior calls that carry P&L and cash-flow implications.
Competitive intensity in Rajasthan: Management has characterised the two circles differently on competition.
Management attributed the slowdown to ~210k net adds to poor acquisition quality, which it said has been tightened substantially. It added that traction was already visible in recent weeks and momentum should return from there onwards.
Management does not give formal guidance — 'as a rule, we do not give guidance' — and declined to provide specific capex guidance for FY27. It has only said capex should directionally moderate over time, without a time limit, while remaining willing to spend more on 5G densification if needed.
Homes net adds fell to 75k from a record 148k in Q4 FY26, reflecting an acquisition-quality reset and FWA economics challenged by rising global memory and chipset prices. Management has said the homes growth trajectory of recent quarters should continue, but that it is a competitive market.
Revenue rose 10.9% YoY to Rs. 2,509.9 Cr in Q1 FY27, the highest-ever, with Mobile Services up 9% YoY and Homes, Office & Other Services up 61% YoY. Management attributes the momentum to portfolio premiumization and ARPU growth, with ARPU at Rs. 259 versus Airtel India's Rs. 264.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.