Bharti Hexacom Q2 FY27 Results Analysis: PAT Jumps 34%, Margin Expands 118 bps (BHARTIHEXA)

Cofacto Research Published November 05, 2026 2 min read

Positive

Bharti Hexacom Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,581.80 Cr (+11.41% YoY) and PAT growth of +34.40% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 2,581.80 Cr (+11.41% YoY)
PAT (Q2)	Rs. 566.10 Cr (+34.40% YoY)
EBITDA margin	54.87% (+65 bps YoY)
EPS (Q2)	Rs. 11.32 (+34.40% YoY)

Quarter Snapshot

Bharti Hexacom delivered 11.41% revenue growth and 34.40% PAT growth with EBITDAaL margin up 118 bps YoY to 48.6%, its fifth straight quarterly margin gain, while ARPU rose to Rs.264. Net debt ex-leases fell 44% YoY and H1 CFO was 2.60x PAT, though mobile net adds turned negative (−16K) on seasonal churn and the Homes segment remains FCF-negative. No formal guidance exists to benchmark against; execution on capex moderation, ARPU, and dividend progression tracked prior commitments.

Key Numbers, Quarter by Quarter

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26
ARPU Rs.	264	259	252	253	251
Mobile net adds ('000)	(16)	210	370	368	(110)
Churn %	2.6	2.3	2.0	2.0	2.6
Homes adds ('000)	71	75	148	134	60
Homes ARPU Rs.	475	482	482	483	484
Data/user GB	38.1	36.2	34.2	32.0	30.7
EBITDAaL margin %	48.6	48.2	47.9	47.6	47.4

Key Investment Insights

Key Positives

Revenue grew 11.41% YoY to Rs.2,581.8 Cr and 2.86% QoQ
PAT grew 34.40% YoY to Rs.566.1 Cr; EPS Rs.11.32 vs Rs.8.42 YoY
EBITDAaL margin rose 118 bps YoY to 48.6%, fifth straight quarterly increase
ARPU rose to Rs.264 from Rs.259 QoQ and Rs.251 YoY
Homes segment revenue grew 49.09% YoY with EBITDA margin up 6.7 pp YoY to 40.47%
Net debt excluding leases fell 44.02% YoY to Rs.1,575.5 Cr; net debt/EBITDA 0.87x vs 1.25x YoY
H1 CFO of Rs.2,724.0 Cr was 2.60x H1 PAT; H1 FCF Rs.1,711.5 Cr
Mobile operating FCF grew 20% YoY to Rs.1,177.0 Cr in Q2

Risk Factors

Mobile net adds turned negative at −16K vs +210K in Q1FY27, with churn rising to 2.6% from 2.3%
Homes ARPU declined 1.4% QoQ to Rs.475 and homes adds slowed to 71K from 148K in Q4FY26
Homes operating FCF remained negative at −Rs.96.7 Cr in Q2
Effective tax rate of 19.26% (vs 26.13% Q1) reflects a deferred-tax credit that may not recur
Voice minutes declined QoQ to 96,119 Mn from 96,598 Mn and voice usage per customer fell to 1,105 min