Bharti Hexacom: Jefferies cuts target to ₹1,880 in 2026

What changed in Jefferies’ view

Jefferies has lowered its price target on Bharti Hexacom to ₹1,880, down from ₹2,110, while maintaining a Buy rating. The brokerage flagged rising inflation as the central reason behind the downgrade in its target price. The change matters because Bharti Hexacom’s near-term earnings narrative is closely linked to the timing and size of industry tariff hikes. Investors have been watching for clarity on when the next meaningful tariff increase may come through. In Jefferies’ assessment, inflation could push that timeline out.

Inflation risk and the tariff timing problem

Jefferies expects the next major tariff increase to be delayed more than previously anticipated. The brokerage now believes an “important” hike could come only by late 2026. Specifically, it is modelling a single 15% tariff hike in December 2026. Beyond that, Jefferies does not expect further tariff increases from FY2026 to FY2028.

This change in timing is central to the revised valuation. When tariff hikes are pushed out, near-term revenue growth and operating leverage typically soften, especially for telecom operators where pricing actions can influence both ARPU trends and margin expansion. Jefferies linked the delay to the broader inflation backdrop, suggesting a more cautious environment for raising consumer prices.

Forecast cuts: revenue and EBITDA estimates trimmed

Alongside the target cut, Jefferies reduced its operating forecasts for the company. It cut revenue forecasts by 7% and EBITDA forecasts by 11%. The brokerage’s revised base case now reflects a slower path to improved unit economics.

These estimate reductions indicate Jefferies is baking in weaker near-term pricing momentum than it earlier assumed. The brokerage’s stance is not that tariffs will not rise, but that the timing may be pushed out and the cadence may be limited over the FY2026 to FY2028 window.

Stock performance: down about 15% this year

Bharti Hexacom shares are down around 15% so far this year, as per the provided data. The drop has been linked to investor concern over the timing of telecom tariff hikes. Even with Jefferies keeping a Buy rating, the market has been discounting uncertainty on when pricing actions will translate into earnings upgrades.

Separately, an update in the provided data shows the stock moved up 1.44% from its previous close of ₹1,730.40, and last traded at ₹1,755.20. A separate price snapshot also lists ₹1,699.70 with a +4.44% move, highlighting that multiple market prints and feeds are being referenced in the material.

Technical indicator mentioned: RSI at 35

On technicals, the article cites an RSI of 35. This is described as indicating the stock may be in a mild oversold zone. While RSI is not a fundamental metric, it is often used by short-term traders to gauge momentum and the extent of recent selling pressure.

How Jefferies frames risk-reward after the cut

Despite the lower target, Jefferies argues the stock remains available at an “attractive” valuation in its framework. The brokerage says the new ₹1,880 target implies about 23% upside from the current price referenced in the article.

Jefferies also shared a scenario range. In its best case, it sees up to 60% upside, while in its worst case it estimates roughly 15% downside. Those bounds highlight both the potential benefit if tariff actions materialise more favourably than expected and the risk if pricing or execution disappoints.

Broader broker and consensus signals in the dataset

The supplied material also includes a separate Jefferies note headline stating: “Jefferies Adjusts Bharti Hexacom's Price Target to INR2,110 From INR2,280, Keeps at Buy”, published 02/06/2026 at 05:20 am EST. A timeline of prior target changes is also provided, indicating Jefferies has revised its target multiple times (including ₹2,280, ₹2,250, ₹2,020, and ₹1,730 at different points).

Other brokerage views mentioned include CLSA downgrading the stock to Underperform with a target price of ₹1,525. The dataset also states that Bharti Hexacom has a consensus “Buy” rating based on 12 analysts, with 8 recommending buy, 1 recommending sell, and 3 recommending hold. It lists an average 12-month price target of ₹1,748, with a high estimate of ₹2,090 and a low estimate of ₹1,330.

Key numbers at a glance

Jefferies target revisions mentioned in the dataset

What investors will track next

The immediate swing factor in the Jefferies thesis is the timing of tariff increases, with the brokerage now anchoring to December 2026 for a single hike. Any additional confirmation from the sector on pricing actions could influence earnings expectations and valuation multiples across telecom stocks.

Investors will also watch whether the company’s performance and sector pricing dynamics support or challenge Jefferies’ revised revenue and EBITDA trajectory. For now, the brokerage’s view is that inflation has increased the likelihood of delays, even as it keeps its positive recommendation intact.

Conclusion

Jefferies has cut Bharti Hexacom’s target price to ₹1,880 from ₹2,110, citing inflation-led risks to the tariff hike timeline and lowering its revenue (-7%) and EBITDA (-11%) forecasts. Even after the stock’s roughly 15% year-to-date decline and an RSI reading of 35, the brokerage continues with a Buy rating, with focus now squarely on whether a 15% tariff hike materialises in December 2026 as assumed.