Bharti Hexacom Q4 FY26: Sales up 5.45%, profit focus

Key takeaway from the March 2026 quarter

Bharti Hexacom reported standalone net sales of ₹2,413.70 crore for the March 2026 quarter, rising 5.45% year-on-year from ₹2,289.00 crore in March 2025. Sequentially, revenue increased from ₹2,359.80 crore in the December 2025 quarter. The reported numbers keep the spotlight on steady topline growth and the company’s recent emphasis on operational efficiency. While the March 2026 profit figure is not provided in the disclosed snippet, the preceding quarters show a clear profitability trend that investors have been tracking closely.

March 2026 revenue: what changed versus last year

The March quarter revenue of ₹2,413.70 crore compares with ₹2,289.00 crore in the same quarter last year. That 5.45% increase indicates continued growth in the company’s operating circles even as quarter-to-quarter changes remain incremental. In the immediately preceding quarter (December 2025), revenue stood at ₹2,359.80 crore, pointing to a modest sequential rise into the March 2026 quarter.

Cost line items disclosed: employee cost and depreciation

The expense details available for the March 2026 quarter highlight two key line items. Employee cost was ₹33.30 crore in March 2026, compared with ₹30.60 crore in December 2025 and ₹43.10 crore in March 2025. Depreciation was ₹564.80 crore in March 2026, broadly flat versus ₹566.80 crore in December 2025, and higher than ₹531.20 crore in March 2025. Depreciation is a significant charge for telecom operators given network infrastructure intensity, and the quarterly run-rate reflects that.

Q3 FY26 profitability: net profit and margin expansion

In the December 2025 quarter (Q3 FY26), Bharti Hexacom reported net profit of ₹473.70 crore, up 12.46% quarter-on-quarter from ₹421.20 crore in September 2025. The same data set cites year-on-year profit growth of 81.56% for Q3 FY26. Net sales for Q3 FY26 were ₹2,359.80 crore, up 1.83% sequentially and 4.85% year-on-year, as cited in the quarter commentary. Operating profit (PBDIT excluding other income) was reported at ₹1,254.40 crore in Q3 FY26, described as the highest level in recent quarters. The operating margin (excluding other income) was reported at 53.16% for Q3 FY26 versus 52.13% in Q2 FY26.

Drivers highlighted in the quarterly commentary

The Q3 FY26 commentary attributes profit outperformance to margin expansion, lower interest cost, and a lower tax rate versus the prior quarter. Interest cost was cited at ₹147.00 crore in Q3 FY26 versus ₹154.10 crore in Q2 FY26. The tax rate was cited at 16.75% in Q3 FY26 compared with 25.33% in the previous quarter. The PAT margin improved to 20.07% from 18.18%, based on the same commentary. These factors explain why profit growth outpaced revenue growth during that quarter.

Q2 FY26: segment notes on mobile and broadband-type business

For Q2 FY26, the company reported revenue from operations of ₹2,317 crore, up 10.5% year-on-year and 2.4% sequentially. The same update said mobile services revenue rose 9.6% year-on-year, supported by higher ARPU and smartphone customer additions. It also noted that the Homes and Offices vertical grew 46.9% year-on-year, aided by 60,000 new customer additions in Q2’26. These operating details provide context for how growth was being supported across product lines.

Nine-month performance and annual trend points

For the nine months period referenced, sales were ₹6,940.10 crore (INR 69,401 million) compared to ₹6,258.90 crore (INR 62,589 million) a year ago. Revenue was ₹7,086.30 crore (INR 70,863 million) compared to ₹6,392.90 crore (INR 63,929 million) a year ago. Separately, the annual net sales figure shown for the year ended March 2025 was ₹8,547.90 crore, with year-on-year growth of 20.58% versus 7.75% in March 2024. Annual standalone net profit for March 2025 was listed at ₹1,493.60 crore, with year-on-year growth of 196.11% versus -8.16% in March 2024.

Balance sheet and efficiency metrics cited

Fixed assets were reported at ₹11,668.60 crore as of March 2025, up from ₹10,755.40 crore a year earlier, implying additions of about ₹913.20 crore linked to network infrastructure investments. The company’s ROCE for H1 FY26 was cited at 21.36%, above a five-year average of 14.04%. The same “positive” trend classification highlighted interest coverage at 8.53 times and a debt-to-equity ratio at 1.06 times, alongside peak quarterly metrics in Q3 FY26 for net sales, operating profit, and PAT.

Market snapshot mentioned in the update

Bharti Hexacom shares ended a Monday session at ₹1,870 per share, up about 0.5% from the previous close on the NSE, according to the provided text. The update also stated the stock was up 26% since the beginning of the year. These datapoints indicate investor attention around quarterly execution and profitability, alongside broader telecom sector narratives.

Summary table of reported quarterly metrics

What the March 2026 print means for tracking Bharti Hexacom

The March 2026 quarter extends the company’s revenue trajectory, with both year-on-year and sequential gains in net sales. With depreciation remaining a major cost line, investors will likely continue to track how operating margins evolve alongside network investments. The Q3 FY26 numbers already showed how margin expansion and lower interest costs can lift net profit faster than revenue. The next set of disclosures will be important to confirm whether that profitability profile held into Q4 FY26 alongside the higher revenue base.