Bharti Hexacom Ltd

- The order book on the core connectivity side looks strong. - The order book on the digital side also appears strong. - The wholesale and commodity side of the order book continues to be under pressure. - The global side, particularly related to cables, is beginning to improve compared to last year. - Low-margin businesses are being shed, with a substantial portion already shed and some more expected to be shed next quarter. - Overall, the business is expected to perform better this year compared to last year.

- There is no explicit mention of any new fundraising through debt or equity in the current transcript. - The company is focused on deleveraging by prepaying high-cost debt and managing its balance sheet prudently. - They emphasize balancing objectives between stepping up dividends and deleveraging high-cost debt (including DoT debt and perpetual bonds). - The company maintains flexibility in capital allocation, including using free cash flow for dividends, debt repayment, buybacks, or investments as appropriate. - No specific plans for raising fresh capital through equity or debt were disclosed for the near term. - The company appears confident in its cash flow and capital structure and aims to moderate capex going forward, reducing the need for immediate fundraising.

- Capex in FY2026 is expected to trend downwards compared to FY2025, due to completed rural rollout and slowed radio rollout; transport capex will continue steadily. - Increased investments recently seen in Airtel Business capex, mainly on Cloud and data centers. - Data center capacity is expanding significantly, with plans to double capacity in three years; substantial new capacity coming onboard in FY2026 and FY2027. - Cloud investments include the launch of Telco-Grade Cloud in June, aiming to capture growing enterprise demand. - Investments continue in OPGW fiber infrastructure to enhance network resilience. - Fiber rollout targeting an increase in home passes from 1.7 million to over 2.5 million per quarter to capitalize on broadband growth. - Planned cautious deployment of 5G Standalone (SA) technology with focus initially on fixed wireless access before mobile. - Strategic investments in digital businesses including Cybersecurity, Financial Services, IoT, and CPaaS are ongoing.

- Postpaid net adds grew by about 600,000 this quarter, expected to step up further due to a large base of high-value users and prepaid to postpaid migration, especially via family plans. - Broadband segment growth is strong with 8.1 lakh customer adds and fiber home passes expanding; plans to increase fiber rollout beyond 2.5 million home passes per quarter to capture market opportunity. - B2B business growing with focus on Cloud, cybersecurity, managed services, and data centers; digital business growing at 25-30% and expected to ramp up further. - Digital platforms and AI integration in B2B expected to drive productivity and identify new growth avenues. - Airtel Business underlying performance showing traction with strategic shift away from low margin commoditized services. - Data center capacity is being doubled over three years with significant investment to grow market share (currently below 12%). - Overall growth traction sustained with tariff repair and digital expansion seen as key drivers.

- Bharti Airtel expects growth momentum to continue, particularly in postpaid and broadband segments. - Postpaid net adds were about 600,000 this quarter, expected to increase as tariff structures stabilize. - Broadband growth is strong, with plans to increase fiber home passes from 1.7 million to over 2.5 million quarterly. - B2B business, especially digital services like Cloud and data centers, is targeted for substantial growth acceleration. - Industry needs further tariff repair for sustained financial health and to support investment and better ROCE. - Capex will moderate in FY2026 but remain focused on future-proofing and digital capabilities. - Operating free cash flow is strong (~31,400 Crores), with disciplined capital spending and deleveraging supporting earnings growth. - Dividend policy and capital allocation remain flexible to balance debt reduction and shareholder returns. - Overall, strong revenue, EBITDA growth, and margin improvement bode well for future earnings and EPS expansion.