Any current/future new fundraising through debt or equity?

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

Any current/future capex/capital investment/strategic investment?

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 re

Future growth expectations in sales/revenue/volumes?

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 expecte

Future growth expectations in earnings/operating earnings/profits/EPS?

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

Current/ Expected Orderbook/ Pending Orders?

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.

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Bharti Hexacom LtdQ1 FY25Telecom - Services

Bharti Hexacom Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,483P/E: 44.4Market Cap: ₹78.1K CrSector: Telecom - Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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