Bharti Hexacom Gets 'Buy' Rating As Motilal Oswal Initiates Coverage, Sees 22% Upside

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Motilal Oswal Report

We initiate coverage on Bharti Hexacom Ltd. with a Buy rating and a target price of Rs 1,625 (implying a 22% upside).

We build in ~23% Ebitda CAGR over FY24-27 for Hexacom, driven by:

1. ~13% wireless ARPU CAGR on account of ~15% (or Rs 50/month) increase on the base plan from Dec’25,

2. continued market share gains,

3. robust ~75% incremental margins, and

4. ramp-up of FWA services, given the lower penetration of Home Broadband in Hexacom circles.

Hexacom has been up ~2.3x from its IPO price (since Apr’24), led by inexpensive IPO valuations (~7x FY26 EV/Ebitda versus ~9-10x multiple at that time for peers), wireless tariff hike, continued market share gains, and margin expansions.

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