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Bharti Hexacom (BHL) reported a steady 3Q, with ~1.5-2% QoQ growth in wireless revenue and EBITDA, which remained slightly weaker vs. BHARTI, despite seasonality benefits.

As per market consensus, Indus Towers is currently trading at a 1year fwd. P/E of 15x ( 3 year Avg P/E of 12x). Indus Towers is advancing its strategic expansion into African markets while maintaining a strong focus on operational excellence, digital transformation, and customer...

Indus Towers’ (Indus) 3QFY26 was broadly in line with our estimates, with recurring EBITDA (excl. provision reversals) rising 2% QoQ to INR44.7b. Operationally, tenancy additions picked up QoQ (after a subdued 2Q), driven by acceleration in Vi’s rollouts during 3Q.

Tata Communications (TCOM) delivered a steady 3Q, with 9% YoY (~3.5% QoQ, in line) data revenue growth, driven by a recovery in core connectivity (+4% YoY) and sustained growth in the Digital portfolio (+15% YoY).

Indus Towers (Indus) reported strong results, with slightly higher revenue than street estimate and 50bps QoQ rise in EBITDA margin, adjusting for provision reversal.

Tata Communications’ (TCom) Q2FY26 EBITDA performance was modest, and partly restricted from one-time adjustment in TCR. Orderbook (OB) continues to be healthy with strong sales funnel.

Tata Communications (TCOM) delivered steady 2Q, with ~7% YoY (~1% QoQ) growth in data revenue and 145bp data EBITDA margin expansion.

We hosted Tata Communications (TCom)’s management – Mr. Kabir Ahmed Shakir, CFO – for an NDR in the UK. Summarily, we learn, TCom remains excited about its digital business as key parameters are advancing encouragingly, and order book (OB) growth remains healthy.

Bharti Hexacom’s (BHL) Q1FY26 print was weaker than expected due to lower roaming revenue on seasonality, and external events impacting number of inroamers; and higher other expenses on certain USOF site related cost, partly offset by employee cost provision reversal.

*over or under performance to benchmark index Tata Communications operates in 190+ countries, serving 7,000+ clients, including 300+ Fortune 500 companies. It is a major global network services provider, offering software-defined networking solutions. In Q1FY26, Tata Communications' revenue grew 6.6% YoY to Rs. 5,960cr, led by...

Tata Communications’ (TCOM) 1Q results were subdued, with ~1% QoQ growth in data revenue and consolidated EBITDA.

Bharti Hexacom (BHL) delivered an in-line 4Q, with ~1-2% QoQ rise in revenue and EBITDA, as the residual benefit of the tariff hike was offset by two fewer days QoQ.

Bharti Hexacom (BHL) highlighted it has much lower need for capital (vs Bharti Airtel) as it focused only on mobility and FBB business, and net debt levels were much reasonable.

Indus Towers’ (Indus) Q4FY25 performance was good led by, excluding acquisition, tenancy addition of 8.2k, which was much better than tower net adds of 4.3k, implying a rising tenancy sharing ratio. Tenancy adds benefitted from network rollout by VIL; and 2) strong FCF in FY25, including provision reversals.

Indus Towers (Indus)’ 4QFY25 reported financials were impacted by several one-offs on account of the consummation of tower purchases from Bharti Airtel, prior period revenue, and provision reversals.

We upgrade Tata Communications’ (TCom) two notches to BUY (from Hold). TCom’s stock price has plunged notably beset by near-term revenue weakness – making the company’s revenue guidance seem rather ambitious. In our view, this presents strong upside potential and compelling risk-reward.

Update Note

Tata Communications (TCOM)’s 3Q results were a mixed bag as ~10% YoY revenue growth in the Digital portfolio was offset by continued weakness in core connectivity (-1% QoQ).

Indus’ 2QFY25 reported financials came in ahead of our estimate owing to a higher-than-estimated reversal of prior period bad debt provisions (INR10.8b vs. our estimate of INR5b).