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We maintain our BUY recommendation on the stock.

About the stock: Bharti Airtel (Airtel) is India's second largest telecom operator with ~36.4 crore wireless customers in India and ~17.4 crore subscribers across 14 African countries. It enjoys industry leading ARPU in the wireless business in India. Q2FY26 Performance: Consolidated topline at 52145 crore, was up 5.4% QoQ and up 25.7% YoY. India wireless revenues were up 2.6% QoQ and 13.2% YoY at 27397 crore, driven by heathy Average Revenues per User (ARPU), which came at 256, up 2.2% QoQ and ~9.8% YoY. The key highlight was strong post-paid subscriber addition of ~0.95 mn subscribers at 27.5 mn. It witnessed robust 4G/5G...

Bharti Airtel (Bharti)’s Q2FY26 print was impressive. The company reported a commendable performance across segments, incremental EBITDA margin in the mobile segment, higher consol. FCF (after finance cost) of INR 152bn and pre-tax RoCE at 19.7% in Q2FY26-annualised.

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.

Airtel experienced a strong performance in Q1FY26, supported by growth in ARPU, increase in the number of smartphone users, improved growth in home business and a rebound in the African business. The company's effective execution of portfolio premiumisation and constant growth in 5G shipments are expected to drive growth across segments. Airtel remains committed to diversifying its portfolio, acquiring high-quality customers, and expanding its fibre home pass rollout. Airtel is well-positioned for future growth due to significant expansion in fixed wireless access (FWA) and home-pass networks. The company has added new towers and...

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.

Consolidated revenue stood at Rs 49,463 crore, rising 3.3% q-o-q/ 28.5% y-o-y beating our estimates of Rs 48,205 crore, driven by strong performance in India and rebound in Africa on reported currency.

Bharti Airtel (Bharti) delivered an impressive performance yet again, with steady market share win, strong incremental EBITDA margin, disciplined capex, and consequently, FCF (after finance cost) of INR 145bn; in parallel, net debt ebbed INR 130bn in Q1FY26.

We maintain our BUY recommendation on the stock

Rs258bn, BBGe: Rs279.8bn). Adj PAT came in at Rs59.5bn (+73.3% YoY; -46.7% +21.6% YoY and +2.9%QoQ with a stable EBITDA margin of 59.4%. ARPU improved marginally to Rs250 from Rs245 in previous quarter with a net subscriber addition of 1.2mn in Q1. Home services (fixed line + broadband) rev...

*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.

Consolidated revenue stood at Rs 47,876 crore, up 6.1% q-o-q/ 27.3% y-o-y nearly in line with our estimates of Rs 47,528 crore, driven by strong underlying momentum in India, rebound in reported CC revenue growth in Africa and full quarter impact of Indus Towers consolidation.

Bharti reported in-line 4QFY25 performance, with ~1%/2% QoQ growth in India wireless revenue/EBITDA as the residual flow-through of tariff hikes was offset by two fewer days QoQ.

Rs264bn, BBGe: Rs268bn). Adj PAT came in at Rs111.6bn (+146.6% YoY; +54.3% Previous quarter, there was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses. This quarter, tere was a loss of Rs1.4bnon...

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.

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.