This Regional Telecom Stock Rises 105% Since Listing: Can It Regain Momentum?
- September 11, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
CMP approximately Rs 1,539.20 (10 Sep 2026). Since listing 104.85%. 1Y -6.36%. 52W range Rs 1,430 to Rs 1,955.60. Market cap approx Rs 77,000 Cr. Q1 FY27 PAT Rs 482 Cr.
Quick Answer
Bharti Hexacom, the Airtel-branded operator for Rajasthan and the North East, has gained approximately 105% since listing in April 2024 and about 170% from its Rs 570 IPO price. Tariff hikes, a threefold rise in profit and fast broadband growth drove the rise. The past year has been weak, with the share down about 6% as further tariff hikes were delayed.
This regional telecom stock has roughly doubled from its listing price in about two and a half years. The share has gained approximately 104.85% since it started trading in April 2024, even though the past twelve months have been a sideways, slightly negative ride.
The company is Bharti Hexacom Ltd (NSE: BHARTIHEXA), the Airtel-branded mobile and broadband operator for Rajasthan and the North East. Bharti Airtel owns 70% of it. The Bharti Hexacom share closed at approximately Rs 1,539.20 on 10 September 2026, which gives the regional telecom stock a market value of around Rs 77,000 crore.
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How Much Has This Regional Telecom Stock Returned Since Listing?
This regional telecom stock has returned approximately 104.85% from its first traded price of around Rs 755 on 12 April 2024. Measured from the IPO issue price of Rs 570, the gain is closer to 170%, because the share listed at a premium of about 32% on day one.
Here is how the regional telecom stock stacks up across time frames in a screen of 101 large-cap and mid-cap NSE stocks, as of 10 September 2026:
| Period | Return (%) | Rank (out of 101) |
|---|---|---|
| 1 Month | 2.08% | 64 |
| 6 Months | 2.11% | 93 |
| 1 Year | -6.36% | 93 |
| Since Listing (Apr 2024) | 104.85% | 41 (3-year table) |
The table shows two very different phases. Almost all of the gain came between listing and October 2025, when the Bharti Hexacom share price touched a 52-week high of about Rs 1,955.60. Since then the regional telecom stock has drifted lower, and the 1-year return is a negative 6.36%.
Returns are simple price changes and are not annualised. The company has not done a stock split or bonus issue since listing, so the 104.85% figure reflects real price appreciation.
Why Did This Regional Telecom Stock Double After Listing?
This regional telecom stock doubled because it listed at a sensible valuation just before a sector-wide tariff hike, and then turned that pricing power into fast profit growth. Four drivers did most of the work.
1. Tariff Hikes Lifted ARPU and Margins
Private operators raised mobile tariffs in July 2024, only a few months after the listing. For a regional telecom stock with a largely prepaid customer base, the hike flowed almost straight into average revenue per user, or ARPU.
ARPU reached Rs 259 in Q1 FY27, up from Rs 246 a year earlier. Mobile revenue grew 9.3% year on year in the quarter, and EBITDA margin expanded by about 100 basis points to 54.8%.
2. Profit More Than Tripled in Two Years
Net profit rose from Rs 504 crore in FY24 to Rs 1,494 crore in FY25 and Rs 1,733 crore in FY26. That is more than a threefold jump in two years, and it is the core reason the regional telecom stock re-rated after listing.
The company also prepaid about Rs 5,985 crore of high-cost spectrum debt in FY25. Lower interest costs helped profit grow faster than revenue.
3. Low Teledensity Circles With Room to Grow
Rajasthan and the North East have lower teledensity than most of India, so there are still new users to add and more people moving from basic phones to smartphones. The smartphone base of this regional telecom stock grew 6.0% year on year in Q1 FY27, and mobile data traffic rose 30.5% to 2,381 petabytes.
Analysts have argued that this gives Bharti Hexacom a longer growth runway than its parent. That view helped the share climb to a then record of about Rs 1,933 in June 2025, up around 58% from its April 2025 low.
4. Broadband and 5G Became a Second Engine
The homes, office and other services segment grew revenue by 61.4% in Q1 FY27, with the customer base at about 0.9 million. The fibre network now reaches 121 cities, up from 115, and the company added 399 towers over the past year.
In April 2025, Bharti Airtel and Bharti Hexacom also agreed to acquire the right to use 26 GHz spectrum from an Adani group company, including 50 MHz in Rajasthan. The regional telecom stock hit an all-time high of Rs 1,695.45 on the day of that announcement.
Why Has the Regional Telecom Stock Been Weak in the Last Year?
The regional telecom stock has been weak for a year mainly because the next round of tariff hikes kept getting pushed back. After peaking near Rs 1,955.60 in October 2025, the share slid to a 52-week low of about Rs 1,430 in late June 2026, a fall of roughly 27%.
In March 2026, a foreign brokerage cut its estimates, saying inflation worries could delay tariff increases until late 2026. It trimmed its revenue forecast by 7% and its EBITDA forecast by 11%. A Q4 FY26 profit dip of 4.6%, caused by an exceptional charge for government levies, added to the caution around this regional telecom stock.
The Bharti Hexacom share price has since recovered from its low. It is up 2.08% over one month, but at approximately Rs 1,539 it is still around 21% below its 52-week high.
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Bharti Hexacom Financials Behind the Regional Telecom Stock
Revenue of this regional telecom stock has risen for five straight quarters, and operating margin has held in a narrow 51% to 53% band. Q1 FY27 net profit was Rs 482 crore, up 23% from Rs 392 crore a year earlier.
| Quarter | Revenue | Operating Profit | OPM | Net Profit | EPS (Rs) |
|---|---|---|---|---|---|
| Jun 2026 (Q1 FY27) | Rs 2,510 Cr | Rs 1,322 Cr | 53% | Rs 482 Cr | 9.65 |
| Mar 2026 (Q4 FY26) | Rs 2,414 Cr | Rs 1,267 Cr | 52% | Rs 447 Cr | 8.93 |
| Dec 2025 (Q3 FY26) | Rs 2,360 Cr | Rs 1,254 Cr | 53% | Rs 474 Cr | 9.47 |
| Sep 2025 (Q2 FY26) | Rs 2,317 Cr | Rs 1,208 Cr | 52% | Rs 421 Cr | 8.42 |
| Jun 2025 (Q1 FY26) | Rs 2,263 Cr | Rs 1,161 Cr | 51% | Rs 392 Cr | 7.83 |
For the full year FY26, revenue from operations was Rs 9,354 crore against Rs 8,548 crore in FY25, and EPS rose to Rs 34.66 from Rs 29.87. Borrowings fell from about Rs 3,780 crore to Rs 2,694 crore over the same year.
The board recommended a final dividend of Rs 18 per share for FY26, which went ex-dividend on 31 July 2026. At the current price of the regional telecom stock, that works out to a dividend yield of around 1.2%.
Who Owns This Regional Telecom Stock?
Bharti Airtel holds a steady 70% of this regional telecom stock. Domestic institutions have slowly added to their stake, while foreign investors have trimmed theirs over the past year.
| Shareholder | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Promoters | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% |
| FIIs | 4.33% | 3.94% | 3.98% | 3.69% | 3.58% |
| DIIs | 9.81% | 10.24% | 10.28% | 10.60% | 10.64% |
| Public | 15.86% | 15.83% | 15.73% | 15.71% | 15.77% |
The falling FII stake, from 4.33% to 3.58%, matches the weak 1-year price trend. Rising DII holding, now 10.64%, shows that domestic funds are still building positions in the regional telecom stock on dips.
Valuation Check on the Regional Telecom Stock
At approximately Rs 1,539, the regional telecom stock trades at a price to earnings ratio of about 42 and roughly 10 to 11 times book value. Return on equity is above 22%, which supports a premium, but the multiple leaves little room for disappointment.
| Metric | Figure (10 Sep 2026) |
|---|---|
| Bharti Hexacom Share Price | Approximately Rs 1,539.20 |
| Market Cap | Approximately Rs 77,000 Cr |
| PE Ratio | Approximately 42 |
| Price to Book | Approximately 10 to 11 times |
| 52-Week High | Approximately Rs 1,955.60 |
| 52-Week Low | Approximately Rs 1,430 |
| IPO Price (April 2024) | Rs 570 |
Key Risks for This Regional Telecom Stock
The biggest risk for this regional telecom stock is timing of tariff hikes. Much of the future earnings growth assumes another round of price increases, and each delay pushes that growth further out.
Regional concentration: Revenue comes from just two circles, Rajasthan and the North East. A strong competitive push or a regional economic slowdown hits a regional telecom stock harder than a national operator.
Regulatory costs: Spectrum payments, licence fees and one-off levies can swing profit, as the Q4 FY26 exceptional charge showed.
Limited free float: With 70% held by the promoter, only about 30% of shares trade freely. That can make this regional telecom stock more volatile when large funds enter or exit.
Capex needs: 5G, towers and fibre need steady investment. Quarterly capex was Rs 382 crore in Q1 FY27, and a spectrum auction could require larger payments.
Weak momentum: The regional telecom stock ranks 93rd out of 101 on both 6-month and 1-year returns, so momentum-driven buyers have been absent.
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Bharti Hexacom Share: Analyst View
The analyst view on the Bharti Hexacom share is broadly positive on fundamentals but cautious on timing. Analysts like the low teledensity of its circles, the steady margin expansion and the fast-growing broadband arm, but most expect the next big rerating only after a tariff hike.
Coverage of this regional telecom stock tends to track three numbers: ARPU, which was Rs 259 in Q1 FY27, the pace of smartphone and 5G additions, and the growth of the homes business.
Bharti Hexacom Share Price Target
The most recent verified Bharti Hexacom share price target is Rs 1,880 from a foreign brokerage, cut from Rs 2,110 in March 2026 with a buy rating kept. Against the Bharti Hexacom share price of about Rs 1,539 on 10 September 2026, that implies potential upside of approximately 22%.
That brokerage built its estimate on a single tariff increase of around 15% in December 2026. If the hike slips again, this Bharti Hexacom share price target could be cut further, so it should be treated as an estimate and not a promise.
For traders, the Rs 1,430 area, the 52-week low, has acted as support, while the Rs 1,955 zone near the October 2025 high is the level the regional telecom stock needs to reclaim for a fresh uptrend.
Conclusion
Bharti Hexacom has rewarded investors who bought at or near listing, with the regional telecom stock up approximately 104.85% from its first traded price and about 170% from its Rs 570 IPO price. Profit growth, tariff-led ARPU gains and a fast-growing broadband arm drove that rise.
The last year tells a more cautious story, with the Bharti Hexacom share price down 6.36% as tariff hikes were delayed. New investors in this regional telecom stock may prefer staggered buying and should track ARPU and tariff news closely before adding more.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which regional telecom stock has risen 105% since listing?
Ans. Bharti Hexacom (NSE: BHARTIHEXA) is the regional telecom stock that has gained approximately 104.85% from its first traded price in April 2024, as of 10 September 2026. It is the Airtel-branded operator for Rajasthan and the North East.
What was the Bharti Hexacom IPO price?
Ans. The Bharti Hexacom IPO was priced at Rs 570 per share and was an offer for sale worth about Rs 4,275 crore. The share listed on 12 April 2024 at around Rs 755, a premium of about 32%.
Why is the Bharti Hexacom share price down in the last year?
Ans. The Bharti Hexacom share price is down about 6.36% over one year because expected mobile tariff hikes have been delayed. The stock fell from a high of around Rs 1,955.60 in October 2025 to a low near Rs 1,430 in June 2026.
What were Bharti Hexacom Q1 FY27 results?
Ans. Bharti Hexacom reported Q1 FY27 revenue of Rs 2,510 crore, up about 11% year on year, and net profit of Rs 482 crore, up 23%. ARPU rose to Rs 259 from Rs 246 a year earlier.
Who owns Bharti Hexacom?
Ans. Bharti Airtel owns 70% of Bharti Hexacom as of June 2026. Domestic institutions hold about 10.64%, foreign investors about 3.58% and public shareholders about 15.77%.
What is the Bharti Hexacom share price target?
Ans. The latest verified Bharti Hexacom share price target is Rs 1,880 from a foreign brokerage, cut from Rs 2,110 in March 2026. That implies roughly 22% upside from about Rs 1,539, but it depends on a tariff hike and is not guaranteed.
Does Bharti Hexacom pay a dividend?
Ans. Yes, Bharti Hexacom declared a final dividend of Rs 18 per share for FY26, with an ex-date of 31 July 2026. That is a dividend yield of around 1.2% at the current price.
Is this regional telecom stock worth buying at current levels?
Ans. This regional telecom stock has strong profit growth and margins, but it trades at a PE of about 42 and has lagged over the past year. Staggered buying and tracking tariff news are sensible, and consulting a SEBI-registered advisor is recommended.
