Interim report
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August 04 , 2026 National Stock Exchange of India Limited Exchange Plaza , C - 1 Block G Bandra Kurla Complex , Bandra ( E ) Mumbai - 400051 , India Symbol : BHARTIHEXA BSE Limited Phiroze Jeejeebhoy Towers Dalal Street , Mumbai - 400001 , India Scrip Code : 544162 Sub : Financial results for the first quarter ( Q1 ) ended June 30 , 2026 Dear Sir / Madam , In compliance with Regulations 30 and 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 ( ' SEBI Listing Regulations ' ) , we are enclosing herewith the following for the first quarter ( Q1 ) ended June 30 , 2026 : Audited standalone financial results as per Ind AS Auditor's report on the aforesaid financial results The above financial results have been reviewed by the Audit Committee in its meeting held on Tuesday , August 04 , 2026 , and based on its recommendation , approved by the Board of Directors in its meeting held on August 04 , 2026 . The Board Meeting commenced at 1800 Hrs ( IST ) on Monday , August 03 , 2026 and was adjourned at 1840 Hrs ( IST ) . The adjourned meeting was reconvened on Tuesday , August 04 , 2026 at 1500 Hrs ( IST ) and concluded at 1600 Hrs ( IST ) . Kindly take the same on record . Thanking you , Sincerely yours , EXACOM For Bharti Hexacom Limited Phational Amit Chaturvedi BHAR LIMITED Company Secretary and Compliance Officer Encl .: As above Bharti Hexacom Limited Regd . Office : Airtel Center , Plot No. 16 , Udyog Vihar , Phase IV , Gurugram - 122015 , India Corporate Office : Bharti Crescent , 1 , Nelson Mandela Road , Vasant Kunj , Phase II , New Delhi - 110 070 , India Tel : 91-124-4222222 ; Fax : + 91-124-4248063 E - mail : bhartihexacom@bharti.in ; Website : www.bhartihexacom.in CIN : L74899HR1995PLC132187
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Bharti Hexacom Limited GIN: L74899HR1995PLC132187 Registered Office: Airtel Center, Plot no. 16, Udyog Vihar, Phase - IV, Gurugram -122015 , India T: +91-124-4222222 , F +91-124-4248063, Email id: bhartihexacom@bharti.in Statement of Audited Financial Results for the quarter ended June 30, 2026 (~ in Millions; except oer share data Quarter ended Previous year ended Particulars June March June March 30, 2026 31, 2026 30, 2025 31, 2026 Audited Audited Audited Audited Income Revenue from operations 25,099 24,137 22,630 93,538 Other income 721 776 475 2 238 25,820 24,913 23,105 95,776 Expenses Network operating expenses 5,376 5,173 5,219 20,911 Access charges 2,041 1,861 1,630 6,936 License fee / Spectrum charges 2,303 2,217 2,114 8,642 Employee benefits expense 268 333 210 1,169 Sales and marketing expenses 900 921 1,007 3,731 Other expenses 989 960 843 3,245 11,877 11,465 11,023 44,634 Profit before depreciation, amortisation, finance costs, exceptional 13,943 13,448 12,082 51,142 items and tax Depreciation and amortisation expenses 5,925 5,648 5,273 22,132 Fina nee costs 1,488 1,492 1,541 6,012 Profit before exceptional items and tax 6,530 6,308 5,268 22,998 Exceptional items (net) - 246 - 337 Profit before tax 6,530 6,062 5,268 22,661 Tax expense / ( credit) Current tax 2,211 1,968 1,657 5,416 Deferred tax (505) (373' (305 (87 1,706 1,595 1,352 5329 Profit for the quarter / year 4,824 4,467 3,916 17,332 Other comprehensive income Items not to be reclassified to profit or loss: - Re-measurement (loss)/ gain on defined benefit plans (4) 3 (4) (1) -Tax credit/ (charge) on above 1 (1) 1 0 Other comprehensive (loss) / income for the quarter/ year (3) 2 (3) (1) Total comprehensive income for the quarter / year 4,821 4,469 3,913 17,331 Earnings per share (Face value: f 5 each) Basic and diluted earnings per share* 9.65 8.93 7.83 34.66 Paid-up equity share capital (Face value: ~ 5 each) 2,500 2,500 2,500 2,500 Other equity 73,973 5g,152 60,734 69,152 *Earnings per share are not annualised for the quarters.
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Audited Segment -wise Revenue , Results , Assets and Liabilities as of and for the quarter ended June 30, 2026 (~ in Millions) Quarter ended / As of Previous year ended/ As of Particulars June March 31, June March 30, 2026 2026 30, 2025 31,2026 Audited Audited Audited Audited 1. Segment Revenue • Mobile Services 23,953 23,089 21,916 90,108 • Homes, Office and Other Services 1,265 1,172 784 3,808 Total segment revenue 25,218 24,261 22,700 93,916 Less: Inter-seQment eliminations 119 124 70 378 Total revenue 25,099 24,137 22,630 93,538 2. Seg ment Results Profit/ (loss) before finance costs (net), charity and donation, exceptional items (net) and tax - Mobile Services 7,828 7,487 6,885 28,529 - Homes, Office and Other Services (4) 3 14 33 Total segment results 7,824 7,490 6,899 28,562 Less: (i) Finance costs (net)* 1,169 1,068 1,506 5,324 (ii) Charity and donation 125 114 125 240 (iii) Exceptional items (net) . 246 . 337 Profit before tax 6,530 6,062 5,268 22,661 3. Segment Assets - Mobile Services 173,705 168,083 172,542 168,083 • Homes, Office and Other Services 17,320 15,881 10,244 15,881 Total segment assets 191,025 183,964 182,786 183,964 • Unallocated/ Adjustment 14,148 13,210 10,220 13,210 - Inter-segment eliminations (6 568' (6,668' (4,815' (6,668' Total assets 198,605 190,506 188,191 190,506 4. Segment Liabi lities - Mobile Services 93,484 91,526 92,005 91,526 - Homes, Office and Other Services 4,368 5,960 8,071 5,960 Total segment liabilities 97,852 97,486 100,076 97,486 - Unallocated/ Adjustment/\ 30,848 28,036 29,696 28,036 - Inter-segment eliminations (6 5681 (6,668] (4,815' (6,668' Total liabilities 122,132 118,854 124,957 118,854 *This is net of interest income, income I (loss) on fair value through profit and loss instruments and gain / loss (net) on derivative financial instruments. A mainly includes borrowings (including deferred payment liabilities).
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Notes to the Audited Financial Results 1. The Audited Financial Results for the quarter ended June 30, 2026 have been reviewed by the Audit Committee and appro ved by the Board of Directors at their respective meetings held on August 4, 2026. 2. These Audited Financial Results are compiled from the Audited Interim Condensed Financial Statements for the quarter ended June 30, 2026 and the Audited Financial Results for the quarter and year ended March 31 , 2026. The Audited Interim Condensed Financial Statements for the quarter ended June 30, 2026 have been prepared in accordance with Indian Accounting Standard ('Ind AS') 34, 'Interim Financial Reporting ' as prescribed under Section 133 of the Companies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards ) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India. 3. All the amounts included in the Audited Financial Results are rounded off to the nearest million, except per share data and unless stated otherwise. Further, due to rounding off, certain amounts are appearing as 'O'. For p harti Hexacom Limited ~~~ Jagdish Saksena Deepak Chairman DIN 02194470 New Delhi August 4, 2026 Notes: a) 'Bharti Hexacom' or 'Company ' stands for Bharti Hexacom Limited. b) For more details on the Audited Financial Results, please visit our website 'www.bhartihexacom.in '.
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF BHARTI HEXACOM LIMITED Opinion We have audited the accompanying Statement of Audited Financial Results for the quarter ended June 30, 2026 of BHARTI HEXACOM LIMITED (the "Company"), ("Financial Results"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us, the Financial Results: (i) are presented in accordance with the requirements of the LODR Regulations; and (ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting " ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India of the n~t profit and other comprehensive loss and other financial information of the Company for the quarter ended June 30, 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act . Our responsibilities under those Standards are further described in Auditor's Responsibilities for Audit of the Financial Results section of our report below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI 's Code of Ethics . We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged With Governance for the Financial Results These Financial Results are the responsibility of the Company's management and have been approved by the Board of Directors for the issuance. The Financial Results have been compiled from the related Audited Interim Condensed Financial Statements for the quarter ended June 30, 2026 and the Audited Financial Results for the quarter and year ended March 31, 2026. This responsibility includes t.be preparation and presentation of the Financial Results tb_at give a true and fair view of the net profit/(loss) and other comprehensive income/(loss) and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the LODR Regulations. The responsibility of Board of Directors includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding tlie assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Results that give a true and fair view and is free from material misstatement , whether due to fraud or error. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mum Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 India.
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Deloitte Haskins & Sells LLP The responsibility of Board of Directors includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularit ies; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent ; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the Financial Results, the management and the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the financial reporting process of the Company. Auditor's Responsibilities for the Audit of the Financial Results Our objectives are to obtain reasonable assurance about whether the Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Financial Results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit . We also: • Identify and assess the risks of material misstatement of the Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material 2
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Deloitte Haskins & Sells LLP uncertainty exists, we are requ ired to draw atte ntion in our auditor's report to the related disclosures in the Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor 's report. However, future event s or conditions may cause the Company to cease to continue as a going concern . • Evaluate the overall presentation, structure and content of the Financial Results, includ ing the disclosures, and whether the Financia l Results represent the underlying transactions and events in a manner that achieves fair presentation . Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Results. We communicate with Those Charged With Governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also provide Those Charged With Governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable , related safeguards . Place: New Delhi Date: August 04, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No.1 17366W /W- 100018) Gautam Wadhera (Partner) (Membership No. 508835) UDIN: 2.GSog135vo0f~A-:}i;5',2. 3
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August 04, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Sandra Kurla Complex, Sandra (E) Mumbai - 400051, India Symbol: BHARTIHEXA BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001, India Scrip Code: 544162 Sub: Press Release with respect to financial results for the first quarter (Q1) ended on June 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the press release being issued by the Company with regard to the audited financial results of the Company for the first quarter (Q1) ended on June 30, 2026. Kindly take the same on record. Thanking you, Sincerely yours, For Bharti Hexaco ~-Amit Chaturvedi Company Secretary and Compliance Officer Encl.: As above Bharti Hexacom Limited Regd. Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase IV, Gurugram -122015, India Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi -110 070, India Tel: 91-124-4222222; Fax: +91-124-4248063 E-mail: bhartihexacom@bharti.in; Website: www.bhartihexacom.in CIN: L74899HR1995PLC132187
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Bharti Hexacom Limited – Media Release August 04, 2026 Page 1 of 2 Bharti Hexacom Limited Q1 FY27 Highlights • Total revenues stood at Rs 2,510 crore, registering a growth of 10.9% YoY and 4.0% QoQ o Mobile services revenue grew by 9.3% YoY, supported by a higher ARPU and continued customer additions o The Homes, Offices and Other services segment delivered a solid revenue growth of 61.4% YoY, as we scale our Wi-Fi and IPTV offerings • EBITDA increased 13.0% YoY to Rs 1,375 crore, with margin expansion of 99 bps YoY to 54.8% • EBITDAaL rose 12.2% YoY to Rs 1,211 crore, with margin improving 57 bps YoY to 48.2% • EBIT grew 13.7% YoY to Rs 770 crore, with margin improving 74 bps YoY to 30.7% • Net income (before exceptional items) increased 23.2% YoY to Rs 482 crore • Net Debt to EBITDA ratio (annualised) strengthened to 0.80 compared to 1.30 as of June 30, 2025 • Net Debt (excluding lease obligations) to EBITDAaL ratio (annualised) improved to 0.20 from 0.65 as of June 30, 2025 • Capex for the quarter stood at Rs 382 crore • Strong operational performance was underpinned by executional excellence and continued focus on acquiring quality customers: o Smartphone data customers increased by 1.3 million YoY and 0.3 million QoQ, now accounting for 80% of total mobile customers o Mobile ARPU increased to Rs 259 in Q1’27 from Rs 246 in Q1’26 o Mobile data usage grew by 30.5% YoY, with average monthly usage per customer reaching to 36.2 GB o Homes, Offices and other segment added 416K customers YoY, taking customer base to 0.9 Mn Bharti Hexacom announces results for the first quarter ended June 30, 2026 Gurugram, India, August 04, 2026: Bharti Hexacom Limited (“Bharti Hexacom” or “the Company”) today announced its audited results for the first quarter ended June 30, 2026 Q1’27 Performance: Bharti Hexacom delivered a strong performance, with revenues rising to Rs 2,510 crore, up 10.9% YoY and 4.0% QoQ. Mobile revenues increased 9.3% YoY, driven by our sustained focus on acquiring and retaining high-value customers. ARPU improved to Rs 259 in Q1’27 as compared to Rs 246 in Q1’26. Our smartphone data customers base expanded steadily, with 1.3 million new customers added over the past year, representing a YoY increase of 6.0%. Mobile data traffic for the quarter surged to 2,381 PBs representing a YoY increase of 30.5%. During the quarter, we launched Postpaid Fast Lane - our latest innovation powered by the 5G slicing technology. Our focus is on delivering meaningful innovations that enhance our customers' experience. We deployed 399 towers over the last one year to strengthen coverage and enhance customer experience. The Homes, Office and Other services segment , remains a key growth driver, delivering 61.4% YoY revenue growth, supported by strong net customer additions led by acceleration across Wi-Fi and IPTV offerings. Customer base increased to 0.9 million, and Fiber network footprint expanded to 121 cities as compared to 115 cities in Q1’26.
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Bharti Hexacom Limited – Media Release August 04, 2026 Page 2 of 2 Summary of Statement of Income – represents Statement of Income as per Indian Accounting Standards (Ind-AS) (Amount in Rs crore, except ratios) Total revenues 2,510 2,414 4.0% 2,263 10.9% EBITDA 1,375 1,314 4.6% 1,217 13.0% EBITDA/ Total revenues 54.8% 54.4% 0.3% 53.8% 1.0% EBIT 770 738 4.4% 677 13.7% EBIT/ Total revenues 30.7% 30.6% 0.1% 29.9% 0.7% Profit before tax 653 631 3.5% 527 24.0% Net Income (before exceptional items) 482 466 3.6% 392 23.2% Particulars Y-o-Y Growth Quarter Ended Jun'26 Quarter Ended Mar'26 Q-o-Q Growth Quarter Ended Jun'25 Customer Base (Customer Base in '000s, except percentages) Particulars Jun-26 Mar-26 Q-o-Q Growth Jun-25 Y-o-Y Growth Overall 29,902 29,617 1.0% 28,648 4.4% Mobile Services 28,984 28,774 0.7% 28,146 3.0% Homes, Offices and Other Services 918 843 8.9% 502 82.9% About Bharti Hexacom Bharti Hexacom is a communications solutions provider offering mobile, fixed-line telephone, Wi-Fi and IPTV services to customers in the Rajasthan and the North-East telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagala nd and Tripura. The company offers its services under the brand ‘Airtel’. Airtel is a global communications solutions provider with over 650 million customers in 15 countries across India and Africa. Airtel also has its presence in Bangladesh and Sri Lanka through its associate entities. For more details visit www.bhartihexacom.in Disclaimer: [This communication does not constitute an offer of securities for sale in the United States. Securities may not be sold in t he United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its managemen t, as well as financial statements.]
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August 04, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Bandra Kurla Complex, Bandra (E) Mumbai -400051, India Symbol: BHARTIHEXA BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001, India Scrip Code: 544162 Sub: Quarterly report for the first quarter (Q1) ended on June 30, 2026 Dear Sir/ Madam, Pursuant to the applicable provIsIons of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the quarterly report for the first quarter (Q1) ended on June 30, 2026 being released by the Company. Kindly take the same on record. Thanking you, Sincerely yours, For Bharti Hexaco ~ Amit Chaturvedi Company Secretary and Encl.: As above Bharti Hexacom Limited Regd. Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram -122015, India Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kuni, Phase II, New Delhi -110 070, India Tel: 91-124-4222222; Fax: +91-124-4248063 E-mail: bhartihexacom@bharti.in; Website: www.bhartihexacom.in CIN: L74899HR1995PLC132187
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• Launched Fast Lane - delivering enhanced network experience for customers • Continues to ensure reliable connectivity for remote and underserved regions 4th August 2026 The financial statements included in this quarterly report fairly present in all material respects the financial position, results of operations, cash flow of the company as of and for the periods presented in this report . □ ~ Bharti Hexacom Limited ______ _ (Incorporated as a public limited company on April 20, 1995 under the Companies Act,1956) Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram - 122015, India Mobile Services I Homes, Office and Other Services
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Page 1 of 27 Supplemental Disclosures Safe Harbor: - Some information in this report may contain forward -looking statements. We have based these forward -looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward - looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. A forward-looking statement may include a state ment of the assumptions or basis underlying the forward -looking statement. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. H owever, we caution you that forw ard-looking statements and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward -looking statements and assumed facts or basis and actual results can be material, depending on the circumstances. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do n ot intend to, update or revise the forward-looking statements in this report after the date hereof. In light of these risks and uncertainties, any forward -looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this supplemental disclosure. General Risk: - Investment in equity and equity related securities involves a degree of risk and investors should not invest any funds in this Company without necessary diligence and relying on their own examination of Bharti Hexacom, along with the equity investment risk which doesn't guarantee capital protection. Convenience translation: - We publish our financial statements in Indian Rupees. All references herein to “Indian Rupees” and “Rs” are to Indian Rupees and all references herein to “US dollars” and “US$” are to United States dollars. Translation of income statement items have been made from Indian Rupees to United States dollars (unless otherwise indicated) using the respective quarter average rate. Translation of Statement of financial position items have been made from Indian Rupees to United States dollars (unless otherwise indicated) using the closing rate. The rates announced by the Reserve Bank of India are being used as the Reference rate for respective translations. All amounts translated into United States dollars as described above are provided solely for the convenience of the reader, and no representation is made that the Indian Rupees or United States dollar amounts referred to herein could have been or could be converted into United States dollars or Indian Rupees respectively, as the case may be, at any particular rate, the above rates or at all. Any discrepa ncies in any table between totals and sums of the amounts listed are due to rounding off. Use of Certain Non-GAAP measures: - This result announcement contains certain information on the Company’s results of operations and cash flows that have been derived from amounts calculated in accordance with Indian Accounting Standards (Ind -AS) but are not in themselves Ind -AS measures. They should not be viewed in isolation as alternatives to the equivalent Ind - AS measures and should be read in conjunction with the equivalent Ind -AS measures. Further, disclosures are also provided under “7.3 Use of Non - GAAP Financial Information” on page 16. Others: In this report, the terms “we”, “us”, “our”, “Hexacom”, or “the Company”, unless otherwise specified or the context otherwise implies, refer to Bharti Hexacom Limited (“Bharti Hexacom”), its parent Bharti Airtel Limited and fellow subsidiaries, joint ve ntures & associates Bharti Airtel Services Limited, Bharti Telemedia Limited, Airtel Limited, Nxtra Data Limited, Nxtra Africa Data RDC S.A.,Xtelify Limited (formerly known as Airtel Digital Limited), Indus Towers Limited, Airtel Payments Bank Limited, Indus Towers Employees Welfare Trust, Hughes Communications India Private Limited,Indo Teleports Limited (formerly known as Bharti Teleports Lim ited), Lavelle Networks Private Limited, Seychelles Cable Systems Company Limited, One web India Communications Private. Ltd, Bharti Airtel (France) SAS, Bharti Airtel (Hong Kong) Limited, Bharti Airtel (UK) Limited, Bharti Airtel (USA) Limited, Bharti Airtel Int ernational (Netherlands) B.V., Bharti International (Singapore) Pte Ltd ., Network i2i Limited., Airtel (Seychelles) Limited, Airtel Congo S.A, Airtel Gabon S.A., Airtel Madagascar S.A., Airtel Malawi Public Limited Company, Airtel Mobile Commerce B.V., Airtel Mobile Commerce Holdings B.V., Airtel Mobile Commerce (Kenya) Limited, Airtel Mobile Commerce Limited, Airtel Mobile Commerce Madagascar S.A., Airtel Mobile Commerce (Rwanda) Limited, Airtel Mobile Commerce (Seychelles) Limited, Airtel Mobile Commerce(Tanzania )Limited, A irtel Mobile Commerce Tchad S.A, Airtel Mobile Commerce Uganda Limited, Airtel Mobile Commerce Zambia Limited, Airtel Money (RDC) S.A., Airtel Money Niger S.A., Airtel Money S.A., Airtel Networks Kenya Limited, Airtel Networks Limited, Airtel Networks Zambia plc, Airtel Rwanda Limited, Airtel Tanzania Public Limited Company, Airtel Tchad S.A., Airtel Uganda Limited, Bharti Airtel Africa B.V., Bharti Airtel Chad Holdings B.V., Bharti Airtel Congo Holdings B.V., Bharti Airtel Developers Forum Limited, Bharti Airtel Gabon Holdings B.V., Bharti Airtel Kenya B.V., Bharti Airtel Madagascar Holdings B.V., Bharti Airtel Malawi Holdings B.V., Bharti Airtel Mali Holdings B.V., Bharti Airtel Niger Holdings B.V., Bharti Airtel Nigeria B.V., Bharti Airtel RDC Holdings B. V., Bharti Airtel Services B.V., Bharti Airtel Tanzania B.V., Bharti Airtel Uganda Holdings B.V., Bharti Airtel Zambia Holdings B.V., Celtel (Mauritius) Holdings Limited, Airtel Congo (RDC) S.A., Celtel Niger S.A., Channel Sea Management Company (Mauritius) Limited, Congo RDC Towers S.A., Gabon Towers S.A. Indian Ocean Telecom Limited, Millicom Ghana Company Limited, Mobile Commerce Cong o S.A., Montana International, Partnership Investments Sarlu, Bharti Airtel Rwanda Holdings Limited , Airtel Money Transfer Limited, Airtel Money Tanzania Limited, Airtel Mobile Commerce (Nigeria) Limited, Airtel Mobile Management Services FZ -LLC, Airtel Africa Mauritius Limited , Airtel Africa Plc, Airtel Mobile Commerce Nigeria B.V., Bharti Airtel Employees Welfare Trust, Airtel Mobile Commerce (Seychelles) B.V., Airtel Mobile Commerce Congo B.V., Airtel Mobile Commerce Kenya B.V., Airtel Mobile Commerce Madagascar B.V., Airtel Mo bile Commerce Malawi B.V., Airtel Mobile Commerce Rwanda B.V., Airtel Mobile Commerce Tchad B.V., Airtel Mobile Commerce Uganda B.V., Airtel Mobile Commerce Zambia B.V., Airtel International LLP, Airtel Mobile Commerce DRC B.V., Airtel Mobile Commerce Gabon B.V., Airtel Mobile Commerce Niger B.V., Airtel Money Kenya Limited, Network I2I (UK) Limited, The Airtel Africa Employee Benefit Trust, Airtel Africa Services (UK) Limited, Airtel Mobile Commerce Services Limited, SmartCash Payment Service Bank Limited, Airtel Africa Telesonic Holdings Limited, Airtel Africa Telesonic Limited, Airtel Congo Telesonic Holdings (UK) Limited, Airtel DRC Telesonic Holdings (UK) Limited, Airtel Gabon Telesonic Holdings (UK) Limited, Airtel Kenya Telesonic Holdings (UK) Limited, Airtel Madagascar Telesonic Holdings (UK) Limited, Airtel (M) Telesonic Holdings (UK) Limited, Airtel Niger Telesonic Holdings (UK) Limited, Airtel Nigeria Telesonic Holdings (UK) Limited, Airtel Rwanda Telesonic Holdings ( UK) Limited, Bharti Airtel Ghana Holdings B.V., Airtel Seychelles Telesonic Holdings (UK) Limited, Airtel Tanzania Telesonic Holdings (UK) Limited, Airtel Uganda Telesonic Holdings (UK) Limited, Airtel Zambia Telesonic Holdings (UK) Limited, Airtel Tchad Telesonic Holdings (UK) Limited, Airtel (M) Telesonic Limited, Airtel Kenya Telesonic Limited, Airtel Nigeria Telesonic Limited, Airtel Rwanda Telesonic Limited, Airtel Telesonic Uganda Limited, Airtel Zambia Telesonic Limited, Airtel (Seychelles) Telesoni c Limited, Nxtra Africa Data Holdings Limited, Nxtra Congo Data Holdings (UK) Limited, Nxtra DRC Data Holdings (UK) Limited, Nxtra Gabon Data Holdings (UK) Limited, Nxtra Kenya Data Holdings (UK) Limited, Airtel Mobile Commerce Tanzan ia B.V., Nxtra Nigeria Data Holdings (UK) Limited, Airtel Congo RDC Telesonic S.A.U., Nxtra Africa Data (Nigeria) Limited, Mawezi RDC S.A., HCIL Netcom India Private Ltd, HCIL Comtel Private Limited, Airtel Gabon Telesonic S.A., Nxtra Africa Data (Kenya) Limited, Airtel Money Trust Fund, The Registered Trustees of Airtel Money Trust Fund, Nxtra Africa Data (Nigeria) FZE, Beetel Teletech Limited, Beetel Teletech Singapore Private Limited, Dixon Electro Appliances Private Limited, Robi Axiata PLC, Reddot Digital Limited, Rventures PLC, SmartPay Limited, AxEnTec PLC, Nxtra Africa Data (Kenya) SEZ Limited, SmarTx Services Limited , Airtel Money Limited , Indus Towers FZE, Indus Towers Investment FZE, Indus Towers Management FZE, Indus Towers Ventures FZE, Nxtra Vizag Limited, Bridge Mobile Pte Limited , Indus Infra Uganda Limited, Indus Towers Infra Zambia Limited, Indus Towers Nigeria Limited , Airtel Global IFSC Limited, Indus Towers Global Ventures IFSC Limited Disclaimer: - This communication does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements.
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Page 2 of 27 TABLE OF CONTENTS Section 1 Bharti Hexacom – Performance at a glance 3 Section 2 Bharti Hexacom - An Introduction 4 Section 3 Financial Highlights as per Ind-AS 3.1 Summary of Financial Statements 5 3.2 Segment wise - Summary of Statement of Operations 6 Section 4 Operating Highlights 7 Section 5 Management Discussion & Analysis 8 5.1 Key Company Developments 8 5.2 Result of Operation 8 5.3 Three Line Graph 9 Section 6 Stock Market Highlights 10 Section 7 Detailed Financial and Related Information 11 Section 8 Cost Schedules 16 Section 9 Section 10 Section 11 Trends and Ratio Analysis Key Accounting Policies as per Ind-AS Glossary 17 21 24
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Page 3 of 27 SECTION 1 PERFORMANCE AT A GLANCE Full Year Ended Quarter Ended 2024 2025 2026 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Operating Highlights Total Customer Base 000’s 27,646 28,577 29,617 28,648 28,598 29,099 29,617 29,902 Total Minutes on Network Mn Min 351,591 369,056 379,887 93,440 93,692 95,912 96,842 96,606 Network Towers Nos 25,704 26,497 26,742 26,490 26,529 26,572 26,742 26,889 Financials (Rs Mn) Total revenues Rs Mn 70,888 85,479 93,538 22,630 23,173 23,598 24,137 25,099 EBITDA Rs Mn 34,905 43,721 50,694 12,172 12,564 12,820 13,138 13,749 EBITDAaL Rs Mn 29,814 37,789 44,563 10,789 10,979 11,242 11,553 12,108 EBIT Rs Mn 17,513 22,653 28,322 6,774 7,021 7,151 7,376 7,699 Cash profit from operations before Derivative & Exchange Fluctuations Rs Mn 29,646 36,864 44,835 10,535 11,127 11,424 11,750 12,523 Profit before tax Rs Mn 12,263 15,962 22,998 5,268 5,641 5,781 6,308 6,530 Net income (before exceptional items) Rs Mn 9,115 11,896 17,104 3,916 4,212 4,318 4,658 4,824 Net income (after exceptional items) Rs Mn 5,044 14,936 17,332 3,916 4,212 4,737 4,467 4,824 Capex Rs Mn 20,235 14,730 15,210 2,270 3,676 3,403 5,861 3,822 Operating Free Cash Flow (EBITDA - Capex) Rs Mn 14,670 28,991 35,484 9,902 8,888 9,417 7,277 9,927 Operating Free Cash Flow (EBITDAaL - Capex) Rs Mn 9,579 23,059 29,353 8,519 7,303 7,839 5,692 8,286 Net Debt Rs Mn 78,273 72,619 54,731 63,160 62,989 56,289 54,731 43,925 Net Debt excluding lease obligation Rs Mn 45,573 36,890 20,301 28,064 28,183 21,565 20,301 9,604 Shareholder's Equity Rs Mn 46,387 59,321 71,652 63,234 62,446 67,183 71,652 76,473 Financials (US$ Mn) Total Revenue 1 US$ Mn 857 1,012 1,059 265 265 265 263 265 EBITDA 1 US$ Mn 422 518 574 142 144 144 143 145 EBITDAaL 1 US$ Mn 360 447 504 126 126 126 126 128 EBIT 1 US$ Mn 212 268 321 79 80 80 80 81 Cash profit from operations before Derivative & Exchange Fluctuations 1 US$ Mn 358 436 507 123 127 128 128 132 Profit before Tax 1 US$ Mn 148 189 260 62 65 65 69 69 Net income (before exceptional items)1 US$ Mn 110 141 194 46 48 49 51 51 Net income (after exceptional items)1 US$ Mn 61 177 196 46 48 53 49 51 Capex 1 US$ Mn 245 174 172 27 42 38 64 40 Operating Free Cash Flow (EBITDA - Capex) US$ Mn 177 343 402 116 102 106 79 105 Operating Free Cash Flow (EBITDAaL - Capex) US$ Mn 116 273 332 100 84 88 62 87 Net Debt 2 US$ Mn 939 849 578 738 710 626 578 466 Net Debt excluding lease obligation 2 US$ Mn 547 431 214 328 318 240 214 102 Shareholder's Equity 2 US$ Mn 556 693 757 739 704 747 757 811 Key Ratios EBITDA Margin % 49.2% 51.1% 54.2% 53.8% 54.2% 54.3% 54.4% 54.8% EBITDAaL Margin % 42.1% 44.2% 47.6% 47.7% 47.4% 47.6% 47.9% 48.2% EBIT Margin % 24.7% 26.5% 30.3% 29.9% 30.3% 30.3% 30.6% 30.7% Net Profit (after exceptional items) Margin % 7.1% 17.5% 18.5% 17.3% 18.2% 20.1% 18.5% 19.2% Net Debt to Funded Equity Ratio Times 1.69 1.22 0.76 1.00 1.01 0.84 0.76 0.57 Net Debt to EBITDA (Annualised) Times 2.24 1.66 1.08 1.30 1.25 1.10 1.04 0.80 Net Debt (excluding lease obligations) to EBITDAaL (Annualised) Times 1.53 0.98 0.46 0.65 0.64 0.48 0.44 0.20 Interest Coverage ratio Times 6.23 7.23 10.03 9.17 9.92 10.35 10.75 11.65 Return on Shareholder's Equity (Post Tax) % 11.4% 28.3% 26.5% 22.4% 24.5% 27.1% 25.0% 24.6% Return on Shareholder's Equity (Pre Tax) % 20.9% 34.2% 34.6% 28.7% 31.6% 33.5% 32.6% 32.3% Return on Capital employed (Annualised) % 14.1% 17.7% 21.9% 21.0% 22.3% 23.0% 23.6% 25.0% Valuation Indicators Market Capitalization Rs Bn 406.9 728.7 751.9 975.7 825.8 910.4 751.9 740.6 Market Capitalization US$ Bn 4.9 8.5 7.9 11.4 9.3 10.1 7.9 7.8 Enterprise Value Rs Bn 485.1 801.3 806.6 1038.9 888.8 966.7 806.6 784.6 EV / EBITDA Times 13.9 18.3 15.9 21.3 17.7 18.9 15.3 14.3 PE Ratio Times 80.7 48.8 43.4 71.0 53.5 51.9 43.4 40.6 Particulars Unit Note 1: Average exchange rates used for Rupee conversion to US$ is (a) Rs 82.74 for the financial year ended March 31, 2024 ( b) Rs 84.46 for the financial year ended March 31, 2025 (c) Rs 88.36 for the financial year ended March 31, 2026 (d) Rs 85.42 for the quarter ended June 30, 2025, (e) Rs 87.28 for the quarter ended September 30, 2025, (f) Rs 89.03 for the quarter ended December 31, 2025 (g) Rs 91.72 for the quarter ended March 31, 2026 (h) Rs 94.80 for the quarter ended June 30, 2026 based on the RBI Reference rate. Note 2: Closing exchange rates used for Rupee conversion to US$ is (a) Rs 83.37 for the financial year ended March 31, 2024 (b) Rs 85.58 for the financial year ended March 31, 2025 (c) Rs 94.65 for the financial year ended March 31, 2026 (d)) Rs 85.56 for the quarter ended June 30, 2025 , (e) Rs 88.76 for the quarter ended September 30, 2025 (f) Rs 89.94 for the quarter ended December 31, 2025 (g) Rs 94.65 for the quarter ended March 31, 2026 (h) Rs 94.35 for the quarter ended June 30, 2026 being the RBI Reference rate.
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Page 4 of 27 SECTION 2 BHARTI HEXACOM - AN INTRODUCTION 2.1 Introduction Our Company was originally incorporated in 1995 as ‘Hexacom India Limited’. In 2004, the name of our Company was changed to Bharti Hexacom Limited’ when Airtel acquired a majority equity interest in our Company. We are a communications solutions provider offering consumer mobile services, fixed -line telephone , broadband and IPTV services to customers in the Rajasthan and the Northeast telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. We offer our services under the brand ‘Airtel’. We have a distinct strategy to premiumise our portfolio by acquiring and retaining quality customers and delivering an experience to them through our Omni channel approach and use of data science. We have a gamut of digital offerings to enhance customer engagement and differentiated customized of ferings through family and converged plans under Airtel Black proposition, which has resulted in the continuous improvement of our revenue market share. We undertake prudent cost optimization measures to improve our profitability and maintain an efficient capital structure with a comfortable leverage position. We continuously invest in network expansion, technology advancement and judicious spectrum investments. The shares of Bharti Hexacom Ltd are listed on the Indian Stock Exchanges- NSE & BSE. 2.2 Business Divisions across 65 retail outlets and 2 3 small format stores with network presence in 488 census and 68,623 non-census towns and villages in India with population coverage of 96.6%. Our services are spread across Rajasthan and Northeast offering high-speed internet access and a host of innovative services like Airtel TV, video calls, live-streaming videos, gaming, buffer-less HD video streaming and multi-tasking capabilities to our customers. Homes, Office and Other Services – The Company provides fixed-line telephone and broadband services along with IPTV for homes in 121 cities (including LCOs) in Rajasthan and Northeast. The product offerin gs include high -speed broadband, fiber and voice connectivity, up to the speed of 1 Gbps for the home segment. 2.3 Partners The key agreements with the active network partners include equipment supply contracts and service contracts. The equipment supply contracts cover the supply of hardware, software and other electronic equipment required to set up and expand our mobile network. The service contracts provide for the services in relation to deployment of the equipment deployed under the equipment supply contracts. We have minimized our dependence on any single network partner to provide critical network services and we work with several entities including Ericsson, Nokia , Google and Ceragon, etc. Mobile Services –We offer postpaid, pre-paid, roaming, internet and other value-added services. Our distribution channel is spread
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Page 5 of 27 SECTION 3 FINANCIAL HIGHLIGHTS The financial results presented in this section are compiled based on the audited financial statements prepared in accordance with Indian Accounting Standards (Ind-AS) and the underlying information. Detailed financial statements, analysis & other related information is attached to this report (page 1 1 - 14). Also, kindly refer to Section 7.3 - use of Non - GAAP financial information (page 15) and Glossary (page 24) for detailed definitions. 3.1 Summary of Financial Statements 3.1.1 Summarized Statement of Operations (net of inter segment eliminations) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 25,099 22,630 11% EBITDA 13,749 12,172 13% EBITDA / Total revenues 54.8% 53.8% 1 pp EBIT 7,699 6,774 14% Finance cost (net) 1,169 1,506 -22% Profit before tax 6,530 5,268 24% Income tax expense 1,706 1,352 26% Profit after tax (before exceptional items) 4,824 3,916 23% Net income (before exceptional items) 4,824 3,916 23% Exceptional Items (net of tax) 0 0 Net income (after exceptional items) 4,824 3,916 23% Capex 3,822 2,270 68% Operating Free Cash Flow (EBITDA - Capex) 9,927 9,902 0% Net Debt 43,925 63,160 -30% Cumulative Investments 244,367 231,039 6% Particulars Amount in Rs Mn, except ratios Summarized Statement of Operations (Pre-Ind AS 116) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth EBITDAaL 12,108 10,789 12% EBITDAaL / Total revenues 48.2% 47.7% 0.6 pp Net Debt (excluding Lease obligations) 9,604 28,064 -66% Amount in Rs Mn, except ratios Particulars
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Page 6 of 27 3.1.2 Summarized Statement of Financial Position As at As at Jun 30, 2026 Jun 30, 2025 Assets Non-current assets 165,647 170,657 Current assets 32,958 17,534 Total assets 198,605 188,191 Liabilities Non-current liabilities 59,031 63,784 Current liabilities 63,101 61,173 Total liabilities 122,132 124,957 Equity Equity 76,473 63,234 Total Equity 76,473 63,234 Total Equity and liabilities 198,605 188,191 Particulars Amount in Rs Mn 3.2 Segment wise - Summary of Statement of Operations 3.2.1 Mobile Services Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 23,953 21,916 9% EBITDA 13,247 11,923 11% EBITDA / Total revenues 55.3% 54.4% 0.9 pp EBIT 7,703 6,759 14% Capex 2,223 1,246 78% Operating Free Cash Flow (EBITDA - Capex) 11,024 10,677 3% Cumulative Investments 231,661 223,851 3% Particulars Amount in Rs Mn, except ratios 3.2.2 Homes, Office and Other Services Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 1,265 784 61% EBITDA 502 249 102% EBITDA / Total revenues 39.7% 31.8% 7.9 pp EBIT (4) 14 -129% Capex 1,599 1,024 56% Operating Free Cash Flow (EBITDA - Capex) (1,097) (775) -42% Cumulative Investments 12,706 7,188 77% Particulars Amount in Rs Mn, except ratios
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Page 7 of 27 SECTION 4 OPERATING HIGHLIGHTS The financial figures used for computing ARPU, Revenue per Site are based on Ind-AS. 4.1 Mobile Services Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Customer Base 000's 28,984 28,774 0.7% 28,146 3.0% Net Additions 000's 210 370 17 Monthly Churn % 2.3% 2.0% 0.3% 2.4% -0.1% Average Revenue Per User (ARPU) Rs 259 252 2.6% 246 5.1% Average Revenue Per User (ARPU) US$ 2.7 2.8 -0.8% 2.9 -5.3% Revenue per tower per month Rs 296,923 287,728 3.2% 275,054 8.0% Voice Minutes on the network Mn 96,598 96,835 -0.2% 93,432 3.4% Voice Usage per customer per month min 1,114 1,129 -1.4% 1,107 0.6% Data Data Customer Base 000's 23,124 22,782 1.5% 21,843 5.9% Of w hich smartphone data customers 000's 23,071 22,727 1.5% 21,774 6.0% As % of Customer Base % 79.8% 79.2% 0.6% 77.6% 2.2% Total GBs on the network Mn GBs 2,496 2,310 8.1% 1,912 30.5% Data Usage per customer per month GBs 36.2 34.2 6.1% 29.4 23.3% 4.2 Homes, Office and Other Services Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Customer Base 000's 918 843 8.9% 502 82.9% Net additions 000's 75 148 -49.5% 54 39.2% Average Revenue Per User (ARPU) Rs 482 482 0.0% 485 -0.6% Average Revenue Per User (ARPU) US$ 5.1 5.3 -3.2% 5.7 -10.4% 4.3 Network and Coverage Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Mobile Services Network towers Nos 26,889 26,742 147 26,490 399 Total Mobile Broadband Base stations Nos 96,012 94,397 1,615 91,442 4,570 Homes Services- Cities covered Nos 121 120 1 115 6
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Page 8 of 27 SECTION 5 MANAGEMENT DISCUSSION AND ANALYSIS 5.1 Key Company Developments • Bharti Hexacom, in collaboration with Bharti Airtel, introduced Fast Lane, using cutting -edge 5G slicing technology to guarantee faster and more reliable speeds to its customers. This enhanced service is specially built for busy customers who depend on uninterrupted connectivity for work, entertainment, or online collaboration. • Bharti Hexacom extended Connectivity for Indian Army in Arunachal Pradesh . In a crucial strategic initiative, we successfully completed the first phase of our partnership with 4 Corps of Indian Army, headquartered at Tezpur to strengthen mobile connectivity across 30 Army stations located in challenging mountainous terrain of Aru nachal Pradesh. 5.2 Results of Operations Key Highlights – For the quarter ended Jun 30, 2026 • Overall customer base at 29.90 Mn (up 4.4% YoY) • Mobile data traffic at 2,381 PBs (up 30.5% YoY) • Total revenues of Rs 25.1 Bn; up by 10.9% YoY • EBITDA at Rs 13.7 Bn; up 13.0%YoY; EBITDA margin is 54.8%, up by 1.0% YoY • EBIT at Rs 7.7 Bn; up by 13.7% YoY; EBIT margin is 30.7% up by 0.7% YoY • Net income (before exceptional items) at Rs 4.8 Bn vis-a-vis Rs 3.9 Bn in the corresponding quarter last year • Net income (after exceptional items) at Rs 4.8 Bn vis-a-vis Rs 3.9 Bn in the corresponding quarter last year 5.2.1 Results for the quarter ended June 30, 2026 As on June 30, 2026, the Company had 29.90 Mn customers, an increase of 4.4% as compared to 28.65 Mn in the corresponding quarter last year. Total minutes of usage on the network during the quarter were 97 Bn, representing a growth of 3.4% as compared to 93 Bn in the corresponding quarter last year. Smartphone customer base stood at 23.1 Mn, increased by 0.3 Mn QoQ and 1.3 Mn YoY. Mobile Data traffic grew 30.5% to 2,381 PBs during the quarter as compared to 1,824 PBs in the corresponding quarter last year. Average mobile data usage per customer increased by 23.3% YoY to 36.2 GB/month as compared to 29.4 GB/month in the corresponding quarter last year. By the end of the quarter, the company had 26,889 network towers as compared to 26,490 network towers in the corresponding quarter last year. The Company had total 96,012 mobile broadband base stations as compared to 91,442 mobile broadband base stations a t the end of the corresponding quarter last year and 94,397 at the end of the previous quarter. Further, the Company had homes operations in 121 cities (including LCOs). Homes, Office and Other services segment witnessed a revenue growth of 61.4% YoY and customer net additions of 75 K during the quarter to reach to a total base of 0.9 Mn in Q1’27. On a YoY basis, the customer base increased by 82.9%. Revenues for the quarter stood at Rs 25,099 Mn, up by 10.9% vis- à-vis Rs 22,630 Mn in the corresponding quarter last year. Net revenues, after netting off access costs, license fees and cost of goods sold, stood at Rs 20,518 Mn, up 9.9% as compared to Rs 18,673 Mn in the corresponding quarter last year. Opex (excluding access costs, costs of goods sold, license fees & Charity & Donation) stood at Rs 7,171 Mn, increased by 1.3% QoQ (up 3.3% as compared to corresponding quarter last year) EBITDA was at Rs 13,749 Mn during the quarter, compared to Rs 12,172 Mn in the corresponding quarter last year (up 13.0% YoY) and Rs 13,138 Mn in the previous quarter (up 4.6% QoQ). EBITDA margin for the quarter was at 54.8% as compared to 53.8% in the corresponding quarter last year and 54.4% in the previous quarter Depreciation and amortization expenses were at Rs 5,925 Mn vis- à-vis Rs 5,273 Mn in the corresponding quarter last year (up 12.4%YoY) and Rs 5,648 Mn in the previous quarter. EBIT for the quarter was at Rs 7,699 Mn as compared to Rs 6,774 Mn in the corresponding quarter last year and Rs 7,376 Mn in the previous quarter. The resultant EBIT margin for the quarter was at 30.7% as compared to 29.9% in the corresponding quarter last year and 30.6% in the previous quarter. Cash profits from operations (before derivative and exchange fluctuations) for the quarter were at Rs 12,523 Mn as compared to Rs 10,535 Mn in the corresponding quarter last year and Rs 11,750 Mn in the previous quarter. Net finance costs for the quarter were Rs 1,169 Mn as compared to Rs 1,506 Mn in the corresponding quarter last year (down - 22.4%YoY) and Rs 1,068 Mn in the previous quarter ( up 9.4% QoQ). The resultant profit before tax and exceptional items for the quarter ended June 30,2026 was Rs 6,530 Mn as compared to profit of Rs 5,268 Mn in the corresponding quarter last year and a profit of Rs 6,308 Mn in the previous quarter. The income tax expense for the quarter ended June 30, 2026, was Rs 1,706 Mn as compared to Rs 1,352 Mn in the corresponding quarter last year and Rs 1,650 Mn in the previous quarter. Net income (before exceptional items) for the quarter ended June 30, 2026, was Rs 4,824 Mn as compared to Rs 3,916 Mn in the
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Page 9 of 27 corresponding quarter last year and Rs 4,658 Mn in the previous quarter. The capital expenditure for the quarter ending June 30, 2026, was Rs 3,822 Mn. Net debt excluding lease obligations for the company stands at Rs 9,604 Mn as on June 30, 2026, compared to Rs 28,064 Mn as on June 30, 2025. Net debt for the company, including the impact of leases, stands at Rs 43,925 Mn as on June 30, 2026. The Net Debt-EBITDA ratio (annualized) and including the impact of leases for the quarter June 30, 2026, stood at 0.80 times as compared to 1.04 times in the previous quarter. The Net Debt -EBITDAaL ratio (annualized) and excluding the impact of leases for the quarter June 30, 2026, stood at 0.20 times as compared to 0.44 times in the previous quarter. 5.3 Bharti Hexacom’s Three Line Graph The Company tracks its performance on a three-line graph. The parameters considered for the three-line graph are: 1. Total Revenues i.e. absolute turnover/sales 2. Opex Productivity – this is computed by dividing operating expenses by the total revenues for the respective period. Operating expense is the sum of (i) employee costs (ii) network operations costs and (iii) selling, general and administrative costs. This ratio depicts the operational efficiencies in the Company 3. Capex Productivity – this is computed by dividing LTM revenue by gross cumulative capex (gross fixed assets and capital work in progress) till date i.e. the physical investments made in the assets creation of the Company. This ratio depicts the asset productivity of the Company. Given below are the graphs for the last five quarters for the Company: 22,630 23,173 23,598 24,137 25,099 31.2% 30.8% 29.7% 29.8% 29.1% 65.3% 65.8% 65.3% 63.7% 64.2% 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 6,0006,2006,4006,6006,8007,0007,2007,4007,6007,8008,0008,2008,4008,6008,8009,0009,2009,4009,6009,80010,00010,20010,40010,60010,80011,00011,20011,40011,60011,80012,00012,20012,40012,60012,80013,00013,20013,40013,60013,80014,00014,20014,40014,60014,80015,00015,20015,40015,60015,80016,00016,20016,40016,60016,80017,00017,20017,40017,60017,80018,00018,20018,40018,60018,80019,00019,20019,40019,60019,80020,00020,20020,40020,60020,80021,00021,20021,40021,60021,80022,00022,20022,40022,60022,80023,00023,20023,40023,60023,80024,00024,20024,40024,60024,80025,00025,20025,40025,60025,80026,00026,200 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total Revenue (Rs mn) Opex to Total Rev (%) Capex Productivity (%)
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Page 10 of 27 SECTION 6 STOCK MARKET HIGHLIGHTS 6.1 General Information as on June 30, 2026 Shareholding and Financial Data Unit Code/Exchange 544162/BSE Bloomberg/Reuters BHARTIHE IN / BHAX.NS No. of Shares Outstanding Mn Nos 500 Closing Market Price - BSE (30/06/26) Rs /Share 1,481 Combined Volume (NSE & BSE) (01/07/25 - 30/06/26) Nos in Mn/day 0.2 Combined Value (NSE & BSE) (01/07/25 - 30/06/26) Rs Mn /day 385 Market Capitalization Rs Bn 740.6 Market Capitalization US$ Bn 7.8 Book Value Per Equity Share Rs /share 152.9 Market Price/Book Value Times 9.7 Enterprise Value Rs Bn 784.6 Enterprise Value US$ Bn 8.3 Enterprise Value/ EBITDA (Annualised) Times 14.3 P/E Ratio Times 40.6 6.2 Summarized Shareholding pattern as of June 30, 2026 Category Number of Shares % Promoter & Promoter Group Indian 349,999,996 70.00% Sub total 349,999,996 70.00% Public Shareholding Institutions 71,105,623 14.22% Non-institutions 78,894,381 15.78% Sub total 150,000,004 30.00% Total 500,000,000 100.00% 6.3 Daily Stock Price (BSE) and Volume (BSE & NSE Combined) Movement Source: Bloomberg 0 4,000 8,000 12,000 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Volume (in 000's) RHS Share Price (Rs.) LHS
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Page 11 of 27 SECTION 7 DETAILED FINANCIAL AND RELATED INFORMATION 7.1 Extracts from Audited Financial Statements prepared in accordance with Indian Accounting Standards (Ind- AS) 7.1.1 Summarized Statement of Income (net of inter segment eliminations) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Income Revenue 25,099 22,630 11% Other income 721 475 52% Total 25,820 23,105 12% Expenses Network operating expenses 5,376 5,219 3% Access Charges 2,041 1,630 25% License fee / spectrum charges 2,303 2,114 9% Employee benefits 268 210 28% Sales and marketing expenses 900 1,007 -11% Other expenses 989 843 17% Total 11,877 11,023 8% Profit from operating activites before depreciation, amortization, finance cost, exceptional items and tax 13,943 12,082 15% Depreciation and amortisation 5,925 5,273 12% Finance costs 1,488 1,541 -3% Profit before exceptional items and tax 6,530 5,268 24% Exceptional items - - Profit/(Loss) before tax 6,530 5,268 24% Tax expense Current tax 2,211 1,657 33% Deferred tax (505) (305) -66% Profit / (Loss) for the period 4,824 3,916 23% Items not to be reclassified to profit or loss : Re-measurement gains / (losses) on defined benefit plans (4) (4) 0% Tax credit / (expense) 1 1 5% Other comprehensive income / (loss) for the period (3) (3) 2% Total comprehensive income / (loss) for the period 4,821 3,913 23% Earnings per share (Face value : Rs. 5/- each) (In Rupees) Basic 9.65 7.83 23% Diluted 9.65 7.83 23% Particulars Amount in Rs Mn, except ratios
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Page 12 of 27 7.1.2 Summarized Balance Sheet Amount in Rs Mn As at As at As at Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Assets Non-current assets Property, plant and equipment (inc CWIP and ROU) 87,005 87,372 86,033 Intangible assets (Incl. IUAD) 56,566 57,773 61,490 Financial Assets - Others 4,230 4,272 4,548 Income & Deferred tax assets (net) 14,084 15,037 14,775 Other non-current assets 3,762 3,802 3,811 165,647 168,256 170,657 Current assets Financial Assets - Investments 17,238 6,312 740 - Trade receivables 1,480 1,084 834 - Cash and bank balances 100 330 351 - Other bank balances 280 276 264 - Others 10,171 10,188 11,203 Other current assets 3,689 4,060 4,142 32,958 22,250 17,534 Total Assets 198,605 190,506 188,191 Equity and liabilities Equity Equity 76,473 71,652 63,234 76,473 71,652 63,234 Non-current liabilities Financial Liabilities - Borrowings 52,900 53,239 56,580 - Others 191 165 144 Other non-current liabilities 5,940 6,254 7,060 59,031 59,658 63,784 Current liabilities Financial Liabilities - Borrowings 8,364 8,134 7,671 - Trade Payables 18,519 16,063 18,721 - Others 8,817 8,470 7,778 Current tax liabilities (net) 3,914 3,183 5,093 Other current liabilities 23,487 23,346 21,910 63,101 59,196 61,173 Total liabilities 122,132 118,854 124,957 Total equity and liabilities 198,605 190,506 188,191 Particulars
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Page 13 of 27 7.1.3 Statement of Cash Flow Quarter Ended Jun-26 Jun-25 Cash flows from operating activities Profit before tax 6,530 5,268 Adjustments for - Depreciation and amortisation 5,925 5,273 Finance costs 1,376 1,543 Interest income (153) (8) Net loss/ (gain) on derivative financial instruments 78 (6) Net fair value gain on financial instruments (166) (21) Other non-cash items 154 96 Operating cash flow before changes in working capital 13,744 12,145 Changes in assets and liabilities - Trade receivables (489) 197 Trade payables 2,420 2,855 Other assets and liabilities (124) (578) Net cash generated from operations before tax 15,551 14,619 Income tax (paid) / refund 74 (1,182) Net cash generated from operating activities (a) 15,625 13,437 Cash flows from investing activities Net (Purchase) / proceeds from sale of PPE (3,598) (2,911) Purchase of intangible assets, spectrum- DPL (31) (45) Net movement in current investments (10,760) 20 Interest received 58 9 Net cash used in investing activities (b) (14,331) (2,927) Cash flows from financing activities Net (Repayments) / Proceeds from borrowings 0 0 Net proceeds/ (repayments) from short-term borrowings 0 (8,791) Payment of lease liabilities (919) (914) Interest and other finance charges paid (605) (625) Dividend paid (including tax) 0 0 Net cash used in financing activities (c) (1,524) (10,330) Net movement in cash and cash equivalents (a+b+c) (230) 180 Cash and cash equivalents as at beginning of the period 330 171 Cash and cash equivalents as at end of the period 100 351 Particulars Amount in Rs Mn
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Page 14 of 27 7.2 Schedule of Net Debt & Finance Cost 7.2.1 Schedule of Net Debt in INR As at As at Jun 30, 2026 Jun 30, 2025 Short-term borrowings and current portion of long-term debt 0 9 Deferred payment liability 26,943 29,147 Less: Cash and Cash Equivalents 100 351 Investments & Receivables 17,238 740 Net Debt excluding Lease Obligations 9,604 28,064 Lease Obligations 34,321 35,096 Net Debt including Lease Obligations 43,925 63,160 Particulars Amount in Rs Mn 7.2.2 Schedule of Net Debt in US$ As at As at Jun 30, 2026 Jun 30, 2025 Short-term borrowings and current portion of long-term debt 0 0 Deferred payment liability 286 341 Less: Cash and Cash Equivalents 1 4 Investments & Receivables 183 9 Net Debt excluding Lease Obligations 102 328 Lease Obligation 364 410 Net Debt including Lease Obligations 466 738 Particulars Amount in US$ Mn 7.2.3 Schedule of Finance Cost Quarter Ended Jun-26 Jun-25 Interest on borrowings & Finance charges 759 860 Interest on Lease Obligations 662 681 Derivatives and exchange (gain)/ loss 68 (6) Investment (income)/ loss (320) (29) Finance cost (net) 1,169 1,506 Particulars Amount in Rs Mn, except ratios
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Page 15 of 27 7.3 Use of Non-GAAP Financial Information In presenting and discussing the Company’s reported financial position, operating results and cash flows, certain information is derived from amounts calculated in accordance with Ind -AS, but this information is not in itself an expressly permitted GAAP me asure. Such non - GAAP measures should not be viewed in isolation as alternatives to the equivalent GAAP measures. A summary of non-GAAP measures included in this report, together with details where additional information and reconciliation to the nearest equivalent GAAP measure can be found, is shown below. Non – GAAP measure Equivalent GAAP measure Location in this results announcement of reconciliation and further information Earnings before Interest, Taxation, Depreciation and Amortization (EBITDA) Profit from operating activities Page 15 Cash Profit from Operations before Derivative & Exchange (Gain)/Loss Profit from operating activities Page 15 7.3.1 Reconciliation of Non-GAAP financial information based on Ind-AS Quarter Ended Jun-26 Jun-25 Profit / (loss) from operating activities before depreciation, amortization and exceptional items to EBITDA Profit / (Loss) from Operating Activities 13,943 12,082 Add: Charity and donation 125 125 Less: Finance Income/Derviatives MTM 319 35 EBITDA 13,749 12,172 Reconciliation of Finance Cost Finance Cost 1,488 1,541 Less: Finance Income/Derivatives MTM 319 35 Finance Cost (net) 1,169 1,506 Profit / (loss) from operating activities before depreciation, amortization and exceptional items to Cash Profit from Operations before Derivative & Exchange Fluctuation Profit / (Loss) from Operating Activities 13,943 12,082 Less: Finance cost 1,488 1,541 Add: Derivatives and exchange (gain)/loss 68 (6) Cash Profit from Operations before Derivative & Exchange Fluctuation 12,523 10,535 Particulars Amount in Rs Mn, except ratios
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Page 16 of 27 SECTION 8 COST SCHEDULES 8.1 Schedule of Operating Expenses Quarter Ended Jun-26 Jun-25 Access charges 2,041 1,630 Licence fees, revenue share & spectrum charges 2,303 2,114 Network operations costs 5,376 5,219 - of w hich energy cost 2,050 2,290 Cost of goods sold 237 213 Employee costs 268 210 Selling, general and adminstration expense 1,652 1,637 Operating Expenses 11,877 11,023 Particulars Amount in Rs Mn 8.2 Schedule of Depreciation & Amortization Quarter Ended Jun-26 Jun-25 Depreciation 4,635 4,004 Amortization 1,290 1,269 Depreciation & Amortization 5,925 5,273 Particulars Amount in Rs Mn 8.3 Schedule of Income Tax Quarter Ended Jun-26 Jun-25 Current tax expense 2,211 1,657 Deferred tax expense / (income) (505) (305) Income tax expense 1,706 1,352 Particulars Amount in Rs Mn
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Page 17 of 27 SECTION 9 TRENDS AND RATIO ANALYSIS 9.1 Based on Statement of Operations Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 25,099 24,137 23,598 23,173 22,630 Access charges 2,041 1,861 1,770 1,675 1,630 Cost of goods sold 237 196 107 138 213 Licence Fee 2,303 2,217 2,173 2,138 2,114 Net revenues 20,518 19,863 19,548 19,222 18,673 Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 7,171 7,077 7,005 7,141 6,941 EBITDA 13,749 13,138 12,820 12,564 12,172 Cash profit from operations before Derivative and Exchange Fluctuations 12,523 11,750 11,424 11,127 10,535 EBIT 7,699 7,376 7,151 7,021 6,774 Profit before Tax 6,530 6,308 5,781 5,641 5,268 Profit after Tax (before exceptional items) 4,824 4,658 4,318 4,212 3,916 Net income (before exceptional items) 4,824 4,658 4,318 4,212 3,916 Exceptional Items (net of tax) 0 191 (419) 0 0 Net income (after exceptional items) 4,824 4,467 4,737 4,212 3,916 Capex 3,822 5,861 3,403 3,676 2,270 Operating Free Cash Flow (EBITDA - Capex) 9,927 7,277 9,417 8,888 9,902 Cumulative Investments 244,367 241,705 236,593 233,483 231,039 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 8.1% 7.7% 7.5% 7.2% 7.2% Cost of goods sold 0.9% 0.8% 0.5% 0.6% 0.9% Licence Fee 9.2% 9.2% 9.2% 9.2% 9.3% Net revenues 81.7% 82.3% 82.8% 83.0% 82.5% Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 28.6% 29.3% 29.7% 30.8% 30.7% EBITDA 54.8% 54.4% 54.3% 54.2% 53.8% Cash profit from operations before Derivative and Exchange Fluctuations 49.9% 48.7% 48.4% 48.0% 46.6% EBIT 30.7% 30.6% 30.3% 30.3% 29.9% Profit before Tax 26.0% 26.1% 24.5% 24.3% 23.3% Profit after Tax (before exceptional items) 19.2% 19.3% 18.3% 18.2% 17.3% Net income (before exceptional items) 19.2% 19.3% 18.3% 18.2% 17.3% Net income (after exceptional items) 19.2% 18.5% 20.1% 18.2% 17.3% Particulars
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Page 18 of 27 9.2 Financial Trends of Business Operations Mobile Services Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 23,953 23,089 22,718 22,385 21,916 EBITDA 13,247 12,691 12,471 12,266 11,923 EBITDA / Total revenues 55.3% 55.0% 54.9% 54.8% 54.4% EBIT 7,703 7,373 7,150 7,006 6,759 Capex 2,223 4,315 2,191 2,422 1,246 Operating Free Cash Flow (EBITDA - Capex) 11,024 8,376 10,280 9,844 10,677 Cumulative Investments 231,661 230,578 226,967 225,050 223,851 Particulars Homes, Office and Other Services Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 1,265 1,172 972 880 784 EBITDA 502 447 349 297 249 EBITDA / Total revenues 39.7% 38.1% 35.9% 33.7% 31.8% EBIT (4) 3 2 14 14 Capex 1,599 1,546 1,212 1,254 1,024 Operating Free Cash Flow (EBITDA - Capex) (1,097) (1,099) (863) (957) (775) Cumulative Investments 12,706 11,128 9,625 8,433 7,188 Particulars
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Page 19 of 27 9.3 Based on Statement of Financial Position Amount in Rs Mn, except ratios As at Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Equity 76,473 71,652 67,183 62,446 63,234 Net Debt 43,925 54,731 56,289 62,989 63,160 Net Debt (US$ Mn) 466 578 626 710 738 Capital Employed = Equity + Net Debt 120,398 126,383 123,472 125,436 126,394 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Return on Equity (Post Tax) 24.6% 25.0% 27.1% 24.5% 22.4% Return on Equity (Pre Tax) 32.3% 32.6% 33.5% 31.6% 28.7% Return on Capital Employed 25.0% 23.6% 23.0% 22.3% 21.0% Net Debt to EBITDA (Annualised) 0.80 1.04 1.10 1.25 1.30 Net Debt (excluding lease obligations) to EBITDAaL (Annualised) 0.20 0.44 0.48 0.64 0.65 Assets Turnover ratio 72.0% 71.7% 72.5% 72.3% 70.9% Interest Coverage ratio (times) 11.65 10.75 10.35 9.92 9.17 Net Debt to Funded Equity (Times) 0.57 0.76 0.84 1.01 1.00 Per share data (for the period) Net profit/(loss) per common share (in Rs) 9.65 8.93 9.47 8.42 7.83 Net profit/(loss) per diluted share (in Rs) 9.65 8.93 9.47 8.42 7.83 Book Value Per Equity Share (in Rs) 152.9 143.3 134.4 124.9 126.5 Market Capitalization (Rs Bn) 740.6 751.9 910.4 825.8 975.7 Enterprise Value (Rs Bn) 784.6 806.6 966.7 888.8 1038.9 Particulars
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Page 20 of 27 9.4 Operational Performance Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total Customers Base 000's 29,902 29,617 29,099 28,598 28,648 Mobile Services Customer Base 000's 28,984 28,774 28,404 28,036 28,146 Net Additions 000's 210 370 368 (110) 17 Monthly Churn % 2.3% 2.0% 2.0% 2.6% 2.4% Average Revenue Per User (ARPU) Rs 259 252 253 251 246 Average Revenue Per User (ARPU) US$ 2.7 2.8 2.8 2.9 2.9 Revenue per towers per month Rs 296,923 287,728 284,479 280,610 275,054 Voice Minutes on the network Mn 96,598 96,835 95,904 93,683 93,432 Voice Usage per customer per month min 1,114 1,129 1,135 1,111 1,107 Data Data Customer Base 000's 23,124 22,782 22,304 22,028 21,843 Of w hich smartphone data customers 000's 23,071 22,727 22,249 21,967 21,774 As % of Customer Base % 79.8% 79.2% 78.5% 78.6% 77.6% Total GBs on the network Mn GBs 2,496 2,310 2,120 2,029 1,912 Data Usage per customer per month GBs 36.2 34.2 32.0 30.7 29.4 4.4 Homes, Offices and Other Services Customer Base 000's 918 843 695 561 502 Net Additions 000's 75 148 134 60 54 Average Revenue Per User (ARPU) Rs 482 482 483 484 485 Average Revenue Per User (ARPU) US$ 5.1 5.3 5.4 5.5 5.7 9.5 Network and Coverage Trends Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Mobile Services Network towers Nos 26,889 26,742 26,572 26,529 26,490 Total Mobile Broadband Base stations Nos 96,012 94,397 93,472 92,455 91,442 Homes Services - Cities covered Nos 121 120 117 117 115
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Page 21 of 27 SECTION 10 KEY ACCOUNTING POLICIES AS PER Ind-AS • Property, Plant and equipment Property, plant and equipment (PPE) are stated at cost, net of accumulated depreciation and impairment loss. All direct costs relating to the acquisition and installation of property and equipment are capitalized. Depreciation is recorded on a straight - line basis over the estimated useful lives of the assets. Assets Years Buildings 20 Building on leased land Lease term or 20 years, whichever is less Network equipment 3 – 25 Customer premises equipment 3 – 7 Computer equipment & Servers 3 Furniture & fixture and office equipment 2 – 5 Vehicles 3 – 5 Leasehold improvements Lease term or 20 years, whichever is less The useful lives, residual values and depreciation method of PPE are reviewed, and adjusted appropriately, at -least as at each financial year so as to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets. Costs of additions and substantial improvements to property and equipment are capitalized. The costs of maintenance and repairs of property and equipment are charged to operating expenses. • Other Intangible assets Intangible assets are recognized when the Company controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Company and the cost of the asset can be measured reliably. Other intangible assets are recognized at cost. Th ose assets having finite useful life are carried at cost less accumulated amortization and impairment losses , if any . Amortization is computed using the straight-line method over the expected useful life of intangible assets. The Company has established the estimated useful lives of different categories of intangible assets as follows: a. Licenses (including spectrum) Acquired licenses and spectrum are amortized commencing from the date when the related network is available for intended use in the relevant jurisdiction. The useful lives range upto twenty-five years. The revenue-share based fee on licenses / spectrum is charged to the statement of profit and loss in the period such cost is incurred. b. Software: Software is amortized over the period of license, generally not exceeding five years. The useful lives and amortization methods are reviewed, and adjusted appropriately, at least at each financial year end so as to ensure that the method and period of amortization are consistent with the expected pattern of economic benefits from these assets. The effect of any change in the estim ated useful lives and / or amortization method is accounted prospectively, and accordingly the amortization is calculated over the remaining revised useful life. Further, the cost of intangible assets under development includes the borrowing costs that are directly attributable to the acquisition or construction of qualifying assets and are presented separately in the Balance Sheet. • Leases The Company, at the inception of a contract, assesses the contract as, or containing, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether the contract involves the use of an identified asset, the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and the Company has the right to direct the use of the asset. Company as a lessee The Company recognizes a right -of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee in the Balance Sheet. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using incremental borrowing rate (as the rate implicit in the lease cannot be readily determi ned). Lease liabilities include the net present value of fixed payments (including any in -substance fixed payments), any variable lease payments that are based on consumer price index (‘CPI’), the exercise price of a purchase option if the lessee is reason ably certain to exercise that option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Subsequently, the lease liability is measured at amortized cost using the effective interest method. It is re -measured when there is a change in future lease payments including due to changes in CPI or if the company changes its assessment of whether it will exercise purchase, extension or termination option or when the lease contract is modified and the lease modification is not accounted for as a separate lease. The corresponding adjustment is made to the carrying amount of the right -of-use asset or is recorded in profit or loss if the carrying amount of the related right- of-use asset has been reduced to zero. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments
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Page 22 of 27 made at or before the commencement date, any initial direct costs less any lease incentives received. Subsequent, to initial recognition, right-of-use asset are stated at cost less accumulated depreciation and any impairment losses and adjusted for certain re -measurements of the lease liability. Depreciation is computed using the straight -line method from the commencement date to the end of the useful life of the underlying asset or the end of the lease term, whichever is shorter. The estimated useful lives of right-of-use assets are determined on the same basis as those of the underlying property and equipment. In the Balance Sheet, the right -of-use assets and lease liabilities are presented separately. When a contract includes lease and non -lease components, the Company allocates the consideration in the contract on the basis of the relative stand-alone prices of each lease component and the aggregate stand-alone price of the non-lease components. Short-term leases and leases of low-value assets The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Company as a lessor Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Amounts due from lessees under a finance lease are recognized as receivables at an amount equal to the net investment in the leased assets. Finance lease income is allocated to the periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the finance lease. Rental income from operating leases is recognized on a straight - line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognize d on a straight line basis over the lease term. When a contract includes lease and non -lease components, the Company applies Ind AS 115 ‘Revenue from Contracts with Customers’ to allocate the consideration under the contract to each component. The Company enters into ‘Indefeasible right to use’ (‘IRU’) arrangements wherein the right to use the assets is given over the substantial part of the asset life. However, as the title to the assets and the significant risks associated with the operation and maintenance of these assets remains with the Company, such arrangements are recognized as operating lease. The contracted price is recognized as revenue during the tenure of the agreement. Unearned IRU revenue received in advance is presented as deferred revenue within liabilities in the Balance Sheet. • Revenue recognition Revenue is recognized upon transfer of control of promised products or services to customer at the amount of transaction price (net of variable consideration) which the Company has received or expects to receive in exchange of those products or services, net of any taxes / duties, discounts and process waivers. In order to determine if it is acting as a principal or as an agent, the Company assesses whether it is primarily responsible for fulfilling the performance obligation and whether it controls the promised service before transfer to customers. Revenue is recognised when, or as, each distinct performance obligation is satisfied. The main categories of revenue and the basis of recognition are as follows: (i) Service revenues Service revenues mainly pertain to usage, subscription and customer onboarding for voice, data, messaging and value-added services. It also includes revenue from interconnection / roaming charges for usage of the Company’s network by other operators for voice, data, messaging and s ignaling services which are recognized upon transfer of control of services over time. Usage charges are recognized based on actual usage. Subscription charges are recognized over the estimated customer relationship period or subscription pack validity period, whichever is lower. Customer onboarding revenue and associated cost is recognized upon successful onboarding of customers i.e. upfront. Revenues in excess of invoicing are classified as unbilled revenue while invoicing / collection in excess of revenue are classified as deferred revenue / advance from customer. The billing / collection in excess of revenue recognized is presented as deferred revenue in the Balance Sheet whereas unbilled revenue is recognized under other current financial assets. Certain business services revenue include revenue from registration and installation, which are amortized over the period of agreement since the date of activation of service. Revenues from long-distance operations comprise of voice services and bandwidth services (including installation), which are recognized on provision of services and over the period of respective arrangements. (ii) Multiple element arrangements The Company has entered into certain multiple-element revenue arrangements which involve the delivery or performance of multiple products, services or rights to use assets. At the inception of the arrangement, all the deliverables therein are evaluated to determine whether they represent distinct performance obligations and if so, they are accounted for separately. Total consideration related to the multiple element arrangements is allocated to each performance obligation based on their standalone selling prices. (iii) Interest Income The interest income is recognized using the effective interest rate method. • Cost to obtain or fulfill a contract with a customer The Company incurs certain cost or fulfill contract with the customer viz. intermediary commission, etc. where based on Company’s estimate of historic average customer life derived from customer churn rate is longer than 12 months, such costs are deferred and are recognized over the average expected customer life.
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Page 23 of 27 • Exceptional items Exceptional items refer to items of income or expense within the statement of profit and loss from ordinary activities which are non- recurring and are of such size, nature or incidence that their separate disclosure is considered necessary to explain the performance of the Company. • Taxes Current tax is calculated on the basis of the tax rates, laws and regulations, which have been enacted or substantively enacted as at the reporting date. Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying values in the financial statements. Deferred tax is also recognised in respect of carried forward tax losses and tax credits. How ever, deferred tax are not recognized if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Further, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Moreover, deferred tax is recognized on temporary differences arising on investm ents in subsidiaries, joint ventures and associates - unless the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. The unrecognized deferred tax assets / carrying amount of deferred tax assets are reviewed at each reporting date for recoverability and adjusted appropriately.
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Page 24 of 27 SECTION 11 GLOSSARY Technical and Industry Terms Company Related Asset Turnover Asset Turnover is defined as total revenues, for the preceding (last) 12 months from the end of the relevant period, divided by average assets. Assets are defined as the sum of non-current assets and net current assets. Net current assets are computed by subtracting current liabilities from current assets. Average assets is calculated by considering average of Opening and closing assets for the relevant period. Average Customers Average customers are derived by computing the average of the monthly average customers for the relevant period. Average Towers Average Revenue Per User (ARPU) Average towers are derived by computing the average of the Opening and Closing towers for the relevant period. Average revenue per user per month. This is derived by dividing total revenue during the relevant period by the average number of customers during the period and dividing the result by the number of months in the relevant period. Book Value Per Equity Share Equity attributable to the holders of parent as at the end of the relevant period divided by outstanding equity shares as at the end of the relevant period. Capex It includes investment in gross fixed assets (both tangible and intangible but excluding spectrum) and capital work in progress for the period. Capital Employed Capital Employed is defined as sum of equity and net debt. Cumulative Investments Cumulative Investments comprises of gross value of property, plant & equipment (including CWIP & capi tal advances) and intangibles. Cash Profit from Operations before Derivative & Exchange Fluctuation It is not an Ind-AS measure and is defined as profit from operating activities before depreciation, amortization and exceptional items adjusted for interest expense before adjusting for derivative & exchange (gain)/ loss. Churn Churn is calculated by dividing the total number of disconnections during the relevant period by the average customers; and dividing the result by the number of months in the relevant period. Customer Base Customers generating revenue through recharge, billing or any outgoing activity. Data Customer Base A customer who used at least 1 MB on GPRS /3G /4G/5G network in the last 30 days. Data Usage per Customer It is calculated by dividing the total MBs consumed on the network during the relevant period by the average data customer base; and dividing the result by the number of months in the relevant period. Earnings Per Basic Share It is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Earnings Per Diluted Share The calculation of Net Profit/ (loss) per diluted share adjusts net profit or loss and the weighted average number of ordinary shares outstanding, to give effect to all dilutive potential ordinary shares that were outstanding during the year. Net profit or loss attributable to ordinary shareholders is adjusted for the after -tax effect of the following: (1) dividends on potential ordinary shares (for example, dilutive convertible preferred shares); (2) interest recognized on potential ordinary s hares (for example, dilutive convertible debt); and (3) any other changes in income or expense resulting from the conversion of dilutive potential ordinary shares (e.g., an entity’s contribution to its non -discretionary employee profit -sharing plan may be revised based on changes in net profit due to the effects of items discussed above).
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Page 25 of 27 EBITDA EBITDAaL Earnings/ (loss) before interest, taxation, depreciation and amortization. It is not an Ind -AS measure and is defined as profit from operating activities before depreciation, amortization and exceptional items adjusted for Charity & Donation cost, finance income (part of other income) and license fees on finance income. Earnings/ (loss) before interest, taxation, depreciation and amortization, adjusted for leases. It is not an Ind- AS measure and is defined as profit from operating activities before depreciation, amortization and exceptional items adjusted for interest on lease liabilities and repayment of lease liabilities, Charity & Donation cost, finance income (part of other income) and license fees on finance income. EBITDA Margin EBITDAaL Margin It is computed by dividing EBITDA for the relevant period by total revenues for the relevant period. It is computed by dividing EBITDAaL for the relevant period by total revenues for the relevant period. EBIT EBITDA adjusted for depreciation and amortization. Enterprise Valuation (EV) Calculated as sum of Market Capitalization, Net Debt including finance lease obligations as at the end of the relevant period. EV / EBITDA (times) For full year ended March 31, 2024, 2025 and 2026, It is computed by dividing Enterprise Valuation as at the end of the relevant period (EV) by EBITDA for the relevant period (LTM). For quarterly computation , Computed by dividing Enterprise Valuation as at the end of the relevant period (EV) by annualized EBITDA for the relevant period. Finance Lease Obligation (FLO) Finance Lease Obligation represents present value of future obligation for assets taken on finance lease. Interest Coverage Ratio EBITDA for the relevant period divided by interest on borrowing for the relevant period. Market Capitalization Number of issued and outstanding shares as at end of the period multiplied by closing market price (BSE) as at end of the period. Mobile Broadband Base stations Smartphone data Customer It includes all the 4G and 5G Base stations deployed across all technologies i.e. 900/1800/2100/2300/3300 Mhz bands. A customer who used at least 1 MB on 4G/5G network in the last 30 days. Mobile Broadband Towers Minutes on the network It means the total number of network towers (defined below) in which unique number of either 3G or 4G Base stations are deployed, irrespective of their technologies. Total numbers of Mobile Broadband Towers are subsets of Total Network Towers. Duration in minutes for which a customer uses the network. It is typically expressed over a period of one month. It includes incoming, outgoing and in-roaming minutes. Network Towers A network tower is a physical infrastructure equipped with Base Transmission System (BTS), antennas and radios which enables the transmission and reception of radio frequency (RF) signals to facilitate mobile communication, internet access, and other wireless data services. It includes all the Ground based, Roof top and In Building Solutions as at the end of the period. Net Debt It is not an Ind -AS measure and is defined as the long -term debt (net of current portion) , plus short-term borrowings and current portion of long-term debt, plus lease liabilities minus cash and cash equivalents and short-term investments. The debt origination cost and Bond fai r value hedge are not included in the borrowings. Net Debt (excluding lease obligations) It is not an Ind -AS measure and is defined as the long -term debt (net of current portion ) plus short-term borrowings and current portion of long-term debt minus cash and cash equivalents and investments. The debt origination cost and Bond fair value hedge are not included in the borrowings. Net Debt to EBITDA (Annualized) For the full year ended March 31 2024, 2025 and 2026, it is Computed by dividing net debt at the end of the relevant period by EBITDA for the relevant period (LTM).For Quarterly computation, It is computed by dividing net debt as at the end of the relevant period by EBITDA for the relevant period (annualized).
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Page 26 of 27 Net Debt (excluding lease obligations) to EBITDAaL (Annualized) For the full year ended March 31, 2024, 2025 and 2026, it is Computed by dividing net debt (Pre Ind AS 116) at the end of the relevant period by EBITDAaL for the relevant period (LTM). For Quarterly computation, It is computed by diving net debt ( Pre Ind-AS 116) as at the end of the relevant period by EBITDAaL for the relevant period (annualized). Net Debt to Funded Equity Ratio It is computed by dividing net debt as at the end of the relevant period by Equity attributable to equity holders of parent as at the end of the relevant period. Net Revenues It is not an Ind-AS measure and is defined as total revenues adjusted for access charges, cost of goods sold and license fees for the relevant period. Operating Free Cash flow (EBITDA – Capex) Operating Free Cash flow (EBITDAaL – Capex) It is computed by subtracting capex from EBITDA. It is computed by subtracting capex from EBITDAaL. Price-Earnings Ratio – P/E Ratio It is computed by dividing the closing market price (BSE) as at end of the relevant period by the earnings per basic share for the relevant period (LTM). Profit / (Loss) after current tax expense It is not an Ind-AS measure and is defined as Profit / (Loss) before taxation adjusted for current tax expense. Return On Capital Employed (ROCE) For the full year ended March 31 2024, 2025 and 2026, ROCE is computed by dividing the EBIT for the period by the average (of opening & Closing) Capital employed . For the quarterly computation, it is computed by dividing the EBIT (annualized for the relevant period) by average capital employed. Average capital employed is calculated by considering average of opening and closing capital employed for the relevant period). Return On Equity (Post Tax) For the full year ended March 31 2024, 2025 and 2026, it is computed by dividing net profit for the period by the average (of opening and closing) Equity attributable to equity holders of parent. For the quarterly computations, it is computed by dividing net profit for the preceding (last) 12 months from th e end of the relevant per iod by the average equity attributable to equity holders of parent (Average parent equity is calculated by considering average of opening and closing parent equity for the relevant period). Return On Equity (Pre Tax) For the full year ended March 31 2024, 2025 and 2026, it is computed by dividing profit before tax & MI (after exceptional items) for the period by the average (of opening and closing) total Equity. For the quarterly computations, it is computed by dividing profit before tax & MI (after exceptional items) for the preceding (last) 12 months from the end of the relevant period by the average total equity (Average total equity is calculated by considering average of opening and closing total equity for the relevant period). Revenue per Site per month Revenue per Site per month is computed b y dividing the total mobile revenues, excluding sale of goods (if any) during the relevant period by the average sites; and dividing the result by the number of months in the relevant period. Total Equity Includes equity attributable to shareholders (both parent and non-controlling interest). Total MBs on Network Includes total MBs consumed on the network (uploaded & downloaded) on our network during the relevant period. Towers Infrastructure located at a site which is permitted by applicable law to be shared, including, but not limited to, the tower, shelter, diesel generator sets and other alternate energy sources, battery banks, air conditioners and electrical works. Towers as referred to are revenue generating Towers. Total Operating Expenses It is defined as sum of employee costs, network operations costs and selling, general and administrative cost for the relevant period. Voice Minutes of Usage per Customer per month It is calculated by dividing the voice minutes of usage on our network during the relevant period by the average customers; and dividing the result by the number of months in the relevant period.
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Page 27 of 27 Regulatory & Others 4G 5G Fourth - Generation Mobile Telecommunication Technology Fifth - Generation Mobile Telecommunication Technology BSE Bombay Stock Exchange of India Limited, Mumbai RBI GSM Reserve Bank of India Global System for Mobile Communications. ICT Information and Communication Technology GAAP Generally Accepted Accounting Principles KYC IAS IFRS Know Your Customer International Accounting Standards International Financial Reporting Standards Ind-AS Indian Accounting Standards NSE The National Stock Exchange of India Limited. Sensex Sensex is a stock index introduced by The Stock Exchange, Mumbai in 1986. PPE Property, plant and equipment VoIP Voice over Internet Protocol KPI Key Performance Indicator LTM FTTH Last twelve month Fiber-to-the Home VAS Value added service Written correspondence to be sent to: Bharti Hexacom Limited Investor Relations bhartihexacom@bharti.in https://www.bhartihexacom.in
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Page 1 of 1 BHARTI HEXACOM LIMITED Q1’27 HIGHLIGHTS REVENUES AT Rs 2,510 CRORE IN Q1’27, UP 10.9% YoY EBITDA AT Rs 1,375 CRORE IN Q1’27 VS Rs 1,217 CRORE IN Q1’26 EBITDA MARGIN AT 54.8% IN Q1’27 VS 53.8% IN Q1’26, UP 99 bps YoY EBITDAaL AT Rs 1,211 CRORE IN Q1’27 VS Rs 1,079 CRORE IN Q1’26 EBITDAaL MARGIN AT 48.2% IN Q1’27 VS 47.7% IN Q1’26, UP 57 bps YoY EBIT AT Rs 770 CRORE IN Q1’27 VS Rs 677 CRORE IN Q1’26 EBIT MARGIN AT 30.7% IN Q1’27 VS 29.9% IN Q1’26, UP 74 bps YoY NET INCOME (BEFORE EXCEPTIONAL ITEMS) AT Rs 482 CRORE IN Q1’27 VS Rs 392 CRORE IN Q1’26 NET DEBT TO EBITDA (ANNUALIZED) AT 0.80 TIMES IN Q1’27 VS 1.30 TIMES IN Q1’26 NET DEBT TO EBITDAaL (ANNUALIZED) AT 0.20 TIMES IN Q1’27 VS 0.65 TIMES IN Q1’26