Interim report
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February 05, 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: Financial results for the third quarter (Q3) and nine months ended December 31,2025 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 third quarter (Q3) and nine months ended December 31, 2025: ► Audited standalone financial results as per Ind AS ► Auditor's reports on the aforesaid financial results The above financial results have been reviewed by the Audit Committee in its meeting held on Thursday, February 05, 2026, and based on its recommendation, approved by the Board of Directors in its meeting being held on Thursday, February 05, 2026. The Board meeting commenced on Wednesday, February 04, 2026 at 1ST 1730 Hrs. and concluded on Thursday, February 05, 2026 at 1ST 1540 Hrs. Kindly take the same on record. Thanking you, Sincerely yours, For Bharti Hexaco � - Amit Chaturvedi Company Secreta nu:>Ua"1 Officer 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 CIN: 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 and nine months ended December 31, 2025 (Rs. in Millions; except per share data) Quarter ended Nine months ended Previous year ended Particulars December September December December December March 31, 2025 30, 2025 31, 2024 31, 2025 31,2024 31, 2025 Audited Audited Audited Audited Audited Audited Income Revenue from operations 23,598 23,173 22,507 69,401 62,589 85,479 Other income 375 612 450 1,462 1,340 1,818 23,973 23,785 22,957 70,863 63,929 87,297 Expenses Network operating expenses 5,216 5,303 4,853 15,738 14,291 19,047 Access charges 1,no 1,675 2,304 5,075 6,751 9,219 License fee/ Spectrum charges 2,173 2,138 2,074 6,425 5,731 7,824 Employee benefits expense 306 320 292 836 911 1,342 Sales and marketing expenses 840 963 1,033 2,810 3,211 4,073 Other expenses 749 693 434 2,285 1,400 2,002 11,054 11,092 10,990 33,169 32,295 43,507 Profit before depreciation, amortisation, finance costs, exceptional 12,919 12,693 11,967 37,694 31,634 43,790 items and tax Depreciation and amortisation expenses 5,668 5,543 5,315 16,484 15,633 20,945 finance costs 1,470 1,509 1,802 4,520 5,171 6,883 Profrt before exceptional items and tax 5,781 5,641 4,850 16,690 10,830 15,962 Exceptional items (net) 91 1,057 91 (2,126) (2,126] Profrt before tax 5,690 5,641 3,793 16,599 12,956 18,088 Tax expense / ( credit) Current tax 29 1,762 1,539 3,448 3,979 5,013 Deferred tax 924 (333) (355} 286 (1,275} (1,861) 953 1,429 1,184 3,734 2,704 3,152 Prof rt for the ,period / year 4,737 4,212 2,609 12,865 10,252 14,936 Other comprehensive income Items not to be reclassified to profit or loss: -Re-measurement (loss)/ gain on defined benefit plans (0) (0) 1 (4) (3) (3) -Tax credit 0 0 0 1 1 1 Other comprehensive (loss) / income for the period / year (0) (0) 1 (3) (2) (2) Total comprehensive income for the period / year 4,737 4,212 2,610 12,862 10,250 14,934 Earnings per share (Face value: Rs. S each) Basic and diluted earnings per share* 9.47 8.42 5.22 25.73 20.50 29.87 Paid-up equity share capital (Face value: Rs. S each) 2,500 2,500 2,500 2,500 2,500 2,500 Other equity 64,683 59,946 52,137 64,683 52,137 56,821 *Earnings per share are not annualised for the periods.
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Audited Segment-wise Revenue, Results, Assets and Liabilities as of and for the quarter and nine months ended December 31, 2025 Quarter ended/ As of Particulars December September 31, 2025 30, 2025 Audited Audited 1. Segment Revenue -Mobile Services 22,718 22,385 -Homes, Office and Other Services 972 880 Total segment revenue 23,690 23,265 Less: Inter-segment eliminations 92 92 Total revenue 23,598 23,173 2. Segment Results Profit before finance costs (net), charity and donation, exceptional items {net) and tax -Mobile Services 7,151 7,006 -Homes, Office and Other Services 2 14 Total segment results 7,153 7,020 Less: (i) Finance costs (net)* 1,371 1,379 {ii) Charity and donation 1 0 l(iii) Exceptional items (net) 91 Profit before tax 5,690 5,641 3. Segment Assets -Mobile Services 171,146 173,191 -Homes, Office and Other Services 13,518 12,316 Total segment assets 184,664 185,507 -Unallocated 13,114 9,787 -Inter-seciment eliminations (5,747) (5,555' Total assets 192,031 189,739 4. Segment Liabilities -Mobile Services 94,675 93,247 -Homes, Office and Other Services 5,769 9,152 Total segment liabilities 100,444 102,399 -UnallocatedA 30,151 30,449 -Inter-segment eliminations (5,747) (5,555) Total liabilities 124,848 127,293 *net of interest income and net gain on fair value through profit and loss. /I mainly includes borrowings (including deferred payment liabilities). December 31, 2024 Audited 21,931 645 22,576 69 22,507 6,596 27 6,623 1,773 - 1,057 3,793 176,834 8,225 185,059 10,560 (4,077) 191,542 91,609 3,483 95,092 45,890 (4,077) 136,905 (Rs. in Millions) Nine months ended / As of Previous year ended/ As of December December March 31, 2025 31,2024 31, 2025 Audited Audited Audited 67,019 60,968 83,217 2,636 1,812 2,521 69,655 62,780 85,738 254 191 259 69,401 62,589 85,479 21,042 15,743 22,620 30 143 156 21,072 15,886 22,776 4,256 5,056 6,690 126 -124 91 (2,126) (2,126) 16,599 12,956 18,088 171,146 176,834 177,809 13,518 8,225 9,235 184,664 185,059 187,044 13,114 10,560 9,887 (5,747) (4,0771 (4,421) 192,031 191,542 192,510 94,675 91,609 92,795 5,769 3,483 6,970 100,444 95,092 99,765 30,151 45,890 37,845 (5,747) (4,077) (4,421) 124,848 136,905 133,189
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Notes to the Audited Financial Results 1. The Audited Financial Results for the quarter and nine months ended December 31, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 5, 2026. 2. These Audited Financial Results are compiled from the Audited Interim Condensed Financial Statements for the quarter and nine months ended December 31, 2025, the Audited Interim Condensed Financial Statements for the quarter and six months ended September 30, 2025 and the Audited Financial Statements for the year ended March 31, 2025. The Audited Interim Condensed Financial Statements for the quarter and nine months ended December 31, 2025 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. Pursuant to the notification issued by the Ministry of Labour and Employment, the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "New Labour Codes") became effective from November 21, 2025. The Company has assessed the financial implication of New Labour Codes, which has resulted in increase in provision for gratuity and compensated absences amounting to Rs. 91 million. Considering the impact arising out of enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as exceptional item. The tax credit on above exceptional item of Rs. 23 million is included under tax expense/ (credit). The Company continues to monitor the finalisation of Central and State Rules, as well as Government clarifications on other aspects of the New Labour Codes and will incorporate appropriate accounting treatment based on these developments as required. 4. During the quarter ended December 31, 2025, tax expense / (credit) includes exceptional tax credit of Rs. 487 million on account of favorable judgement by Delhi Income Tax Tribunal for allowing spectrum usage charges as revenue expenditure. 5. 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 Bharti Hexacom Limited k__~ Jagdish Saksena Deepak Chairman DIN: 02194470 New Delhi February 5, 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 and nine months ended December 31, 2025, of BHARTI HEXACOM LIMITED ("the Company"), ("the 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. give 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 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive loss and other financial information of the Company for the quarter and nine months ended December 31, 2025. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") 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 ("the 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 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. Management's and Those Charged with Governance's Responsibilities 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 issuance. The Financial Results have been compiled from the Audited Interim Condensed Financial Statements for the quarter and nine months ended December 31, 2025, the Audited Interim Condensed Financial Statements for the quarter and six months ended September 30, 2025 and the Audited financial Statements for the year ended March 31, 2025. This responsibility includes the preparation and presentation of the Financial Results that 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 Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles ge Y-n ted in India and in compliance with the LODR Regulations. The responsibility of Board of 0 t ~~'1/ {: (fi es C a efed ~ ~ co I'?~ rof • / " Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, '9_ rasiltra, I ~. ~ 'I, Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
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Deloitte Haskins & Sells LLP maintenance of adequate accounting records in accordance with the prov1s1ons of the Act for safeguarding the 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 are 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 uncertainty exists, we are required to draw attention 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 ----...:::---::;.,,,--obtained up to . Page 2 of 3
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Deloitte Haskins & Sells LLP the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Financial Resu Its, including the disclosures, and whether the Financial 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: February 05, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W /W-100018) Gautam Wadhera (Partner) (Membership No. 508835) UDIN: 2-650 ~<Z35 N ~d)(f) 6.19 0 9 9 Page 3 of 3
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February 05, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Bandra 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 w.r.t financial results for the third quarter (Q3) and nine months ended December 31, 2025 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 third quarter (Q3) and nine months ended December 31, 2025. Kindly take the same on record. Thanking you, Sincerely Yours, For Bharti Hexacom Limited ~- Amit Chaturvedi Company Secreta Officer Bharti Hexacom Limited Regd. Office· Airtel Center, Plot No. 16. Udyog Vihar Phase-IV, Gurugram -122015, India Corporate Office: Bharti Crescent, 1, Nelson Mandeia Road. Vasant Kunj, Phase II, ~ew Delhi -110 070, India Tel 91-124-4222222; Fax +91-124-4248063 E-mail: bhartihexacom@bharti in; Website www.bhartihexacom 1n CIN: L74899HR1995PLC132187
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Bharti Hexacom Limited – Media Release February 05, 2026 Page 1 of 2 Bharti Hexacom Limited Q3 FY26 Highlights Bharti Hexacom Limited reported quarterly revenues of Rs 2,360 crore, growing 4.8% YoY and 1.8% QoQ. o Mobile services revenues increased 3.6% YoY, driven by higher ARPU and customer additions. o Homes, Office and Other services segment reported robust growth of 50.8% YoY, driven by the addition of 73K new customers in Q3’26. EBITDA at Rs 1,282 crore; EBITDA margin at 54.3%, up by 128 bps YoY. EBITDAaL at Rs 1,124 crore with margin of 47.6%, up by 136 bps YoY. EBIT at Rs 715 crore; EBIT margin came in at 30.3%, an increase of 88 bps YoY Net income (before exceptional items) at Rs 432 crore, up by 18.8%YoY Net Debt (excluding lease obligations) to EBITDAaL ratio (annualized) stands at 0.48 times. Operational performance demonstrates strong business progress and continuous strong execution: o Smartphone data customers increased by 1.5 Mn YoY & 0.3 Mn QoQ, accounting for 78% of total mobile customer base o Mobile ARPU increased to Rs 253 in Q3’26, compared with Rs 241 in Q3’25 o Mobile data usage up 29.8% YoY, with average customer consumption at 32.0 GB per month o Homes, Office and Other services business continued its strong growth with highest ever quarterly net addition of 73K customers in Q3’26. Bharti Hexacom announces results for the third quarter ended December 31, 2025 Highlights for the third quarter ended December 31, 2025 Overall customer base stands at 29.04 million Total revenues at Rs 2,360 crore, up 4.8% YoY EBITDA at Rs 1,282 crore, up 7.4% YoY; EBITDA margin at 54.3%, expansion of 128 bps YoY EBITDAaL at Rs 1,124 crore, up 7.9% YoY; EBITDAaL margin at 47.6%, up by 136 bps YoY EBIT at Rs 715 crore, up 8.0% YoY; EBIT margin at 30.3%, expansion of 88 bps YoY Net Income (before exceptional items) at Rs 432 crore vs Rs 363 crore same quarter last year. Net Income (after exceptional items) at Rs 474 crore vs Rs 261 crore same quarter last year. Capex for the quarter was Rs 340 crore Gurugram, India, February 05, 2026: Bharti Hexacom Limited (“Bharti Hexacom” or “the Company”) today announced its audited results for the third quarter ended December 31st, 2025. Q3’26 Performance: Revenues for Q3’26 at Rs 2,360 crore, grew 4.8% YoY and 1.8% sequentially. Mobile revenues grew by 3.6% YoY, led by our focus on portfolio premiumisation and quality customers. ARPU increased to Rs 253 this quarter from Rs 241 in Q3’25, accompanied by higher data consumption. Mobile data traffic reached 2,022 PBs for the quarter, up 29.8% YoY. We maintained robust growth in our smartphone data customers base, adding 1.5 Mn new users over last 12 months - YoY increase of 7.1%. In the past 12 months, we deployed 237 towers to strengthen our network footprint and deliver brilliant customer experience. Homes, Office and Other services segment achieved a 50.8% YoY revenue growth, driven by robust momentum in net customer additions benefitting from our continued expansion in both FTTH & FWA. Our customers base stands at 0.6 million across 117 cities.
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Bharti Hexacom Limited – Media Release February 05, 2026 Page 2 of 2 EBITDA grew by 7.4% YoY, reaching Rs 1,282 crore in Q3’26. EBITDA margin improved to 54.3% in Q3’26. EBIT increased by 8.0% YoY to Rs 715 crore, resulting in an EBIT margin of 30.3%. Net Income (before exceptional items) for the quarter at Rs 432 crore, reflecting a 18.8% increase over Q3 FY25. Net Debt to EBITDA ratio (annualized) stood at 1.10 times, as on Dec 31, 2025. Net Debt (excluding lease obligations) to EBITDAaL ratio (annualised) was 0.48 times significant improvement from 1.03 times as of December 31, 2024. Summary of Statement of Income – represents Statement of Income as per Indian Accounting Standards (Ind-AS) (Amount in Rs crore, except ratios)Total revenues 2,360 2,317 1.8% 2,251 4.8%EBITDA 1,282 1,256 2.0% 1,194 7.4%EBITDA/ Total revenues 54.3% 54.2%0.1%53.0%1.3%EBIT 715 702 1.9% 662 8.0%EBIT/ Total revenues 30.3% 30.3%0.0%29.4%0.9%Profit before tax 578 564 2.5% 485 19.2%Net Income (before exceptional items) 432 421 2.5% 363 18.8%ParticularsY-o-Y GrowthQuarter Ended Dec'25Quarter Ended Sep'25Q-o-Q GrowthQuarter Ended Dec'24 Customer Base(Figures in nos, except ratios)Particulars Unit Dec-25 Sep-25Q-o-QGrowthDec-24Y-o-YGrowth Overall 000's 29,038 28,598 1.5% 28,010 3.7% Mobile Services 000's 28,404 28,036 1.3% 27,614 2.9% Homes Services 000's 634 561 12.9% 395 60.4% About Bharti Hexacom Bharti Hexacom is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North-East telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. It offers services under the brand ‘Airtel’. Airtel is a global communications solutions provider with over 600 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 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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February 05, 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 Seri p Code: 544162 Sub: Quarterly report for the third quarter (Q3) and nine months ended December 31,2025 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 third quarter (Q3) and nine months ended December 31, 2025 being released by the Company. Kindly take the same on record. Thanking you, Sincerely Yours, For Bharti Hexac ~- Amit Chaturvedi Company Secreta -.___:_____,.--e Officer 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 1n CIN: L74899HR1995PLC132187
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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 statement 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. However, we caution you that forward-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 not 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 discrepancies 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 15. 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 ventures & 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 Limited), 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 International (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, Airtel 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 Congo 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, Bharti Airtel Holding (Mauritius) Limited, Bharti Airtel Overseas (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 Mobile 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) Telesonic 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 Tanzania 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. 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 Ended2023 2024 2025 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25Operating HighlightsTotal Customer Base 000’s 26,045 27,646 28,577 28,010 28,577 28,648 28,598 29,038Total Minutes on Network Mn Min 321,786 351,591 369,056 94,386 95,304 93,440 93,692 95,912Network Towers Nos 21,672 25,704 26,497 26,335 26,497 26,490 26,529 26,572Financials (Rs Mn)Total revenues Rs Mn 65,790 70,888 85,479 22,507 22,890 22,630 23,173 23,598EBITDA Rs Mn 28,884 34,905 43,721 11,938 12,202 12,172 12,564 12,820EBITDAaL Rs Mn 24,349 29,814 37,789 10,416 10,660 10,789 10,979 11,242EBIT Rs Mn 13,351 17,513 22,653 6,623 6,766 6,774 7,021 7,151Cash profit from operations before Derivative & Exchange FluctuationsRs Mn 22,865 29,646 36,864 10,133 10,434 10,535 11,127 11,424Profit before tax Rs Mn 7,338 12,263 15,962 4,850 5,132 5,268 5,641 5,781Net income (before exceptional items) Rs Mn 5,492 9,115 11,896 3,633 3,802 3,916 4,212 4,318Net income (after exceptional items) Rs Mn 5,492 5,044 14,936 2,609 4,684 3,916 4,212 4,737Capex Rs Mn 15,162 20,235 14,730 2,833 4,254 2,270 3,676 3,403Operating Free Cash Flow (EBITDA - Capex) Rs Mn 13,721 14,670 28,991 9,105 7,948 9,902 8,888 9,417Operating Free Cash Flow (EBITDAaL - Capex) Rs Mn 9,186 9,579 23,059 7,584 6,406 8,519 7,303 7,839Net Debt Rs Mn 81,021 78,273 72,619 78,900 72,619 63,160 62,989 56,289Net Debt excluding lease obligation Rs Mn 51,678 45,573 36,890 42,846 36,890 28,064 28,183 21,565Shareholder's Equity Rs Mn 42,095 46,387 59,321 54,637 59,321 63,234 62,446 67,183Financials (US$ Mn)Total Revenue 1US$ Mn 819 857 1,012 267 265 265 265 265EBITDA 1US$ Mn 359 422 518 141 141 142 144 144EBITDAaL 1US$ Mn 303 360 447 123 123 126 126 126EBIT 1US$ Mn 166 212 268 78 78 79 80 80Cash profit from operations before Derivative & Exchange Fluctuations 1US$ Mn 284 358 436 120 121 123 127 128Profit before Tax 1US$ Mn 91 148 189 57 59 62 65 65Net income (before exceptional items)1US$ Mn 68 110 141 43 44 46 48 49Net income (after exceptional items)1US$ Mn 68 61 177 31 54 46 48 53Capex 1US$ Mn 189 245 174 34 49 27 42 38Operating Free Cash Flow (EBITDA - Capex) US$ Mn 171 177 343 108 92 116 102 106Operating Free Cash Flow (EBITDAaL - Capex) US$ Mn 114 116 273 90 74 100 84 88Net Debt 2US$ Mn 984 939 849 923 849 738 710 626Net Debt excluding lease obligation 2US$ Mn 628 547 431 501 431 328 318 240Shareholder's Equity 2US$ Mn 511 556 693 639 693 739 704 747Key RatiosEBITDA Margin % 43.9% 49.2% 51.1% 53.0% 53.3% 53.8% 54.2% 54.3%EBITDAaL Margin % 37.0% 42.1% 44.2% 46.3% 46.6% 47.7% 47.4% 47.6%EBIT Margin % 20.3% 24.7% 26.5% 29.4% 29.6% 29.9% 30.3% 30.3%Net Profit (after exceptional items) Margin % 8.3% 7.1% 17.5% 11.6% 20.5% 17.3% 18.2% 20.1%Net Debt to Funded Equity Ratio Times 1.92 1.69 1.22 1.44 1.22 1.00 1.01 0.84Net Debt to EBITDA (Annualised) Times 2.81 2.24 1.66 1.65 1.49 1.30 1.25 1.10Net Debt (excluding lease obligations) to EBITDAaL (Annualised)Times 2.12 1.53 0.98 1.03 0.87 0.65 0.64 0.48Interest Coverage ratio Times 5.02 6.23 7.23 7.59 8.37 9.17 9.92 10.35Return on Shareholder's Equity (Post Tax) % 14.0% 11.4% 28.3% 23.4% 26.2% 22.4% 24.5% 27.1%Return on Shareholder's Equity (Pre Tax) % 18.6% 20.9% 34.2% 29.9% 31.7% 28.7% 31.6% 33.5%Return on Capital employed (Annualised) % 10.7% 14.1% 17.7% 19.6% 20.4% 21.0% 22.3% 23.0%Valuation Indicators*Market Capitalization Rs Bn - 406.9 728.7 728.7 728.7 975.7 825.8 910.4Market Capitalization US$ Bn - 4.9 8.5 8.5 8.5 11.4 9.3 10.1Enterprise Value Rs Bn - 485.1 801.3 807.6 801.3 1038.9 888.8 966.7EV / EBITDA Times - 13.9 18.3 16.9 16.4 21.3 17.7 18.9PE Ratio Times - 80.7 48.8 58.4 48.8 71.0 53.5 51.9 ParticularsUnit Note 1: Average exchange rates used for Rupee conversion to US$ is (a) Rs 80.37 for the financial year ended March 31, 2023 (b) Rs 82.74 for the financial year ended March 31, 2024 (c) Rs 84.46 for the financial year ended March 31, 2025 (d) Rs 84.38 for the quarter ended December 31, 2024 (e) Rs 86.37 for the quarter ended March 31, 2025, (f) Rs 85.42 for the quarter ended June 30, 2025, (g) Rs 87.28 for the quarter ended September 30, 2025, (h) Rs 89.03 for the quarter ended December 31, 2025 based on the RBI Reference rate. Note 2: Closing exchange rates used for Rupee conversion to US$ is (a) Rs 82.30 for the financial year ended March 31, 2023 (b) Rs 83.37 for the financial year ended March 31, 2024 (c) Rs 85.58 for the financial year ended March 31, 2025 (d) Rs 85.47 for the quarter ended December 31, 2024 (e) Rs 85.58 for the quarter ended March 31, 2025, (f) Rs 85.56 for the quarter ended June 30, 2025, (g) Rs 88.76 for the quarter ended September 30, 2025 (h) Rs 89.94 for the quarter ended December 31, 2025 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 and broadband 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 offerings through family and converged plans under Airtel Black proposition, which has resulted in the continuous improvement of our revenue market share during the last three Fiscals. 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 60 retail outlets and 24 small format stores with network presence in 488 census and 67,927 non-census towns and villages in India with population coverage of 96.5%. 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 117 cities (including LCOs) in Rajasthan and Northeast. The product offerings 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 11 - 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 Nine Months EndedDec-25 Dec-24 Y-o-Y Growth Dec-25 Dec-24 Y-o-Y GrowthTotal revenues 23,598 22,507 5% 69,401 62,589 11%EBITDA 12,820 11,938 7% 37,556 31,519 19%EBITDA / Total revenues 54.3% 53.0% 1.3 pp 54.1% 50.4% 3.8 ppEBIT 7,151 6,623 8% 20,946 15,886 32%Finance cost (net) 1,370 1,773 -23% 4,256 5,056 -16%Profit before tax 5,781 4,850 19% 16,690 10,830 54%Income tax expense 1,463 1,217 20% 4,244 2,737 55%Profit after tax (before exceptional items) 4,318 3,633 19% 12,446 8,093 54%Net income (before exceptional items)4,3183,63319%12,4468,09354%Exceptional Items (net of tax)(419)1,024-141%(419)(2,159)81%Net income (after exceptional items) 4,737 2,609 82% 12,865 10,252 25%Capex 3,403 2,833 20% 9,349 10,476 -11%Operating Free Cash Flow (EBITDA - Capex) 9,417 9,105 3% 28,206 21,043 34%Net Debt 56,289 78,900 -29% 56,289 78,900 -29%Cumulative Investments 236,593 226,515 4% 236,593 226,515 4%ParticularsAmount in Rs Mn, except ratios Summarized Statement of Operations (Pre-Ind AS 116) Quarter Ended Nine Months EndedDec-25 Dec-24 Y-o-Y Growth Dec-25 Dec-24 Y-o-Y GrowthEBITDAaL 11,242 10,416 8% 33,010 27,129 22%EBITDAaL / Total revenues 47.6% 46.3% 1.4 pp 47.6% 43.3% 4.2 ppNet Debt (excluding Lease obligations) 21,565 42,846 -50% 21,565 42,846 -50%Amount in Rs Mn, except ratiosParticulars
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Page 6 of 27 3.1.2 Summarized Statement of Financial Position As at As atDec 31, 2025 Dec 31, 2024AssetsNon-current assets 167,706 171,756Current assets 24,325 19,786Total assets 192,031 191,542LiabilitiesNon-current liabilities 62,259 74,933Current liabilities 62,589 61,972Total liabilities 124,848 136,905Equity Equity 67,183 54,637Total Equity 67,183 54,637Total Equity and liabilities 192,031 191,542ParticularsAmount in Rs Mn 3.2 Segment wise - Summary of Statement of Operations 3.2.1 Mobile Services Quarter Ended Nine Months EndedDec-25 Dec-24 Y-o-Y Growth Dec-25 Dec-24 Y-o-Y GrowthTotal revenues 22,718 21,931 4% 67,019 60,968 10%EBITDA 12,471 11,741 6% 36,661 30,945 18%EBITDA / Total revenues 54.9% 53.5% 1.4 pp 54.7% 50.8% 3.9 ppEBIT 7,150 6,596 8% 20,916 15,743 33%Capex 2,191 2,235 -2% 5,859 8,922 -34%Operating Free Cash Flow (EBITDA - Capex) 10,280 9,506 8% 30,801 22,023 40%Cumulative Investments 226,967 220,932 3% 226,967 220,932 3%ParticularsAmount in Rs Mn, except ratios 3.2.2 Homes, Office and Other Services Quarter Ended Nine Months EndedDec-25 Dec-24 Y-o-Y Growth Dec-25 Dec-24 Y-o-Y GrowthTotal revenues 972 645 51% 2,636 1,812 46%EBITDA 349 197 77% 895 574 56%EBITDA / Total revenues 35.9% 30.6% 5.3 pp 33.9% 31.7% 2.3 ppEBIT 2 27 -93% 30 143 -79%Capex 1,212 598 103% 3,490 1,554 125%Operating Free Cash Flow (EBITDA - Capex) (863) (401) -115% (2,595) (980) -165%Cumulative Investments 9,625 5,583 72% 9,625 5,583 72%ParticularsAmount 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 Dec-25 Sep-25Q-on-Q GrowthDec-24Y-on-Y GrowthCustomer Base 000's 28,404 28,036 1.3% 27,614 2.9%Net Additions 000's 368 (110) 491Monthly Churn % 2.0% 2.6% -0.6% 1.9% 0.1%Average Revenue Per User (ARPU) Rs 253 251 0.8% 241 4.8%Average Revenue Per User (ARPU) US$ 2.8 2.9 -1.1% 2.9 -0.7%Revenue per tower per month Rs 284,479 280,610 1.4% 277,848 2.4%VoiceMinutes on the network Mn 95,904 93,683 2.4% 94,379 1.6%Voice Usage per customer per month min 1,135 1,111 2.2% 1,150 -1.3%DataData Customer Base 000's 22,304 22,028 1.3% 21,035 6.0% Of w hich smartphone data customers 000's22,249 21,967 1.3% 20,781 7.1%As % of Customer Base % 78.5% 78.6% 0.0% 76.2% 2.3%Total GBs on the network Mn GBs 2,120 2,029 4.5% 1,633 29.8%Data Usage per customer per month GBs 32.0 30.7 4.1% 26.2 22.1% 4.2 Homes Services Parameters Unit Dec-25 Sep-25Q-on-Q GrowthDec-24Y-on-Y GrowthHomes Customers 000's 634 561 12.9% 395 60.4%Net additions 000's 73 60 21.9% 44 64.8%Average Revenue Per User (ARPU) Rs 483 484 -0.3% 499 -3.3%Average Revenue Per User (ARPU) US$ 5.4 5.5 -2.2% 5.9 -8.3% 4.3 Network and Coverage Parameters Unit Dec-25 Sep-25Q-on-Q GrowthDec-24Y-on-Y GrowthMobile ServicesNetwork towersNos26,572 26,529 43 26,335 237Total Mobile Broadband Base stationsNos93,472 92,455 1,017 89,726 3,746Homes Services- Cities coveredNos117 117 0 110 7
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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, brings back childhood favourites with all new "Airtel Cartoon Network Classics" on Digital TV, partnering Warner Bros. The new channel brings together some of the most iconic animated franchises from Cartoon Network, creating a dedicated destination for timeless storytelling and family-friendly entertainment. Discovery, featuring timeless gems like Tom and Jerry, The Flintstones, Looney Tunes, Scooby-Doo and Johnny Bravo (Channel 445, ₹59/month, English/Hindi, ad- free). 5.2 Results of Operations Key Highlights – For the quarter ended Dec 31, 2025 Overall customer base at 29.04 Mn (up 3.7% YoY) Mobile data traffic at 2,022 PBs (up 29.8% YoY) Total revenues of Rs 23.6 Bn; up by 4.8% YoY EBITDA at Rs 12.8 Bn; up 7.4%YoY; EBITDA margin is 54.3%, up by 1.3% YoY EBIT at Rs 7.2 Bn; up by 8.0% YoY; EBIT margin is 30.3% up by 0.9% YoY Net income (before exceptional items) at Rs 4.3 Bn vis-à-vis Rs 3.6 Bn in the corresponding quarter last year Net income (after exceptional items) at Rs 4.7 Bn vis-à-vis Rs 2.6 Bn in the corresponding quarter last year 5.2.1 Results for the quarter ended December 31, 2025 As on December 31, 2025, the Company had 29.04 Mn customers, an increase of 3.7% as compared to 28.01 Mn in the corresponding quarter last year. Total minutes of usage on the network during the quarter were 96 Bn, representing a growth of 1.6% as compared to 94 Bn in the corresponding quarter last year. Smartphone customer base stood at 22.2 Mn, increased by 0.3 Mn QoQ and 1.5 Mn YoY. Mobile Data traffic grew 29.8% to 2,022 PBs during the quarter as compared to 1,558 PBs in the corresponding quarter last year. Average mobile data usage per customer increased by 22.1% YoY to 32.0 GB/month as compared to 26.2 GB/month in the corresponding quarter last year. By the end of the quarter, the company had 26,572 network towers as compared to 26,335 network towers in the corresponding quarter last year. The Company had total 93,472 mobile broadband base stations as compared to 89,726 mobile broadband base stations at the end of the corresponding quarter last year and 92,455 at the end of the previous quarter. Further, the Company had Homes operations in 117 cities (including LCOs). Homes, Office and Other services segment witnessed a revenue growth of 50.8% YoY and customer net additions of 73 K during the quarter to reach to a total base of 0.6 Mn in Q3’26. On a YoY basis, the customer base increased by 60.4%. Revenues for the quarter stood at Rs 23,598 Mn, up by 4.8% vis- à-vis Rs 22,507 Mn in the corresponding quarter last year. Net revenues, after netting off access costs, license fees and cost of goods sold, stood at Rs 19,548 Mn, up 8.1% as compared to Rs 18,077 Mn in the corresponding quarter last year. Op-ex (excluding access costs, costs of goods sold, license fees & Charity & Donation) stood at Rs 7,005 Mn, decreased by 1.9% QoQ (up 6.8% as compared to corresponding quarter last year) EBITDA was at Rs 12,820 Mn during the quarter, compared to Rs 11,938 Mn in the corresponding quarter last year (up 7.4% YoY) and Rs 12,564 Mn in the previous quarter (up 2.0% QoQ). EBITDA margin for the quarter was at 54.3% as compared to 53.0% in the corresponding quarter last year and 54.2% in the previous quarter. Depreciation and amortization expenses were at Rs 5,668 Mn vis- à-vis Rs 5,315 Mn in the corresponding quarter last year (up 6.6%YoY) and Rs 5,543 Mn in the previous quarter. EBIT for the quarter was at Rs 7,151 Mn as compared to Rs 6,623 Mn in the corresponding quarter last year and Rs 7,021 Mn in the previous quarter. The resultant EBIT margin for the quarter was at 30.3%as compared to 29.4% in the corresponding quarter last year and 30.3% in the previous quarter. Cash profits from operations (before derivative and exchange fluctuations) for the quarter were at Rs 11,424 Mn as compared to Rs 10,133 Mn in the corresponding quarter last year and Rs 11,127 Mn in the previous quarter. Net finance costs for the quarter were at Rs 1,370 Mn as compared to Rs 1,773 Mn in the corresponding quarter last year (down- 22.7%YoY) and Rs 1,380 Mn in the previous quarter (down 0.7% QoQ). The resultant profit before tax and exceptional items for the quarter ended December 31, 2025 was Rs 5,781 Mn as compared to profit of Rs 4,850 Mn in the corresponding quarter last year and a profit of Rs 5,641 Mn in the previous quarter. The income tax expense for the quarter ended December 31, 2025 was Rs 1,463 Mn as compared to Rs 1,217 Mn in the corresponding quarter last year and Rs 1,429 Mn in the previous quarter. Net income (before exceptional items) for the quarter ended December 31, 2025 was Rs 4,318 Mn as compared to Rs 3,633 Mn in the corresponding quarter last year and Rs 4,212 Mn in the previous quarter. The capital expenditure for the quarter ending December 31, 2025 was Rs 3,402 Mn. Net debt excluding lease obligations for the company stands at Rs 21,564 Mn as on December 31, 2025 compared to Rs 42,846 Mn as on December 31, 2024. Net debt for the company including the impact of leases stands at Rs 56,288 Mn as on December 31,
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Page 9 of 27 2025. The Net Debt-EBITDA ratio (annualized) and including the impact of leases for the quarter December 31, 2025 stood at 1.10 times as compared to 1.25 times in the previous quarter. The Net Debt-EBITDAaL ratio (annualized) and excluding the impact of leases for the quarter December 31, 2025 stood at 0.48 times as compared to 0.64 times in the previous quarter. 5.2.2 Exceptional Items During the quarter ended December 31, 2025, the exceptional gain (net of tax) of Rs. 419 Mn comprises of tax credit of Rs. 487 million on account of favorable judgement by Delhi Income Tax Tribunal for allowing Spectrum Usage Charges as revenue expenditure and implication of New Labour Codes, which has resulted in increase in provision for employee benefit amounting to Rs. 68 million. 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 expenses 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: 22,507 22,890 22,630 23,173 23,598 29.1%28.6%31.2%30.8%29.7%61.7%63.8%65.3%65.8%65.3%0.00.10.20.30.40.50.60.70.80.91.06,0006,2006,4006,6006,8007,0007,2007,4007,6007,8008,0008,2008,4008,6008,8009,0009,2009,4009,6009,80010,00010,20010,40010,60010,80011,00011,20011,40011,60011,80012,00012,20012,40012,60012,80013,00013,20013,40013,60013,80014,00014,20014,40014,60014,80015,00015,20015,40015,60015,80016,00016,20016,40016,60016,80017,00017,20017,40017,60017,80018,00018,20018,40018,60018,80019,00019,20019,40019,60019,80020,00020,20020,40020,60020,80021,00021,20021,40021,60021,80022,00022,20022,40022,60022,80023,00023,20023,40023,60023,80024,00024,20024,40024,600Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26Total 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 December 31, 2025 Shareholding and Financial Data UnitCode/Exchange 544162/BSEBloomberg/Reuters BHARTIHE IN / BHAX.NSNo. of Shares Outstanding Mn Nos 500Closing Market Price - BSE (31/12/25) Rs /Share 1,821Combined Volume (NSE & BSE) (01/01/25 - 31/12/25) Nos in Mn/day 0.4Combined Value (NSE & BSE) (01/01/25 - 31/12/25) Rs Mn /day 592Market Capitalization Rs Bn 910.4Market Capitalization US$ Bn 10.1Book Value Per Equity Share Rs /share 134.4Market Price/Book Value Times 13.6Enterprise Value Rs Bn 966.7Enterprise Value US$ Bn 10.7Enterprise Value/ EBITDA (Annualised) Times 18.9P/E Ratio Times 51.9 6.2 Summarized Shareholding pattern as of December 31, 2025 Category Number of Shares %Promoter & Promoter GroupIndian 349,999,996 70.00%Sub total 349,999,996 70.00%Public ShareholdingInstitutions 71,295,061 14.26%Non-institutions 78,704,943 15.74%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 04,0008,00012,000 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200Jan-25Feb-25Mar-25Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Volume (in 000's) RHSShare 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 Nine Months EndedDec-25 Dec-24 Y-o-Y Growth Dec-25 Dec-24 Y-o-Y GrowthIncomeRevenue 23,598 22,507 5% 69,401 62,589 11%Other income 375 450 -17% 1,462 1,340 9%Total23,973 22,957 4% 70,863 63,929 11%ExpensesNetwork operating expenses 5,216 4,853 7% 15,738 14,291 10%Access Charges 1,770 2,304 -23% 5,075 6,751 -25%License fee / spectrum charges 2,173 2,074 5% 6,425 5,731 12%Employee benefits 306 292 5% 836 911 -8%Sales and marketing expenses840 1,033 -19%2,810 3,211 -12%Other expenses 749 434 73% 2,285 1,400 63%Total11,054 10,990 1% 33,169 32,295 3%Profit from operating activites before depreciation, amortization, finance cost, exceptional items and tax12,919 11,967 8% 37,694 31,634 19%Depreciation and amortisation5,668 5,315 7% 16,484 15,633 5%Finance costs 1,470 1,802 -18% 4,520 5,171 -13%Profit before exceptional items and tax5,781 4,850 19% 16,690 10,830 54%Exceptional items 91 1,057 -91% 91 (2,126) 104%Profit/(Loss) before tax5,690 3,793 50% 16,599 12,956 28%Tax expenseCurrent tax29 1,539 -98% 3,448 3,979 -13%Deferred tax924 (355) 360% 286 (1,275) 122%Profit / (Loss) for the period 4,737 2,609 82% 12,865 10,252 25% Items not to be reclassified to profit or loss : Re-measurement gains / (losses) on defined benefit plans (0) 1 -110% (4) (3) -40% Tax credit / (expense) 0 0 0% 1 1 0% Other comprehensive income / (loss) for the period - 1 -100% (3) (2) -67% Total comprehensive income / (loss) for the period 4,737 2,610 81%12,862 10,250 25%Earnings per share (Face value : Rs. 5/- each) (In Rupees)Basic 9.47 5.22 82% 25.73 20.50 25%Diluted9.47 5.22 82%25.73 20.50 25% ParticularsAmount in Rs Mn, except ratios
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Page 12 of 27 7.1.2 Summarized Balance Sheet Amount in Rs MnAs at As at As atDec 31, 2025 Sep 30, 2025 Dec 31, 2024AssetsNon-current assetsProperty, plant and equipment (inc CWIP and ROU) 85,473 85,942 87,260Intangible assets (Incl. IUAD) 58,954 60,219 63,620Financial Assets- Others 4,495 4,552 4,607Income & Deferred tax assets (net) 14,974 15,150 12,302Other non-current assets 3,810 3,831 3,967167,706 169,694 171,756Current assetsFinancial Assets- Investments 7,066 2,869 18- Trade receivables 1,124 958 4,285- Cash and bank balances 244 212 169 - Other bank balances 276269259 - Others 11,804 11,580 10,689Other current assets 3,811 4,157 4,36624,325 20,045 19,786Total Assets192,031 189,739 191,542Equity and liabilitiesEquity Equity 67,183 62,446 54,63767,183 62,446 54,637Non-current liabilitiesFinancial Liabilities - Borrowings 55,608 55,815 67,360 - Others 132 136 903Other non-current liabilities 6,519 6,804 6,67062,259 62,755 74,933Current liabilitiesFinancial Liabilities - Borrowings 7,991 10,255 11,727 - Trade Payables 21,465 19,944 18,198 - Others 6,833 7,197 6,109Current tax liabilities (net) 3,197 4,608 4,610Other current liabilities 23,103 22,534 21,32862,589 64,538 61,972Total liabilities124,848 127,293 136,905Total equity and liabilities192,031 189,739 191,542 Particulars
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Page 13 of 27 7.1.3 Statement of Cash Flow Quarter Ended Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Cash flows from operating activitiesProfit before tax5,690 3,793 16,599 12,956Adjustments for - Depreciation and amortisation5,668 5,315 16,484 15,633 Finance costs1,457 1,800 4,500 5,170 Interest income(17) (5) (33) (42) Net loss/ (gain) on derivative financial instruments (32) (38) (118) (38) Net fair value gain on financial instruments(51) (24) (113) (73) Other non-cash items285 959 454 (2,080)Operating cash flow before changes in working capital13,00011,80037,77331,526Changes in assets and liabilities - Trade receivables(262) (1,109) (219) 96 Trade payables1,415 158 5,452 2,465 Other assets and liabilities235 1,582 (434) 4,371Net cash generated from operations before tax14,388 12,431 42,572 38,458 Income tax (paid) / refund(2,187) (1,593) (5,659) (4,140)Net cash generated from operating activities (a) 12,201 10,838 36,913 34,318Cash flows from investing activities Net (Purchase) / proceeds from sale of PPE(4,088) (3,969) (10,708) (12,483) Purchase of intangible assets, spectrum- DPL(31) (56) (588) (1,521) Net movement in current investments(4,147) 676 (6,215) 2,431 Interest received20 6 38 28Net cash used in investing activities (b) (8,246) (3,342) (17,472) (11,545)Cash flows from financing activities Net (Repayments) / Proceeds from borrowings0 0 0 (20,000) Net proceeds/ (repayments) from short-term borrowings(2,394) (5,986) (8,687) 5,568 Payment of lease liabilities(929)(1,004)(2,808)(2,509) Interest and other finance charges paid(599) (671) (2,872) (4,060) Dividend paid (including tax)0 0 (5,000) (2,000)Net cash used in financing activities (c) (3,922) (7,661) (19,367) (23,001)Net movement in cash and cash equivalents (a+b+c) 32 (165) 73 (229)Cash and cash equivalents as at beginning of the period212 334 171 398Cash and cash equivalents as at end of the period 244 169 244 169 ParticularsAmount 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 atDec 31, 2025 Dec 31, 2024Short-term borrowings and current portion of long-term debt 133 6,040Deferred payment liability 28,742 36,993Less:Cash and Cash Equivalents 244 169Investments & Receivables 7,066 18Net Debt excluding Lease Obligations 21,565 42,846Lease Obligations 34,724 36,054Net Debt including Lease Obligations 56,289 78,900ParticularsAmount in Rs Mn 7.2.2 Schedule of Net Debt in US$ As at As atDec 31, 2025 Dec 31, 2024Short-term borrowings and current portion of long-term debt 1 71Deferred payment liability 320 433Less:Cash and Cash Equivalents32Investments & Receivables 79 0Net Debt excluding Lease Obligations 240 501Lease Obligation 386 422Net Debt including Lease Obligations 626 923ParticularsAmount in US$ Mn 7.2.3 Schedule of Finance Cost Quarter Ended Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Interest on borrowings & Finance charges7901,1432,4583,137Interest on Lease Obligations673 691 2,032 2,067Derivatives and exchange (gain)/ loss (25) (32) (89) (34)Investment (income)/ loss (68) (29) (146) (115)Finance cost (net) 1,370 1,773 4,256 5,056ParticularsAmount 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 measure. 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 Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Profit / (loss) from operating activities before depreciation, amortization and exceptional items to EBITDAProfit / (Loss) from Operating Activities 12,919 11,967 37,694 31,634Add: Charity and donation101260Less: Finance Income/Derviatives MTM 100 29 264 115EBITDA 12,820 11,938 37,556 31,519Reconciliation of Finance CostFinance Cost 1,470 1,802 4,520 5,171Less: Finance Income/Derivatives MTM 100 29 264 115Finance Cost (net) 1,370 1,773 4,256 5,056Profit / (loss) from operating activities before depreciation, amortization and exceptional items to Cash Profit from Operations before Derivative & Exchange FluctuationProfit / (Loss) from Operating Activities 12,919 11,967 37,694 31,634Less: Finance cost 1,470 1,802 4,520 5,171Add: Derivatives and exchange (gain)/loss (25) (32) (89) (34)Cash Profit from Operations before Derivative & Exchange Fluctuation11,423 10,133 33,085 26,429ParticularsAmount 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 Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Access charges 1,770 2,304 5,075 6,751Licence fees, revenue share & spectrum charges 2,173 2,074 6,425 5,731Network operations costs 5,216 4,853 15,738 14,291Cost of goods sold 107 52 458 134Employee costs 306 292 836 911Selling, general and adminstration expense 1,481 1,415 4,512 4,476Operating Expenses 11,053 10,990 33,043 32,295ParticularsAmount in Rs Mn 8.2 Schedule of Depreciation & Amortization Quarter Ended Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Depreciation 4,378 4,086 12,637 12,172Amortization 1,290 1,229 3,847 3,461Depreciation & Amortization 5,668 5,315 16,484 15,633ParticularsAmount in Rs Mn 8.3 Schedule of Income Tax Quarter Ended Nine Months EndedDec-25 Dec-24 Dec-25 Dec-24Current tax expense 29 1,572 3,448 4,012Deferred tax expense / (income) 1,434 (355) 796 (1,275)Income tax expense 1,463 1,217 4,244 2,737ParticularsAmount 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 ratiosQuarter EndedDec-25 Sep-25 Jun-25 Mar-25 Dec-24Total revenues 23,598 23,173 22,630 22,890 22,507Access charges 1,770 1,675 1,630 2,468 2,304Cost of goods sold 107 138 213 113 52Licence Fee 2,173 2,138 2,114 2,093 2,074Net revenues 19,548 19,222 18,673 18,216 18,077Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation)7,005 7,141 6,941 6,414 6,560EBITDA 12,820 12,564 12,172 12,202 11,938Cash profit from operations before Derivative and Exchange Fluctuations11,424 11,127 10,535 10,434 10,133EBIT 7,151 7,021 6,774 6,766 6,623Profit before Tax 5,781 5,641 5,268 5,132 4,850Profit after Tax (before exceptional items) 4,318 4,212 3,916 3,802 3,633Net income (before exceptional items) 4,318 4,212 3,916 3,802 3,633Exceptional Items (net of tax) (419) 0 0 (882) 1,024Net income (after exceptional items)4,737 4,212 3,916 4,684 2,609Capex 3,403 3,676 2,270 4,254 2,833Operating Free Cash Flow (EBITDA - Capex) 9,417 8,888 9,902 7,948 9,105Cumulative Investments 236,593 233,483 231,039 228,753 226,515Dec-25 Sep-25 Jun-25 Mar-25 Dec-24As a % of Total revenuesAccess charges 7.5% 7.2% 7.2% 10.8% 10.2%Cost of goods sold 0.5% 0.6% 0.9% 0.5% 0.2%Licence Fee 9.2% 9.2% 9.3% 9.1% 9.2%Net revenues 82.8% 83.0% 82.5% 79.6% 80.3%Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation)29.7% 30.8% 30.7% 28.0% 29.1%EBITDA 54.3% 54.2% 53.8% 53.3% 53.0%Cash profit from operations before Derivative and Exchange Fluctuations48.4% 48.0% 46.6% 45.6% 45.0%EBIT 30.3% 30.3% 29.9% 29.6% 29.4%Profit before Tax 24.5% 24.3% 23.3% 22.4% 21.6%Profit after Tax (before exceptional items) 18.3% 18.2% 17.3% 16.6% 16.1%Net income (before exceptional items) 18.3% 18.2% 17.3% 16.6% 16.1%Net income (after exceptional items) 20.1% 18.2% 17.3% 20.5% 11.6% Particulars
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Page 18 of 27 9.2 Financial Trends of Business Operations Mobile Services Amount in Rs Mn, except ratiosQuarter EndedDec-25 Sep-25 Jun-25 Mar-25 Dec-24Total revenues 22,718 22,385 21,916 22,249 21,931EBITDA 12,471 12,266 11,923 11,969 11,741EBITDA / Total revenues 54.9% 54.8% 54.4% 53.8% 53.5%EBIT 7,150 7,006 6,759 6,753 6,596Capex 2,191 2,422 1,246 3,664 2,235Operating Free Cash Flow (EBITDA - Capex) 10,280 9,844 10,677 8,305 9,506Cumulative Investments 226,967 225,050 223,851 222,588 220,932Particulars Homes, Office and Other Services Amount in Rs Mn, except ratiosQuarter EndedDec-25 Sep-25 Jun-25 Mar-25 Dec-24Total revenues 972 880 784 709 645EBITDA 349 297 249 233 197EBITDA / Total revenues 35.9% 33.7% 31.8% 32.9% 30.6%EBIT 2 14 14 13 27Capex 1,212 1,254 1,024 590 598Operating Free Cash Flow (EBITDA - Capex) (863) (957) (775) (357) (401)Cumulative Investments 9,625 8,433 7,188 6,165 5,583Particulars
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Page 19 of 27 9.3 Based on Statement of Financial Position Amount in Rs Mn, except ratiosAs atDec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024Equity 67,183 62,446 63,234 59,321 54,637 Net Debt 56,289 62,989 63,160 72,619 78,900 Net Debt (US$ Mn) 626 710 738 849 923 Capital Employed = Equity + Net Debt 123,472 125,436 126,394 131,940 133,538 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024Return on Equity (Post Tax)27.1%24.5%22.4%26.2%23.4%Return on Equity (Pre Tax)33.5%31.6%28.7%31.7%29.9%Return on Capital Employed 23.0% 22.3% 21.0% 20.4% 19.6%Net Debt to EBITDA (Annualised) 1.10 1.25 1.30 1.49 1.65 Net Debt (excluding lease obligations) to EBITDAaL (Annualised)0.48 0.64 0.65 0.87 1.03 Assets Turnover ratio 72.5% 72.3% 70.9% 67.4% 63.3%Interest Coverage ratio (times) 10.35 9.92 9.17 8.37 7.59 Net Debt to Funded Equity (Times) 0.84 1.01 1.00 1.22 1.44 Per share data (for the period)Net profit/(loss) per common share (in Rs) 9.47 8.42 7.83 9.37 5.22 Net profit/(loss) per diluted share (in Rs) 9.47 8.42 7.83 9.37 5.22 Book Value Per Equity Share (in Rs) 134.4 124.9 126.5 118.6 109.3Market Capitalization (Rs Bn) 910.4 825.8 975.7 728.7 728.7Enterprise Value (Rs Bn) 966.7 888.8 1038.9 801.3 807.6 Particulars
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Page 20 of 27 9.4 Operational Performance Parameters Unit Dec-25 Sep-25 Jun-25 Mar-25 Dec-24Total Customers Base 000's 29,038 28,598 28,648 28,577 28,010Mobile ServicesCustomer Base 000's 28,404 28,036 28,146 28,129 27,614Net Additions 000's 368 (110) 17 515 491Monthly Churn % 2.0% 2.6% 2.4% 1.8% 1.9%Average Revenue Per User (ARPU) Rs 253 251 246 242 241Average Revenue Per User (ARPU) US$ 2.8 2.9 2.9 2.8 2.9Revenue per towers per month Rs 284,479 280,610 275,054 280,408 277,848VoiceMinutes on the network Mn 95,904 93,683 93,432 95,294 94,379Voice Usage per customer per month min 1,135 1,111 1,107 1,139 1,150DataData Customer Base 000's 22,304 22,028 21,843 21,565 21,035Of w hich smartphone data customers 000's22,249 21,967 21,774 21,491 20,781As % of Customer Base % 78.5% 78.6% 77.6% 76.7% 76.2%Total GBs on the network Mn GBs 2,120 2,029 1,912 1,765 1,633Data Usage per customer per month GBs 32.0 30.7 29.4 27.7 26.2Homes ServicesHomes Customers 000's 634 561 502 448 395Net Additions 000's 73 60 54 53 44Average Revenue Per User (ARPU) Rs 483 484 485 490 499Average Revenue Per User (ARPU) US$ 5.4 5.5 5.7 5.7 5.9 9.5 Network and Coverage Trends Parameters Unit Dec-25 Sep-25 Jun-25 Mar-25 Dec-24Mobile ServicesNetwork towers Nos 26,572 26,529 26,490 26,497 26,335Total Mobile Broadband Base stations Nos 93,472 92,455 91,442 90,740 89,726Homes Services - Cities covered Nos 117 117 115 114 110
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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 – 5 Computer equipment & Servers 3 – 5 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. Those 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 are amortized over the period of license, generally not exceeding five years. The useful lives and amortization method 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 estimated 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 determined). 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 reasonably 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 a 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 recognized 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 signaling 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 customer 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. However, 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 investments 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. Asset is 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 holder’s 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 & capital 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 shares (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 2023, 2024 and 2025, 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 subset 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 that 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, plus short-term borrowings, and lease liabilities minus cash and cash equivalents and short term investments. The debt origination cost and Bond fait 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 fait value hedge are not included in the borrowings. Net Debt to EBITDA (Annualized) For the full year ended March 31 2023, 2024 and 2025, 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 2023, 2024 and 2025, 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 2023, 2024 and 2025, 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 2023, 2024 and 2025, 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 the end of the relevant period 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 2023, 2024 and 2025, 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 by 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 Q3’26 HIGHLIGHTS REVENUES AT Rs 2,360 CRORE IN Q3’26, UP 4.8% YoY EBITDA AT Rs 1,282 CRORE IN Q3’26 VS Rs 1,194 CRORE IN Q3’25 EBITDA MARGIN AT 54.3% IN Q3’26 VS 53.0% IN Q3’25, UP 128 bps YoY EBITDAaL AT Rs 1,124 CRORE IN Q3’26 VS Rs 1,042 CRORE IN Q3’25 EBITDAaL MARGIN AT 47.6% IN Q3’26 VS 46.3% IN Q3’25, UP 136 bps YoY EBIT AT Rs 715 CRORE IN Q3’26 VS Rs 662 CRORE IN Q3’25 EBIT MARGIN AT 30.3% IN Q3’26 VS 29.4% IN Q3’25, UP 88 bps YoY NET INCOME (BEFORE EXCEPTIONAL ITEMS) AT Rs 432 CRORE IN Q3’26 VS Rs 363 CRORE IN Q3’25 NET DEBT TO EBITDA (ANNUALIZED) AT 1.10 TIMES IN Q3’26 VS 1.65 TIMES IN Q3’25 NET DEBT TO EBITDAaL (ANNUALIZED) AT 0.48 TIMES IN Q3’26 VS 1.03 TIMES IN Q3’25