Buy Bharti Hexacom; target of Rs 1625: Motilal Oswal

Motilal Oswal is bullish on Bharti Hexacom recommended buy rating on the stock with a target price of Rs 1625 in its research report dated March 10, 2025.

Broker Research

March 10, 2025 / 13:07 IST

Buy

26 Aug, 2025 12:21

Volume

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Motilal Oswal's research report on Bharti Hexacom

Bharti Hexacom (Hexacom), the licensed operator of wireless and fixed-line services under the Airtel brand in Rajasthan and North East circles, provides pureplay exposure to the two high-growth businesses of Airtel – India wireless and Home broadband. Moreover, given lower teledensity and lower internet penetration in Hexacom circles (vs. pan-India), we believe Hexacom can potentially grow a few percentage points faster than Airtel on both subscribers and ARPU. Further, with significantly lower penetration of fixed broadband in Hexacom’s circles and the recent ramp-up of Fixed Wireless Access (FWA) offerings, we believe Hexacom’s wired broadband business could also grow at a faster clip.

Outlook

We initiate coverage on Hexacom with a BUY rating and a TP of INR1,625, premised on 13x FY27E EV/EBITDA (on par with our Airtel’s India wireless multiple). Our preference for Hexacom over Airtel is largely driven by lower capital misallocation concerns.

For all recommendations report, click here