BHARTIHEXA

Fundamental Positives ✅ Q4 FY26 Revenue grew 5.4% YoY to ₹2,414 Cr. ✅ Net Profit increased 22.5% YoY to ₹466 Cr. ✅ FY26 Net Profit jumped 43.8% YoY to ₹1,710 Cr. ✅ Mobile ARPU improved to around ₹252, among the highest in the telecom industry. Higher ARPU generally translates into stronger profitability. Business Strengths Operates in Rajasthan and North-East telecom circles under the Airtel ecosystem. Benefits from ongoing 4G-to-5G migration and premium customer additions. Strong cash generation and improving operating margins. Dividend of ₹18 per share recommended for FY26. Concerns ⚠️ Stock trades at premium valuations compared with many traditional businesses. ⚠️ Telecom is a capital-intensive sector requiring continuous network investments. ⚠️ The stock has corrected significantly from its 52-week high near ₹2,053 and is currently trading close to its 52-week low zone. Technical View Major Support Zone: ₹1,440 – ₹1,500 Immediate Resistance: ₹1,600 Major Resistance: ₹1,750 – ₹1,850 Long-term trend remains intact as long as the stock sustains above the ₹1,440 support zone.