Jefferies reiterates ‘buy’ on India's Bharti Hexacom, but trims PT on tariff‑hike delay risks

Bharti Hexacom

18/03/2026 06:14

** Shares of Bharti Hexacom BHAX.NS rise 3.4% to 1,583 rupees

** Jefferies reiterates “buy” but cuts price target to 1,880 rupees from 2,110 rupees

** Says stock’s ~16% YTD fall is mainly due to concerns over further delays in tariff hikes and partly due to estimate cuts

** Cuts revenue and EBITDA estimates by 7%–11%, pushing tariff‑hike expectations to December 2026 amid inflation pressures from Mideast war

** Says energy‑price shock risk “materially lower” as Hexacom has reduced power/fuel cost per site by more than 30% over five years as solarisation of ~5,000 sites has brought energy costs down to just 10% of sales

** Sees FY26‑28 EBITDA at 56 bln rupees–81 bln rupees ($605.9 mln-$876.4 mln), implying 7%–29% growth

** Stock down ~15% so far in 2026

($1 = 92.4210 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))