Bharti Hexacom Limited (BHARTIHEXA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-14.7%

₹1,492.74

vs ₹1,750.30 price

Levered DCF

₹1,671.14

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

5.02

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	43.53×	49.22×	80.6×	74.07×	24.28×	-39.33×	-14.97×	-56.32×
P/B	10.53×	12.39×	8.77×	9.66×	11.11×	20.48×	13.47×	7.05×
P/S	8.07×	8.6×	5.74×	6.18×	7.52×	8.84×	10.42×	11.23×
EV / EBITDA	16.05×	17.94×	15.13×	17.41×	13.04×	64.96×	153.52×	1,934.98×
Gross margin	32.1%	57.8%	56.5%	51.3%	41.0%	30.2%	19.2%	11.6%
Operating margin	28.6%	25.2%	24.6%	20.7%	8.8%	-3.2%	16.1%	6.4%
Net margin	18.5%	17.5%	7.1%	8.3%	31.0%	-22.5%	-69.6%	-19.9%
Current ratio	0.38×	0.28×	0.32×	0.47×	0.65×	0.27×	0.31×	0.19×
Debt / equity	0.86×	1.24×	1.75×	2.18×	2.48×	3.9×	1.72×	0.53×
Interest coverage	4.45×	3.13×	3.12×	2.14×	0.84×	-0.26×	0×	1.33×
Dividend yield	0.7%	0.3%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	28.8%	13.4%	14.9%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.2%	25.2%	10.9%	13.0%	45.7%	-52.1%	-90.0%	-12.5%
Return on invested capital	14.7%	12.7%	7.1%	7.3%	3.3%	-1.4%	4.9%	1.7%
Return on assets	9.1%	7.8%	2.7%	3.0%	10.0%	-6.9%	-17.6%	-6.4%
Free cash flow yield	3.4%	4.2%	3.7%	10.2%	-0.2%	0.1%	-1.3%	-1.3%
Earnings yield	2.3%	2.0%	1.2%	1.4%	4.1%	-2.5%	-6.7%	-1.8%
Enterprise value	₹815.2B	₹808.4B	₹487.3B	₹497.7B	₹496.4B	₹483.9B	₹455.5B	₹437.3B
Net debt / EBITDA	1.2×	1.62×	2.5×	3.19×	2.36×	10.36×	16.46×	135.65×
Cash conversion cycle (days)	-88	-156	-151	-65	-28	-240	-178	-144