Motilal Oswal sees Bharti Hexacom as a strong play on India’s wireless growth. Company operates in circles that account for nearly 6 percent of India’s GDP and 7 percent of its population. Scenario analysis suggests a 41 percent upside in a bullish case, with a target price of Rs 1,875 based on a 20 percent tariff hike in December 2025 and a 7 percent ARPU CAGR over FY27-34. In a bearish scenario, the stock could see a more modest 13 percent downside to £1,150, assuming a lower 10 percent tariff hikes and a 5 percent AR PU CAGr over the same period. The firm also sees market share gains, strong incremental margins of 75 percent, and the expansion of FWA services contributing to overall growth. The shares of the company were trading at £1.337, lower by 0.5 percent from the last close on the NSE on Monday. The company has benefited from Airtel’S focus on premiumisation, which includes upgrading non-data users to data, shifting prepaid subscribers to postpaid, and bundling services for higher-value customers. It has seen an increase in data subscriber penetration from 56 percent in FY21 to 76 percent by the first nine months of FY25.