Hexacom provides pureplay exposure to the two high-growth businesses of Airtel – India wireless and Home broadband. 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 Airtle on both subscribers and ARPU. We initiate coverage on Hexacome 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 Hexacam over Airtell is largely driven by lower capital misallocation concerns. For all recommendations report, click here. For the full report, please visit: http://www.motilal Oswal.com/investor-reports/bharti-hexacom- -10032025- moti.html. Buy Trade Watchlist Portfolio Message Set Alert live bselive nselive Volume Todays L/H More. Buy Jyothy Labs; target of Rs 395: Geojit Financial Services. Reduce IndusInd Bank;target of Rs 850: ICICI Securities Buy Tata Communication; target of Rs 1840: IC ICI Securities.