Bharti Hexacom Ltd.

“Bharti Hexacom is a quality telecom franchise riding India's ARPU upcycle within a rational duopoly, with a widening moat as Vodafone Idea collapses — but permanent geographic confinement to two circles caps the TAM, the valuation at 30x forward P/E already embeds an optimistic earnings trajectory, and the stock's ~70-80% EV/EBITDA premium to parent Airtel is fundamentally unjustified; the right action is to track for a meaningful pullback toward INR 1,200-1,300 before building a position.”