- Downgrade to Hold from Buy; Hike target price to Rs 1290 from Rs 1200
- Hexacom has unexpectedly acquired spectrum worth Rs 1000 cr in the current auctions
- This should help to augment its data services
- Maintain 17%/23% revenue/EBITDA CAGR over FY24-27
- Cut earnings estimates by 4% to factor in spectrum spends
- After more than doubling since its IPO in April, stock trades at 20% premium to Airtel's India ops
- Unfavorable risk reward
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