BHL, a subsidiary of the "Airtel" group, offers communication services in the northeast and Rajasthan. They serve 27.1 million customers across 486 census towns, with an extensive distribution network. Despite investing ₹206 billion in digital infrastructure, BHL faces stiff competition, prompting frequent expansion needs. Financially, their PAT margins fluctuated, posting a -22.0% in FY21, 30.5% in FY22, and 8.2% in FY23, with RoCE margins of -1.4%, 4.1%, and 10.5% respectively. They declared a 30% dividend for 9M-FY24. Though valued slightly higher in P/E compared to peers, limited geography and slow industry growth may hamper exceptional growth. Thus, considering the circumstances, observing post-listing behavior might be prudent.