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Bharti Airtel Q2 FY26 Results

Revenue grows 25.7% to ₹52,145 Cr with strong performance across India and Africa

Bharti Airtel Q2 FY26 Financial Results Analysis
Bharti Airtel Q2 FY26 financial results analysis with strong performance across India and Africa operations
₹ 2,074
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03 Nov - close price

Financial Performance Overview

Gurugram, India, November 3, 2025: Bharti Airtel Limited, one of India's leading telecommunications companies, announced its audited consolidated results for the quarter ended September 30, 2025, delivering strong performance across both India and Africa operations.

📊 Key Financial Highlights (Q2 FY26 - Consolidated)

Total Revenue
₹52,145 Cr
+25.7% YoY
EBITDA
₹29,919 Cr
+35.9% YoY
EBIT
₹16,669 Cr
+51.6% YoY
EBITDA Margin
57.4%
+4.3 pp YoY
Net Income
₹6,792 Cr
+73.6% YoY
Capital Expenditure
₹11,362 Cr

📈 Quarterly Performance Comparison (Consolidated)

Financial Metric Q2 FY26 Q2 FY25 YoY Change Performance
Total Revenue (₹ Cr) 52,145 41,473 +25.7% Excellent
EBITDA (₹ Cr) 29,919 22,021 +35.9% Outstanding
EBIT (₹ Cr) 16,669 10,996 +51.6% Exceptional
EBITDA Margin 57.4% 53.1% +4.3 pp Strong
Net Income (₹ Cr) 6,792 3,911 +73.6% Excellent

Management Commentary

💬 Statement - Mr. Gopal Vittal, Vice-Chairman and MD

"We delivered another quarter of solid performance, achieving a consolidated revenue of ₹52,145 crore growing 5.4% sequentially and underscoring the strength of our portfolio. Our India revenue, including Passive Infrastructure Services, increased by 2.9%. Africa delivered another quarter of standout performance with constant currency revenue growth of 7.1%."

"India Mobile business delivered 2.6% revenue growth, adding 5.1 million smartphone customers, maintaining an industry-leading ARPU of ₹256 led by continued premiumization of portfolio and a steadfast focus on quality customers. The Postpaid segment recorded one of the highest quarterly net additions of ~1 Mn."

"Our Homes business sustained strong momentum with 951K net customer additions and sequential revenue growth of 8.5%. IPTV services continue to gain strong traction, driving our connected homes priority. Airtel Business reported strong results with 4.3% sequential revenue growth. We saw multiple deal wins across Connectivity, IOT and security business."

"Our solid balance sheet is a reflection of disciplined capital allocation, continued deleveraging and sustained operational excellence."

Business Segment Performance

📱 Segment-wise Performance (YoY)

India Revenue
₹38,690 Cr
+22.6% YoY
India Mobile
+13.2% YoY
ARPU ₹256
Homes Business
+30.2% YoY
951K net adds
Africa Revenue
+24.2% YoY
Constant currency
Airtel Business
+4.3% QoQ
Sequential growth
Digital TV
₹753 Cr
15.4M customers

Operational Highlights & Key Metrics

📊 Operational Performance Metrics

  • ✓ Customer Base: 624 million customers across 15 countries
  • ✓ India Customer Base: ~450 million customers
  • ✓ Africa Customer Base: ~174 million customers
  • ✓ Mobile ARPU: ₹256 vs ₹233 in Q2 FY25
  • ✓ Postpaid Net Adds: 0.95 million in Q2 FY26
  • ✓ Smartphone Data Customers: Up by 22.2 million YoY, accounting for 78% of mobile customer base
  • ✓ Mobile Data Consumption: 28.3 GB per month per customer, up 26.6% YoY
  • ✓ Network Expansion: Added 2,479 towers and 20,841 mobile broadband base stations in Q2
  • ✓ Fiber Deployment: Rolled out 44,104 kms of fiber over past 12 months
  • ✓ Net Debt to EBITDA Ratio: 1.19 times (excluding lease obligations)

    • Strategic Initiatives & Partnerships

    🚀 Key Business Developments

  • ✓ Perplexity Partnership: Offering 12-month Perplexity Pro subscription free to all Mobile, Homes and Digital TV customers
  • ✓ Airtel Cloud Launch: Xteifly launched sovereign, telco-grade cloud platform for Indian businesses
  • ✓ AI Platform: Launched AI-powered software platform for telcos worldwide to improve customer experience
  • ✓ Anti-Fraud Initiatives: 68.7% decrease in financial losses from cybercrime on Airtel network
  • ✓ Digital Infrastructure: Significant investments in 5G rollout and fiber expansion
  • ✓ Connected Homes: Strong traction in IPTV services driving homes business growth

    • Stock Performance & Key Metrics

    💹 Bharti Airtel Stock Analysis

    Market Cap
    ₹12,44,263 Cr
    Current Price
    ₹2,074
    52W High / Low
    ₹2,110 / ₹1,511
    Stock P/E
    38.6
    Industry P/E
    54.3
    Book Value
    ₹207
    Dividend Yield
    0.77%
    ROCE
    13.5%
    ROE
    23.2%
    Face Value
    ₹5.00
    EPS
    ₹67.6
    Debt to Equity
    1.77
    Total Debt
    ₹2,08,010 Cr

    Financial Strength & Capital Allocation

    💰 Balance Sheet & Financial Metrics

  • ✓ Consolidated Net Debt to EBITDA Ratio: 1.63 times (improved from 2.50 times in Sep 2024)
  • ✓ Net Debt to EBITDAaL Ratio: 1.19 times (excluding lease obligations)
  • ✓ India EBITDA Margin: 60.0% (improved from 53.1% YoY)
  • ✓ Africa EBITDA Margin: 48.8% in constant currency (up 238 bps YoY)
  • ✓ Capital Expenditure: ₹11,362 crore in Q2 FY26
  • ✓ India Capex: ₹9,643 crore focused on 5G rollout and network expansion
  • ✓ Africa Capex: ₹1,719 crore for network enhancement

    • About Bharti Airtel Limited

    🏢 Company Overview

    Bharti Airtel Limited is a global communications solutions provider with over 600 million customers in 15 countries across India and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people.

    🎯 Business Highlights

  • Core Business: Mobile services, Fixed line, Enterprise services, Digital TV
  • Geographic Presence: India, Africa, Bangladesh, Sri Lanka
  • Market Position: India's largest integrated communications solutions provider, Second largest mobile operator in Africa
  • Service Portfolio: 4G/5G mobile, Fiber broadband, Digital TV, Enterprise solutions, Cloud services, Cybersecurity
  • Infrastructure: Passive infrastructure services through subsidiary Indus Towers Ltd.
  • Digital Services: Digital payments, financial services, content streaming

    • Overall Performance Assessment: Bharti Airtel delivered an exceptional Q2 FY26 performance with 25.7% revenue growth and 73.6% net income growth, driven by strong operational performance across both India and Africa markets. The company achieved industry-leading ARPU of ₹256, significant customer additions across segments, and improved profitability margins. Strategic initiatives including the Perplexity partnership and Airtel Cloud launch position the company well for future growth. The stock trades at a P/E of 38.6, below the industry average of 54.3, reflecting attractive valuation relative to peers. With continued network investments, focus on premiumization, and strong balance sheet management, Airtel is well-positioned to maintain its leadership position in the telecom sector.

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    Disclaimer

    This article is for educational purposes only and does not constitute investment advice. The financial data and analysis mentioned are based on company filings and market observations. Always verify current information from official sources before investing. Stock market investments carry risks including liquidity risk, volatility, and capital loss risk. Always do your own research and consider consulting with a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.