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Bharti Airtel (BHARTIARTL) investor relations material
Bharti Airtel Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Consolidated revenue reached INR 54,000 crore (Rs 539,816 Mn), up 3.5% sequentially and 15% year-over-year, with strong performance in both India and Africa; Africa revenue grew 24.7% YoY in constant currency.
EBITDA rose to over INR 27,700 crore (Rs 311,436 Mn), up 4.2% sequentially and 7% YoY, with a margin of 51.3%–57.7%; net income (before exceptional items) increased 26% YoY to Rs 69,200 Mn.
Customer base expanded to ~645 million across 15 countries, with India at ~466 million and Africa at ~179 million.
India Mobile and Broadband segments showed robust growth, with broadband net adds at a record 1.2 million and 5G customer base at 181 million.
Strategic focus remains on portfolio premiumization, digital acceleration, operational excellence, and AI-driven cost control.
Financial highlights
EBITDA margin improved to 51.3%–57.7% sequentially; India EBITDA margin (excluding passive infra) at 51.8%.
CapEx for the quarter was INR 11,800 crore (Rs 117,869 Mn) consolidated and INR 7,100 crore for India.
Net debt to EBITDA improved to 1.02 consolidated; net debt (excluding lease obligations) reduced to Rs 1,124,912 Mn.
Operating free cash flow for India exceeded INR 11,350 crore; consolidated operating free cash flow at Rs 193,567 Mn.
Net income (before exceptional items) was Rs 69,200 Mn, up from Rs 54,937 Mn YoY.
Outlook and guidance
Continued investments planned in network expansion, digital portfolio, and data centers, with a focus on future-proofing infrastructure.
CapEx is expected to moderate in radio and coverage, but data center investments will step up over the next 2-3 years.
ARPU growth will be driven by premiumization, data monetization, and international roaming, with ongoing efforts to find creative avenues for growth in the absence of tariff hikes.
Strategic partnerships with Google and IBM to drive AI and cloud initiatives are expected to support future growth.
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