Bharti Airtel (BHARTIARTL) Q1 26/27 earnings summary

Executive summary

• Consolidated revenue reached INR 58,500 crore (Rs 585,391 Mn), up 5.7% sequentially and 18.4% year-over-year, with strong growth in both Africa and India segments.

• EBITDA grew 4.2% sequentially and 19.3% YoY to INR 29,800 crore (Rs 335,986 Mn), with a margin of 57.4%.

• Africa operations contributed nearly half of consolidated revenue growth for the year and achieved an annualized EBITDA of over INR 35,000 crore.

• Customer base expanded to ~681 million across 15 countries, a 12.5% YoY increase, with India at 491.9 million and Africa at 189.0 million.

• Strategic focus on digital, B2B, homes, Airtel Money, and data centers, with disciplined investments and operational excellence.

Financial highlights

• Operating free cash flow (EBITDA minus CapEx) exceeded INR 16,450 crore.

• CapEx for the quarter was INR 13,390 crore (Rs 133,860 Mn), focused on 5G densification, network modernization, and digital infrastructure.

• Net debt (excluding lease obligations) reduced to Rs 818,521 Mn from Rs 1,254,893 Mn YoY; Net Debt/EBITDA improved to 1.17x.

• Airtel Payments Bank annualized revenue run rate surpassed INR 3,400 crore, with deposits just under INR 4,400 crore, up 17% year-on-year.

• Return on capital employed (annualized) increased to 21.5% from 17.6% YoY.

Outlook and guidance

• Management expects continued growth in India and Africa, with focus on premiumization, digital services, and network expansion.

• Ongoing investments in 5G, fiber, and digital platforms to drive future revenue and margin expansion.

• Airtel Money preparing for a London listing in H2 2026.

• Focus on ARPU growth through portfolio premiumization and postpaid expansion.

• Emphasis on disciplined CapEx and operational efficiency to support sustainable long-term growth.