Bharti Airtel (BHARTIARTL) Q2 25/26 earnings summary

Executive summary

• Consolidated revenues for the quarter were about INR 52,000 crore (₹521,454 million), with an annualized run rate exceeding INR 200,000 crore, up 6% year-over-year and 5% sequentially.

• Net profit for Q2 FY26 was ₹86,508 million, a 108% increase year-over-year and 17% sequentially.

• Strong operational execution across mobile, broadband, digital, and B2B segments, with continued focus on premiumization and digital innovation.

• Significant progress on ESG initiatives, including solarization of over 2,900 sites and AI-driven energy optimization.

• Ongoing investments in future-proofing networks, digital services, and data centers, including a major partnership with Google for a new data center in Vishakhapatnam.

Financial highlights

• EBITDA for Q2 FY26 was ₹302,891 million, up from ₹221,009 million in Q2 FY25; EBITDA margin (excluding passive interest rate) at 51.5%.

• Operating free cash flow at INR 10,750 crore; CapEx for the quarter at INR 7,200 crore.

• Net profit margin for the six months ended September 30, 2025, was 15.8%.

• Net worth as of September 30, 2025, was ₹1,159,733 million.

• Basic EPS for Q2 FY26 was ₹11.72, compared to ₹6.21 in Q2 FY25.

Outlook and guidance

• Continued investment in network expansion, digital platforms, and data centers to capture growth opportunities in broadband, convergence, and B2B.

• CapEx expected to remain elevated in the near term due to parallel investments in home broadband and 5G, but overall guidance is for moderation over time.

• Focus on increasing market share in home broadband and data centers, with ambitions to step up performance and capture a significant share of incremental net adds.

• Management continues to monitor the financial condition of a major customer of Indus Towers, which may impact future receivables and asset recoverability.