Bharti Airtel (BHARTIARTL) Q3 25/26 earnings summary

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.