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% YoY, with strong performance in both India and Africa.

• Customer base expanded to ~645 million across 15 countries, with India at ~466 million and Africa at ~179 million.

• EBITDA rose 7% YoY to Rs 311,436 Mn, with a margin of 57.7%; net income (before exceptional items) increased 26% YoY to Rs 69,200 Mn.

• India Mobile and broadband segments showed robust growth; digital portfolios and Airtel Business are scaling rapidly.

• Africa delivered 24.7% YoY revenue growth in constant currency; India (excluding passive infra) grew 2.1% sequentially.

Financial highlights

• Consolidated EBITDA exceeded INR 27,700 crore (Rs 311,436 Mn), up 4.2% sequentially and 7% YoY; EBITDA margin improved to 51.3% sequentially and stood at 57.7% YoY.

• Net income (before exceptional items) was Rs 69,200 Mn, up from Rs 54,937 Mn YoY; after exceptional items, net income was Rs 66,305 Mn.

• Operating free cash flow was INR 15,900 crore (Rs 193,567 Mn); CapEx for the quarter was INR 11,800 crore (Rs 117,869 Mn).

• Net debt to EBITDA improved to 1.02; India at 1.38; net debt (excluding lease obligations) reduced to Rs 1,124,912 Mn.

• India EBITDA (excluding passive infra) was over INR 18,450 crore, up 2.8% sequentially; margin at 51.8%.

Outlook and guidance

• Continued focus on prudent capital allocation, disciplined CapEx, and deleveraging to support growth and infrastructure upgrades.

• Investments targeted at network expansion, digital portfolio, and future-proofing infrastructure.

• Strategic partnerships with Google and IBM to drive AI, cloud, and digital initiatives.

• Significant growth opportunities identified in ARPU-led growth, postpaid, broadband, and B2B segments.