Bharti Airtel (BHARTIARTL) Q4 25/26 earnings summary

Executive summary

• FY 2026 consolidated revenue reached INR 2,109,728 Mn (INR 211,000 crore), a record high, with strong growth in both India and Africa.

• EBITDA for FY 2026 was INR 1,212,676 Mn (INR 1,08,000 crore), margin at 51.2%; Q4 EBITDA margin was 57.8%.

• Q4 consolidated revenue was INR 553,832 Mn (INR 55,400 crore), up 15.7% YoY and 2.6% sequentially; Africa contributed 29% of revenues.

• Board recommended a dividend of INR 24 per share (fully paid), up from INR 16 last year, reflecting a progressive payout policy.

• Customer base expanded to ~666 million across 15 countries, with India at 482 million and Africa at 184 million.

Financial highlights

• Operating free cash flow for FY 2026 was over INR 41,500 crore.

• Net debt (excluding lease obligations) reduced to INR 910,485 Mn from INR 1,385,086 Mn YoY; Net Debt/EBITDA (annualized) at 0.79x.

• Net income (before exceptional items) for the year was INR 269,042 Mn, up 51% YoY.

• CapEx for FY 2026 was INR 475,218 Mn (INR 31,000 crore for India, excluding passive).

• Dividend payout increased by 50% YoY.

Outlook and guidance

• Focus on ARPU growth, expansion in homes, B2B, and digital infrastructure, including 5G densification and fiber deployment.

• Continued investments in AI, digital services, data centers, and clean energy initiatives.

• CapEx for FY 2027 expected to be in line with FY 2026, emphasizing core business and digital infrastructure.

• Board recommended a final dividend of INR 24 per fully paid share and INR 6 per partly paid share for FY26, subject to shareholder approval.