Bharti Airtel Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Bharti Airtel Q4 FY26: Revenue ₹55,383 Cr (vs ₹47,876 Cr YoY), PAT ₹7,325 Cr (vs ₹11,021 Cr YoY)
Bharti Airtel reported consolidated Q4 FY26 revenue of ₹55,383 Cr, up from ₹47,876 Cr in Q4 FY25, driven by India and Africa growth. Consolidated EBITDA rose to ₹32,038 Cr with margin expansion to 57.8% vs 57.2% in Q4 FY25, while Net income before exceptional items increased to ₹7,245 Cr YoY. The quarter includes an exceptional regulatory charge of Rs.31,607 Mn recognised in Q4 FY26; consolidated net income after exceptional items was ₹7,325 Cr. Management highlighted accelerated capex (₹16,066 Cr in Q4) and strategic transactions including a US$1bn investment round in Nxtra Data Limited and a...Total revenue (Consolidated, Q4 FY26)
₹55,383 Crvs ₹47,876 Cr in Q4 FY25
EBITDA (Consolidated, Q4 FY26)
₹32,038 Crvs ₹27,404 Cr in Q4 FY25
EBITDA margin (Q4 FY26)
57.8%vs 57.2% in Q4 FY25
Net income (after exceptional items, Q4 FY26)
₹7,325 Crvs ₹11,021 Cr in Q4 FY25
Net income (before exceptional items, Q4 FY26)
₹7,245 Crvs ₹5,223 Cr in Q4 FY25
Capex (quarter, Q4 FY26)
₹16,066 Crvs ₹14,400 Cr in Q4 FY25
Net Debt excluding lease obligations (as of Mar 31, 2026)
₹91,049 Crvs ₹138,509 Cr as of Mar 31, 2025
Key Highlights
10
Consolidated revenue for Q4 FY26 was ₹55,383 Cr, up from ₹47,876 Cr in Q4 FY25, driven by India (₹39,566 Cr) and strong Africa performance (constant currency revenue up 22.3% YoY).
Consolidated EBITDA increased to ₹32,038 Cr in Q4 FY26 from ₹27,404 Cr in Q4 FY25, lifting EBITDA margin to 57.8% (up 0.6 pp YoY) due to operating leverage in India and improved Africa margins.
Profit before tax (PBT) before exceptional items rose to ₹13,205 Mn in Q4 FY26 (reported profit before tax line in press summary), supporting higher net income before exceptional items of ₹7,245 Cr vs ₹5,223 Cr in Q4 FY25.
Group recognised an exceptional regulatory and government levies charge of Rs.31,607 Mn in Q4 FY26 (note disclosure), which reduced net income after exceptional items for the quarter.
India mobile revenue was Rs 28,830.5 Cr (₹28,830.5 Cr shown as Mobile Services India) for Q4 FY26 with Mobile Services India up 8.3% YoY reflecting ARPU improvement to Rs 257 in Q4 FY26 (vs Rs 245 in Q4 FY25).
Homes segment delivered strong Q4 FY26 revenue growth of 37.3% YoY to ₹2,191.4 Cr with 1.135 million net customer additions in the quarter, supporting broadband momentum.
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Key Highlights
10
Consolidated revenue for Q4 FY26 was ₹55,383 Cr, up from ₹47,876 Cr in Q4 FY25, driven by India (₹39,566 Cr) and strong Africa performance (constant currency revenue up 22.3% YoY).
Consolidated EBITDA increased to ₹32,038 Cr in Q4 FY26 from ₹27,404 Cr in Q4 FY25, lifting EBITDA margin to 57.8% (up 0.6 pp YoY) due to operating leverage in India and improved Africa margins.
Profit before tax (PBT) before exceptional items rose to ₹13,205 Mn in Q4 FY26 (reported profit before tax line in press summary), supporting higher net income before exceptional items of ₹7,245 Cr vs ₹5,223 Cr in Q4 FY25.
Group recognised an exceptional regulatory and government levies charge of Rs.31,607 Mn in Q4 FY26 (note disclosure), which reduced net income after exceptional items for the quarter.
Balance sheet strengthened
India mobile revenue was Rs 28,830.5 Cr (₹28,830.5 Cr shown as Mobile Services India) for Q4 FY26 with Mobile Services India up 8.3% YoY reflecting ARPU improvement to Rs 257 in Q4 FY26 (vs Rs 245 in Q4 FY25).
Homes segment delivered strong Q4 FY26 revenue growth of 37.3% YoY to ₹2,191.4 Cr with 1.135 million net customer additions in the quarter, supporting broadband momentum.
Africa delivered robust constant-currency growth with Q4 FY26 EBITDA margin (constant currency) at 49.5%, up 223 bps YoY, reflecting improvement across Nigeria, East Africa and Francophone markets.
Capital allocation and transactions
Strategic corporate update
Guidance & Outlook
5
Management emphasised continued accelerated investments across 5G densification, fibre and data centres with Q4 FY26 capex at ₹16,066 Cr, indicating sustained near-term capex intensity.
Group highlighted strategic focus on Nxtra expansion (US$1bn funding round) to scale data centre capability and capture higher-margin enterprise/digital services demand.
Leverage outlook
Board recommended final dividend of Rs.24 per fully paid share for FY25-26 (subject to shareholder approval), signalling shareholder return intent.
Management reiterated focus on reducing diesel dependence in partnership with Indus Towers by transitioning to high‑power batteries and alternative energy to lower site opex over time.
Risks & Concerns
5
Regulatory charge risk
Group recognised a one‑off regulatory / government levies charge of Rs.31,607 Mn in Q4 FY26 which materially reduced reported PAT and highlights exposure to reassessments and demands.
Earnings volatility from exceptional items
Homes and Digital TV capex intensity
Market/ARPU sensitivity
Africa execution and currency risk
AI-generated analysis. May contain inaccuracies — verify against original sources.