Bharti Airtel reported a 35.5% year-on-year increase in consolidated net income (before exceptional items) to ₹8,057 crore for the quarter ended June 30, 2026, driven by robust revenue growth across its India and Africa operations. Consolidated revenues rose 18.4% to ₹58,539 crore, reflecting sustained momentum in mobile services, homes broadband, and enterprise solutions. The company also completed an EPS-accretive share swap transaction with Indian Continental Investment Limited (ICIL), increasing its effective stake in Airtel Africa Plc from 62.62% to over 79%, reinforcing its long-term growth conviction in the African market. The financial results were reviewed by the Audit Committee and approved by the Board of Directors on August 4, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Deloitte Haskins & Sells LLP served as the independent auditor for the interim consolidated and standalone financial statements prepared under Ind AS 34.

Financial Performance

Consolidated EBITDA came in at ₹334.1 billion for the quarter, compared to ₹315 billion in the previous quarter (QoQ), surpassing the street estimate of ₹326 billion. The EBITDA margin stood at 57.07%, marginally higher than 57.01% in the prior quarter and broadly in line with the estimate of 57.1%. On a year-on-year basis, EBITDA grew 19.3% to ₹33,599 crore, with margins expanding to 57.4% from 56.9% in the corresponding quarter last year. Earnings before interest and tax (EBIT) rose 23.4% to ₹19,282 crore, delivering an EBIT margin of 32.9%. Profit before tax increased 34.5% to ₹14,126 crore, benefiting from higher operating profits despite a rise in finance costs.

Consolidated net profit for the quarter stood at ₹81.67 billion, compared to ₹73 billion in the previous quarter, though it came in slightly below the estimate of ₹84 billion. Revenue for the quarter was ₹585.39 billion, against ₹553.83 billion in the prior quarter, exceeding the estimate of ₹570.5 billion. The net debt-to-EBITDA ratio (annualized) improved significantly to 1.17 times from 1.70 times as of June 30, 2025, underscoring disciplined balance sheet management. Consolidated capex stood at ₹13,386 crore, with India capex at ₹9,698 crore.

The following table summarizes key financial metrics on both a year-on-year and sequential basis:

India and Africa Operations

India operations contributed ₹41,214 crore to revenues, up 9.7% year-on-year. Mobile services revenue grew 9.2% to ₹29,929 crore, supported by a 5.4% increase in Average Revenue Per User (ARPU) to ₹264. The Homes segment posted robust 33.2% revenue growth to ₹2,288 crore, adding 473,000 customers during the quarter. Airtel Business delivered 12.0% revenue growth to ₹5,665 crore, led by digital services and connectivity solutions. Digital TV revenues saw a 1.4% YoY increase, while Passive Infrastructure Services revenue rose 4.6%. Smartphone data customers now represent 80% of total mobile customers, signaling a successful premiumization strategy.

Africa operations generated $1,836 million in constant currency revenues, up 21.1% year-on-year. The region added 5.5 million customers, bringing the total base to 189 million. Airtel Money transaction values grew 37.4% to $61 billion, highlighting the deepening penetration of financial services across sub-Saharan Africa.

Operational Highlights

The divergence between revenue growth (18.4%) and operating expense growth indicates improved operational leverage. While network operating expenses rose 13.3% to ₹10,810 crore, they remained well-contained relative to top-line expansion. The significant improvement in the net debt-to-EBITDA ratio from 1.70x to 1.17x reflects cash flow generation outpacing debt accumulation, enhancing financial flexibility for future capital expenditures and shareholder returns. The EPS-accretive nature of the Airtel Africa share swap implies that the consolidation of additional African assets will positively impact per-share earnings metrics.

Bharti Airtel witnessed a notable block trade on the National Stock Exchange (NSE), with approximately 1,57,572 shares changing hands at a price of ₹1950.30 per share, aggregating to a total transaction value of ₹30.73 crores.

Block Trade Details

The following table summarizes the key parameters of the block trade recorded on the NSE:

Block trades are large-volume transactions typically executed by institutional investors or high-net-worth participants, often carried out outside the regular order book to minimize market impact. The execution of such a trade in Bharti Airtel reflects notable institutional-level activity in the counter.