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AGR liability uncertainty
View Risks →Bharti Airtel Limited — Q3 FY26
Bharti Airtel delivered a strong Q3 FY26 with consolidated revenue of ₹54,000 crore (+3.5% QoQ) and EBITDA of ₹27,700 crore (margin 51.3%, +30bps QoQ).
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Bharti Airtel delivered a strong Q3 FY26 with consolidated revenue of ₹54,000 crore (+3.5% QoQ) and EBITDA of ₹27,700 crore (margin 51.3%, +30bps QoQ). India mobile ARPU rose to ₹259 driven by premiumization, while broadband added a record 1.2M net customers. The company is investing in data centers (targeting 1GW capacity in 3-4 years) and AI-driven operational efficiencies. Management emphasized continued ARPU growth through upgrades and international roaming, absent tariff repair. Risks include AGR liability uncertainty and potential slowdown in wireless revenue growth.
भारती एयरटेल की तीसरी तिमाही (अक्टूबर-दिसंबर 2025) में कमाई ₹54,000 करोड़ रही, जो पिछली तिमाही से 3.5% ज़्यादा है। कंपनी का मुनाफा (EBITDA) ₹27,700 करोड़ है, यानी हर 100 रुपये कमाई पर 51.3 रुपये मुनाफा। मोबाइल सेवा पर औसत कमाई (ARPU) बढ़कर ₹259 हो गई, क्योंकि लोग महंगे प्लान ले रहे हैं। ब्रॉडबैंड में 12 लाख नए ग्राहक जुड़े। कंपनी डेटा सेंटर (अगले 3-4 साल में 1GW क्षमता) और AI से कामकाज सुधारने में निवेश कर रही है। मैनेजमेंट का कहना है कि ARPU बढ़ता रहेगा, लेकिन टैरिफ बढ़ोतरी पर फिलहाल कोई योजना नहीं। जोखिम: सरकार को बकाया (AGR) और वायरलेस कमाई में सुस्ती।
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Read Transcript →Quarter Snapshot
ARPU
₹259
+3.6% QoQ
India mobile ARPU improved sequentially driven by portfolio premiumization and customer upgrades.
5G Customers
181M
+11% QoQ
5G customer base grew to 181 million, with 90% of new smartphones being 5G-capable.
Broadband Net Adds
1.2M
Record high
Highest ever quarterly broadband net additions, driven by FWA and fiber expansion.
FWA Customers
3M
+50% QoQ
Fixed wireless access customer base crossed 3 million, expanding addressable market.
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Management plans to increase data center capacity from ~130MW to 1GW over the next 3-4 years, aiming for 25% market share.
Airtel has written to the DoT seeking parity on AGR treatment but has not yet received a response, creating potential cash flow risk.
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