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).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
64%Questions answered1Evaded / deflected7Questions audited
Partial answer
High priority
Operating leverage from tariff repair and capital structure plans.
Asked by Vivekanand Subbaraman, Ambit Capital
Management gave a qualitative discussion but no specific operating leverage number.
no specific flow-through percentagequalitative only
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Question
My first question is on the operating leverage that you have in your business model. So, if I look at, let's say, one more round of tariff repair... how do we think about the operating leverage from an incremental EBITDA flow through to the new revenue that comes from the tariff repair?
Soumen Ray, CFO of India and South Asia
On the first question, which is around operating leverage, there have been past tariff increases... I don't think the answer is so simple that if you take a 10% tariff repair, 10% of your revenue minus license fee will flow to EBITDA.
Declined
High priority
CapEx guidance for FY27 and reinvestment plans.
Asked by Vivekanand Subbaraman, Ambit Capital
Explicitly declined to provide CapEx guidance, citing company policy.
refused guidanceno number given
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Question
The absolute CapEx has been falling since FY 2024. And now, when I look at the reinvestment in homes and 5G coverage expansion, what is the guidance or direction that you believe CapEx should take for FY 2027?
Soumen Ray, CFO of India and South Asia
So, Vivekanand, of course, I cannot share with you what is my CapEx guidance because, as a rule, we don't give guidance. But let me put it in this way. This is a company which has a very strong balance sheet and will not shy away from putting investment where growth is required.
Partial answer
High priority
Reason for underperformance in mobile revenue growth vs Airtel.
Asked by Sanjay Jain, ICICI Securities
Acknowledged issue but did not explain why Airtel is growing faster or provide details.
no specific reason for underperformancevague on resolution timeline
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Question
First question on the revenue growth, if I look at our mobile revenue growth versus Bharti Airtel's mobile revenue growth, we have underperformed now. This is the second quarter of underperformance... any particular reason you are seeing you are growing slower than Airtel?
Soumen Ray, CFO of India and South Asia
You would recollect that in the last quarter, we had called out that there were some issues because of which we had some customer drop. While we are very closely with the other partners to see that it gets resolved, it has not yet got resolved completely.
Partial answer
Medium priority
FWA opportunity size for Hexacom circles.
Asked by Sanjay Jain, ICICI Securities
Provided a national-level guess but no specific Hexacom opportunity size.
no specific number for Hexacomguess based on national data
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Question
Just one question on the FWA. What is an opportunity size? Gopal mentioned 100 million for Panindia. But if I want to narrow it down to us, what is an opportunity size we are looking in FWA for Hexacom circles?
Soumen Ray, CFO of India and South Asia
Well, Sanjay, certain data sets basis which we size out the market, which is a statistical model, data is not available on a state cut level. So, I can hazard a guess. But I would say if you look at India... I would hazard a guess anywhere between 30%-35% penetration of households should be something which we can easily aspire to.
Answered
Medium priority
Plans for new business apart from FWA and mobility.
Asked by Sanjay Jain, ICICI Securities
Clearly explained that B2B is limited and data center is handled by Nxtra.
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Question
On the CapEx and the new business, apart from FWA and mobility, are there any plans for Hexacom, or it will be all done through the Airtel side?
Soumen Ray, CFO of India and South Asia
See, we, of course, have a small and medium business which happens through Hexacom. As you know, in these two states, we don't have large enterprises... The other option is a data center, which is an independent company. Nxtra does it. Nxtra will do it anywhere in India.
Answered
Medium priority
Reason for larger spike in homes CapEx for Hexacom vs Airtel.
Asked by Gaurav Malhotra, Axis Capital
Explained the spike is due to low base, no evasion.
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Question
If I see the bump up in homes CapEx for Hexacom versus Airtel, right, obviously, there's a big increase for both. But Hexacom is especially quite high. I think it's more than 100%... I just wanted to get some sense as to why there is a larger spike in home CapEx in Hexacom versus Airtel.
Soumen Ray, CFO of India and South Asia
So, you see, any spike is a function of the base. And the very thing that you said, and I explained, that fiber density in these two circles is lower, which is why our homes business was also lower... because of the small base, you see an increase, which is disproportionate in percentage terms compared to what you see in Airtel.
Answered
Low priority
Addressable homes for FWA and broadband penetration.
Asked by Gaurav Malhotra, Axis Capital
Clarified the total homes estimate, no evasion.
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Question
Just to follow up on what you mentioned, you're giving some numbers on Airtel and Hexacom from a potential FWA penetration or broadband penetration you're saying 250 million and 100 million is around 40%. So, 250 million is the addressable homes. Is that?
Soumen Ray, CFO of India and South Asia
No, India has 1,400 million people. Roughly, if you take four-five, that number is anywhere between 250 million-300 million homes. That's the number of homes which is there in India.
Answered
Medium priority
Would Hexacom be more open to using UBR given less interference?
Asked by Gaurav Malhotra, Axis Capital
Explained technology preference and conditions for UBR use, no evasion.
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Question
In the Airtel call, Shashwat had mentioned about the fiber, 5G FWA, and UBR. And obviously, we understand the issues or challenges with UBR. But would Hexacom be more open to using UBR given the likelihood of interference in these two circles will be less, say, than average Pan-India level?
Soumen Ray, CFO of India and South Asia
So, I will give you two answers, Gaurav. Answer one, as an organization, we want to give home Wi-Fi. Now, there are multiple technologies by which you can give home Wi-Fi. According to us, the gold standard is if you give a fiber... The next best is FWA. And the least best is UBR because of interference, as you mentioned.
Answered
Low priority
Is there a nuanced change in thought process on UBR?
Asked by Gaurav Malhotra, Axis Capital
Denied any change, explained consumer-driven approach, no evasion.
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Question
So, is this some sort of a nuanced change versus what was the thought process till some time back wherein UBR was like maybe you were more negative? Not negative. Maybe you were less enthused on UBR, say, till a few quarters back than what you are today. Would that be the right way of thinking about it?
Soumen Ray, CFO of India and South Asia
No, no, Gaurav, absolutely. Not as a matter of fact. Technology cannot drive product. Consumer demand should drive product, and thereby, technology... The reason why we are still evaluating is we don't want to offer a product where the customer says, 'I have a need, but I have a very bad experience.'