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Bharti Airtel Margin Trend — Quarter by Quarter

Bharti Airtel's EBITDA margin moved from 52.7% in Q1 FY24 to 52.0% in Q4 FY26 across 12 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2652.0%+20 bps
Q3 FY2651.3%+30 bps
Q2 FY2651.5%—
Q1 FY2651.4%+65 bps
Q4 FY2550.7%+140 bps
Q3 FY2556.2%+140 bps
Q2 FY2554.8%+110 bps
Q1 FY2553.7%—
Q4 FY2453.6%—
Q3 FY2453.9%—
Q2 FY2453.7%+30 bps
Q1 FY2452.7%+50 bps

What management said about ebitda margin

G

Q1 FY26 · B2B underlying growth to continue with strong funnel

Underlying B2B revenue grew 2% QoQ after exiting low-margin business; order book and funnel remain strong.

G

Q3 FY25 · B2B low-margin exit to impact top line but not EBITDA

Exiting commodity voice and messaging business will reduce top line over ~6 months but have negligible EBITDA impact.

G

Q3 FY24 · Target India net debt-to-EBITDA below 2.5

Harjeet Kohli stated the goal is to reach closer to 2.5 or below for India leverage in the next 4-6 quarters.