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Bharti Airtel Limited — Q1 FY26
Bharti Airtel delivered a steady Q1 FY26 with consolidated revenue of INR 49,463 crore and India EBITDA margin of 51.4%, up 65 bps sequentially.
bullish
high
✓ Verified against BSE filing
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Bharti Airtel delivered a steady Q1 FY26 with consolidated revenue of INR 49,463 crore and India EBITDA margin of 51.4%, up 65 bps sequentially. Mobile ARPU reached INR 250 with 1.2M net customer adds and 3.9M smartphone data adds. Broadband posted record net adds of 939,000, driven by FWA (540K). The B2B segment saw underlying growth of 2% QoQ after exiting low-margin commoditized business. Management highlighted strong momentum in digital services (cloud, cybersecurity, IoT) and the launch of Airtel Cloud and software platform Xtelify, with deals signed with Singtel and Globe Telecom. The balance sheet remains robust with net debt/EBITDA at 1.3x. Key risks include potential AGR payment outflows and competitive intensity in B2B adjacencies.
भारती एयरटेल की पहली तिमाही (अप्रैल-जून 2025) की कमाई अच्छी रही। कंपनी की कुल कमाई 49,463 करोड़ रुपये रही। भारत में उनका मुनाफा मार्जिन (कमाई में से खर्च घटाकर बचत) 51.4% था, जो पिछली तिमाही से थोड़ा बढ़ा है। हर ग्राहक से औसत कमाई (ARPU) 250 रुपये हो गई। 12 लाख नए ग्राहक जुड़े और 39 लाख लोगों ने स्मार्टफोन डेटा लेना शुरू किया। ब्रॉडबैंड में रिकॉर्ड 9.39 लाख नए ग्राहक जुड़े, खासकर वायरलेस होम इंटरनेट (FWA) से। कंपनी का कर्ज कम है (कर्ज/मुनाफा अनुपात 1.3 गुना)। डिजिटल सेवाओं (क्लाउड, साइबर सुरक्षा) में अच्छी बढ़त है। मुख्य जोखिम: सरकार को बकाया भुगतान (AGR) और बिजनेस सेगमेंट में कड़ी प्रतिस्पर्धा।
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AGR payment uncertainty
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Read Transcript →Quarter Snapshot
Mobile ARPU
INR 250
+1 day extra benefit
ARPU benefited from one extra day in the quarter and continued mix improvement.
Broadband Net Adds
939,000
Highest ever quarterly
Record quarterly net adds driven by FWA (540K) and fiber growth.
5G Customers
152 million
+3.9M smartphone data customers
5G customer base continues to expand; 5G sites handle 36% of network traffic.
Net Debt to EBITDA
1.3x
Improved from prior quarter
Balance sheet strengthened; $1B senior notes redeemed during the quarter.
What Changed vs Last Quarter
NEW
Fiber home pass run rate target of 2.5 million per quarter
Management aims to increase quarterly fiber home pass additions from 1.6 million to 2.5 million.
NEW
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.
NEW
CapEx to trend down in wireless, modular in cloud
Radio CapEx is declining; cloud CapEx is modular with two regions operational and headroom available.
NEW
Dividend to increase over time
Management reiterated commitment to step up dividends as leverage declines.
DROPPED
FY26 CapEx to be lower than FY25
Management guided that total CapEx will trend downwards in FY26, driven by substantially lower rural rollout and moderation in radio CapEx.
DROPPED
Broadband home passes to increase to over 2.5 million per quarter
Management aims to step up fiber home pass rollout from current 1.7 million per quarter to over 2.5 million.
DROPPED
Postpaid net adds expected to step up in coming quarters
Management expects postpaid net adds to increase from current 600K per quarter as tariff repair impact settles.
DROPPED
Data center capacity to double over next 18 months
Management plans to significantly step up data center capacity, with multiple builds underway and aspirations to increase market share from 12%.
NEW RISK
AGR payment uncertainty
Airtel has requested government relief on AGR payments; outcome could impact cash flows.
NEW RISK
Competitive intensity in B2B adjacencies
Cloud, security, and IoT markets are crowded with multiple players; margin pressure possible.
NEW RISK
Broadband churn due to transport hygiene issues
Management acknowledged churn is not satisfactory and is working on improving transport infrastructure.
NEW RISK
Roaming revenue volatility in Hexacom
Roaming revenue dropped due to geopolitical tensions affecting travel; impact on reported revenue.
RISK GONE
Vodafone Idea 5G launch could slow market share gains
Analyst raised concern that Vodafone Idea's 5G launch and network investments may impact Airtel's postpaid additions and market share trajectory.
RISK GONE
B2B revenue decline from shedding low-margin business
Management acknowledged B2B revenue declined sequentially due to strategy to exit commoditized low-margin businesses, with further shedding expected next quarter.
RISK GONE
DTH business structural headwinds from regulation and free dish
Management highlighted regulatory asymmetry and free Doordarshan dish as headwinds, though subsidies are being removed to improve cash flows.
RISK GONE
Africa currency volatility remains a risk
While Naira stabilized, Africa currency devaluation impacted reported revenues during the year; any reversal could affect consolidated performance.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY25, Q4 FY25
Management guided that total CapEx will trend downwards in FY26, driven by substantially lower rural rollout and moderation in radio CapEx.
Mentioned in Q1 FY25, Q2 FY25
Management expects the full impact of the recent tariff increase to be reflected in the coming quarters, with normalization of customer trends already seen in October.
Fast read
Guidance and risk preview
Management aims to increase quarterly fiber home pass additions from 1.6 million to 2.5 million.
Airtel has requested government relief on AGR payments; outcome could impact cash flows.
View Risks →