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Bharti Airtel Limited — Q4 FY26
Bharti Airtel's Q4 FY26 consolidated revenue reached INR 55,400 crore, up 2.6% sequentially, with India EBITDA margin improving 20 bps to 52%.
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Bharti Airtel's Q4 FY26 consolidated revenue reached INR 55,400 crore, up 2.6% sequentially, with India EBITDA margin improving 20 bps to 52%. Mobile ARPU was INR 257, up only INR 3 sequentially, impacted by West Asia crisis on international roaming and unlimited 5G data plans. Management acknowledged the pricing architecture is 'broken' and aims to accelerate ARPU growth through postpaid upgrades and premiumization. Homes added 1.1M net customers, B2B order book grew 17% YoY. New growth bets (data centers, financial services, cloud) are progressing, with Nxtra raising $1B and NBFC approval received. Capex for FY26 India was ~INR 31,000 crore; FY27 capex expected to be similar. Risk: handset price increases and chipset shortages could slow smartphone upgrades and home broadband growth.
भारती एयरटेल की तिमाही कमाई 55,400 करोड़ रुपये रही, जो पिछली तिमाही से 2.6% ज्यादा है। भारत में कमाई पर खर्च घटने से मुनाफा बढ़ा। हर ग्राहक से औसत कमाई (ARPU) 257 रुपये रही, जो सिर्फ 3 रुपये बढ़ी। इसकी वजह पश्चिम एशिया संकट से अंतरराष्ट्रीय रोमिंग में कमी और असीमित 5G डेटा प्लान हैं। कंपनी का कहना है कि कीमत तय करने का तरीका खराब है और वह पोस्टपेड व प्रीमियम पैकेज से ARPU बढ़ाना चाहती है। 11 लाख नए घरेलू ग्राहक जुड़े। कारोबारी ग्राहकों के ऑर्डर 17% बढ़े। डेटा सेंटर, वित्तीय सेवाओं जैसे नए क्षेत्रों में निवेश जारी है। अगले साल भी खर्च 31,000 करोड़ रुपये रहने का अनुमान है। जोखिम: फोन के दाम बढ़ने और चिप की कमी से नए ग्राहक जुड़ने में रुकावट आ सकती है।
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Handset price increases and chipset shortages
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Mobile ARPU
INR 257
+INR 3 QoQ
ARPU growth was modest due to international roaming headwinds and unlimited data plans; management is not satisfied.
Mobile Net Adds
4.7M
+4.7M QoQ
Added 4.7 million mobile customers in Q4, of which 5.8 million were smartphone users.
Homes Net Adds
1.1M
+1.1M QoQ
Homes broadband added 1.1 million net customers, driven by FTTH and FWA expansion.
B2B Order Book Growth
17%
+17% YoY
Order book grew 17% in FY26, with wins in IoT, security, cloud, and data centers.
What Changed vs Last Quarter
NEW
Capex for FY27 expected to be similar to FY26
Management indicated that total capex for FY27 will be in the ballpark of FY26 levels (~INR 31,000 crore for India), with focus on fiber, edge data centers, and homes.
NEW
Financial services NBFC commercial launch progressing
Airtel Money received RBI approval to operate as an NBFC and is moving towards commercial launch, with monthly loan disbursement run rate over INR 550 crore.
NEW
Progressive dividend policy with 50% increase in FY26
Board recommended dividend of INR 24 per share, up from INR 16 last year, reflecting commitment to progressive payout.
UPDATED
Data center capacity target of 1 GW over next few years
Nxtra aims to build 1 GW data center capacity, supported by a $1 billion fundraise from marquee investors.
DROPPED
Continued ARPU growth without tariff repair
Management expects to drive ARPU through feature-to-smartphone upgrades, prepaid-to-postpaid, data monetization, and international roaming.
DROPPED
Step-up in fiber home passes to 2M per quarter
Airtel is rolling out 2 million fiber home passes per quarter to support broadband growth.
NEW RISK
Handset price increases and chipset shortages
Rising handset prices and chipset/memory shortages could slow 2G-to-4G upgrades and home broadband (FWA) growth.
NEW RISK
Geopolitical crisis impact on international roaming and costs
West Asia crisis reduced international roaming revenue; energy price increases and INR depreciation are pressuring costs in Africa.
NEW RISK
Regulatory provision charge
A provision was taken for an existing regulatory matter; management did not disclose details, raising uncertainty about future liabilities.
NEW RISK
Competitive pressure on pricing architecture
Unlimited data plans and competitive intensity keep ARPU growth subdued; management called the pricing architecture 'broken' but offered no near-term fix.
RISK GONE
AGR liability uncertainty
Airtel has written to DoT seeking parity on AGR dues treatment but has not received a response, creating cash flow uncertainty.
RISK GONE
Wireless revenue growth deceleration
India mobile revenue growth fell below 10% YoY for the first time in years, with market growth averaging ~6%.
RISK GONE
Capital allocation and leverage concerns
With strong free cash flow and low leverage, management has not outlined clear plans for excess capital beyond data centers and cloud.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY26
Management noted that quality of acquisition has deteriorated due to high commissions and churn, which could pressure ARPU and margins if not managed.
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 Q2 FY25, Q3 FY26
Airtel has written to DoT seeking parity on AGR dues treatment but has not received a response, creating cash flow uncertainty.
Mentioned in Q3 FY26, Q4 FY25
Airtel is rolling out 2 million fiber home passes per quarter to support broadband growth.
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 indicated that total capex for FY27 will be in the ballpark of FY26 levels (~INR 31,000 crore for India), with focus on fiber, edge data...
Rising handset prices and chipset/memory shortages could slow 2G-to-4G upgrades and home broadband (FWA) growth.
View Risks →