Bharti Airtel / Q1-FY26

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Positive2025-08-04Back to BHARTIARTL

Revenue

₹49,463 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

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Source

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 37,440 · Positive source sentiment · 2023-08-01Q1 FY24Q2 FY24: 37,000 · Watch source sentiment · 2023-10-31Q2 FY24Q3 FY24: 37,900 · Positive source sentiment · 2024-02-07Q3 FY24Q4 FY24: 37,600 · Positive source sentiment · 2024-05-14Q4 FY24Q1 FY25: 38,500 · Positive source sentiment · 2024-08-07Q1 FY25Q2 FY25: 41,400 · Positive source sentiment · 2024-11-14Q2 FY25Q3 FY25: 45,130 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 47,876 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 49,463 · Positive source sentiment · 2025-08-04Q1 FY26Q2 FY26: 52,000 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 54,000 · Watch source sentiment · 2026-02-15Q3 FY26Q4 FY26: 55,400 · Watch source sentiment · 2026-04-30Q4 FY2655,40037,000
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

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.

Colored figures show movement against the previous available record.

Guidance to track

  • Management aims to increase quarterly fiber home pass additions from 1.6 million to 2.5 million.
  • Underlying B2B revenue grew 2% QoQ after exiting low-margin business; order book and funnel remain strong.
  • Radio CapEx is declining; cloud CapEx is modular with two regions operational and headroom available.
  • Management reiterated commitment to step up dividends as leverage declines.

Risks flagged

  • Airtel has requested government relief on AGR payments; outcome could impact cash flows.
  • Cloud, security, and IoT markets are crowded with multiple players; margin pressure possible.
  • Management acknowledged churn is not satisfactory and is working on improving transport infrastructure.
  • Roaming revenue dropped due to geopolitical tensions affecting travel; impact on reported revenue.

Key quotes

  • Our clear and simple strategy of portfolio premiumization and razor sharp execution is driving strong performance across our businesses.
  • I believe the launch of the cloud and software platform business can truly change the composition of Airtel B2B and broadly even Airtel in the years to come.
  • If there was a more sensible architecture like you've got, for example, in Indonesia, then we would already be sitting at an ARPU that is substantially higher than where India is today, without any pain to customers at the low end.

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