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Revenue
₹52,000 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bharti Airtel delivered another consistent quarter with consolidated revenues of approximately INR 52,000 crore and India EBITDA margin of 51.5%. Mobile segment added 1.4 million revenue-earning customers and 5.1 million smartphone data users, with postpaid net adds of 1 million. Broadband saw strong net adds of 951,000, with FWA customer base crossing 2.3 million. Airtel Business revenues grew 4.3% sequentially to INR 5,275 crore. The company is investing in data centers through Nextra, targeting over 1 GW capacity, and has partnered with Google for a facility in Vishakhapatnam. Management highlighted premiumization, convergence, and cross-selling as key growth drivers. Risks include elevated capex from home broadband and data center expansion, and potential competitive intensity in customer acquisition.
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Guidance to track
- Airtel aims to scale Nextra's capacity to over 1 GW in the next few years, a four-fold increase from current operating capacity, driven by the Google partnership and organic expansion.
- Management expects the home broadband market to grow from ~50 million to 100 million connected homes over the medium term, with Airtel investing aggressively to capture share.
- While near-term capex may be elevated due to home broadband and data center investments, management expects a directional decline in capex as a percentage of revenue over the medium term.
Risks flagged
- Accelerated home pass rollout and data center investments could keep capex elevated, potentially impacting free cash flow and leverage targets.
- Management noted that quality of acquisition has deteriorated due to high commissions and churn, which could pressure ARPU and margins if not managed.
- Analyst raised concern about multiple data center announcements potentially leading to oversupply; management acknowledged but expressed confidence in demand.
Key quotes
- We are now going to be taking it one step at a time. First, we're going to reach out to the government. That is something that the company will do over the course of the coming days.
- Chasing technology for the sake of technology is not our obsession. Chasing experience and using technology to deliver the right customer experience is the obsession.
- We think that this makes a lot of sense to allocate some capital to take it up by 5%. Now, beyond that, whether we will or not is a speculative question because we have not come to that bridge.
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