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Revenue
₹45,130 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bharti Airtel delivered a consistent quarter with consolidated revenues of INR 45,130 crores and India revenue (ex-Indus) growing 4.8% sequentially to over INR 33,000 crores. EBITDA margins improved to 56.2%, up 140 bps YoY, driven by tariff repair flow-through and operating leverage. Mobile ARPU rose to INR 245 from INR 233, with industry-leading growth. The company prepaid DoT spectrum dues, reducing India net debt/EBITDAL to 1.8x from 2.5x a year ago. Management guided for lower CapEx in FY26 and continued deleveraging. Key risks include potential slowdown in B2B growth from exiting low-margin commodity voice/messaging and competitive pressure in home broadband.
Colored figures show movement against the previous available record.
Guidance to track
- CapEx for FY25 will be lower than FY24, and moderation will continue into FY26, with CapEx/revenue trending down toward global peer levels.
- Exiting commodity voice and messaging business will reduce top line over ~6 months but have negligible EBITDA impact.
- Expect continued growth in home broadband via FWA expansion, fiber rollout, and channel expansion to 100,000 points of presence.
- Free cash flow will be used for deleveraging, dividend step-up, and selective bolt-on acquisitions in B2B adjacencies.
Risks flagged
- Growth in lower-margin digital services (security, cloud) is diluting B2B EBITDA margins, a trend likely to continue.
- Despite improvements, Airtel's home broadband adds remain below Jio's; management acknowledges dissatisfaction but expects channel expansion to close gap.
- FWA CPE costs are higher than fiber CPE, and payback depends on multi-port CPE adoption and network congestion; margin parity with fiber is not guaranteed.
- Bharti Hexacom took an exceptional charge of INR 1.4 billion related to regulatory dues; further provisions cannot be ruled out.
Key quotes
- We have made a decision to exit this low-margin business, which will have an impact on the top line in the coming quarters. It will take about six months for this to play out. But let me underscore that the exit in this business will have really no impact on EBITDA because this is a very negligible margin business.
- I think it's a bit early to answer that. I mean, it's not that we are close to any option. We have a lot of strength in the quality of the intelligence and the data infrastructure that we have.
- We are as dissatisfied about the fact that we are not competitively where we should be on home broadband. But suffice it to say that every month, we are getting better than where we are.
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