BHARTIARTL / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Bharti Airtel · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-15Back to quarter ↗

Questions audited

Answered directly

58%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Vivekanand Subbaraman · Ambit Capital

partial

Operating leverage from tariff repair and capital structure plans.

On the first question, which is around operating leverage, there have been past tariff increases... I don't think the answer is so simple that if you take a 10% tariff repair, 10% of your revenue minus license fee will flow to EBITDA.

Vivekanand Subbaraman · Ambit Capital

declined

CapEx guidance for FY27 and reinvestment plans.

So, Vivekanand, of course, I cannot share with you what is my CapEx guidance because, as a rule, we don't give guidance. But let me put it in this way. This is a company which has a very strong balance sheet and will not shy away from putting investment where growth is required.

Sanjay Jain · ICICI Securities

partial

Reason for underperformance in mobile revenue growth vs Airtel.

You would recollect that in the last quarter, we had called out that there were some issues because of which we had some customer drop. While we are very closely with the other partners to see that it gets resolved, it has not yet got resolved completely.

Sanjay Jain · ICICI Securities

partial

FWA opportunity size for Hexacom circles.

Well, Sanjay, certain data sets basis which we size out the market, which is a statistical model, data is not available on a state cut level. So, I can hazard a guess. But I would say if you look at India... I would hazard a guess anywhere between 30%-35% penetration of households should be something which we can easily aspire to.

Gaurav Malhotra · Axis Capital

direct

Reason for larger spike in homes CapEx for Hexacom vs Airtel.

So, you see, any spike is a function of the base. And the very thing that you said, and I explained, that fiber density in these two circles is lower, which is why our homes business was also lower... because of the small base, you see an increase, which is disproportionate in percentage terms.

Gaurav Malhotra · Axis Capital

direct

Would Hexacom be more open to using UBR given less interference?

So, I will give you two answers, Gaurav. Answer one, as an organization, we want to give home Wi-Fi. Now, there are multiple technologies... We will try everything to deliver and increase our addressable market. So, this will be no different.