AGR liability uncertainty
Airtel has written to DoT seeking parity on AGR dues treatment but has not received a response, creating cash flow uncertainty.
BHARTIARTL / Q3-FY26 / risks
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Bharti Airtel · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Wireless revenue growth deceleration
India mobile revenue growth fell below 10% YoY for the first time in years, with market growth averaging ~6%.
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.