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Revenue
₹47,876 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bharti Airtel delivered a strong Q4 FY25 with consolidated revenue of INR 47,876 crore and India EBITDA margin expanding 140 bps YoY to 50.7%. India mobile ARPU was flat sequentially at INR 245 (INR 248 on equal-day basis), with 5M net customer adds. Broadband added 810K customers, with FWA contributing 40-45% of net adds. Management reiterated the need for tariff repair and restructuring, with CapEx expected to trend lower in FY26 as rural rollout slows. Key growth drivers remain postpaid, broadband convergence, and B2B digital services. Risk: competitive intensity from Vodafone Idea's 5G launch could moderate market share gains.
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Guidance to track
- Management guided that total CapEx will trend downwards in FY26, driven by substantially lower rural rollout and moderation in radio CapEx.
- Management aims to step up fiber home pass rollout from current 1.7 million per quarter to over 2.5 million.
- Management expects postpaid net adds to increase from current 600K per quarter as tariff repair impact settles.
- Management plans to significantly step up data center capacity, with multiple builds underway and aspirations to increase market share from 12%.
Risks flagged
- Analyst raised concern that Vodafone Idea's 5G launch and network investments may impact Airtel's postpaid additions and market share trajectory.
- Management acknowledged B2B revenue declined sequentially due to strategy to exit commoditized low-margin businesses, with further shedding expected next quarter.
- Management highlighted regulatory asymmetry and free Doordarshan dish as headwinds, though subsidies are being removed to improve cash flows.
- While Naira stabilized, Africa currency devaluation impacted reported revenues during the year; any reversal could affect consolidated performance.
Key quotes
- India mobile tariff continues to remain one of the lowest globally and needs further repair. Restructuring the tariff architecture is essential to improve financial health of the industry and sustain future investments.
- We are not announcing any specific policy in addition to that. The free cash that is actually generated within the company, we will use in the best way possible through a combination of deleveraging, dividends, as well as additional investments wherever growth can be had.
- I think experience matters more to us than technology for the sake of technology. We're going to be prudent about where we actually deploy SA based on when we can offload the traffic.
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