Equity Snap: Bharti Airtel (BHARTI IN) 4QFY26: EBITDA beat, dividends rose, Airtel Africa stake increase

Research evidence excerpt

Equity Snap: Bharti Airtel (BHARTI IN) 4QFY26: EBITDA beat, dividends rose, Airtel Africa stake increase

13 May 2026

Equity Snap: Bharti Airtel Equities Wireless

(BHARTI IN) Telecommunications

4QFY26: EBITDA beat, dividends rose, Airtel Africa stake increase India

◆ 4QFY26 EBITDA came ahead of HSBC estimates; DPS grew 50% y/y

Piyush Choudhary*, CFA

to INR24 and came ahead of street estimates of INR19.9/sh Head of Asia Telecoms

The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

◆ Board approved to acquire additional 16.31% stake in Airtel Africa via piyush.choudhary@hsbc.com.sg

+65 6658 0607

issuance of shares

Rishabh Dhancholia*

Analyst, TMT

HSBC Securities and Capital Markets (India) Private

Bharti Airtel (BHARTI IN, INR1789.20, Buy, TP INR2400.00) Limited

(Priced as of 13 May 2026) rishabh.dhancholia@hsbc.co.in

+91 80 30012841

Bharti Airtel 4QFY26 results: EBITDA came ahead of HSBCe: Consolidated Jeffrey Ng*, CFA

revenue for the quarter grew c16% y/y to cINR554bn and was c1% ahead of HSBCe. Associate, Asia Telecoms

The Hongkong and Shanghai Banking Corporation Limited

Consolidated EBITDA for 4Q was up 17% y/y to cINR320bn and came 3% ahead of jeffrey.t.y.ng@hsbc.com.hk

HSBCe. India business EBITDA stood at INR240bn (up 9% y/y), which came 2.5% +852 2822 0450

ahead of 4Q HSBCe. This was driven by India mobile revenue being up 8% y/y, and

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

India mobile EBITDA margin expanding by c140 bps y/y to c61% in 4Q. On a full year not registered/ qualified pursuant to FINRA regulations

basis consolidated EBITDA stood 0.8% ahead of HSBCe. The company declared a

final dividend of INR24/share on its fully paid-up shares (vs HSBCe of INR28.5/share

and consensus of INR19.9/share).