Bharti Airtel Ltd.: FY26: Broad-based growth, better profitability, lower capex intensity; MW

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Bharti Airtel Ltd.: FY26: Broad-based growth, better profitability, lower capex intensity; MW

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Bharti Airtel Ltd.

FY26: Broad-based growth, better

profitability, lower capex intensity; MW

Earnings Review

FY26: Strong operations, lower capex, better leverage 14 May 2026

Bharti Airtel Ltd. (Bharti) reported 16% YoY increase in 4QFY26 revenue to INR554bn, Global Emerging Markets | Corporate

taking full-year top-line up by 22% to INR2,110bn. The group's quarterly EBITDA margin Credit

improved 45bps YoY to 57%, driving a 17% pick-up in 4QFY26 EBITDA to INR315bn and Asia | India

28% increase in FY26 EBITDA to INR1,197bn. The growth remained broad-based, led by Telecom Services

India Mobile (customers +3% YoY to 373mn with continued shift to high-value Jing Peng

customers – exhibit 1 & 2), Homes Services momentum (robust net adds) and resilient Research Analyst

Africa performance (strong customer & ARPU growth, currency tailwind). Management Merrill+852 3508Lynch3105(Hong Kong)

incurred capex of INR476bn in FY26, down from INR610bn in FY25, largely towards 5G, jing.peng2@bofa.com

fibre rollout and data center expansion and paid dividends of INR113bn (FY25: INR69bn). Rachna Jain, CFA

Strong operating cashflows and moderating capex supported a 9% YoY decline in total ResearchMerrill LynchAnalyst(Singapore)

borrowings, driving net-debt/EBITDA further down to 1.4x from 2.1x at end-FY25. +65 6678 2972

rachna.jain2@bofa.com

Operationally, India mobile 4QFY26 ARPU improved 5% YoY on premiumization to

INR257/user/month. The metric moderated slightly QoQ from INR259 in 3QFY26 (in part

due to West Asia crisis impact on international roaming), but this was offset by healthy

subscriber additions in the 4Q (+4.7mn) and continued data usage growth.