Bharti Airtel (BHARTIARTL) Q4 25/26 earnings summary

Executive summary

• FY 2026 consolidated revenue reached INR 2,109,728 Mn (INR 211,000 crores), a record high, driven by strong India and Africa performance.

• Q4 FY26 consolidated revenue was INR 553,832 Mn, up 15.7% YoY, with India revenues at INR 395,656 Mn and Africa at INR 160,335 Mn.

• EBITDA for FY 2026 was INR 1,212,676 Mn (INR 1,08,000 crore), with a margin of 51.2%; Q4 EBITDA margin was 57.8%.

• Board recommended a dividend of INR 24 per share, up from INR 16, reflecting a progressive payout policy.

• Customer base expanded to 666 million across 15 countries, with India at 482 million and Africa at 184 million.

Financial highlights

• FY 2026 operating free cash flow exceeded INR 41,500 crores; full-year CapEx reached INR 475,218 Mn.

• Net debt to EBITDA improved to 0.79x; net debt reduced to INR 910,485 Mn.

• Net income (before exceptional items) for FY 2026 was INR 269,042 Mn, up 51% YoY.

• Africa contributed 29% of revenues, India mobile 52%, India non-mobile 13%, Indus 6%.

• Q4 EBITDA margin improved by 20 bps to 52%.

Outlook and guidance

• Focus on digital infrastructure, 5G densification, fiber deployment, and data center expansion.

• Large growth opportunities in mobility (ARPU growth, postpaid), homes (expansion), and B2B.

• Continued investments in AI, digital services, and clean energy initiatives.

• Dividend policy remains progressive, with a 50% increase in FY 2026.