NSE: BHARTIARTL · BSE: 532454
BHARTI AIRTEL LIMITED
Operates mobile telecommunications services in India and Africa, alongside passive infrastructure, enterprise, home broadband and digital TV businesses. Mobile Services India is the largest contributor at Rs. 1,12,995.4 crore (48.1% of segment revenue) in FY26 with EBIT of Rs. 35,766.1 crore. Mobile Services Africa generated Rs. 56,806.4 crore (24.2%) and EBIT of Rs. 18,793.6 crore. Passive Infrastructure Services — tower and related infrastructure leasing — contributed Rs. 32,694.4 crore (13.9%) and EBIT of Rs. 11,227.3 crore. Airtel Business, the enterprise arm for connectivity and adjacent services, recorded Rs. 21,176.6 crore (9.0%) and EBIT of Rs. 6,359.8 crore. Homes Services (broadband) added Rs. 7,774.7 crore (3.3%) and Digital TV Services Rs. 3,017.9 crore (1.3%, with a small EBIT loss). Depreciation at 25.0% of revenue and other operating expenses at 39.7% dominate the cost structure, reflecting the asset-heavy network model and capex of 21.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mobile Services India (48%), Mobile Services Africa (24%), Passive Infrastructure Services (14%), Airtel Business (9%), Homes Services (3%), Digital TV Services (1%), Other (0%). Asset-heavy, multi-segment telecom operator with mobile services in India and Africa plus infrastructure, enterprise, home broadband and digital TV adjacencies.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,16,547 | 1,39,145 | 1,49,982 | 1,72,985 | 2,10,973 |
| EBITDA (ex other income) | 59,232 | 70,604 | 70,720 | 1,00,446 | 1,16,257 |
| margin % | 50.8 | 50.7 | 47.2 | 58.1 | 55.1 |
| Owners' profit | 4,255 | 8,346 | 7,467 | 33,556 | 26,695 |
| EPS, as reported (₹) | 7.67 | 14.80 | 13.09 | 58.00 | 45.96 |
| ROE % · ROCE % | 9.0 · 10.7 | 11.5 · 10.8 | 8.1 · 10.7 | 24.4 · 16.9 | 17.3 · 17.6 |
| Debt / equity (x) | 1.45 | 1.56 | 1.44 | 0.97 | 0.62 |
| Cash from operations | 55,017 | 65,325 | 78,898 | 98,332 | 1,22,230 |
| Capex | (26,541) | (26,057) | (38,192) | (37,908) | (45,176) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41,473 | 45,129 | 47,876 | 49,463 | 52,145 | 53,982 | 55,383 | 58,539 |
| Profit before tax | 4,824 | 15,232 | 9,526 | 10,422 | 12,241 | 12,185 | 9,960 | 13,665 |
| Net profit | 4,153 | 16,135 | 12,476 | 7,422 | 8,651 | 8,503 | 9,247 | 10,012 |
| EPS (₹) | 6.21 | 25.54 | 19.02 | 10.26 | 11.66 | 11.44 | 12.53 | 13.38 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mobile Services India | 1,12,995 | 48.1 |
| Mobile Services Africa | 56,806 | 24.2 |
| Airtel Business | 21,177 | 9.0 |
| Passive Infrastructure Services | 32,694 | 13.9 |
| Homes Services | 7,775 | 3.3 |
| Digital TV Services | 3,018 | 1.3 |
| Others | 388 | 0.2 |
| Total, before eliminations | 2,34,854 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHARTI AIRTEL LIMITED ◆ | 11,93,684 | 39.9 | 6.09 | 10.9 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED | 1,28,495 | 3.4 | — | 3.5 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 82,750 | 45.4 | 11.55 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 47,883 | 50.6 | 13.11 | 11.5 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) | 7,564 | 203.6 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,419 | — | — | 82.9 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 42 | — | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 5 | — | — | — | 8.3 | (19.2) | — | 27.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.9 | 45.4 | 2 of 5 | 75% |
| P/B | 6.1 | 11.6 | 1 of 3 | 100% |
| ROCE | 11.9 | 11.9 | 4 of 7 | 50% |
| ROE | 17.3 | 24.2 | 3 of 3 | 0% |
| Debt / Equity | 0.6 | 0.6 | 2 of 3 | 50% |
| EBITDA margin | 57.8 | 41.3 | 2 of 8 | 86% |
| Revenue growth | 18.4 | 8.3 | 2 of 8 | 86% |
| Profit growth | 34.9 | 39.0 | 5 of 8 | 43% |
| Market cap | 1193684 | 27723 | 1 of 8 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Bharti Airtel schedules earnings call for November 6, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · No share conversion requests received in September quarter | compliance | minimal | — | — |
| 14 Oct 2026 · Bharti Airtel faces Rs 1.5 lakh penalty from DoT for subscriber verification lapse | regulatory legal | high | — | — |
| 7 Oct 2026 · Airtel launches new postpaid plans with free international roaming | business updates | medium | — | — |
| 5 Oct 2026 · Airtel Business launches IQ Gateway for enterprise messaging | compliance | low | — | — |
| 1 Oct 2026 · DoT imposes small penalties for subscriber verification issues | regulatory legal | high | — | — |
| 29 Sept 2026 · Bharti Airtel faces small DoT penalties for subscriber verification violations | business updates | medium | — | — |
| 25 Sept 2026 · Bharti Airtel: Trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Airtel adds Apple iCloud+, Apple TV and Apple Arcade to postpaid plans | business updates | medium | — | — |
| 21 Sept 2026 · Bharti Airtel receives Rs 1.03 lakh penalty from DoT for subscriber verification norms | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.