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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Bharti Airtel to attend Jefferies India Forum on September 17, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Bharti Airtel faces two DoT penalties worth Rs 8.91 lakh for subscriber verification lapses | general | medium | — | — |
| 4 Sept 2026 · Bharti Airtel to attend UBS India Summit on September 10 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · DoT imposes small penalties on Airtel for subscriber verification lapses | regulatory legal | high | — | — |
| 25 Aug 2026 · DoT imposes Rs 1.05 lakh penalty on Bharti Airtel over subscriber verification norms | regulatory legal | high | — | — |
| 21 Aug 2026 · Schedule of investor meetings - Singtel Investor Day on Aug 27 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Bharti Airtel: 460,340 partly paid shares converted to fully paid | corporate actions | medium | — | — |
| 17 Aug 2026 · Airtel Payments Bank: Sunil Bharti Mittal exits, Shabnam Sinha new Chair | management changes | high | — | — |
| 13 Aug 2026 · Airtel schedules Motilal Oswal investor conference on Aug 18 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Bharti Airtel Q1 FY27 Earnings Call Transcript Filed | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|
| BHARTI AIRTEL LIMITED ◆ | 11,17,918 | 37.4 | 5.70 | 10.3 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED | 1,62,189 | 4.3 | — | 4.0 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 77,305 | 42.4 | 10.79 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 50,027 | 52.9 | 13.70 | 11.9 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) | 6,979 | 187.9 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,561 | — | — | 83.2 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 41 | 1.5 | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 4 | — | — | — | 8.3 | (19.2) | — | 27.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.4 | 39.9 | 3 of 6 | 60% |
| P/B | 5.7 | 10.8 | 1 of 3 | 100% |
| ROCE | 11.9 | 10.9 | 4 of 8 | 57% |
| ROE | 17.3 | 9.3 | 3 of 8 | 71% |
| Debt / Equity | 0.6 | (0.9) | 7 of 8 | 14% |
| 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 | 1117918 | 28503 | 1 of 8 | 100% |
| A rating (BUY / ADD / REDUCE / SELL) |
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| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
