Bharti Airtel Q2 FY27 Revenue Rises 4% to INR60,900 Crore

Bharti Airtel Limited reported consolidated revenue of about INR60,900 crore in Q2 FY27, up 4% sequentially, supported by growth in its India and Africa operations. Consolidated EBITDA was about INR31,500 crore, up about 5.5% sequentially, while the EBITDA margin improved to 51.7%.

What did Bharti Airtel report for Q2 FY27?

Bharti Airtel reported broad-based sequential growth across its India and Africa businesses in the September 2026 quarter. India revenue, excluding passive infrastructure, rose 3.2% sequentially, while Africa recorded constant-currency revenue growth of 6.7% over the preceding quarter.

Group Chief Financial Officer Soumen Ray said the performance reflected execution, operational discipline and cost efficiencies under the company's War on Waste programme. The company generated operating free cash flow of more than INR19,000 crore during the quarter, calculated as EBITDA less capital expenditure.

The company spent about INR12,500 crore on capital expenditure during Q2 FY27. This level of investment remained below consolidated EBITDA, supporting the operating free cash flow reported for the period.

How did Bharti Airtel's India business perform?

Airtel's India business, excluding passive infrastructure, recorded EBITDA of more than INR20,400 crore, a sequential increase of 4%. Its EBITDA margin was 52.7%, improving by 0.4 percentage points from the previous quarter.

India capital expenditure was INR7,430 crore, while India operating free cash flow was almost INR13,000 crore. The figures show that the India operations generated cash flow after continuing investment in network and other operating assets.

India Mobile continued to benefit from portfolio premiumisation, according to management. The company added 0.7 million revenue-earning customers and 2.9 million smartphone data customers during the quarter. Average revenue per user rose to INR271 from INR264, although management noted that the quarter included one extra day.

Postpaid had its highest-ever quarterly net additions of 1.2 million. Postpaid subscribers represented 8.3% of Airtel's total customer base and accounted for nearly 30% of total customer net additions over the preceding four quarters.

Which Airtel segments contributed to growth?

Mobile, Homes, Airtel Business and the digital portfolio contributed to the quarter's growth. The company said its mobile performance was supported by premiumisation, while its Homes segment maintained momentum through its convergence strategy.

Homes added 670,000 customers during the quarter. Management linked the momentum to traction for connected-home offerings, where customers use more than one service within Airtel's consumer portfolio.

Airtel Business reported revenue of about INR5,800 crore, rising 3.8% sequentially and 11.4% from a year earlier. The enterprise unit secured large deals across core connectivity and digital services and reported continued strength in its deal pipeline and order bookings.

The digital portfolio grew about 4% sequentially. Airtel identified Cloud, cybersecurity, Internet of Things, digital platforms and CPaaS as areas where it saw demand and notable deal wins. These businesses form part of the company's effort to broaden its revenue base beyond traditional connectivity services.

What do Airtel's cash flow and debt figures indicate?

Airtel's consolidated net debt-to-EBITDA ratio improved to about 0.70 times in Q2 FY27. In India, excluding passive infrastructure, the ratio fell below one time to 0.96 times, according to management.

The lower leverage ratios followed operating cash generation during the quarter. The company reported that gross debt had remained broadly flat at about INR120,000 crore over the past three quarters, based on the earnings summary accompanying the results.

Airtel also invested about INR2,900 crore in a strategic land parcel as part of its ambition to develop 1 gigawatt of data-centre capacity. Management said it would provide further details on this initiative in coming quarters. The land investment is separate from the stated quarterly India capital expenditure figure.

For investors, the key financial relationship is between continued capital spending, operating cash flow and leverage. The quarter showed EBITDA growth exceeding revenue growth on a sequential basis, alongside a 0.4 percentage-point improvement in India EBITDA margin excluding passive infrastructure.

Why does the revenue mix matter for Airtel?

Airtel's revenue mix spans Indian mobile services, non-mobile operations, Africa and Indus. Africa accounted for about 30.5% of revenue, India Mobile for about 51%, India Non-Mobile for about 13% and Indus for about 6%, according to management.

This mix makes Africa's constant-currency performance relevant to group growth, while India Mobile remains the largest individual revenue contributor. Airtel's reported Africa growth of 6.7% in constant currency reduces the effect of exchange-rate movements when assessing underlying operating trends.

The India's non-mobile activities include Homes, Airtel Business and digital services. Growth in these segments can add to connectivity revenue, while the reported strategic land purchase points to the company's interest in scaling data-centre infrastructure. Management did not provide a timeline for reaching the 1-gigawatt capacity ambition.

Conclusion

Bharti Airtel's Q2 FY27 results showed 4% sequential consolidated revenue growth to about INR60,900 crore, with EBITDA rising about 5.5% to INR31,500 crore and margin reaching 51.7%. India mobile additions, Homes net additions, enterprise growth and Africa's constant-currency performance supported the operating outcome.

Investors will watch whether Airtel can sustain India revenue premiumisation, cash generation and margin improvement while funding network investment and its data-centre plans. Management has indicated that more details on the 1-gigawatt data-centre capacity ambition will be shared in subsequent quarters.