Bharti Airtel revenue rises 17% as net income gains 33%

Bharti Airtel Limited reported consolidated revenue of Rs 60,877.5 crore for the quarter ended September 2026, up 17% year on year, while net income before exceptional items rose 33% to Rs 9,015.1 crore. Bharti Airtel’s EBITDA margin increased by 0.5 percentage points to 57.9%, with both India SA and Africa reporting higher revenue and EBITDA.

How did Bharti Airtel’s consolidated earnings change in Q2?

Bharti Airtel’s consolidated revenue increased to Rs 60,877.5 crore in the quarter ended September 2026 from Rs 52,145.4 crore a year earlier. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 18% to Rs 35,239.5 crore, exceeding revenue growth, while the EBITDA margin rose to 57.9% from 57.4%.

The increase continued below EBITDA. Earnings before interest and tax, or EBIT, grew 23% to Rs 20,556 crore, profit before tax rose 27% to Rs 15,608.2 crore, and profit after tax before exceptional items increased 26% to Rs 10,883.7 crore. Net income before exceptional items, after non-controlling interest, increased to Rs 9,015.1 crore from Rs 6,791.6 crore.

Non-controlling interest, or NCI, was Rs 1,868.7 crore in the September 2026 quarter, compared with Rs 1,859.1 crore a year earlier. Net income after exceptional items was Rs 8,887.5 crore, up 31%, after Rs 127.4 crore of exceptional items net of tax and NCI, whereas no such item was recorded in the comparable quarter.

Which regions drove Bharti Airtel’s revenue growth?

Bharti Airtel’s India SA revenue grew 9% to Rs 42,307.9 crore, while Africa revenue rose 38% to Rs 18,816.5 crore in the September 2026 quarter. India SA remained the larger regional business by revenue, but Africa’s increase was larger in percentage terms from its Rs 13,679.5 crore revenue base a year earlier.

India SA EBITDA increased 11% to Rs 25,729.4 crore and its margin rose 0.8 percentage points to 60.8%. Africa EBITDA rose 42% to Rs 9,510 crore, lifting its margin by 1.4 percentage points to 50.5%. Revenue eliminations and other items were negative Rs 246.9 crore, compared with negative Rs 224.2 crore in the September 2025 quarter.

India SA net income before exceptional items increased to Rs 8,203.7 crore from Rs 6,592.2 crore. Africa’s corresponding regional net income rose to Rs 1,726.3 crore from Rs 969.2 crore, while eliminations and other items were a negative Rs 914.8 crore, compared with negative Rs 769.8 crore a year earlier.

Did Bharti Airtel’s margins improve across its operations?

Bharti Airtel’s consolidated EBITDA margin improved to 57.9% from 57.4%, while its EBITDA after lease, or EBITDAaL, margin rose to 51.7% from 51.0%. EBITDAaL, the measure presented before Ind AS 116 lease-accounting effects, increased 18% to Rs 31,488.4 crore in the September 2026 quarter.

India SA’s EBITDA margin of 60.8% remained above Africa’s 50.5%, although both regions expanded their margins from September 2025. The margin difference narrowed to 10.3 percentage points from 10.9 percentage points, reflecting Africa’s 1.4-percentage-point increase against India SA’s 0.8-percentage-point gain.

Within India without passive infrastructure services, revenue rose 11% to Rs 38,598.5 crore and EBITDA grew 12% to Rs 22,858 crore, taking the margin to 59.2% from 58.5%. Mobile Services revenue rose 10% to Rs 30,943.1 crore with a 61.0% EBITDA margin, while Homes Services revenue increased 25% to Rs 2,336 crore but its margin declined to 48.8% from 50.1%.

What changed in Bharti Airtel’s cash flow, investment and debt?

Bharti Airtel generated operating free cash flow of Rs 22,772.7 crore in the September 2026 quarter, up 23% from Rs 18,556.7 crore. The presentation defines operating free cash flow as EBITDA less capital expenditure, and capex increased 10% to Rs 12,466.8 crore, below the 18% growth in EBITDA.

For the six months ended September 2026, capex rose 31% to Rs 25,852.8 crore and operating free cash flow increased 12% to Rs 42,985.3 crore. India SA accounted for Rs 19,605.8 crore of six-month capex and Africa accounted for Rs 6,247 crore, while Bharti Airtel separately disclosed Rs 2,825.8 crore invested in a strategic land parcel for its India data-centre business.

Consolidated net debt stood at Rs 166,580.5 crore at September 30, 2026, down 14% from Rs 194,713.1 crore a year earlier. Net debt excluding lease obligations declined 30% to Rs 88,277.1 crore, while total equity and non-controlling interests increased to Rs 199,391.7 crore from Rs 160,354 crore.

How did Bharti Airtel perform in the first half?

Bharti Airtel’s revenue for the six months ended September 2026 increased 18% to Rs 119,416.6 crore, while net income before exceptional items rose 34% to Rs 17,072.4 crore. EBITDA grew 19% to Rs 68,838.1 crore and the consolidated EBITDA margin rose 0.5 percentage points to 57.6%.

India SA generated six-month revenue of Rs 83,521.9 crore, up 10%, while Africa generated Rs 36,382.2 crore, up from Rs 25,762.9 crore. Their EBITDA margins were 60.5% and 50.4%, respectively, compared with 59.7% and 48.6% in the six months ended September 2025.

Africa also delivered faster growth in six-month net income before exceptional items, which rose to Rs 2,915.9 crore from Rs 1,639.3 crore. India SA’s comparable figure increased to Rs 15,075.4 crore from Rs 11,884.2 crore, keeping India SA as the larger contributor in absolute terms.

Conclusion

Bharti Airtel’s September 2026 quarter showed revenue translating into faster growth in net income before exceptional items and a higher consolidated EBITDA margin. India SA remained the principal contributor by revenue and regional income, while Africa recorded higher year-on-year growth rates in revenue, EBITDA and regional net income.

The next reported developments to watch are capital expenditure after its 31% increase in the first half, progress associated with the separately disclosed Rs 2,825.8 crore India data-centre land investment, and net-debt movements after the 14% year-on-year decline reported at September 30, 2026.