Bharti Airtel Q2 FY27 Revenue Seen Rising Up to 15.6%

Bharti Airtel Limited is expected to report Q2 FY27 consolidated revenue growth of up to 15.6% year-on-year, with the average estimate of nine brokerages placing revenue from operations at ₹60,298 crore. The projections point to continued gains from subscriber additions, improving mobile ARPU, and contributions from its India and Africa businesses.

What are brokerages forecasting for Airtel's Q2 FY27 results?

Airtel is expected to deliver double-digit year-on-year growth in revenue and profit for the quarter ended 30 September 2026. Kotak Institutional Equities estimates net sales of ₹59,750.2 crore, up 14.5% year-on-year, while Axis Direct projects revenue of ₹60,061 crore, up 15.2%. The average estimate of nine brokerages is higher at ₹60,298 crore, implying 15.6% year-on-year and 3% sequential growth.

Profit forecasts differ more widely across brokerages. Kotak Institutional Equities expects profit after tax to rise 28.5% year-on-year to ₹8,725.1 crore. Axis Direct estimates a 19.9% increase to ₹10,618 crore, while MOFSL forecasts a 30.8% increase to ₹8,880 crore. The nine-brokerage average projects net profit of ₹9,897 crore, up 45.7% year-on-year and 21.2% quarter-on-quarter.

Ebitda is also projected to improve. Kotak Institutional Equities estimates Ebitda of ₹34,154 crore, up 15.5% year-on-year, while MOFSL forecasts ₹34,200 crore, up 15.7%. The average of five brokerages puts Ebitda at ₹34,493 crore, about 17% higher than a year earlier.

What is expected to drive Airtel's revenue growth?

Airtel's projected revenue growth is linked to subscriber additions, higher spending per user and steady performance in several business lines. Axis Direct expects subscriber additions and growth at Airtel Africa to support its revenue estimate. MOFSL expects contributions from Homes, Enterprise, Airtel Africa and Indus Towers, alongside India wireless growth.

Mobile ARPU is a key indicator for the quarter. Kotak Institutional Equities forecasts ARPU of ₹268, compared with ₹264 in the previous quarter. MOFSL estimates ARPU of ₹269, up 2% sequentially. Both brokerages noted that the quarter had an additional day, which partly supports the sequential increase.

Recent tariff-plan revisions are another stated factor in the estimates. MOFSL expects the partial impact of those revisions, together with steady subscriber additions, to support around 3% sequential growth in India wireless revenue and reported Ebitda. The brokerage also expects 3 million paying wireless net additions and 4 million 4G/5G net additions during the quarter.

How does the Q2 outlook compare with Airtel's Q1 FY27 performance?

Airtel entered the September quarter after reporting revenue from operations of ₹58,539 crore in Q1 FY27, up 18.4% year-on-year and 5.7% sequentially. Net profit for the June quarter rose 37.3% year-on-year to ₹8,167 crore, while Ebitda increased 19.3% to ₹33,599 crore.

The Q1 FY27 figures were supported by growth across mobile, enterprise, home broadband and Africa businesses. However, higher depreciation and tax expenses, as well as a one-time ₹353 crore charge at the Africa unit, partly offset profit growth in that quarter. Ebitda margin stood at 57.4%, down 40 basis points sequentially but up 50 basis points year-on-year.

India mobile revenue had increased 9.2% year-on-year in Q1 FY27 as ARPU rose to ₹264 a month from ₹250. Airtel added 1 million postpaid customers during the quarter, taking its postpaid base to 30 million. Smartphone data customers accounted for 80% of its mobile customer base.

What operating metrics will investors watch in the results?

Investors will focus on ARPU, mobile subscriber additions, margins and capital expenditure commentary when Airtel releases its Q2 FY27 numbers. Airtel had 376.5 million mobile subscribers in India at the end of June 2026 and a total customer base of 491.9 million, including fibre-to-the-home, machine-to-machine and wireline connections.

Nomura estimated India wireless revenue of ₹31,020 crore for Q2 FY27, up 4% sequentially and 10% year-on-year. Its estimate assumed subscriber additions of 1.9 million, compared with 3.3 million in Q1 FY27, and an end-of-period mobile subscriber base of 378.4 million.

Margin trends will also matter because Axis Direct expects Ebit margin to expand 133 basis points year-on-year to 32.7%. At the same time, it expects Ebit to remain flat sequentially because of higher operating costs related to data-centre investments and network expansion. This makes management commentary on investment requirements relevant alongside the reported earnings figures.

When will Airtel report Q2 FY27 results and hold its earnings call?

Airtel's board is scheduled to consider the audited standalone and consolidated financial results for Q2 FY27 and the six months ended 30 September 2026 on Thursday, 5 November 2026. The company has also disclosed a joint earnings webinar with Bharti Hexacom Limited on 6 November 2026, from 12:00 pm to 1:20 pm IST.

The earnings call is expected to provide management commentary on revenue, profitability and operational performance across telecom and digital services. Investors are likely to seek clarity on the room for further tariff increases, the pace of data-centre-related capital expenditure and the early response to recently introduced 5G slicing plans aimed at postpaid adoption.

Conclusion

The Q2 FY27 preview indicates that Airtel is expected to sustain revenue growth above 14% year-on-year, led by improving ARPU, customer additions and contributions from non-wireless businesses. Forecasts for profitability are positive, although estimates vary by brokerage and reported results will determine the actual pace of earnings growth.

The next focus will be Airtel's audited Q2 FY27 announcement on 5 November 2026 and management's webinar on 6 November 2026. Commentary on tariff revisions, mobile ARPU, subscriber additions, operating costs and capital expenditure plans will provide the clearest context for assessing the quarter.