Bharti Airtel’s September Quarter Revenue Rises 16.7 per cent as India Mobile and Africa Deliver

Bharti Airtel's strategy of improving mobile customer quality while expanding home broadband, enterprise services and African operations is increasingly visible in its financial performance. The telecom and digital services group reported consolidated revenue of Rs 60,878 crore for the quarter ended September 30, 2026, up 16.7 per cent YoY and 4.0 per cent QoQ.

Net income before exceptional items rose 32.7 per cent YoY to Rs 9,015 crore, while earnings before interest, Tax, depreciation and amortisation (EBITDA) increased 17.8 per cent to Rs 35,240 crore. EBITDA margin improved to 57.9 per cent from 57.4 per cent a year earlier. Earnings before interest and tax (EBIT) climbed 23.3 per cent to Rs 20,556 crore, with the EBIT margin expanding by 1.8 percentage points to 33.8 per cent.

India revenue rose 9.4 per cent YoY to Rs 42,308 crore, led by a 10.1 per cent increase in mobile revenue. Average revenue per user (ARPU) improved to Rs 271 from Rs 256 a year earlier as Airtel added higher-value smartphone data customers and postpaid users. The company added a record 1.2 million postpaid customers during the quarter, taking its postpaid base to 31.2 million. Smartphone data customers rose by 2.9 million sequentially, while monthly data usage reached 36.5 GB per customer.

Homes revenue grew 25.3 per cent YoY and the business added 676,000 customers, taking the base to 15.4 million. Airtel Business recorded 11.4 per cent YoY revenue growth, supported by demand across connectivity and digital offerings. Africa delivered 20.6 per cent constant-currency revenue growth and had 193.9 million customers at quarter-end.

The group added 12 million customers across India and Africa, taking its consolidated base to about 693 million across 15 countries. It deployed 497 towers and 11,684 mobile broadband base stations during the quarter. Consolidated capital expenditure stood at Rs 12,467 crore, while Airtel invested Rs 2,826 crore in land for planned data-centre expansion. Its annualised consolidated net debt-to-EBITDA ratio improved to 1.18 times from 1.63 times a year earlier, strengthening capacity to fund network and digital infrastructure investments.

As of 9:10 am on November 6, 2026, Bharti Airtel shares were trading at Rs 2,118.00, compared with the previous close of Rs 2,062.05. The stock was about 2.1 per cent below its 52-week high of Rs 2,162.85. Over one year, the shares gained 1.62 per cent, compared with a 2.16 per cent decline in the BSE 500, indicating relative resilience despite a modest absolute return.

What This Means for Investors

The quarter supports Airtel's broader growth model, where mobile premiumisation remains the main earnings driver while Homes, enterprise services and Africa add new revenue pools. Higher ARPU, record postpaid additions and margin expansion indicate that customer mix is improving without relying solely on a sector-wide tariff increase. The lower leverage ratio also gives the company greater flexibility to invest in fibre, data centres and enterprise infrastructure.

The development is potentially supportive for medium-term earnings visibility, although execution requirements are rising. Data-centre expansion towards the company's 1 GW ambition, continued network spending and the scaling of digital enterprise offerings will require disciplined capital allocation and timely utilisation. At 41.5 times trailing earnings and 10.3 times trailing EBITDA, the valuation places importance on sustained ARPU progression, margin discipline and returns from newer growth engines. The key uncertainty remains whether telecom pricing and 5G monetisation improve sufficiently to sustain long-term returns on investment.

Disclaimer: The article is for informational purposes only and not investment advice.