Bharti Airtel Earnings Summary — Q4 FY2026

• Revenue grew to a record INR 55,383 Crores in Q4 FY2026, marking a 47% increase compared to the same quarter two years ago.
• Operating Profit Margin (OPM) stabilized at a high of 57%, demonstrating significant operational leverage and a premium subscriber mix.
• Net Profit surged to INR 9,247 Crores for the quarter, reflecting improved unit economics despite substantial depreciation and interest costs.
• The company has successfully transitioned from a survival phase to a compounding phase, with TTM revenue growth at 22%.
• Interest expenses remain high at INR 5,606 Crores for the quarter, but coverage is improving as EBITDA (Operating Profit) reaches INR 31,492 Crores.
• Heavy capital expenditure continues to be a requirement for 5G and fiber rollout, although free cash flow generation remains positive.

Management remains focused on a 'high ARPU strategy' to maintain a high-quality subscriber base and is prioritizing 'Digital' and 'Africa' as future growth engines.

Improving

The consistent expansion of OPM to 57% and the growth in Net Profit over the last several quarters indicate a significant improvement in financial health and profit quality.

The outlook is positive as the company captures benefits from tariff hikes and premiumization. While regulatory risks and spectrum debt persist, strong operational cash flows and 5G leadership position the company as a high-quality compounder.