Bharti Airtel Limited (BHARTIARTL)
₹1,905.00 +2.75% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bharti Airtel's revenue was ₹58,539 Cr (+18.4% year on year, +5.7% on the previous quarter), and net profit ₹10,012 Cr (+34.9% year on year); the operating margin was 56.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹58,539 | +18.4% | +5.7% |
| Operating profit | ₹33,303 | +19.6% | +5.8% |
| Net profit | ₹10,012 | +34.9% | +8.3% |
| EPS (₹) | 13.38 | +30.4% | +11.3% |
| Operating margin | 56.9% | — | — |
BHARTIARTL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.63% of the BHARTIARTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.36%. The price rose 2.75% on that unusually high delivery, the pattern the delivery dashboard labels accumulation. It traded 4.1 times its average daily volume. In BHARTIARTL futures, open interest fell 6.52% while the futures price rose 2.49%: short covering (shorts closing out). NSE's short-selling report for 15 Oct lists 12,822 BHARTIARTL shares sold short, 0.11% of that day's volume.
Delivery in the last 5 sessions: 63.0% · 63.9% · 68.1% · 63.1% · 80.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bharti Airtel announced revamped postpaid plans effective October 8, 2026, offering complimentary international roaming on all tiers ranging from ₹499 to ₹1,799 per month. The roaming perk includes 5GB of data, 60 calling minutes, 25 outgoing SMS, and free incoming SMS valid for 5 days per year, extended to all SIMs in family packs. This product revamp directly targets customer premiumization and ARPU expansion, supporting Airtel's goal of raising India Mobile ARPU by 17%. With TTM revenue standing at ₹2,20,049 Cr, expanding high-margin postpaid customer stickiness helps safeguard operating margins (OPM at 56.9%).
- New postpaid lineup spans monthly rentals from ₹499 (individual) to ₹1,799 (family of 5)
- Offers 1 free international trip per SIM per year with 5GB data, 60 call minutes, and 25 outgoing SMS valid for 5 days
- Effective rollout date is October 8, 2026, accessible to existing prepaid/postpaid and new switchers
- Includes bundled subscriptions (Apple, Amazon Prime, Netflix, JioHotstar) depending on rental tiers
Bharti Airtel has launched 'Airtel IQ Gateway', a DPDP-compliant unified business communications platform integrating SMS, WhatsApp, RCS, voice, and silent authentication. The platform is designed to eliminate fragmented enterprise vendor setups and curb fraud losses such as international SMS pumping for clients in BFSI, e-commerce, and logistics. It follows successful pilot deployments across select financial institutions and will be showcased at the India Mobile Congress from October 7–10, 2026. While commercially launched nationwide, Bharti Airtel has not disclosed specific revenue projections or contract values for the product.
- Nationwide rollout of Airtel IQ Gateway announced on October 05, 2026, post pilot trials across banks and financial institutions
- Consolidates SMS, WhatsApp, RCS, voice communications, and silent authentication onto a single sovereign control plane
- Platform integrates built-in fraud scoring (IQ Verify) and network-first login to reduce SIM-swap risks and SMS pumping
- Showcased at the India Mobile Congress scheduled between October 7–10, 2026
- Bharti Airtel operates globally across 15 countries with over 650 million customers
Bharti Airtel announced an enhancement to its postpaid offerings by bundling Apple's iCloud+, Apple TV, and Apple Arcade into its ₹999 and higher family postpaid plans. The ₹999 plan caters to a family of three and includes unlimited data with Fastlane technology, spam protection, and entertainment. This strategic move aims to encourage customer upgrades to premium tiers and drive ARPU growth, which is central to Airtel's ongoing revenue expansion strategy. While commercial terms with Apple were not disclosed, the initiative targets higher customer stickiness and subscriber retention.
- Apple iCloud+, Apple TV, and Apple Arcade added to family postpaid plans starting at ₹999 and above.
- ₹999 postpaid plan covers a family of three with unlimited data via Fastlane technology.
- Airtel operates across 15 countries serving over 650 million customers globally.
Bharti Airtel received a notice from the Department of Telecommunications (DoT), Bihar LSA, imposing a minor penalty of ₹1,53,000. The notice pertains to alleged non-compliance with subscriber verification norms identified during a Customer Application Form (CAF) audit for May 2026. The financial liability represents a negligible fraction of the company's ₹2,20,049 Cr TTM revenue and ₹36,412 Cr TTM PAT. Bharti Airtel stated it does not agree with the notice and plans to seek rectification or reversal.
- DoT Bihar LSA imposed a penalty of ₹1,53,000 on Bharti Airtel.
- Penalty follows a Customer Application Form (CAF) Audit conducted for May 2026 regarding subscriber verification norms.
- Notice was received on September 18, 2026, at 16:07 IST.
- Company stated it disagrees with the notice and will pursue rectification or reversal.
Bharti Airtel has received an order from the Telecom Regulatory Authority of India (TRAI) imposing a financial disincentive of ₹1,10,000 (Rupees One Lakh Ten Thousand). The penalty pertains to alleged non-compliance with Quality of Service (QoS) regulations for wireline, wireless, and broadband services for the month of November 2025. Given Bharti Airtel's TTM revenue of ₹2,20,049 crore, this penalty is financially negligible and poses zero impact on operations. The company stated it is currently reviewing the order to decide on appropriate action.
- Financial disincentive of INR 1,10,000/- levied by TRAI
- Order received on September 18, 2026 at IST 1105 Hrs
- Pertains to alleged non-compliance of Quality of Service regulations for November 2025
- Maximum financial implication is strictly limited to the disincentive amount of ₹1.1 lakh
Bharti Airtel has scheduled participation in institutional investor conferences in Hong Kong from September 22 to September 23, 2026. The company will attend the CITIC CLSA Investors' Forum for group/one-on-one meetings across both dates, alongside the BofA Asia Pacific Conference on September 23, 2026. Bharti Airtel confirmed that no unpublished price-sensitive information (UPSI) will be disclosed during these interactions.
- CITIC CLSA Investors' Forum scheduled for September 22 to September 23, 2026
- BofA Asia Pacific Conference scheduled for September 23, 2026
- Both events consist of Group/One on One Meetings located in Hong Kong
- No unpublished price sensitive information (UPSI) will be shared
Bharti Airtel Limited has scheduled participation in two institutional investor conferences in Hong Kong. The company will attend the CITIC CLSA Investors' Forum on September 22-23, 2026, and the BofA Asia Pacific Conference on September 23, 2026. The interactions will include group and one-on-one meetings. The company clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Participation in CITIC CLSA Investors' Forum scheduled for September 22-23, 2026
- Participation in BofA Asia Pacific Conference scheduled for September 23, 2026
- Meeting format includes both group and one-on-one interactions in Hong Kong
- Company confirmed that no unpublished price sensitive information will be shared
Bharti Airtel Limited has scheduled participation in the Jefferies India Forum on September 17, 2026, held in Gurugram. The event will involve group or one-on-one meetings with institutional investors and analysts. The company noted that no unpublished price sensitive information (UPSI) will be disclosed during these interactions. This is a routine investor interaction filing with no immediate financial or structural impact on the business.
- Participation scheduled for September 17, 2026
- Event: Jefferies India Forum held in Gurugram
- Format consists of group or one-on-one meetings
- Explicit confirmation that no UPSI will be shared
Bharti Airtel has received two separate penalty notices from the Department of Telecommunications (DoT) totalling Rs 8.91 lakh over subscriber verification norms. The first notice from the Andhra Pradesh LSA imposes a penalty of Rs 6,75,000 for May 2026 Customer Application Form (CAF) audit violations, which the company has opted to pay. The second notice from Madhya Pradesh LSA levies Rs 2,16,000 for June 2026 CAF audit violations, which the company plans to contest. Given Bharti Airtel's TTM revenue of Rs 2,20,049 crore, the financial impact is negligible.
- Penalty of Rs 6,75,000 imposed by DoT Andhra Pradesh LSA for CAF audit of May 2026
- Company opted not to contest and will pay the Rs 6,75,000 penalty
- Penalty of Rs 2,16,000 imposed by DoT Madhya Pradesh LSA for CAF audit of June 2026
- Company will contest and seek rectification/reversal of the Rs 2,16,000 penalty
- Total penalty across both circles stands at Rs 8,91,000
Bharti Airtel has scheduled participation in the UBS India Summit in Mumbai on September 10, 2026. The interactions will involve group and one-on-one meetings with institutional investors. The company confirmed that no unpublished price-sensitive information (UPSI) will be disclosed during the event. This is a routine regulatory intimation under SEBI Listing Regulations.
- Participation scheduled for September 10, 2026 at the UBS India Summit
- Format involves group and one-on-one investor meetings in Mumbai
- Company confirmed zero disclosure of unpublished price sensitive information (UPSI)
- Filing submitted under Regulation 30 of SEBI Listing Regulations on September 4, 2026
Bharti Airtel received penalty notices totaling Rs 3.13 lakh from the Department of Telecommunications (DoT) on August 31, 2026. The penalties include Rs 2,13,000 from Karnataka LSA and Rs 1,00,000 from Maharashtra LSA following Customer Application Form (CAF) audits for June 2026. The company stated it has opted not to contest the orders and will pay the penalties. Financially, the impact is negligible against Bharti Airtel's annual revenue base of over Rs 2.1 lakh crore.
- Received penalty of Rs 2,13,000 from DoT Karnataka LSA for alleged subscriber verification violations
- Received penalty of Rs 1,00,000 from DoT Maharashtra LSA for subscriber verification audit findings
- CAF audits pertain to subscriber onboarding compliance for June 2026
- Company has chosen not to contest and will pay the total penalty of Rs 3,13,000
Bharti Airtel has received an order from the Department of Telecommunications (DoT), Uttar Pradesh (East) LSA, imposing a minor penalty of ₹1,05,000. The penalty follows a Customer Application Form (CAF) audit conducted for June 2026, which alleged violations of subscriber verification norms under the license agreement. Bharti Airtel confirmed that the financial impact is limited strictly to the penalty amount, and the company has chosen not to contest the order and will pay the fine. Given Bharti Airtel's TTM revenue of ₹2,20,049 Cr, this amount is entirely immaterial.
- Penalty of ₹1,05,000 levied by DoT UP (East) LSA.
- Pertains to subscriber verification norms during the June 2026 CAF audit.
- Bharti Airtel has decided not to contest and will pay the penalty.
Bharti Airtel has scheduled participation in investor meetings organized by HSBC during the Singtel Investor Day on August 27, 2026. The interactions will include group and one-on-one meetings held in Singapore. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these sessions. This is a routine statutory disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- Meeting scheduled for August 27, 2026, in Singapore
- Event: Singtel Investor Day organized by HSBC
- Format includes both group and one-on-one investor interactions
- Company confirmed zero sharing of unpublished price-sensitive information (UPSI)
Bharti Airtel has completed corporate actions to credit 460,340 fully paid-up equity shares (face value Rs 5 each) to demat accounts after receiving the First and Final Call money pursuant to a reminder notice. The company secured listing and trading approvals from NSE and BSE, with these shares set to trade from August 19, 2026, under ISIN INE397D01024. Corporate actions for 493 partly paid-up shares could not be completed due to technical errors at depositories and will be resolved separately. Given the company's market capitalization of over Rs 14.6 lakh crore, the operational and financial impact of this conversion is immaterial.
- 460,340 fully paid-up equity shares credited to demat accounts following receipt of call money
- Shares to commence trading on NSE and BSE from Wednesday, August 19, 2026
- 493 partly paid-up shares pending completion due to demat technical errors
- Shares converted from partly paid-up value of INR 1.25 per share to fully paid-up face value of INR 5 each
Bharti Airtel announced a board transition at its subsidiary, Airtel Payments Bank Limited. Founder Sunil Bharti Mittal will conclude his tenure as Non-Executive Chairman and step down on September 30, 2026. Independent Director Shabnam Sinha will take over as Chairperson for a 3-year term beginning October 1, 2026, following RBI approval. The subsidiary currently operates over 500,000 banking points with over 121 million monthly active users.
- Sunil Bharti Mittal steps down as Non-Executive Chairman effective September 30, 2026.
- Shabnam Sinha appointed Chairperson for a 3-year term starting October 1, 2026, following RBI approval.
- Airtel Payments Bank serves over 121 million monthly active users and nearly 30 million account customers.
- Distribution network spans over 500,000 banking points, covering three out of four villages in India.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 16% to INR 1,74,559 Cr in fiscal 2025. In Q2 FY26, India Mobile Services revenue reached INR 28,116.7 Cr (up 2.6% QoQ), Passive Infrastructure Services grew 10% YoY to INR 8,188.3 Cr, while Airtel Business declined 7% YoY to INR 5,276 Cr and Digital TV fell 1% YoY to INR 753.2 Cr.
Geographic Revenue Split
India & South Asia contributed INR 38,690.1 Cr (73.8% of total) in Q2 FY26, while Africa operations contributed INR 13,679.5 Cr (26.2% of total).
Profitability Margins
Consolidated EBITDA margin stood at 57.4% in Q2 FY26, up from 56.8% YoY. Net income margin (before exceptional items) improved to 13.0% in Q2 FY26 compared to 9.0% in Q2 FY25, driven by higher ARPU and operational efficiencies.
EBITDA Margin
Consolidated EBITDA grew 21% to INR 94,733 Cr in fiscal 2025. For Q2 FY26, EBITDA was INR 29,919 Cr with a 57.4% margin, reflecting a 60 bps improvement YoY due to a 17% growth in India mobile ARPU.
Capital Expenditure
Consolidated Capex for Q2 FY26 was INR 11,362.3 Cr, a decrease from INR 14,400.8 Cr in Q4 FY25. India Mobile capex was INR 4,270.7 Cr in Q2 FY26, as the company transitions from heavy 5G rollout to steady-state maintenance.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'AA+/Positive' from 'AA/Positive' and reaffirmed 'A1+' for short-term debt. Net leverage improved to 2.1x in fiscal 2025 from 2.5x in fiscal 2024, reducing interest burden.
Operational Drivers
Raw Materials
Access charges (2.5% of revenue), License fees & spectrum charges (7.3% of revenue), and Network operations costs (14.5% of revenue).
Import Sources
Network equipment and technology components are sourced globally (Europe, China, and USA), while spectrum is locally licensed from the Government of India.
Key Suppliers
Indus Towers (Passive Infrastructure), various global network equipment vendors (Ericsson, Nokia, Samsung), and local power utilities for network operations.
Capacity Expansion
Revenue earning customer base in India Mobile stood at 28 million for Bharti Hexacom; consolidated capacity is expanding through 5G densification and fiber-to-the-home (FTTH) rollout in Home Services.
Raw Material Costs
Network operations costs in India were INR 7,566.7 Cr in Q2 FY26, up 9.6% YoY. Procurement strategies focus on long-term contracts for passive infrastructure to hedge against energy price volatility.
Manufacturing Efficiency
Opex productivity (Opex as % of Revenue) for India was 27.9% in Q2 FY26, showing improved efficiency from 28.4% in the previous quarter.
Logistics & Distribution
Selling and distribution costs are captured within SG&A, which represents 5.5% of India revenue, impacted by a one-off hit in Q2 FY26.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
Growth is targeted through a 17% ARPU increase in India Mobile, expanding the smartphone customer base (added 193,000 in Hexacom), and scaling the B2B 'Airtel Business' and 'Home Services' segments which have higher stickiness.
Products & Services
Telecom SIM cards (4G/5G), Broadband (FTTH), Digital TV (DTH), Enterprise connectivity solutions, and Passive Infrastructure services.
Brand Portfolio
Airtel, Bharti Hexacom, Airtel Business, Wynk Music, Airtel Thanks.
New Products/Services
5G Fixed Wireless Access (FWA) and IPTV (integrated into Digital TV from Q4 FY25) are expected to contribute 3-5% to incremental revenue.
Market Expansion
Expansion of 5G services to rural India and deepening fiber penetration in top 100 cities; Africa operations continue across 14 countries with a focus on mobile money.
Market Share & Ranking
Increased revenue market share in domestic mobile by ~400 bps between fiscal 2021 and 2025, maintaining a strong #2 position in India.
Strategic Alliances
Consolidation of Indus Towers and JVs in Africa for tower assets and undersea cable consortiums.
External Factors
Industry Trends
The industry is shifting toward 5G and converged digital services (Broadband + TV + Mobile). Airtel is positioning itself as a 'digital service provider' rather than just a 'telco' to capture higher wallet share.
Competitive Landscape
Intense competition in India from Reliance Jio; market is currently a 3-player private oligopoly which supports rational pricing.
Competitive Moat
Strong brand equity and high switching costs in the enterprise segment (Airtel Business) create a durable moat. The network effect from a 28M+ subscriber base in specific circles like Hexacom ensures long-term sustainability.
Macro Economic Sensitivity
Highly sensitive to consumer spending power in India and Africa; inflation in Africa led to hyperinflationary accounting adjustments in subsidiary books.
Consumer Behavior
Shift toward high-speed data consumption and bundled home entertainment services is driving the 17% ARPU growth.
Geopolitical Risks
Operations in 14 African countries expose the company to local political instability and regulatory shifts in repatriation of funds.
Regulatory & Governance
Industry Regulations
Subject to TRAI regulations on tariffs and DoT norms on Adjusted Gross Revenue (AGR). License fees and spectrum charges accounted for INR 3,175.5 Cr in Q2 FY26.
Environmental Compliance
ESG initiatives are focused on reducing diesel consumption at tower sites, though specific INR costs are not disclosed.
Taxation Policy Impact
Effective tax rate is significant; current tax expense was INR 1,851.4 Cr in Q2 FY26, up 118% YoY due to higher taxable profits.
Legal Contingencies
Pending matters include AGR dues and spectrum usage charge disputes with the Department of Telecommunications; exceptional items of INR 853.7 Cr were recorded in previous periods for such contingencies.
Risk Analysis
Key Uncertainties
Currency volatility in Africa and potential regulatory changes in India's spectrum allocation policy could impact margins by 2-4%.
Geographic Concentration Risk
74% of revenue is concentrated in India and South Asia, making the company vulnerable to Indian regulatory shifts.
Third Party Dependencies
Heavy reliance on Indus Towers for passive infrastructure; any disruption in tower availability would impact service quality for 28M+ customers.
Technology Obsolescence Risk
Rapid transition from 4G to 5G requires continuous high capex (INR 9,642.9 Cr in Sep-25) to avoid losing market share to technologically superior competitors.
Credit & Counterparty Risk
Trade receivables are generally high-quality due to the prepaid nature of 90%+ of the retail mobile business.
