Bharti Airtel Ltd(BHARTIARTL)

NSE: BHARTIARTLBSE: 532454

₹ 1,890-0.52%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 11.80 L crWebsite: www.airtel.inUpdated: 24 Oct 2026

About

Bharti Airtel is India's largest telecom solutions provider and the second largest mobile operator in Africa, serving over 590 million customers in 15 countries across India and Africa. It provides mobile, home broadband, enterprise and digital TV services, and runs data centres through Nxtra and payments through Airtel Payments Bank. In FY26 revenue was Rs 210,972.8 Cr, with Mobile Services India contributing 48.1% and Mobile Services Africa 24.2% of segment revenue.^[1][2][3][4]

Business segments

Mobile Services India: 48.1% of segment revenue in FY26 (Rs 112,995.4 Cr).^[4]
Mobile Services Africa: 24.2% of segment revenue in FY26 (Rs 56,806.4 Cr).^[4]
Passive Infrastructure Services (towers, run through subsidiary Indus Towers): 13.9% of segment revenue in FY26.^[4][1]
Airtel Business (enterprise connectivity, cloud, data centres, cyber security, IoT): 9.0% of segment revenue in FY26.^[4][1]
Homes Services (home broadband): 3.3% of segment revenue in FY26.^[4]

Key operating numbers

India mobile ARPU was Rs.264 in Q1 FY27, up from Rs.257 in Q4 FY26.^[5]
Postpaid customers were over 8% of the India mobile base in Q1 FY27, after a record 1 million postpaid adds in the quarter.^[5]
India mobile customers numbered 424.5 Mn as of FY25; the 5G network had over 135 million customers, up from 72 million a year earlier.^[1]
Airtel Business revenue was Rs.5,670 Cr in Q1 FY27, up 3.2% QoQ and ~12% YoY; its order book grew 17% in FY26.^[5]
International roaming revenue was growing over 30% YoY as of Q3 FY26.^[6]
Consolidated net debt to EBITDAaL was 0.7x in Q1 FY27, down from 1.1x at end-FY26.^[5]

Network and spectrum

Airtel bought 97 MHz of spectrum in key circles for Rs 68.6 bn in the FY25 auction.^[1]
Airtel has invested over Rs 1.3 trillion in its network over the five years to FY25.^[1]
Pan-India rollout of 5G Standalone on both FWA and mobile was completed as of Q3 FY26.^[6]
Site running costs fell over 6% over four years to Q3 FY26 through AI-led optimisation under the War on Waste programme.^[6]
The FY25 annual report says 5G monetisation remains limited due to a lack of compelling use cases.^[1]

Home broadband and digital TV

The connected homes customer base crossed 13 million in Q3 FY26; the homes business added 4.2 million customers across FY26.^[6]
Home passes crossed 45 million after more than 8 million new passes in FY26; FWA customers exceeded 3 million as of Q3 FY26.^[2]
Homes net adds slowed to 473,000 in Q1 FY27 as the company tightened FWA acquisition quality and moved back to a fiber-first approach.^[5]
Homes broadband covered 1,476 cities through 78,700+ local cable operator partners as of FY25.^[1]
IPTV added ~0.5 million Digital TV customers in Q4 FY26, after earlier quarters of subscriber losses.^[2]

Distribution and reach

India mobile distribution ran through 1 million outlets reaching 7,918 census towns and 814,066 non-census towns and villages as of FY25.^[1]
Airtel signed an agreement with SpaceX to offer Starlink internet to its customers in India (FY25).^[1]
Nearly all Home and Digital TV devices come from the Dixon Electro Appliances JV and other domestic partners (FY25).^[1]

Enterprise and data centres

Nxtra ran 120 - 130 MW of data centre capacity with ~12% market share as of Q1 FY27; the target is 1 GW over the next few years.^[5]
Nxtra raised $1 billion in Q4 FY26 for the 1 GW build-out, backed by a Google contract and Mumbai land acquisitions.^[2]
56 edge data centres are planned over 18 to 24 months from Q4 FY26.^[2]
Airtel held over 56% of India's IoT market as of FY25.^[1]
Digital businesses (cloud, cybersecurity, IoT, CPaaS) were ~30% of enterprise revenue and growing ~20% in Q3 FY26, vs 5 - 6% for core connectivity.^[6]
Airtel Business digital revenue grew ~6% QoQ in Q1 FY27.^[5]

Financial services

Airtel Payments Bank had ~120 million monthly transacting users in Q1 FY27; deposits were ~Rs.4,400 Cr, up 17% YoY.^[5]
The Airtel Money NBFC started lending in Q1 FY27; Airtel Finance disbursements exceed Rs.750 Cr per month.^[5]
Capital for financial services is capped at Rs.20,000 Cr over five years (Rs.14,000 Cr from Airtel), as of Q4 FY26.^[2]

Africa and corporate actions

A share swap with ICIL in Q1 FY27 raised Airtel's stake in Airtel Africa to over 79%.^[5]
Africa revenue grew 5.7% in constant currency in Q1 FY27; Africa's annualised EBITDA is over Rs.35,000 Cr.^[5]
Airtel Money (Africa) is preparing a London listing targeted for the second half of 2026.^[5]
Uganda's listing obligation requires 20% to be listed by November 06, 2026 (as of FY24).^[7]
Indus Towers became a subsidiary in FY25, and Airtel transferred its towers to Indus.^[1]

Market Cap

₹11,79,578 Cr

High / Low

₹2,175 / 1,726

Stock P/E

39.8

Price / Book

7.7

Book Value

₹245

EPS

₹43.8

No. of Shares

609.44 Cr

ROCE

18.8%

ROE

20.3%

OPM

32.6%

Debt / Equity

0.82

Sales

₹2,10,973 Cr

Net Profit

₹33,823 Cr

Promoter holding

50.1%

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Signal history

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Bharti Airtel Ltd(BHARTIARTL)

About

Business segments

Key operating numbers

Network and spectrum

Home broadband and digital TV

Distribution and reach

Enterprise and data centres

Financial services

Africa and corporate actions

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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Corporate Actions