Bharti Airtel Ltd.
BHARTIARTLTelecommunication filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
16 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (10 of 16 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20221107 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230215 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230522 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230809 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231106 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240212 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240521 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240812 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241106 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250214 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250519 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250811 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251111 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260213 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260520 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260810 | 2026-06-30 | yes |
BHARTIARTL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,795.80 |
| 52-week range | 1756.8 – 2162.7 |
| Return 1M | -7.77% |
| Return 3M | -2.97% |
| Return 1Y | -7.01% |
| Return 3Y | 97.25% |
| Return 5Y | 142.87% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 58,539.00 |
| Other income | 907.00 |
| Total income | 59,446.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 2,178.00 |
| Finance costs | 5,956.00 |
Ownership — 2026-06-30, and the change from 2026-06-23
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.50 | 0.00 |
| institutions foreign | 0.26 | -0.00 |
| institutions domestic | 0.21 | 0.00 |
| mutual funds | 0.12 | -0.00 |
| public | 0.50 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 16 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 34,527.00 | 35,804.00 | 36,009.00 | 37,440.00 | 37,044.00 | 37,900.00 | 37,599.00 | 38,506.00 | 41,473.00 | 45,129.00 | 47,876.00 | 49,463.00 | 52,145.00 | 53,982.00 | 55,383.00 | 58,539.00 |
| Other income | 202.00 | 258.00 | 285.00 | 348.00 | 330.00 | 440.00 | 317.00 | 364.00 | 255.00 | 470.00 | 486.00 | 509.00 | 728.00 | 702.00 | 878.00 | 907.00 |
| Total income | 34,729.00 | 36,062.00 | 36,294.00 | 37,788.00 | 37,374.00 | 38,339.00 | 37,916.00 | 38,870.00 | 41,728.00 | 45,599.00 | 48,362.00 | 49,971.00 | 52,873.00 | 54,684.00 | 56,262.00 | 59,446.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 1,209.00 | 1,235.00 | 1,263.00 | 1,257.00 | 1,379.00 | 1,323.00 | 1,364.00 | 1,373.00 | 1,497.00 | 1,608.00 | 1,831.00 | 1,738.00 | 1,857.00 | 1,958.00 | 2,028.00 | 2,178.00 |
| Finance costs | 4,940.00 | 4,686.00 | 5,163.00 | 5,614.00 | 5,186.00 | 6,645.00 | 5,203.00 | 5,152.00 | 5,424.00 | 5,676.00 | 5,502.00 | 5,461.00 | 4,866.00 | 5,623.00 | 5,606.00 | 5,956.00 |
| Depreciation and amortisation | 8,947.00 | 9,298.00 | 9,406.00 | 9,654.00 | 9,734.00 | 10,074.00 | 10,075.00 | 10,540.00 | 11,000.00 | 11,704.00 | 12,326.00 | 12,465.00 | 13,182.00 | 13,420.00 | 13,644.00 | 14,235.00 |
| Other expenses | 15,724.00 | 16,116.00 | 16,048.00 | 16,584.00 | 16,151.00 | 16,762.00 | 16,870.00 | 17,426.00 | 18,130.00 | 18,924.00 | 19,036.00 | 19,886.00 | 20,727.00 | 21,241.00 | 21,864.00 | 23,059.00 |
| Total expenses | 30,820.00 | 31,334.00 | 31,881.00 | 33,109.00 | 32,450.00 | 34,804.00 | 33,513.00 | 34,491.00 | 36,051.00 | 37,912.00 | 38,696.00 | 39,550.00 | 40,632.00 | 42,242.00 | 43,141.00 | 45,428.00 |
| Profit before exceptional items and tax | 3,909.00 | 4,728.00 | 4,413.00 | 4,679.00 | 4,924.00 | 3,535.00 | 4,403.00 | 4,379.00 | 5,677.00 | 7,687.00 | 9,666.00 | 10,422.00 | 12,241.00 | 12,442.00 | 13,121.00 | 14,018.00 |
| Exceptional items | 0.00 | -670.00 | 0.00 | -3,416.00 | -1,570.00 | -130.00 | -2,456.00 | 735.00 | -854.00 | 7,546.00 | -140.00 | 0.00 | 0.00 | -257.00 | -3,161.00 | -353.00 |
| Profit before tax | 3,909.00 | 4,058.00 | 4,413.00 | 1,263.00 | 3,354.00 | 3,405.00 | 1,948.00 | 5,114.00 | 4,824.00 | 15,232.00 | 9,526.00 | 10,422.00 | 12,241.00 | 12,185.00 | 9,960.00 | 13,665.00 |
| Current tax | 795.00 | 651.00 | 765.00 | 932.00 | 1,757.00 | 751.00 | 709.00 | 788.00 | 849.00 | 1,134.00 | 1,341.00 | 1,866.00 | 1,851.00 | 2,015.00 | 2,149.00 | 2,541.00 |
| Deferred tax | 491.00 | 424.00 | 23.00 | -600.00 | 89.00 | 481.00 | 0.00 | 520.00 | 895.00 | -376.00 | -4,233.00 | 1,217.00 | 1,820.00 | 1,783.00 | -1,352.00 | 1,220.00 |
| Tax expense | 1,286.00 | 1,076.00 | 788.00 | 333.00 | 1,846.00 | 1,232.00 | 710.00 | 1,308.00 | 1,744.00 | 757.00 | -2,892.00 | 3,083.00 | 3,672.00 | 3,798.00 | 797.00 | 3,761.00 |
| Profit for the period | 2,979.00 | 2,614.00 | 4,226.00 | 1,520.00 | 2,093.00 | 2,876.00 | 2,068.00 | 4,718.00 | 4,153.00 | 16,135.00 | 12,476.00 | 7,422.00 | 8,651.00 | 8,503.00 | 9,247.00 | 10,012.00 |
| Profit attributable to owners | 2,145.00 | 1,588.00 | 3,006.00 | 1,612.00 | 1,341.00 | 2,442.00 | 2,072.00 | 4,160.00 | 3,593.00 | 14,781.00 | 11,022.00 | 5,948.00 | 6,792.00 | 6,630.00 | 7,325.00 | 8,167.00 |
| Profit attributable to non-controlling interests | 834.00 | 1,026.00 | 1,220.00 | -92.00 | 752.00 | 434.00 | -3.00 | 558.00 | 560.00 | 1,353.00 | 1,454.00 | 1,474.00 | 1,859.00 | 1,872.00 | 1,922.00 | 1,844.00 |
| Other comprehensive income | -374.00 | -372.00 | -539.00 | -4,930.00 | -841.00 | -2,759.00 | -1,468.00 | -12.00 | -95.00 | 1,735.00 | 942.00 | 398.00 | 2,014.00 | 708.00 | 2,454.00 | 151.00 |
| Total comprehensive income | 2,605.00 | 2,241.00 | 3,687.00 | -3,410.00 | 1,252.00 | 117.00 | 601.00 | 4,705.00 | 4,058.00 | 17,870.00 | 13,418.00 | 7,820.00 | 10,664.00 | 9,211.00 | 11,702.00 | 10,162.00 |
| Earnings per share, basic | 3.80 | 2.81 | 5.30 | 2.84 | 2.36 | 4.27 | 3.61 | 7.21 | 6.21 | 25.54 | 19.02 | 10.26 | 11.66 | 11.44 | 12.53 | 13.38 |
| Earnings per share, diluted | 3.75 | 2.76 | 5.19 | 2.79 | 2.31 | 4.17 | 3.51 | 6.98 | 6.00 | 24.65 | 18.38 | 9.90 | 11.24 | 11.02 | 12.15 | 13.37 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 80,780.00 | 87,539.00 | 100,616.00 | 116,547.00 | 139,145.00 | 149,982.00 | 172,985.00 | 210,973.00 |
| Other income | 291.00 | 325.00 | 643.00 | 534.00 | 937.00 | 1,435.00 | 1,574.00 | 2,817.00 |
| Total income | 81,071.00 | 87,864.00 | 101,259.00 | 117,081.00 | 140,081.00 | 151,418.00 | 174,559.00 | 213,790.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 3,798.00 | 3,807.00 | 4,115.00 | 4,433.00 | 4,831.00 | 5,323.00 | 6,309.00 | 7,581.00 |
| Finance costs | 9,779.00 | 12,382.00 | 15,091.00 | 16,616.00 | 19,300.00 | 22,648.00 | 21,754.00 | 21,555.00 |
| Depreciation and amortisation | 21,348.00 | 27,690.00 | 29,404.00 | 33,091.00 | 36,432.00 | 39,538.00 | 45,570.00 | 52,711.00 |
| Other expenses | 51,164.00 | 47,250.00 | 51,130.00 | 54,580.00 | 63,040.00 | 66,368.00 | 73,517.00 | 83,717.00 |
| Total expenses | 86,088.00 | 91,128.00 | 99,740.00 | 108,720.00 | 123,603.00 | 133,876.00 | 147,150.00 | 165,564.00 |
| Profit before exceptional items and tax | -5,016.00 | -3,264.00 | 1,519.00 | 8,361.00 | 16,478.00 | 17,542.00 | 27,409.00 | 48,226.00 |
| Exceptional items | 2,929.00 | -40,234.00 | -15,914.00 | 1,699.00 | -670.00 | -7,572.00 | 7,287.00 | -3,418.00 |
| Profit before tax | -2,087.00 | -43,499.00 | -14,395.00 | 10,060.00 | 15,809.00 | 9,970.00 | 34,696.00 | 44,808.00 |
| Current tax | 1,939.00 | 2,374.00 | 2,058.00 | 3,033.00 | 3,483.00 | 4,150.00 | 4,112.00 | 7,881.00 |
| Deferred tax | -5,358.00 | -14,556.00 | 6,874.00 | 1,145.00 | 790.00 | -29.00 | -3,195.00 | 3,469.00 |
| Tax expense | -3,419.00 | -12,182.00 | 8,932.00 | 4,178.00 | 4,273.00 | 4,121.00 | 917.00 | 11,350.00 |
| Profit for the period | 1,688.00 | -30,664.00 | -12,364.00 | 8,305.00 | 12,287.00 | 8,558.00 | 37,481.00 | 33,823.00 |
| Profit attributable to owners | 410.00 | -32,183.00 | -15,084.00 | 4,255.00 | 8,346.00 | 7,467.00 | 33,556.00 | 26,695.00 |
| Profit attributable to non-controlling interests | 1,278.00 | 1,519.00 | 2,720.00 | 4,050.00 | 3,942.00 | 1,091.00 | 3,925.00 | 7,128.00 |
| Other comprehensive income | -1,297.00 | -348.00 | -1,649.00 | 256.00 | -2,152.00 | -9,998.00 | 2,569.00 | 5,575.00 |
| Total comprehensive income | 390.00 | -31,012.00 | -14,013.00 | 8,561.00 | 10,135.00 | -1,440.00 | 40,051.00 | 39,398.00 |
| Earnings per share, basic | 1.02 | -63.41 | -27.65 | 7.67 | 14.80 | 13.09 | 58.00 | 45.96 |
| Earnings per share, diluted | 1.02 | -63.41 | -27.65 | 7.63 | 14.57 | 12.80 | 56.04 | 44.37 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 424,389.00 | 446,633.00 | 442,096.00 | 444,531.00 | 460,982.00 | 514,360.00 | 523,863.00 | 552,152.00 |
| Non-current assets | 371,150.00 | 389,132.00 | 384,103.00 | 386,255.00 | 405,699.00 | 446,772.00 | 449,941.00 | 461,936.00 |
| Current assets | 53,239.00 | 57,501.00 | 57,993.00 | 58,276.00 | 55,283.00 | 67,589.00 | 73,922.00 | 90,158.00 |
| Property, plant and equipment | 138,681.00 | 149,871.00 | 149,744.00 | 162,549.00 | 178,992.00 | 203,514.00 | 211,329.00 | 224,390.00 |
| Capital work-in-progress | 6,412.00 | 11,029.00 | 13,948.00 | 8,908.00 | 8,753.00 | 10,596.00 | 10,219.00 | 12,613.00 |
| Goodwill | 34,111.00 | 33,774.00 | 29,678.00 | 26,502.00 | 26,256.00 | 51,697.00 | 53,898.00 | 56,686.00 |
| Other intangible assets | 89,833.00 | 93,749.00 | 103,618.00 | 114,253.00 | 117,902.00 | 133,257.00 | 129,565.00 | 125,260.00 |
| Inventories | 245.00 | 258.00 | 339.00 | 364.00 | 436.00 | 452.00 | 430.00 | 601.00 |
| Trade receivables | 4,775.00 | 3,982.00 | 5,593.00 | 4,728.00 | 5,645.00 | 7,456.00 | 8,909.00 | 7,978.00 |
| Cash and cash equivalents | 6,494.00 | 7,179.00 | 4,366.00 | 6,916.00 | 4,738.00 | 6,106.00 | 6,298.00 | 13,722.00 |
| Total equity and liabilities | 424,389.00 | 446,633.00 | 442,096.00 | 444,531.00 | 460,982.00 | 514,360.00 | 523,863.00 | 552,152.00 |
| Equity | 100,560.00 | 106,444.00 | 103,409.00 | 105,564.00 | 110,303.00 | 153,468.00 | 160,354.00 | 195,963.00 |
| Equity share capital | 2,831.00 | 2,837.00 | 2,858.00 | 2,877.00 | 2,896.00 | 2,900.00 | 2,900.00 | 3,047.00 |
| Other equity | 70,022.00 | 74,726.00 | 74,627.00 | 79,142.00 | 84,202.00 | 110,772.00 | 114,896.00 | 146,010.00 |
| Total liabilities | 323,829.00 | 340,189.00 | 338,687.00 | 338,967.00 | 350,679.00 | 360,893.00 | 363,509.00 | 356,188.00 |
| Non-current liabilities | 207,110.00 | 218,225.00 | 207,096.00 | 200,299.00 | 196,517.00 | 180,452.00 | 184,722.00 | 181,682.00 |
| Current liabilities | 116,719.00 | 121,964.00 | 131,591.00 | 138,668.00 | 154,162.00 | 180,440.00 | 178,787.00 | 174,506.00 |
| Borrowings, non-current | 148,211.00 | 151,569.00 | 141,102.00 | 130,963.00 | 116,553.00 | 104,864.00 | 106,267.00 | 100,085.00 |
| Borrowings, current | 17,414.00 | 13,976.00 | 16,701.00 | 20,954.00 | 29,787.00 | 43,448.00 | 33,681.00 | 21,586.00 |
| Trade payables | 33,355.00 | 32,895.00 | 36,045.00 | 35,132.00 | 39,589.00 | 38,154.00 | 45,233.00 | 45,015.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 30,839.00 | 65,325.00 | 39,939.00 | 78,898.00 | 46,734.00 | 98,332.00 | 60,891.00 | 122,230.00 |
| Net cash from investing activities | -18,451.00 | -39,080.00 | -24,377.00 | -50,204.00 | -29,227.00 | -60,270.00 | -25,583.00 | -58,534.00 |
| Net cash from financing activities | -11,632.00 | -24,470.00 | -17,364.00 | -27,778.00 | -18,952.00 | -36,533.00 | -33,400.00 | -52,293.00 |
| Purchase of property, plant and equipment | 12,401.00 | 26,057.00 | 18,873.00 | 38,192.00 | 19,480.00 | 37,908.00 | 22,332.00 | 45,176.00 |
| Net increase in cash | 1,095.00 | 1,623.00 | -2,247.00 | 31.00 | -1,320.00 | 1,601.00 | 2,937.00 | 13,732.00 |
| con:CFO.BEFORE_TAX | 33,331.00 | 69,116.00 | 41,948.00 | 81,779.00 | 48,390.00 | 102,770.00 | 64,054.00 | 128,514.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 2,492.00 | 3,792.00 | 2,010.00 | 2,881.00 | 1,656.00 | 4,438.00 | 3,163.00 | 6,284.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 17.00 | 1,232.00 | 148.00 | 30.00 | 28.00 | 73.00 | 3,212.00 | 12,824.00 |
| con:INVESTMENTS_SOLD | 2,456.00 | 31.00 | 0.00 | 1,908.00 | 3,480.00 | 740.00 | 7.00 | 9.00 |
| con:PPE_DISPOSALS | 38.00 | 88.00 | 74.00 | 123.00 | 48.00 | 338.00 | 368.00 | 1,168.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | -7.00 | -7.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 643.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 811.00 | 811.00 | 30.00 | 30.00 | 879.00 | 879.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-23 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 54.97 | 54.75 | 54.57 | 53.49 | 53.17 | 53.14 | 53.11 | 52.42 | 51.25 | 0.50 | 0.49 | 0.49 | 0.50 | 0.50 |
| Domestic institutions | 19.69 | 19.84 | 19.65 | 19.35 | 19.29 | 18.82 | 19.63 | 19.35 | 19.21 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 |
| Mutual funds | — | — | — | — | — | — | — | — | 11.10 | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 |
| Insurance companies | 6.92 | 6.88 | 6.69 | 6.63 | 6.46 | 6.34 | 6.46 | 6.53 | 6.22 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Foreign institutions | 21.48 | 21.87 | 22.68 | 24.35 | 24.62 | 25.08 | 24.27 | 25.42 | 26.72 | 0.27 | 0.29 | 0.28 | 0.27 | 0.26 |
| Government | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 44.99 | 45.21 | 45.38 | 46.46 | 46.77 | 46.80 | 46.81 | 47.51 | 48.68 | 0.50 | 0.51 | 0.51 | 0.50 | 0.50 |
| Non-institutional | 3.81 | 3.50 | 3.04 | 2.76 | 2.86 | 2.90 | 2.91 | 2.75 | 2.74 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Shares outstanding | 5581260476 | 5605344739 | 5624932822 | 5655087077 | 5690873149 | 5693154486 | 5695833021 | 5702105319 | 5702105319 | 5702105304 | 5702105319 | 6093103820 | 6240040719 | 6240040719 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Bharti Airtel Nigeria B.V. | Subsidiary | Any other transaction, Interest received, Investment | 194,156,370,000.00 | 13 |
| Indus Towers Limited | Associate/ Joint Venture | Any other transaction, Interest paid, Investment, Pu | 157,387,650,000.00 | 31 |
| Bharti Airtel Kenya B.V. | Subsidiary of listed entity | Any other transaction, Interest paid, Interest recei | 111,815,100,000.00 | 11 |
| Bharti Airtel (Services) Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 74,573,940,000.00 | 50 |
| Network i2i Limited | Subsidiary | Any other transaction, Interest received, Loan, Purc | 66,104,860,000.00 | 29 |
| Vodafone Idea Limited | Related party of associates/JV of | Any other transaction, Interest paid, Purchase of go | 60,959,840,000.00 | 21 |
| Bharti Airtel International (Netherlands) B.V. | Subsidiary | Any other transaction, Interest received, Loan, Purc | 41,210,720,000.00 | 48 |
| Bharti Airtel Lanka (Private) Limited | Subsidiary | Any other transaction, Interest received, Investment | 39,589,050,000.00 | 11 |
| Xtelify Limited (Formerly Known As Airtel Digital Limited) | Subsidiary | Any other transaction, Interest received, Loan, Purc | 39,344,680,000.00 | 38 |
| Bharti Airtel Tanzania B.V. | Subsidiary of listed entity | Any other transaction, Investment | 32,769,640,000.00 | 4 |
| Bharti Airtel Rwanda Holdings Limited | Subsidiary of listed entity | Any other transaction, Investment | 22,641,140,000.00 | 5 |
| Celtel (Mauritius) Holdings Limited | Subsidiary of listed entity | Any other transaction, Investment, Loan | 13,016,190,000.00 | 7 |
| Bharti Hexacom Limited | Subsidiary | Any other transaction, Purchase of fixed assets, Pur | 12,238,580,000.00 | 10 |
| Bharti Airtel Africa B.V. | Subsidiary of listed entity | Any other transaction, Interest received, Loan | 10,901,150,000.00 | 5 |
| Nxtra Data Limited | Subsidiary | Any other transaction, Purchase of goods or services | 10,389,360,000.00 | 20 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-10 | Q1FY27 | Vaidehi Sharma – Moderator | Read the call |
| 2026-05-20 | Q4FY26 | Vaidehi Sharma – Moderator, points. | Read the call |
| 2026-02-13 | Q3FY26 | Vaidehi Sharma – Moderator | Read the call |
| 2025-11-11 | Q2FY26 | Vaidehi Sharma – Moderator, generators in India., now stands at 1.32. | Read the call |
| 2025-08-11 | Q1FY26 | Vaidehi Sharma – Moderator, equal opportunities for all. | Read the call |
| 2025-05-19 | Q4FY25 | Vaidehi Sharma – Moderator | Read the call |
| 2025-02-14 | Q3FY25 | Mr. Akhil Garg, Mr. Gopal Vittal, Vaidehi Sharma – Moderator | Read the call |
| 2024-11-06 | Q2FY25 | Vaidehi Sharma – Moderator | Read the call |
| 2024-08-12 | Q1FY25 | Vaidehi Sharma – Moderator | Read the call |
| 2024-05-21 | Q4FY24 | PRESENTATION, strategy. | Read the call |
| 2024-02-12 | Q3FY24 | PRESENTATION | Read the call |
| 2023-11-06 | Q2FY24 | PRESENTATION | Read the call |
| 2023-08-09 | Q1FY24 | PRESENTATION | Read the call |
| 2023-05-22 | Q4FY23 | PRESENTATION | Read the call |
| 2023-02-15 | Q3FY23 | PRESENTATION | Read the call |
| 2022-11-07 | Q2FY23 | Arpan Goyal, Gopal Vittal, Harjeet Kohli, PRESENTATION, Soumen Ray | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY23 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | The most gratifying thing that we have seen in this quarter is that despite stepped-up 5G rollout and consequently built up of Capex, our net debt has… | The company generated operating free cash flows of just under 7250 crores for India despite a front loaded capex. | My first question is on the capex, which for the India business is now tracking about 20% lower on a nine-month basis versus the previous year. | Operating free cash flow which is EBITDAaL minus capex was a strong Rs.15,900 crores. | This was despite heightened capex, rural expansion, and very low meaningful tariff hikes. | — | India capex for the year was about 30,270 Crores. | Capex for FY2026 for India excluding passive was around Rs.31,000 Crores. |
| Capital allocation | — | — | Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited There is angle of dividend payout… | We have always mentioned that, as far as dividend is concerned, we will see a progressive dividend policy. | — | — | It is solid, it is also dividend paying and therefore we will look at opportunities to buy more. | The Board recommended a dividend of Rs.24 per share, a significant increase over last year's Rs.16 per share. |
| Costs | What should be the cost inflation on the network Opex from here on, because of this? | — | — | Today, AI dynamically optimizes power for our radio layers based on real-time traffic through an automated cell wake and sleep cycles powered by intel… | — | — | — | While unpredictable scenarios are playing out globally, the cost pressures we are seeing today remain confined to a few specific areas: particularly i… |
| Debt and cash | We have seen strong operating cash flows. | — | One, when you look at the free cash flow profile of the business, which continues to improve quite substantially, probably north of three billion of f… | Our consolidated net debt to EBITDAaL improved to 1.02 with India now at 1.38. | The second question is on the capital allocation what would be the right capital structure post which the free cash flow a bulk of it will be used to … | — | This was totaling to about 42,000 Crores; and India net debt to EBITDAaL now stands at 1.5. | The strength of our balance sheet reflects our disciplined capital allocation, sustained deleveraging and operational excellence. |
| Demand | — | — | If you have a multiport CPE, the cost of that FWA unit economics will drop, so if it is a single port CPE, then the economics will work better than fi… | Having said that, the new capabilities on 5G, which is linked to slicing, network on demand or other advance features are very much becoming a reality… | The underlying growth trajectory seems to be strong and the funnels that we are seeing in the order books which will translate into revenue for this c… | — | IPTV, as you know, delivers enhanced convenience with a better user experience, flexibility to watch on demand, as well as catch up content in additio… | We ended the year on a strong note with a healthy order book and a funnel across domestic and global business with multiple wins from large enterprise… |
| Guidance | Looking ahead, we expect our net debt go down further in the coming year. | — | This one has decelerated very, very significantly, and we expect it to continue to decelerate next year. | I think, at this point in time, I cannot give you a capex guidance, but clearly you will see us investing more and more behind Data Centers; I think, … | — | We expect further debt reduction going forward. | — | So the net result of all of that, if you look at the capex, while we do not give guidance typically, our sense is that we will be in the ballpark of t… |
| Margin | One is our continued operating leverage. | Given our strong cash generation, net debt to EBITDA for India continues to improve every quarter and now stands at 2.91 versus 3.08 in Q2. We paid an… | My first question, Gopal, is on the incremental EBITDA margin what we ended up seeing on cellular business, it is pretty high at 90%. | Our EBITDAaL margin stood at 51.3%, which is about 30 basis points improvement sequentially. | On the overall free cash flow which is EBITDA minus capex as we look at it is about Rs.23000 Crores for the India business in full year 2023. | EBITDA margins were at 53.8% a 1.6% expansion despite 5G costs. | EBITDAaL margin at 48% expanded by around 2% despite absorbing the full 5G cost and continued network expansion. | EBITDAaL came in at about Rs.1,08,000 Crores with a margin of 51.2%. |
| People | The router cost is anywhere between $180 to $200, and if you look at our cost per home pass, today it is about $25 to $30, and so if you take the util… | — | — | — | If you look at the cost per home pass on fiber, cost per connected home pass given our utilization the cost for connected home pass typically is in th… | — | — | — |
| Pricing | My second question would be on the entry-level price increase that you talked about, we had late last year. | — | I had two questions: first on postpaid, you mentioned this as a kind of significant opportunity and I wanted to understand a bit more about the commen… | Can we think of a more differentiated pricing between the 4G, 5G? | This was led by smart phone upgrades, data monetization efforts, and a modest flow through from the increase tariff on the entry plan where we took pr… | — | We have also said that the current telecom tariff structure in India is broken, with a one-size-fits- all pricing model, which is not appropriate for … | Our tech stack has already been extended to Africa, Payments Bank and Indus Towers at arm’s-length pricing. |
| Revenue growth | We are now bringing very sophisticated data science to forecast and predict the demand across all our businesses whether it is B2B, broadband or the w… | — | B2B continues to get capex the same levels as what it has been getting, and that is pretty much about it, and data centers continues to spend at the s… | Africa maintained its trajectory of solid performance with constant currency revenue growth of 5.8%. | This is reflected in the margin expansion of 1.3% in Q4 and for the year as a whole we have delivered just under 16% revenue growth, the highest in th… | — | EBITDA after FLO and lease obligations recorded a growth of 21.2%, with a continued margin improvement of about 2.3%. | Consolidated revenues came in at about Rs.55,400 Crores, a growth of 2.6% sequentially. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2022-11-07 | Q2FY23 | PRESENTATION | Can this kind of data monetization opportunity can continue for few more quarters where despite no tariff hike, we should be able to achieve 2%+ kind of a sequential growth in the ARPU? |
| 2023-02-15 | Q3FY23 | PRESENTATION | We have 24 - 25 million home passes and we are on track to actually get to 30 million home passes. |
| 2023-02-15 | Q3FY23 | PRESENTATION | We expect this to climb and by March 2024 to get to about 20% plus. |
| 2024-11-06 | Q2FY25 | Vaidehi Sharma – Moderator | Gopal you mentioned in your initial remarks that we have had a very strong free cash flow if not for spectrum acquisition in this quarter as well as the dividend payment, so if I add by both of them we should be doing somewhere close about 11 to 12,000 Crores plus obviously the tariff and other growth benefits, so should we expect in a way in the next one year give or take about 40 to 45,000 Crores of deleveraging in Airtel or do you think there are any other opportunities in terms of capex acquisition or standalone or anything that we are not building, in the ongoing capex? |
| 2025-08-11 | Q1FY26 | equal opportunities for all. | On the submarine cables and capacities, we have invested over 2000 Crores over the last five years and we expect a further light up from 45 Tbps capacity to 180 Tbps capacity. |
| 2025-08-11 | Q1FY26 | Vaidehi Sharma – Moderator | Now, last year, the India wireless business in particular did about 2.5 billion of capex while there could be some seasonality in the June quarter, looks like for the full year, the capex may be trending down again in fiscal 2026, now, if you were to take a slightly longer term view, the next technology refresh cycle may be like a few years away still, so the wireless business in particular, are there any particular reasons why in the foreseeable future at least, the capex will or has to move higher or should we expect that for the next three, four, five years, the capex will probably remain r |
| 2025-11-11 | Q2FY26 | Vaidehi Sharma – Moderator | At Nxtra, we aim to achieve 15% improvement in equipment performance, a 25% boost in the operational productivity, and a 10% reduction in non-IT energy consumption, all with the help of AI. |
| 2025-11-11 | Q2FY26 | Vaidehi Sharma – Moderator | So our view of 100 million homes in the medium term, I wanted to understand, what as per us is acceptable market share and until that time, over the next few years, do we expect us to remain in land grab mode and high capex mode? |
| 2026-02-13 | Q3FY26 | Vaidehi Sharma – Moderator | We are on track to most generate Rs.50,000 crores of free cash flow from India business, this after considering our normal capex across wireless, wireline and enterprise, and even if we consider the Data Center scaling up from current 150 megawatt to 1 gigawatt hour, it is still, one equivalent to one year of our free cash flow. |
| 2026-08-10 | Q1FY27 | Vaidehi Sharma – Moderator | So, I understand that your annual capex is likely to be in the $4 billion ballpark. |