Vodafone Idea Ltd.
NSE: IDEA
Communication Services · Telecom Services
₹11.83 last close on 30 Oct 2026 −2.39%
Research updated
Bharti Airtel Ltd.
NSE: BHARTIARTLCommunication ServicesTelecom Services
- Last close
- ₹1,973.70
- Day change
- +₹1.60 (+0.08%)vs
- Market cap
- ₹11.20 lakh crIndian rupees
- Research updated
- 2 reports
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About Bharti Airtel
Bharti Airtel Limited is a leading global telecommunications company providing a comprehensive suite of mobile, broadband, digital television, and enterprise services. It operates extensively in mobile services, fixed broadband, direct-to-home (DTH) television, and digital banking solutions through its Airtel Payments Bank segment. The company delivers connectivity and digital services across key regions including India, Africa, Bangladesh, and Sri Lanka, serving millions of customers with voice, data, and value-added offerings. Bharti Airtel Limited plays a pivotal role in the telecommunications sector by enabling mobile internet access, high-speed broadband for homes and businesses, and innovative digital payment platforms. Its services support both consumer needs like entertainment and communication as well as enterprise solutions for businesses requiring robust network infrastructure. Founded in 1995 and headquartered in New Delhi, India, Bharti Airtel Limited stands as a major force in bridging the digital divide and powering connectivity in emerging markets worldwide.
- Sector
- Communication Services
- Industry
- Telecom Services
- Listing
- NSE: BHARTIARTL
- Next results
- Chief executive
- Mr. Shashwat Sharma
- Employees
- 28,743
- Headquarters
- Gurugram, India
- ISIN
- INE397D01024
- Website
- airtel.in
Public research · Report of
Business model & financial foundation
Bharti Airtel (NSE: BHARTIARTL), Integrated telecommunications: revenue of ₹2,10,973 crore in FY26 (+22.0% on FY25), an EBITDA margin of 57.5%, net profit of ₹26,695 crore and net debt of ₹1,64,789 crore.
- Revenue, FY26 (₹ crore)
- 2,10,973
- consolidated
- Revenue growth, FY26
- +22.0%
- on FY25
- EBITDA margin, FY26
- 57.5%
- EBITDA (company definition, reported scope) / revenue
- Net profit, FY26 (₹ crore)
- 26,695
- to owners
- Return on equity, FY26
- 20.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,64,789
- Company management net debt including leases
- Market capitalisation (₹ crore)
- 10,86,213
- at the close of 14 Oct 2026
Company profile
Bharti Airtel sells mobile, broadband, enterprise connectivity and digital TV services in India and mobile and mobile-money services across Africa. Network investment and licensed spectrum support recurring subscriptions; monetisation is driven by ARPU, customer mix and usage.
| Item | Value |
|---|---|
| Legal name | Bharti Airtel Limited |
| Exchange and ticker | NSE: BHARTIARTL; BSE: 532454 |
| ISIN | INE397D01024 |
| Sector | Communication Services |
| Industry | Integrated telecommunications |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022) |
| Market capitalisation | ₹10,86,213 crore (14 Oct 2026) |
| Shares outstanding | 580.87 crore shares (FY26) |
| Price | ₹1,807 (close, 14 Oct 2026) |
| 52-week range | ₹1,726 - ₹2,175 (to 14 Oct 2026) |
| Website | https://www.airtel.in |
Corporate structure and shareholding
Parent: Bharti Telecom Limited.
| Entity | Holding | Business |
|---|---|---|
| Bharti Hexacom Limited | 70% | India mobile and homes in Rajasthan and Northeast |
| Indus Towers Limited | 51.256% | Passive telecom infrastructure; subsidiary since November 2024 |
| Airtel Africa plc | 79% | African mobile connectivity and mobile money; June 2026 holding approximately 79% after ICIL swap |
| Nxtra Data Limited | 75.96% | Data centres |
| Bharti Telemedia Limited | 100% | Digital television |
Africa March 2026 holding 62.62%; June stake swap changes minorities and shares. Payments Bank (69.94%) classified associate, not consolidated subsidiary.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 48.87% | 48.87% | 50.07% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 28.76% | 27.80% | 26.48% | |
| Domestic institutions | 19.66% | 20.65% | 20.76% | |
| of which mutual funds | 11.36% | 12.03% | 11.85% | |
| Retail | 1.27% | 1.29% | 1.29% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | capex, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India SA total incl Indus; net of India eliminations; recast | 1,55,066 | 73.2% | 93,197 | 76.9% | 39,654 | 83.4% |
| Mobile Services Africa incl mobile money; INR | 56,806 | 26.8% | 28,071 | 23.1% | 7,868 | 16.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Reliance Industries (RELIANCE) | |
| Indus Towers (INDUSTOWER) | Listed tower subsidiary; infrastructure economics |
| Tata Communications (TATACOMM) | Enterprise connectivity benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,16,547 | 1,39,145 | 1,49,982 | 1,72,985 | 2,10,973 |
| Cost of revenue (vendor classification) * | 45,405 | 51,273 | 53,552 | 56,834 | 64,153 |
| Other operating costs (vendor classification) * | 9,057 | 11,628 | 11,937 | 16,232 | 18,999 |
| EBITDA (vendor classification) * | 57,231 | 68,152 | 76,991 | 94,402 | 1,18,663 |
| EBIT * | 25,733 | 30,856 | 28,635 | 56,013 | 63,015 |
| Finance costs (gross statutory) | 13,250 | 14,296 | 22,648 | 21,754 | 21,555 |
| Profit before tax after exceptional items | 12,483 | 16,561 | 12,679 | 38,399 | 45,173 |
| Tax expense / credit (current plus deferred) | 4,178 | 4,273 | 4,121 | 917.2 | 11,350 |
| Profit after tax including non-controlling interests | 8,305 | 12,287 | 8,558 | 37,481 | 33,823 |
| Diluted earnings per share (₹) | 7.63 | 14.57 | 12.80 | 56.04 | 44.37 |
| Access charges (statutory) | 7,519 | 7,171 | 5,542 | ||
| Licence fee / spectrum charges (revenue share) | 12,036 | 13,829 | 15,373 | ||
| Network operating expenses (statutory) | 30,019 | 33,504 | 39,750 | ||
| Cost of goods sold (supplemental, non-additive) | n.d. | n.d. | n.d. | ||
| Employee benefits expense | 5,323 | 6,309 | 7,581 | ||
| Sales and marketing expenses | 10,788 | 11,460 | 13,107 | ||
| Other expenses (statutory) | 6,006 | 7,552 | 9,945 | ||
| EBITDA (company definition, reported scope) | 79,046 | 94,249 | 1,21,268 | ||
| Depreciation and amortisation (statutory) | 39,538 | 45,570 | 52,711 | ||
| Other income (gross statutory) | 1,435 | 1,574 | 2,817 | ||
| Share of profit / loss of JVs and associates (signed) | 2,709 | 3,703 | 364.5 | ||
| Exceptional items (pre-tax signed gain / charge) | -7,572 | 7,287 | -3,418 | ||
| Profit attributable to non-controlling interests | 1,091 | 3,925 | 7,128 | ||
| Profit attributable to owners of the parent | 7,467 | 33,556 | 26,695 | ||
| Treasury income incl interest, FVTPL and derivatives | 913.8 | 735.4 | 1,682 | ||
| Non-treasury other income incl asset-sale gains | 521.6 | 838.3 | 1,136 | ||
| EBITDA bridge finance income and derivatives MTM | 913.9 | n.r. | 1,681 | ||
| EBITDA addback charity donation and political spend | 232.5 | 251.5 | 457.2 | ||
| Statutory lease interest expense, not cash verified | 5,005 | 6,112 | 6,751 | ||
| Right-of-use asset depreciation | 9,100 | 9,833 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of parent | n.r. | 77,563 | 82,019 | 1,13,672 | 1,49,057 |
| Borrowings carrying amount excluding leases | n.r. | 1,65,545 | 1,51,917 | 1,48,312 | 1,21,671 |
| Balance-sheet cash and cash equivalents | 6,096 | 7,179 | 6,916 | 6,106 | 13,722 |
| Trade receivables current plus non-current, net | 4,056 | 3,982 | 4,908 | 7,669 | 8,232 |
| Inventories | 375.0 | 257.6 | 363.9 | 451.7 | 600.9 |
| Current trade payables | 29,274 | 32,895 | 35,133 | 38,154 | 45,015 |
| Property plant and equipment net carrying amount | n.r. | 95,224 | 1,06,612 | 1,43,272 | 1,57,066 |
| Capital work-in-progress, excluding IAUD | 4,239 | 11,029 | 8,908 | 10,596 | 12,613 |
| Total assets | 3,63,656 | 4,46,633 | 4,44,531 | 5,14,360 | 5,52,152 |
| Total equity including NCI | 1,05,564 | 1,53,468 | 1,95,963 | ||
| Current trade receivables, net | 4,728 | 7,456 | 7,978 | ||
| Non-current trade receivables | 180.5 | 213.1 | 254.4 | ||
| Restricted cash held under mobile money trust | 6,148 | 8,148 | 13,206 | ||
| Cash equivalents for statement of cash flows | 9,052 | 10,653 | 24,385 | ||
| Current plus non-current lease liabilities | 63,676 | 65,330 | 73,740 | ||
| Company management net debt including leases | 2,04,646 | 2,03,838 | 1,64,789 | ||
| Company management net debt excluding leases | 1,40,970 | 1,38,509 | 91,049 | ||
| Net debt as defined in statutory capital-risk note | 1,41,200 | 1,40,061 | 1,04,650 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | n.r. | 65,325 | 78,898 | 98,332 | 1,22,230 |
| Free cash flow (vendor definition) * | 27,617 | 38,786 | 38,847 | 58,652 | 75,515 |
| Group cash dividends paid including NCI | -1,444 | -3,590 | -4,185 | -6,935 | -11,328 |
| Gross cash purchases PPE/CWIP and intangibles/IAUD | n.r. | -26,539 | -40,052 | -39,680 | -46,714 |
| Cash purchases PPE and capital work-in-progress | -38,192 | -37,908 | -45,176 | ||
| Cash purchases intangibles and assets under development | -1,860 | -1,772 | -1,539 | ||
| Cash payment towards spectrum including DPL | -12,155 | -21,349 | -854.6 | ||
| Lease liability principal payments | -7,855 | -7,154 | -6,720 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Basic EPS weighted-average shares, crore | n.r. | 564.07 | 570.34 | 578.55 | 580.87 |
| Net income before exceptional items (company reported) | 11,305 | 17,573 | 26,904 | ||
| Diluted EPS weighted-average shares, crore | 572.85 | 583.56 | 599.17 | 601.64 | |
| Profit used for diluted EPS calculation | 7,467 | 33,575 | 26,695 | ||
| Company EBITDA after leases, full-Indus recast | 78,207 | 93,296 | 1,07,946 | ||
| EBITDA minus EBITDAaL, management full-Indus scope | 10,700 | 11,703 | 13,322 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 41,473 | 45,129 | 47,876 | 49,463 | 52,145 | 53,982 | 55,383 | 58,539 |
| Cost of revenue (vendor classification) * | 13,298 | 14,160 | 14,221 | 14,523 | 15,194 | 15,684 | 16,570 | |
| Other operating costs (vendor classification) * | 4,832 | 4,764 | 4,815 | 5,363 | 6,047 | 6,180 | 6,488 | |
| EBITDA (vendor classification) * | 23,175 | 26,726 | 27,552 | 28,430 | 31,601 | 32,455 | 34,318 | |
| EBIT * | 11,321 | 22,567 | 15,086 | 15,965 | 17,925 | 15,650 | 19,729 | |
| Finance costs (gross statutory) | 5,424 | 5,676 | 5,502 | 5,461 | 4,866 | 5,623 | 5,606 | 5,956 |
| Profit before tax after exceptional items | 5,897 | 16,892 | 9,584 | 10,504 | 12,322 | 12,301 | 10,045 | 13,773 |
| Tax expense / credit (current plus deferred) | 1,744 | 757.3 | -2,892 | 3,083 | 3,672 | 3,799 | 797.3 | 3,761 |
| Profit after tax including non-controlling interests | 4,153 | 16,135 | 12,476 | 7,422 | 8,651 | 8,503 | 9,247 | 10,012 |
| Diluted earnings per share (₹) | 6.00 | 24.65 | 18.38 | 9.90 | 11.30 | 11.02 | 12.15 | 13.37 |
| Access charges (statutory) | 1,821 | 1,964 | 1,478 | 1,257 | 1,322 | 1,469 | 1,494 | 1,589 |
| Licence fee / spectrum charges (revenue share) | 3,466 | 3,570 | 3,637 | 3,720 | 3,825 | 3,846 | 3,982 | 4,172 |
| Network operating expenses (statutory) | 8,012 | 8,627 | 9,106 | 9,546 | 10,118 | 9,879 | 10,208 | 10,810 |
| Cost of goods sold (supplemental, non-additive) | 1,413 | 1,377 | 1,594 | 1,807 | 2,040 | 2,082 | 2,164 | 2,492 |
| Employee benefits expense | 1,497 | 1,608 | 1,831 | 1,738 | 1,857 | 1,958 | 2,028 | 2,178 |
| Sales and marketing expenses | 2,882 | 2,926 | 2,936 | 2,966 | 3,182 | 3,427 | 3,532 | 3,693 |
| Other expenses (statutory) | 1,950 | 1,838 | 1,880 | 2,397 | 2,280 | 2,620 | 2,648 | 2,795 |
| EBITDA (company definition, reported scope) | 22,021 | 24,880 | 27,404 | 28,167 | 29,919 | 31,144 | 32,038 | 33,599 |
| Depreciation and amortisation (statutory) | 11,000 | 11,704 | 12,326 | 12,465 | 13,182 | 13,420 | 13,644 | 14,235 |
| Other income (gross statutory) | 254.7 | 469.7 | 485.8 | 508.8 | 727.7 | 702.3 | 878.5 | 906.6 |
| Share of profit / loss of JVs and associates (signed) | 1,074 | 1,660 | 57.7 | 82.8 | 81.0 | 116.3 | 84.4 | 108.2 |
| Exceptional items (pre-tax signed gain / charge) | -853.7 | 7,546 | -140.1 | 0.00 | 0.00 | -256.8 | -3,161 | -353.4 |
| Profit attributable to non-controlling interests | 560.2 | 1,353 | 1,454 | 1,474 | 1,859 | 1,872 | 1,922 | 1,844 |
| Profit attributable to owners of the parent | 3,593 | 14,781 | 11,022 | 5,948 | 6,792 | 6,631 | 7,325 | 8,167 |
| EBITDA bridge finance income and derivatives MTM | 104.8 | n.r. | 218.7 | 261.7 | 437.6 | 411.2 | 570.8 | 692.9 |
| Company EBITDA bridge charity and donation addback | 24.8 | n.r. | 128.4 | 81.0 | 67.6 | 69.8 | 238.8 | 82.0 |
| Other income less combined EBITDA treasury deduction | 149.9 | n.r. | 267.1 | 247.1 | 290.1 | 291.1 | 307.7 | 213.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.8% | 19.4% | 7.8% | 15.3% | 22.0% |
| EBITDA margin | 52.7% | 54.5% | 57.5% | ||
| Net margin | 5.0% | 19.4% | 12.7% | ||
| Return on equity | 9.4% | 34.3% | 20.3% | ||
| Return on capital employed | 12.7% | 12.0% | 22.6% | 23.7% | |
| Return on assets | 1.7% | 7.0% | 5.0% | ||
| Net debt (₹ crore) | 2,04,646 | 2,03,838 | 1,64,789 | ||
| Net debt / EBITDA | 2.59x | 2.16x | 1.36x | ||
| Interest cover | 1.94x | 2.16x | 1.26x | 2.57x | 2.92x |
| Asset turnover | 0.33x | 0.34x | 0.34x | 0.36x | 0.40x |
| Receivable days | 13 | 10 | 12 | 16 | 14 |
| Inventory days (on revenue) | 1 | 1 | 1 | 1 | 1 |
| Payable days (on revenue) | 92 | 86 | 85 | 81 | 78 |
| Cash conversion | 10.6x | 2.93x | 4.58x | ||
| Capex intensity | 19.1% | 26.7% | 22.9% | 22.1% | |
| Free cash flow (₹ crore) | 38,786 | 38,847 | 58,652 | 75,515 | |
| Dividend payout | 56.0% | 20.7% | 42.4% | ||
| EPS, diluted (₹) | 7.63 | 14.57 | 12.80 | 56.04 | 44.37 |
| Book value per share (₹) | 137.5 | 143.8 | 196.5 | 256.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, reported scope) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company management net debt including leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition, reported scope).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bharti Airtel includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 3-month view
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bharti Airtel
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 2 Nov 2026.
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