Bharti Airtel Q1 FY27 Results (NSE: BHARTIARTL)
Signal: Steady quarter
The read
The trajectory remains constructive: consolidated revenue of ₹58539.1 crore grew 18.4% YoY and 5.7% QoQ, supported by India ARPU rising to ₹264 from ₹250, smartphone data customers increasing by 21.1 million YoY and Homes revenue growing 33.2% YoY; however, the 58.4% EBITDA margin was down 0.5% QoQ, so the next thesis test is whether monetisation can continue without further margin slippage.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹58,539.1 Cr | 18.4% | 5.7% |
| EBIT | ₹19,974.4 Cr | N/A | |
| Net profit | ₹8,167.4 Cr | N/A | |
| EPS | ₹13.38 | N/A | |
| EBIT margin | 58.4% |
P&L walk
Consolidated revenue of ₹58539.1 crore grew 18.4% YoY and 5.7% QoQ; EBITDA was ₹34209.4 crore at a 58.4% margin, while EBIT was ₹19974.4 crore and PAT was ₹8167.4 crore, with the filing's earnings-quality flag clean.
Segments
No formal segment results table was supplied; operational momentum was concentrated in Homes, up 33.2% YoY, and Africa, up 21.1% YoY in constant currency, versus India revenue growth of 9.7% YoY.
Key positives
- Consolidated revenue reached ₹58539.1 crore, growing 18.4% YoY and 5.7% QoQ, with growth broad-based across India and Africa.
- Mobile ARPU increased to ₹264 from ₹250 in Q1FY26, while smartphone data customers rose by 21.1 million YoY, supporting monetisation and mix improvement.
- Homes revenue grew 33.2% YoY and the customer base reached 14.7 million after 473 thousand additions; Airtel Business revenue grew 12.0% YoY.
- Balance-sheet capacity improved, with consolidated net debt/EBITDA at 1.17x versus 1.70x as of June 30, 2025, while Airtel completed an EPS-accretive transaction taking its Airtel Africa stake above 79%.
Key concerns
- EBITDA margin of 58.4% declined 0.5% QoQ despite revenue growth of 5.7% QoQ, making sustained margin expansion less certain after the recent margin improvement arc.
- India revenue growth of 9.7% YoY remains materially below consolidated growth of 18.4% YoY, increasing the importance of Africa and non-mobile businesses to group momentum.
- Consolidated capex was ₹13,386 crore, including ₹9,698 crore in India; returns on continued network and infrastructure investment remain a key execution monitor.
Research and educational content only. Not investment advice.