Bharti Airtel Q2 FY27 Results (NSE: BHARTIARTL)
Signal: Steady quarter
The read
The trajectory remains constructive: consolidated EBITDA margin expanded to 58.8% from 58.1% YoY, the eighth consecutive quarter of reported margin expansion, while revenue growth moderated to 16.7% from 18.4% in Q1FY27; Africa and Homes are increasingly important incremental growth drivers, but the 1,802 million exceptional listing charge and standalone PAT growth of 74.5% versus consolidated growth of 23.8% warrant attention to earnings mix.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹60,877.5 Cr | +16.7% | +4.0% |
| EBIT | ₹21,205.7 Cr | +24.0% | |
| Net profit | ₹10,710.4 Cr | +23.8% | |
| EPS | ₹14.25 | +21.6% | |
| EBIT margin | 58.8% |
P&L walk
Consolidated revenue rose to 608,775 million, EBITDA to 358,228 million and PAT to 107,104 million; margin expanded to 58.8% as Africa and Homes grew faster than the group, while an 1,802 million exceptional charge diluted reported PBT.
Segments
Mobile Services Africa was the main growth engine, with revenue up 37.6% YoY to 188,165 million and segment result up 44.6% to 64,926 million; Digital TV remained loss-making at -1,318 million, while Mobile Services India supplied the largest result at 106,756 million.
Key positives
- Consolidated EBITDA rose 18.3% YoY versus revenue growth of 16.7%, expanding EBITDA margin by 70bps to 58.8%.
- Mobile Services Africa revenue grew 37.6% YoY to 188,165 million and segment result grew 44.6% to 64,926 million.
- Operating cash flow rose 10.8% YoY to 674,554 million for the first six months, while PPE and CWIP both increased, supporting continued network and data-centre investment.
- Standalone EBITDA grew 23.1% YoY versus revenue growth of 10.9%, with margin expanding from 61.7% to 68.4%.
- Homes Services revenue increased 25.2% YoY to 23,360 million, outpacing consolidated revenue growth.
Key concerns
- Consolidated revenue growth decelerated to 16.7% YoY from 18.4% in Q1FY27 and 25.7% in Q2FY26.
- Finance costs rose 17.3% YoY to 57,073 million, remaining a material drag below EBITDA.
- Digital TV Services reported a segment loss of 1,318 million despite revenue of 7,713 million.
- Standalone PAT grew 74.5% YoY while consolidated PAT grew 23.8%, indicating that subsidiaries and non-controlling interests materially dilute the parent-company earnings trajectory.
Research and educational content only. Not investment advice.