BHARTIARTL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹54,000 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹27,700 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bharti Airtel reported a steady Q3 FY26 with consolidated revenue of INR 54,000 crore (up 3.5% QoQ) and EBITDA of INR 27,700 crore (margin 51.3%, up 30bps QoQ). India mobile revenue growth decelerated to below 10% YoY, with ARPU at INR 259, driven by premiumization and 4.4M revenue-earning customer adds. Broadband posted record net adds of 1.2M, crossing 13M connected homes. Management emphasized continued ARPU growth through upgrades and international roaming in the absence of tariff repair. CapEx was INR 11,800 crore, with stepped-up investment in data centers (targeting 1GW capacity in 3-4 years) and fiber. The balance sheet strengthened with net debt/EBITDA at 1.02. Risks include AGR liability uncertainty and potential slowdown in wireless market growth.
Colored figures show movement against the previous available record.
Guidance to track
- Airtel plans to scale data center capacity from ~130MW to 1GW, targeting ~25% market share.
- Management expects to drive ARPU through feature-to-smartphone upgrades, prepaid-to-postpaid, data monetization, and international roaming.
- Airtel is rolling out 2 million fiber home passes per quarter to support broadband growth.
Risks flagged
- Airtel has written to DoT seeking parity on AGR dues treatment but has not received a response, creating cash flow uncertainty.
- India mobile revenue growth fell below 10% YoY for the first time in years, with market growth averaging ~6%.
- With strong free cash flow and low leverage, management has not outlined clear plans for excess capital beyond data centers and cloud.
Key quotes
- In the absence of tariff repair, we will continue to sweat ARPU growth, leveraging feature phone-to-smartphone upgrades, prepaid-to-postpaid upgrades, data monetization, and our international roaming services.
- We have written a few letters to the DoT asking for clarification and basically requesting parity on the treatment of the AGR dues. We are yet to hear from the DoT.
- Our sense is that in the next three-four years, this will become about a 1 GW-type market. And we will have about 1 GW capacity, which will give us about 25% share.
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