Bharti Airtel Q2 Preview: Steady Growth Expected On Subscriber Gains And ARPU Uptick
Net profit is estimated to increase by 13% to Rs 6,740 crore, aided by stable operations and improved earnings contribution from Airtel Africa.
Bharti Airtel Ltd. is expected to report a steady set of numbers for the September quarter on Monday, driven by sustained growth in its India mobile business, higher average revenue per user (ARPU), and strong performance from its African operations.
Analysts anticipate moderate sequential growth in both revenue and profitability, supported by premiumisation trends and expanding broadband penetration.
On a consolidated basis, Airtel’s revenue is likely to rise 3% quarter-on-quarter to Rs 50,885 crore from Rs 49,463 crore, according to Bloomberg consensus.
Ebitda is projected to grow 3% to Rs 28,697 crore, with margins expected to remain broadly stable at 56.4% compared with 56.3% in the previous quarter.
Net profit is estimated to increase by 13% to Rs 6,740 crore, aided by stable operations and improved earnings contribution from Airtel Africa.
Bharti Airtel Q2FY26 Preview (Consolidated; QoQ)
Revenue seen up 3% to Rs 50,885 crore vs Rs 49,463 crore.
Ebitda seen up 3% to Rs 28,697 crore vs Rs 27,839 crore.
Ebitda Margin seen at 56.4% vs 56.3%.
Net profit seen up 13% at Rs 6,740 crore vs Rs 5,948 crore.
In the India mobile segment, revenue is projected to grow 1.9% sequentially to Rs 27,910 crore from Rs 27,397 crore, while Ebitda is expected to inch up 1% to Rs 16,440 crore.
Subscriber additions are seen improving to 36.49 crore from 36.28 crore, while ARPU is expected to rise 1.9% to Rs 254.7 from Rs 250. The increase in ARPU is likely driven by continued premiumisation, better plan mix, and one additional day in the quarter.
The home broadband business is expected to post steady growth supported by customer additions, while the DTH segment may report muted performance. The enterprise business should see a recovery, as the full impact of exiting the low-margin wholesale voice business is now behind the company.
Airtel Africa, the company’s 61.8%-owned subsidiary, reported a strong performance with a 29% year-on-year rise in revenue and a 35.5% increase in Ebitda, both significantly ahead of estimates. The outperformance was led by robust revenue and margin growth across key geographies, particularly Nigeria.
Key things to watch in the results include management commentary on the sustainability of subscriber additions, potential tariff hikes in calendar years 2025 and 2026, capital expenditure guidance for fiscal 2026, and updates on deleveraging plans and dividend payouts.
