BHARTIARTL
Bharti Airtel share price & financials
- Price
- ₹1,910.8
- Market cap
- ₹11.9L Cr
- Sector
- Telecommunication
- Calls analysed
- 7
Bharti Airtel Limited Q1 FY27
What went well
- Consolidated revenue grew 5.7% sequentially to ₹58,500 crores, demonstrating strong overall performance.
- EBITDAal margin maintained at 51%, with EBITDAal growing 4.2% to ₹29,800 crores.
- Net debt to EBITDAal improved to 0.7% consolidated, reflecting prudent capital allocation and operational excellence.
What to watch
- Homes business net additions moderated to 473,000, attributed to tightening acquisition quality and FWA economics challenges.
- FWA acquisition quality issues led to higher churn and weaker continuity in certain cohorts, requiring a pull-back on aggressive low acquisition pricing.
What Bharti Airtel Limited does
Bharti Airtel is one of the world's leading telecommunication providers, offering wireless mobile, fixed-line and home broadband, enterprise connectivity, DTH television and passive tower infrastructure. It operates in 17 countries spanning India, 14 African countries (through subsidiary Airtel Africa plc) and associate entities in Bangladesh (Robi Axiata) and Sri Lanka (Dialog Axiata). It earns primarily from subscription and usage fees for voice, data and connectivity services across retail and corporate customers, plus tower-sharing rentals via subsidiary Indus Towers.
Segments
- Mobile Services
- Homes Services
- Airtel Business
- Digital TV Services
- Passive Infrastructure Services
- Total customer base
- 623.6 million (Sep 30, 2025)
- Countries of operation
- 17 (India + 14 in Africa; associates in Bangladesh & Sri Lanka)
- Network towers
- 380,653
- Population covered
- ~2 billion, about 24% of the world's population
- India retail distribution outlets
- 1.0 million
- India network reach
- 7,918 census and 816,254 non-census towns and villages, covering ~96.5% of India's population
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 5 missed 8 open- Dividend Payout delivered said Q3 FY25 Promised: step-up Q1 FY27: Promise was achieved with the FY26 dividend announcement. No new dividend announced this quarter.
- Overall Capex missed said Q4 FY25 Promised: lower than FY2025 Q1 FY27: Promise pertained to FY26 and was previously judged as missed. No new information.
- Capex as % of Revenue at risk said Q3 FY25 Promised: trend downwards and soon be at the levels of global peers Q1 FY27: Capex remains elevated at ~₹13,390 cr for the quarter. Management stated they 'will not hold back on capex' for growth, putting downward trend at further risk.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.3%, net profit up 34.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41,473 | 45,129 | 47,876 | 49,463 | 52,145 +26% | 53,982 +20% | 55,383 +16% | 58,539 +18% |
| EBITDA | 21,846 | 24,597 | 27,009 | 27,839 | 29,561 +35% | 30,783 +25% | 31,492 +17% | 33,303 +20% |
| Net profit | 4,153 | 16,135 | 12,476 | 7,422 | 8,651 +108% | 8,503 −47% | 9,247 −26% | 10,012 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −3.2% 1Y
1Y: ₹1,891.4 on 10 Sept 2025 → ₹1,831.1. High ₹2,162.7 (21 Nov 2025), low ₹1,756.8 (12 May 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 5 Aug
- Q4 FY26
- +5.3%
- 14 May
- Q3 FY26
- +2.3%
- 6 Feb
- Q2 FY26
- +1.9%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.9% a year over 3 years, FY23 to FY26. Operating margin widened to 56.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹139.1k Cr | ₹150.0k Cr | ₹173.0k Cr | ₹211.0k Cr |
| Operating profit | ₹70.9k Cr | ₹78.3k Cr | ₹93.2k Cr | ₹119.7k Cr |
| Operating margin | 51.0% | 52.2% | 53.9% | 56.7% |
| Interest | ₹19.3k Cr | ₹22.6k Cr | ₹21.8k Cr | ₹21.6k Cr |
| Depreciation | ₹36.4k Cr | ₹39.5k Cr | ₹45.6k Cr | ₹52.7k Cr |
| Net profit | ₹12.3k Cr | ₹8.6k Cr | ₹37.5k Cr | ₹33.8k Cr |
| Net margin | 8.8% | 5.7% | 21.7% | 16.0% |
| Cash from operations | ₹65.3k Cr | ₹78.9k Cr | ₹98.3k Cr | ₹122.2k Cr |
| Free cash flow | ₹38.9k Cr | ₹39.0k Cr | ₹59.0k Cr | ₹76.7k Cr |
| ROCE | 12.0% | 13.0% | 13.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.7k Cr | ₹2.8k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹2.9k Cr | ₹3.0k Cr |
| Reserves | ₹56.2k Cr | ₹63.8k Cr | ₹74.7k Cr | ₹79.1k Cr | ₹114.9k Cr | ₹146.0k Cr |
| Borrowings | ₹162.8k Cr | ₹169.7k Cr | ₹226.0k Cr | ₹215.6k Cr | ₹208.0k Cr | ₹195.4k Cr |
| Other liabilities | ₹122.7k Cr | ₹125.0k Cr | ₹141.0k Cr | ₹144.4k Cr | ₹198.1k Cr | ₹200.9k Cr |
| Total liabilities | ₹344.4k Cr | ₹361.2k Cr | ₹444.6k Cr | ₹442.0k Cr | ₹523.9k Cr | ₹545.4k Cr |
| Fixed assets | ₹223.5k Cr | ₹244.1k Cr | ₹277.4k Cr | ₹303.3k Cr | ₹395.1k Cr | ₹406.3k Cr |
| Capital work in progress | ₹5.7k Cr | ₹6.0k Cr | ₹49.4k Cr | ₹16.9k Cr | ₹10.2k Cr | ₹12.9k Cr |
| Investments | ₹27.6k Cr | ₹29.3k Cr | ₹33.0k Cr | ₹31.6k Cr | ₹9.5k Cr | ₹18.9k Cr |
| Other assets | ₹87.7k Cr | ₹81.8k Cr | ₹84.8k Cr | ₹90.2k Cr | ₹109.1k Cr | ₹107.2k Cr |
| Total assets | ₹344.4k Cr | ₹361.2k Cr | ₹444.6k Cr | ₹442.0k Cr | ₹523.9k Cr | ₹545.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.55 pp while promoters trimmed −1.19 pp. The shareholder count grew 12% to 9,24,369.
- Promoters
- 50.1%
- FIIs
- 26.5%
- DIIs
- 20.6%
- Government
- 0.1%
- Public
- 2.6%
- Others
- 0.0%
Since Jun 2025
- DIIs +1.55 pp
- Promoters −1.19 pp
- FIIs −0.24 pp
How it drifted, 12 quarters
Over this window promoters fell from 54.8% to 50.1% — −4.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 54.8%, FIIs 21.9%, DIIs 19.7%, Government 0.1%, Public 3.5%, Others 0.0%.Dec '23: Promoters 54.6%, FIIs 22.7%, DIIs 19.5%, Government 0.1%, Public 3.1%, Others 0.1%.Mar '24: Promoters 53.5%, FIIs 24.4%, DIIs 19.2%, Government 0.1%, Public 2.8%, Others 0.1%.Jun '24: Promoters 53.2%, FIIs 24.6%, DIIs 19.1%, Government 0.1%, Public 2.9%, Others 0.1%.Sep '24: Promoters 53.1%, FIIs 25.1%, DIIs 18.7%, Government 0.1%, Public 2.9%, Others 0.1%.Dec '24: Promoters 53.1%, FIIs 24.3%, DIIs 19.5%, Government 0.1%, Public 2.9%, Others 0.1%.Mar '25: Promoters 52.4%, FIIs 25.4%, DIIs 19.2%, Government 0.1%, Public 2.8%, Others 0.1%.Jun '25: Promoters 51.3%, FIIs 26.7%, DIIs 19.1%, Government 0.1%, Public 2.7%, Others 0.1%.Sep '25: Promoters 50.3%, FIIs 27.4%, DIIs 19.4%, Government 0.1%, Public 2.7%, Others 0.1%.Dec '25: Promoters 48.9%, FIIs 28.8%, DIIs 19.5%, Government 0.1%, Public 2.6%, Others 0.1%.Mar '26: Promoters 48.9%, FIIs 27.8%, DIIs 20.5%, Government 0.1%, Public 2.6%, Others 0.0%.Jun '26: Promoters 50.1%, FIIs 26.5%, DIIs 20.6%, Government 0.1%, Public 2.6%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- LICI New Pension Plus Secured Fund Insurer newly disclosed 4.14% held
- SBI ELSS Tax Saver Fund Mutual fund newly disclosed 2.53% held
- Indian Continent Investment Limited +2.33 pp 3.25% held
- ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund newly disclosed 1.68% held
- HDFC Mutual Fund - HDFC Technology Fund Mutual fund newly disclosed 1.36% held
- NPS Trust A/C - SBI Pf NPS Jeevan Swarna Retiremen Pension / PF +0.08 pp 1.85% held
The same filing shows 3 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharti Airtel Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bharti Telecom Limited | 39.51% | −0.96 pp |
| Pastel Limited | 7.31% | −0.18 pp |
| LICI New Pension Plus Secured Fund Insurer | 4.14% | newly disclosed |
| Indian Continent Investment Limited | 3.25% | +2.33 pp |
| SBI ELSS Tax Saver Fund Mutual fund | 2.53% | newly disclosed |
| NPS Trust A/C - SBI Pf NPS Jeevan Swarna Retiremen Pension / PF | 1.85% | +0.08 pp |
| ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund | 1.68% | newly disclosed |
| HDFC Mutual Fund - HDFC Technology Fund Mutual fund | 1.36% | newly disclosed |
| Google International Llc FPI fund | 1.14% | unchanged |
| UTI Multi Cap Fund Mutual fund | 1.06% | unchanged |
| Government Of Singapore - E Sovereign | 1.03% | −0.22 pp |
| Bharti Enterprises (Holding) Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BHARTIARTL
Filings to Aug 2026
0 new, 17 added, 12 trimmed, 0 sold out — net +33.80 L shares (+1.3%).
- Held by funds
- ₹49.8k Cr
- 67 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹10.7k Cr · 5.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹10.7k Cr | +3.10 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹7.5k Cr | +4.04 L | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹3.4k Cr | held | Dec '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹3.4k Cr | +3.72 L | Jan '19 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹3.3k Cr | held | Dec '22 |
| SBI Focused Fund SBI Mutual Fund | ₹2.5k Cr | held | Mar '26 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹2.4k Cr | held | Dec '24 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹2.0k Cr | −20.00 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
17 added, 12 trimmed — net +33.80 L shares (+1.3%)
- Funds are sitting on
- +57%
- vs est. average cost
- Held by funds
- ₹49.8k Cr
- 67 schemes · ≈ 4.3% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹10.7k Cr · 5.0% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +14%
Aug '23 26.53 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Bharti Airtel Limited
Guides on how to read this kind of business and the numbers that matter.