Bharti Airtel Posts Robust Q1 Results; Revenues Climb 18% YoY as Credit Rating is Upgraded by S&P

Bharti Airtel Posts Robust Q1 Results; Revenues Climb 18% YoY as Credit Rating is Upgraded by S&P​

Bharti Airtel Limited has reported strong financial performance for the first quarter (Q1) ended June 30, 2026. The company saw substantial growth across consolidated metrics, with revenues rising 18.4% year-on-year (YoY), and its EBITDA margin reaching 57.4%. The results came alongside an S&P rating upgrade that validates the company's strong earnings trajectory and disciplined balance sheet.

The operating highlights reveal a growing scale across the business. Consolidated customer base stood at approximately 680.9 million, marking a 12.5% growth compared to the corresponding quarter last year. Mobile data traffic demonstrated significant expansion, increasing by 37.4% YoY to 32,237 PBs during the quarter.

Financial Highlights and Operational Performance​

Bharti Airtel's consolidated financial health remains robust, with key operational figures standing as follows:


The company's segment performance shows diverse strength, with the India SA segment reporting revenues of Rs 412,140 Mn, marking a 9.7% increase compared to Rs 375,846 Mn in the previous year period. Meanwhile, Africa operations recorded consolidated revenues of $1,836 Million in constant currency, reflecting a 21.1% growth over the same period.

From a balance sheet perspective, the company has significantly reduced its leverage. Consolidated Net Debt excluding Lease obligations stood at Rs 818,521 Mn as of June 30, 2026, down from Rs 1,254,893 Mn in June 30, 2025. Correspondingly, the Net Debt to EBITDA ratio (annualised) excluding leases stood at 0.69 times, compared to 1.26 times in the previous year period.

Strategic Initiatives and Corporate Developments​

Bharti Airtel leveraged advanced network capabilities by launching the "Fast Lane" proposition, designed to guarantee faster and more reliable speeds for customers who depend on uninterrupted connectivity. The company also launched Airtel Secure Workforce, noted as India's first fully managed and unified Zero Trust Architecture (ZTA) security solution, which is built to protect users and data against sophisticated cyber threats.

In a major professional announcement, Rahul Vatts has been elevated to the role of Group Chief Regulatory Officer and Director - Corporate Affairs, where he will lead the Corporate Affairs team and drive stakeholder engagement across industry and government.

Segment and Industry Metrics​

Performance metrics from various segments show healthy operational efficiency. Passive Infrastructure Services generated Rs 84,311 Mn in revenue during the quarter. The Mobile Services segment within India reported an Average Revenue Per User (ARPU) of Rs 264, with the company maintaining a high data traffic growth rate of 36.0% YoY to 31,062 Mn GBs on the network.

In line with industry trends, Bharti Airtel continues to emphasize digital transformation and network enhancement, as indicated by continued acceleration in site deployment across regions including Maharashtra & Goa (rolling out over 3,400 new 5G sites) and UP East (over 4,300 new 5G sites).

A consolidated look at the company's valuation showed Enterprise Value remaining at Rs 13,131 Bn, with an EV / EBITDA ratio standing at 9.77 times for the quarter ended June 30, 2026.

BHARTIARTL Stock Price Movement​

Bharti Airtel Limited shares closed lower today, settling at ₹1970.1 as the stock shed 0.02% in post-market trading. The equity saw movement within a range of ₹1936 to ₹1980, with nearly 5 million shares recorded traded.