Mumbai: Bharti Airtel Limited, India's leading telecommunications provider, announced outstanding audited financial results for the third quarter ending December 31, 2025, with consolidated profits nearly doubling year-on-year driven by robust growth across all business segments.
Financial Performance Highlights (Consolidated)
Q3 FY2026 (October-December 2025)
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Net Profit (Consolidated): ₹8,502.8 crore – Massive 90.3% Year-on-Year (YoY) increase from ₹4,470.8 crore in Q3 FY2025
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Revenue from Operations: ₹53,981.6 crore – 19.6% YoY growth from ₹45,129.3 crore
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Profit Before Tax (PBT): ₹12,301.3 crore – 27% YoY growth
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Operational EBITDA: ₹31,485.1 crore – 25.6% YoY growth
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Earnings Per Share (EPS): ₹11.44 (Basic), ₹11.02 (Diluted)
Nine-Month Performance (April-December 2025)
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Net Profit: ₹24,575.4 crore – 122% YoY increase from ₹11,078.3 crore
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Revenue: ₹1,55,589.6 crore – 24% YoY growth
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PBT: ₹35,128.0 crore – 22% YoY growth
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EPS: ₹33.42 (Basic), ₹32.22 (Diluted)
Exceptional Items Impact
Labour Codes Implementation
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Impact: ₹256.8 crore recognized as exceptional item
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Reason: New Labour Codes effective November 21, 2025
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Components: Increased gratuity and compensated absences provisions
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Tax Credit: ₹65 crore included under tax expenses
Segment Performance Analysis
Mobile Services India
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Revenue: ₹28,651.6 crore (Q3 FY2026)
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Segment Profit: ₹9,090.8 crore – 21.4% YoY growth
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Contribution: 53% of total revenue
Mobile Services Africa
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Revenue: ₹15,010.0 crore – 40.2% YoY growth
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Segment Profit: ₹5,069.5 crore – 59.6% YoY growth
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Contribution: 28% of total revenue
Passive Infrastructure Services (Indus Towers)
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Revenue: ₹8,180.0 crore – 131.8% YoY growth
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Segment Profit: ₹2,804.7 crore
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Note: Became subsidiary effective November 18, 2024
Airtel Business
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Revenue: ₹5,353.1 crore
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Segment Profit: ₹1,579.0 crore – 14.2% YoY growth
Homes Services & Digital TV
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Homes Services Revenue: ₹2,000.8 crore – 32.6% YoY growth
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Digital TV Revenue: ₹755.2 crore
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Segment Performance: Homes services profit ₹308.7 crore
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Key Operational Metrics
Margin Performance
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Operational EBITDA Margin: 58.3% (Q3 FY2026)
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PBT Margin: 22.8%
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Net Profit Margin: 15.7%
Financial Costs & Depreciation
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Depreciation & Amortization: ₹13,420.1 crore (Q3 FY2026)
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Finance Costs: ₹5,623.2 crore
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Share of Associate/JV Profit: ₹116.3 crore loss
Standalone Performance (India Operations)
Q3 FY2026 Standalone Results
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Net Profit: ₹4,090.7 crore – 55.5% YoY decline from ₹9,197.4 crore
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Revenue: ₹30,854.8 crore – 8.5% YoY growth
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PBT: ₹5,492.8 crore – 19.5% YoY decline
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Standalone EPS: ₹7.05 (Basic), ₹6.80 (Diluted)
Exceptional Items Impact (Standalone)
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Labour Codes: ₹209.9 crore
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Tax Credit: ₹52.8 crore
Corporate Developments
Rights Issue Call Payment
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Approval: Board approved final call on December 18, 2025
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Amount: ₹401.25 per share (including ₹397.50 premium)
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Shares: 392,287,662 partly paid-up equity shares
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Payment Period: March 2-16, 2026
Airtel Africa Share Buyback
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Program: Second share buyback for USD 100 million
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Recent Purchase: USD 1 million worth of shares
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Current Holding: Group's effective shareholding at 62.60%
Financial Position
Consolidated Balance Sheet
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Total Assets: ₹5,294,056 crore
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Total Liabilities: ₹3,603,925 crore
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Other Equity: ₹12,189,480 crore
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Paid-up Capital: ₹2,900.1 crore (Face value ₹5 per share)
Standalone Balance Sheet
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Other Equity: ₹14,059,910 crore
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Paid-up Capital: ₹2,900.1 crore
Tax & Regulatory Matters
Tax Implications
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Pillar Two Tax: Exceptional charge of ₹137.7 crore for subsidiaries in jurisdictions with <15% effective tax rate
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Spectrum Charges: Tax credit of ₹48.7 crore due to favorable Delhi IT Tribunal judgment
Indus Towers Customer Issue
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Concern: Significant receivables from major customer (likely Vodafone Idea)
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Status: Customer confident of generating sufficient cash flow for obligations
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Management View: Carrying amounts expected to be recovered in normal course
Audit & Compliance
The financial results were audited by Deloitte Haskins & Sells LLP. The Board meeting commenced at 1:00 PM and concluded at 4:00 PM on February 5, 2026.
Business Strategy & Outlook
Growth Drivers
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Digital Transformation: Accelerating 4G/5G adoption in India
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Africa Expansion: Strong growth in mobile money and data services
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Enterprise Business: Growing demand for connectivity solutions
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Infrastructure Monetization: Indus Towers integration adding value
Market Position
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India Mobile Leadership: Strong market share and ARPU improvements
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Africa Scale: Pan-African presence with 62.6% ownership in Airtel Africa
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Digital Services: Expanding portfolio in payments, entertainment, and cloud
Risk Factors & Challenges
Regulatory Environment
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AGR Dues: Ongoing monitoring of major customer financial condition
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Spectrum Pricing: Regulatory developments impacting capital allocation
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Competition: Intense competition in Indian telecom market
Operational Challenges
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Network Costs: Rising infrastructure investment requirements
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Currency Fluctuations: African operations exposed to exchange rate volatility
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Technology Transition: Continuous investment in 5G and fiber networks
Investment Highlights
Strengths
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Market Leadership: Strong positions in India and Africa
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Diversified Portfolio: Multiple revenue streams reducing dependency
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Financial Discipline: Focus on profitability and return on capital
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Strategic Partnerships: Global alliances enhancing service offerings
Growth Opportunities
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5G Monetization: Emerging revenue streams from next-gen networks
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Digital Ecosystem: Expansion into financial services and content
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Enterprise Digitization: Growing demand for B2B solutions
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Emerging Markets: Africa's low penetration offering long-term growth
Forward Outlook
Bharti Airtel remains well-positioned to capitalize on India's digital transformation and Africa's mobile adoption journey. With strong execution capabilities, financial discipline, and strategic focus on high-growth segments, the company is poised for sustained value creation despite competitive and regulatory challenges.
About Bharti Airtel: A leading global telecommunications company with operations in 18 countries across Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people.