Bharti Airtel has announced a significant strategic move to increase its stake in Airtel Africa through a ₹28,220 crore share swap transaction with Indian Continent Investment Ltd. (ICIL). The deal involves issuing 146.76 million equity shares at ₹1,923 each to ICIL in exchange for up to 16.31% shareholding in Airtel Africa, bringing the company's total stake to approximately 79%. As per the regulatory filing, the transaction is cash-less, leverage neutral, and accretive to EPS of Airtel India, with shares being issued at a 9.5% premium to the last closing price. Currently, Bharti Airtel holds 62.73% stake in the UK-listed subsidiary through its wholly-owned subsidiary Airtel Africa Mauritius Ltd. The transaction involves acquisition of 595.2 million shares held by ICIL in Airtel Africa plc, with the deal subject to shareholder approval at an extraordinary general meeting along with applicable regulatory approvals.
Bharti Airtel delivered strong Q4 FY26 results with consolidated net profit of ₹7,325 crore, representing a 10.5% quarter-on-quarter increase from ₹6,631 crore in Q3 FY26. However, the company had previously reported a 33.5% year-on-year decline from the previous year due to high base effects, as it had booked a tax credit of ₹2,892 crore in the corresponding quarter of the previous year. The company also recognized a one-time charge of ₹3,161 crore during the quarter for regulatory and government levies. The latest results show consolidated net profit of ₹7,325 crore for Q4FY26, down 34% from ₹11,022 crore in the corresponding quarter last year, reflecting the impact of high base effects from the previous year's exceptional performance.
The company posted consolidated revenue from operations of ₹55,383 crore in Q4 FY26, demonstrating robust 16% year-on-year growth and 2.6% quarter-on-quarter growth. According to Goodreturns, this revenue performance was driven by sustained growth in India and robust performance in Africa. The growth trajectory reflects the company's diversified geographical presence and strong operational execution across key markets during the quarter. India Mobile achieved sequential growth of 0.6%, despite two fewer days in the quarter, with the company adding 5.8 million smartphone customers and 0.8 million postpaid customers, as highlighted by Gopal Vittal, executive vice chairman of Bharti Airtel.
India business posted quarterly revenues of ₹39,566 crore, up 8% year-on-year and 0.9% quarter-on-quarter, as reported by Goodreturns. The growth was led by continued focus on portfolio premiumization within the Mobile segment, strong growth momentum in the Homes segment, and consistent delivery by Airtel Business. India mobile revenue increased 8.3% year-on-year, supported by higher ARPU and strong growth in smartphone data customers. The Homes business recorded another robust quarter with 37% YoY revenue growth, achieving strong net customer additions of 1.135 million as the company deepened its WiFi footprint across regions. Airtel Business experienced strong quarterly growth of 2.6%, backed by both connectivity and robust growth in the digital services portfolio. The Digital TV segment was the only major business to report a decline, with revenue falling 2% year-on-year to ₹747 crore, though it ended the quarter with approximately 16 million customers.
Bharti Airtel's Average Revenue Per User (ARPU) stood at ₹257 in Q4 FY26, showing a slight quarter-on-quarter decrease from ₹259 in the preceding quarter. However, year-on-year, ARPU rose 4.9% from ₹245 in the year-ago period. The ARPU decline was primarily attributed to two fewer days in the quarter and the absence of headline tariff hikes, as reported by Mint. In the absence of tariff hikes, Reliance Jio also reported a flat sequential ARPU of ₹214. Despite the absence of headline tariff hikes, Bharti Airtel raised the price of one of its long-validity prepaid plans last month, a move analysts said may be aimed at testing the waters for broader tariff hikes.
Consolidated EBITDA stood at ₹32,038 crore with an EBITDA margin of 57.8%, up from 57.02% in the previous year, as reported by Goodreturns. Consolidated EBITDA increased 17% year-on-year to ₹32,038 crore, while EBITDA margin improved by 60 basis points to 57.8%. Consolidated EBIT rose 21% to ₹18,156 crore, with the EBIT margin expanding by 160 basis points to 32.8%, highlighting improved operating leverage and a favourable customer mix across businesses. Consolidated EBITDAaL at ₹28,647 crore with an EBITDAaL margin of 51.7%, up by 0.8% year-on-year. Consolidated EBIT at ₹18,156 crore with an EBIT margin of 32.8%, up by 1.6% year-on-year. Consolidated net income (before exceptional items) at ₹7,245 crore compared to ₹5,223 crore in Q4 FY25. The company maintained a strong balance sheet with consolidated net debt to EBITDAaL ratio of 0.79 times, reflecting robust cash generation and disciplined liability management. Net debt stood at ₹1.65 lakh crore, compared to ₹1.83 lakh crore in the preceding quarter, demonstrating improved financial position.
Shares of Bharti Airtel ended 1.39% higher at ₹1,781.20 on the National Stock Exchange on Wednesday, May 13, outperforming the benchmark Nifty index which gained 0.14%. The positive market response reflects investor confidence in the company's operational performance and future prospects. The company's board has considered and recommended a final dividend of ₹24 with its Q4 FY26 results, demonstrating confidence in its financial position and commitment to returning value to investors. According to Goodreturns, the company's capex for the quarter stood at ₹16,066 crore, with accelerated investments focused on building future-ready digital infrastructure and capitalizing on opportunities across its portfolio. The company emphasized that further tariff repair remains critical to support continued investments and long-term value creation. Executive Vice Chairman Gopal Vittal described FY26 as a landmark year for the company, noting that Airtel crossed 650 million customers globally, expanded its data centre footprint and received regulatory approval to enter the lending business.
