KIRA
KIRA Research · Telecom · Telecom Services (India + Africa)

Bharti Airtel Limited

NSE: BHARTIARTL · BSE: 532454 · ISIN INE397D01024 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: 72.6 · BBB+ · AMBERLargeFigures: INR crore; basis shown per row

KIRA view

Deleveraged growth story: FY26 revenue +22%, net debt/EBITDAaL 0.79x — 'high-debt' hypothesis NOT confirmed; leverage materially improved. Major strength: ARPU + FCF. Major risk: tariff-hike dependence. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • ARPU (Rs257 Q4FY26) ANALYSIS
  • Subscriber premiumisation ANALYSIS
  • Africa growth ANALYSIS

Competitive position — peers

  • Reliance Jio (unlisted) ANALYSIS
  • Vodafone Idea ANALYSIS
  • Tata Communications (partial) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹2,10,973 crConsol.SOURCEDS10, S11
Revenue growth (YoY)FY2622%Consol.SOURCEDS10, S11
Profit before taxFY26₹45,173 crConsol.SOURCEDS11
ARPUQ4FY26₹257—SOURCEDS10
Dividend per shareFY26₹24—SOURCEDS10, S11
profit before exceptional and taxFY26₹48,590.2 crConsol.SOURCEDS11
EBITDAFY26₹1,21,268 crConsol.SOURCEDS10
Profit for the year (incl. NCI)FY26₹33,822.8 crConsol.SOURCEDS11
Net profit (PAT)FY26₹26,695.2 crConsol.SOURCEDS11
RevenueFY25₹1,72,985.2 crConsol.SOURCEDS11
RevenueQ4FY26₹55,383 crConsol.SOURCEDS10

Growth drivers

  • ARPU premiumisation (Rs257) ANALYSIS
  • Africa data growth ANALYSIS
  • Home/enterprise expansion ANALYSIS

Recent developments

  • 13 May 2026 — Board approved audited FY26 results: consolidated revenue ₹210,973 crore (+22.0% YoY), PBT after exceptional items ₹45,173 crore, profit attributable to owners ₹26,695 crore; final dividend of ₹24 per fully paid-up share recommended, subject to shareholder approval. [Company disclosure] SOURCED S10, S11

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
Net debt / EBITDAaLQ4FY260.79×Consol.SOURCEDS10

Notes

  • note: Leverage-trajectory hypothesis tested: leverage now LOW on this metric — 'high-debt' hypothesis NOT confirmed; reflects FCF improvement ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

MetricPeriodValueBasisProvenanceSource
promoter %2026-06-3050.07%—SOURCEDS13
promoter pledged % of total2026-06-303.25%—SOURCEDS13
institutions domestic2026-06-3020.76%—SOURCEDS13
institutions foreign2026-06-3026.48%—SOURCEDS13
non institutions2026-06-302.64%—SOURCEDS13
employee benefit trust2026-06-300.04%—SOURCEDS13

Shareholding notes

  • Promoter group holds 50.07% (30-Jun-2026); 3.25% of total shares (6.49% of promoter holding) pledged or encumbered. [Company filing] SOURCED S13

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Tariff-hike dependence ANALYSIS
  • Capex cycle ANALYSIS
  • Africa currency ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S10Bharti Airtel Limited — Media Release: results for the fourth quarter and year ended March 31, 2026Bharti Airtel Limitedresults press release2026-05-13PRIMARY
S11Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2026 (Published Results; NSE: BHARTIARTL, BSE: 532454, ISIN INE397D01024)Bharti Airtel Limitedaudited financial results (exchange filing)2026-05-13PRIMARY
S12NSE list of equity securities (EQUITY_L.csv) — row for symbol BHARTIARTL: 'BHARTIARTL,Bharti Airtel Limited,EQ,15-FEB-2002,5,1,INE397D01024,5'National Stock Exchange of Indiaexchange securities master list (CSV)2026-09-28PRIMARY
S13Shareholding pattern — quarter ended 30-06-2026 (532454 / BHARTIARTL / INE397D01024)Bharti Airtel Limitedshareholding pattern (Reg. 31 filing)2026-06-30PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
72.6/100 · BBB+ · AMBER
Framework V1 · 17 Sep 2026 · KIRA Score methodology
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
7 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · financials.PBT.FY26
    Kimi PBT 45,173 crore differs from the ₹48,590 crore PBT shown in the company media release summary.
    Both are correct on different lines of S11: profit before exceptional items and tax ₹485,902 mn (48,590 crore) and profit before tax after exceptional items (net ₹34,175 mn) ₹451,727 mn (45,173 crore). Kimi's value is kept as reported PBT (after exceptional items); the pre-exceptional figure is added separately. S10, S11