BHARTIARTL

Bharti Airtel Limited

Mobile, broadband and enterprise telecom in India, plus a pan-African franchise

Telecommunication›Telecommunication›Telecom - Services›Telecom - Cellular & Fixed line services

airtel.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1905.00
Market cap
11,62,847 Cr
Stock P/E
40.2
P/B
7.79
Dividend yield
1.0%
ROE (FY26)
13.6%
ROCE (FY26)
17.3%
Operating margin (FY26)
31.7%
Debt / equity (FY26)
1.27
OCF / EBITDA (FY26)
102.1%
OCF / EBITDA (3Y)
102.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Airtel (Bharti Airtel) sells mobile, home broadband, digital TV and business connectivity services to consumers and enterprises in India, and mobile services across Africa through its majority-owned Airtel Africa business.

Company snapshot

1stBy market cap

Ranked among 7 companies in Telecom - Cellular & Fixed line services.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 59.9% of revenue

SegmentRevenue shareRevenuePBTAssets
Airtel Business
13.6%
5,656 Cr1,439 Cr28,102 Cr
Digital TV Services
1.8%
759 Cr1 Cr5,444 Cr
Homes Services
3.5%
1,432 Cr338 Cr8,882 Cr
Inter-segment eliminations—0 Cr-17 Cr-6,167 Cr
Mobile Services Africa
24.5%
10,163 Cr3,111 Cr83,650 Cr
Mobile Services India
59.9%
24,837 Cr6,189 Cr2,85,769 Cr
Mobile Services South Asia—0 Cr0 Cr0 Cr
Others
0.2%
90 Cr52 Cr4,549 Cr
Tower Infrastructure Services—0 Cr1,030 Cr30,330 Cr
Unallocated—0 Cr-49 Cr0 Cr

Shares add up to 104% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 16.0% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales37,044 Cr37,900 Cr37,599 Cr38,506 Cr41,473 Cr45,129 Cr47,876 Cr49,463 Cr52,145 Cr53,982 Cr55,383 Cr58,539 Cr
Operating expenses (approx.)17,530 Cr18,085 Cr18,234 Cr18,799 Cr19,627 Cr20,533 Cr20,867 Cr21,624 Cr22,584 Cr23,199 Cr23,892 Cr25,236 Cr
EBITDA19,514 Cr19,815 Cr19,365 Cr19,708 Cr21,846 Cr24,597 Cr27,009 Cr27,839 Cr29,561 Cr30,783 Cr31,492 Cr33,303 Cr
OPM %52.7%52.3%51.5%51.2%52.7%54.5%56.4%56.3%56.7%57.0%56.9%56.9%
Other income330 Cr440 Cr317 Cr364 Cr255 Cr470 Cr486 Cr509 Cr728 Cr702 Cr879 Cr907 Cr
Interest5,186 Cr6,645 Cr5,203 Cr5,152 Cr5,424 Cr5,676 Cr5,502 Cr5,461 Cr4,866 Cr5,623 Cr5,606 Cr5,956 Cr
Depreciation9,734 Cr10,074 Cr10,075 Cr10,540 Cr11,000 Cr11,704 Cr12,326 Cr12,465 Cr13,182 Cr13,420 Cr13,644 Cr14,235 Cr
Profit before tax3,940 Cr4,108 Cr2,778 Cr6,025 Cr5,897 Cr16,892 Cr9,584 Cr10,504 Cr12,322 Cr12,301 Cr10,045 Cr13,773 Cr
Tax %46.9%30.0%25.6%21.7%29.6%4.5%-30.2%29.3%29.8%30.9%7.9%27.3%
Net profit2,093 Cr2,876 Cr2,068 Cr4,718 Cr4,153 Cr16,135 Cr12,476 Cr7,422 Cr8,651 Cr8,503 Cr9,247 Cr10,012 Cr
EPS (₹)₹2.36₹4.27₹3.61₹7.21₹6.21₹25.54₹19.02₹10.26₹11.66₹11.44₹12.53₹13.38

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales95,468 Cr83,688 Cr80,780 Cr87,539 Cr1,00,616 Cr1,16,547 Cr1,39,145 Cr1,49,982 Cr1,72,985 Cr2,10,973 CrSign in free for the trailing twelve months
Operating expenses (approx.)58,546 Cr52,101 Cr54,961 Cr51,057 Cr55,244 Cr59,013 Cr67,871 Cr71,691 Cr79,826 Cr91,298 CrSign in free for the trailing twelve months
EBITDA36,922 Cr31,587 Cr25,819 Cr36,482 Cr45,372 Cr57,534 Cr71,274 Cr78,292 Cr93,159 Cr1,19,675 CrSign in free for the trailing twelve months
OPM %38.7%37.7%32.0%41.7%45.1%49.4%51.2%52.2%53.9%56.7%Sign in free for the trailing twelve months
Other income121 Cr249 Cr291 Cr325 Cr643 Cr534 Cr937 Cr1,435 Cr1,574 Cr2,817 CrSign in free for the trailing twelve months
Interest9,547 Cr9,326 Cr9,779 Cr12,382 Cr15,091 Cr16,616 Cr19,300 Cr22,648 Cr21,754 Cr21,555 CrSign in free for the trailing twelve months
Depreciation19,773 Cr19,243 Cr21,348 Cr27,690 Cr29,404 Cr33,091 Cr36,432 Cr39,538 Cr45,570 Cr52,711 CrSign in free for the trailing twelve months
Profit before tax7,723 Cr3,267 Cr-1,732 Cr-42,846 Cr-3,118 Cr12,483 Cr16,561 Cr12,679 Cr38,399 Cr45,173 CrSign in free for the trailing twelve months
Tax %45.1%33.2%197.4%28.4%-296.5%33.5%25.8%32.5%2.4%25.1%Sign in free for the trailing twelve months
Net profit4,241 Cr2,184 Cr1,688 Cr-30,664 Cr-12,364 Cr8,305 Cr12,287 Cr8,558 Cr37,481 Cr33,823 CrSign in free for the trailing twelve months
EPS (₹)₹9.51₹2.75₹1.02₹-63.41₹-27.65₹7.67₹14.80₹13.09₹58.00₹45.96Sign in free for the trailing twelve months
Dividend payout %—————17.4%29.2%48.9%18.5%33.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,999 Cr1,999 Cr1,999 Cr2,728 Cr2,746 Cr2,795 Cr2,837 Cr2,877 Cr2,900 Cr3,047 Cr
Reserves65,458 Cr67,536 Cr69,424 Cr74,417 Cr56,207 Cr63,759 Cr74,726 Cr79,142 Cr1,10,772 Cr1,46,010 Cr
Borrowings1,02,582 Cr97,899 Cr1,25,428 Cr1,48,756 Cr1,67,138 Cr1,71,000 Cr2,26,458 Cr2,14,636 Cr2,07,847 Cr1,88,803 Cr
Other liabilities56,352 Cr74,334 Cr64,821 Cr1,09,894 Cr97,663 Cr1,00,721 Cr1,13,731 Cr1,24,331 Cr1,53,046 Cr1,67,385 Cr
Total liabilities2,33,265 Cr2,50,582 Cr2,75,198 Cr3,60,779 Cr3,46,028 Cr3,63,656 Cr4,46,633 Cr4,44,531 Cr5,14,360 Cr5,52,152 Cr
Fixed assets (net)62,009 Cr70,608 Cr81,523 Cr1,13,662 Cr1,14,616 Cr1,22,801 Cr1,49,871 Cr1,62,549 Cr2,03,514 Cr2,24,390 Cr
CWIP2,394 Cr5,209 Cr8,843 Cr3,997 Cr4,367 Cr4,239 Cr11,029 Cr8,908 Cr10,596 Cr12,613 Cr
Investments14,339 Cr16,159 Cr15,711 Cr25,477 Cr27,550 Cr29,349 Cr32,954 Cr31,602 Cr5,838 Cr18,901 Cr
Inventories49 Cr69 Cr88 Cr157 Cr266 Cr375 Cr258 Cr364 Cr452 Cr601 Cr
Trade receivables4,740 Cr5,883 Cr4,301 Cr4,606 Cr3,638 Cr4,056 Cr3,982 Cr4,728 Cr7,456 Cr7,978 Cr
Cash & bank1,282 Cr4,789 Cr6,212 Cr13,551 Cr8,086 Cr6,096 Cr7,179 Cr6,916 Cr6,106 Cr13,722 Cr
Other assets1,48,453 Cr1,47,865 Cr1,58,519 Cr1,99,330 Cr1,87,505 Cr1,96,740 Cr2,41,361 Cr2,29,465 Cr2,80,399 Cr2,73,946 Cr
Total assets2,33,265 Cr2,50,582 Cr2,75,198 Cr3,60,779 Cr3,46,028 Cr3,63,656 Cr4,46,633 Cr4,44,531 Cr5,14,360 Cr5,52,152 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity28,280 Cr29,854 Cr20,070 Cr18,129 Cr48,205 Cr55,017 Cr65,325 Cr78,898 Cr98,332 Cr1,22,230 Cr
Cash from investing-30,604 Cr-27,968 Cr-28,501 Cr-30,492 Cr-26,888 Cr-41,870 Cr-39,080 Cr-50,204 Cr-60,270 Cr-58,534 Cr
Cash from financing-351 Cr1,921 Cr9,464 Cr19,144 Cr-24,910 Cr-15,203 Cr-24,469 Cr-27,778 Cr-36,533 Cr-52,293 Cr
Net cash flow-2,676 Cr3,807 Cr1,033 Cr6,781 Cr-3,991 Cr-1,664 Cr1,623 Cr31 Cr1,601 Cr11,393 Cr
Free cash flow (OCF − Capex)-10,571 Cr2,562 Cr-9,407 Cr-2,588 Cr14,623 Cr10,169 Cr26,418 Cr26,692 Cr37,304 Cr74,661 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.8%7.1%3.8%-12.1%4.8%11.1%10.8%11.0%16.6%17.3%
ROE %5.1%1.4%0.5%-31.5%-18.6%4.6%7.8%7.1%21.9%13.6%
Debtor days18261919131310121614
Inventory days0001111111
Days payable1021211261041019186858078
Cash conversion cycle-84-95-106-84-87-78-75-73-64-63
OCF / EBITDA %76.6%94.5%77.7%49.7%106.2%95.6%91.7%100.8%105.6%102.1%
OCF / EBITDA % (3 years)——82.9%72.5%80.2%87.1%96.8%96.2%99.9%102.9%
Debt / equity1.521.411.761.932.842.572.922.621.831.27
Current ratio0.290.430.350.580.490.460.470.420.370.52
Net debt / EBITDA2.742.954.623.713.512.873.082.652.171.46