BHARTIARTL

Q2 FY26 Performance & Strategic Highlights

Q2FY26: Strong earnings, ARPU growth, and Africa momentum drive optimism 🔹 Robust Financial Performance - Net profit surged 89% YoY to ₹6,792 crore; sequential growth stood at 14.2%. - Consolidated revenue rose 25.7% YoY to ₹52,145 crore, driven by mobile services and Airtel Africa. - EBITDA grew 35.9% YoY and 6.2% QoQ to ₹29,919 crore, reflecting strong operating leverage. 🔹 ARPU & Subscriber Growth - Average revenue per user (ARPU) increased to ₹256, up 2.4% QoQ. - Growth attributed to portfolio premiumization and removal of low-value plans. - Airtel added 1.4 million mobile users in Q2, taking its India subscriber base to 364 million. 🔹 India & Africa Segment Highlights - India revenue, including passive infrastructure, rose 2.9% QoQ. - Airtel Africa delivered 7.1% constant currency revenue growth, supported by rising data usage and Airtel Money expansion. - Africa now contributes 10.2% to consolidated revenue. 🔹 Tariff & AGR Developments - Investors await Airtel’s stance on tariff hikes, especially as Jio ruled out immediate increases. - Supreme Court’s permission to reassess Vodafone Idea’s AGR dues could influence Airtel’s own AGR relief efforts. - Airtel previously proposed converting part of its AGR dues into equity. 🔹 Competitive Landscape in Africa - Airtel’s Africa expansion faces emerging competition from Jio Platforms’ Radisys, which partnered with NGIC to build 4G/5G infrastructure in Ghana. - The consortium includes Ascend Digital, Nokia, Ericsson, and Tech Mahindra, aiming to roll out shared broadband networks across Africa. 🔹 Outlook - Airtel’s focus on premium services, subscriber growth, and regional diversification positions it well for sustained performance. - Key watchpoints include tariff strategy, AGR resolution, and competitive dynamics in Africa.