Airtel Q1 FY27: Profit Up 37%, ARPU Rs 264, Africa Stake

Bharti Airtel Limited reported consolidated Q1 FY27 results for the June 2026 quarter on 4 August. Q1 FY27 numbers (consolidated): Revenue: Rs 58,539 crore, up 18.4% YoY from Rs 49,463 crore; up 5.7% QoQ EBITDA: Rs 33,599 crore, up 19.3% YoY; margin 57.4%, up 50 bps Net profit: Rs 8,167 crore, up 37.3% YoY from Rs 5,948 crore; EPS Rs 13.38 India mobile ARPU: Rs 264, up from Rs 250 YoY; record 1 million postpaid net adds Homes: 473k net adds, base 14.7 million; revenue up 33.2% Africa: revenue up 21.1% constant currency; stake raised to over 79% via share swap Net debt cut 18% to Rs 1,57,239 crore; capex Rs 13,386 crore The Africa stake increase was EPS-accretive; data consumption per India subscriber hit 34.4 GB a month, up 36% YoY. Bharti Airtel [][***** shares closed at Rs 1,840 on 4 September 2026, down 2.3 percent in a year and 15 percent below the Rs 2,174 high. P/E 36.8 on Screener's trailing basis; EPS Rs 58.35; yield 1.3 percent on a Rs 24 trailing dividend. My view: the cleanest large-cap telecom print available. Revenue, EBITDA, profit, ARPU, subscribers and data consumption all grew together, debt shrinking and Africa accelerating. The stock flat for a year while earnings grew 37 percent is the opportunity. At 36x, fair for a near-monopoly pricing engine with 15 percent net debt reduction, this is a hold with a case for fresh accumulation. Jio's listing is the competitive risk; until it lists and prices, Airtel carries no comparable. Levels: Rs 1,740, the 52-week floor, must hold; Rs 1,869 the band to reclaim; Rs 2,174 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.