Bharti Airtel Q4 Results: How Is The Telecom Giant Expected To Perform?

Synopsis: Bharti Airtel is set to announce its Q4FY26 results on May 13, following a strong Q3 performance driven by ARPU growth, subscriber additions, Africa momentum, and improving cash flows, while tariff hike timing, capex intensity, and digital segment weakness remain key areas to watch. 

Bharti Airtel’s board is scheduled to meet on Wednesday, May 13, to consider and approve the company’s audited consolidated and standalone financial results for Q4FY26 and the full financial year ended March 31, 2026. Here are the estimates from Motilal Oswal and Prabhudas Lilladher

What Are The Expectations?

According to Motilal Oswal and Prabhudas Lilladher, Bharti Airtel delivered a strong Q3FY26 performance across both its India and Africa businesses, supported by improving subscriber additions, continued ARPU expansion through premiumization, and healthy wireless execution. In India, stronger customer additions, improving customer mix, and broadband growth supported stable revenue and EBITDA expansion. Airtel Africa benefited from tariff hikes in markets such as Nigeria, favorable currency movements, and improving scale. Brokerages noted this balanced domestic and international performance as a reflection of the company’s operational strength.

Beyond its recent quarterly performance, Bharti Airtel’s broader outlook remains supported by strong free cash flow generation and an improving balance sheet, with robust cash flows driving a significant reduction in consolidated debt levels. The company’s focus on premiumization and home broadband is expected to further support profitability, although the B2B segment posted a revenue decline of 5.2 percent YoY, with the digital business also remaining a drag. On tariff hikes, Motilal Oswal remains structurally positive on future pricing actions, given the sector’s long-term need for better returns amid rising network investments and growing data demand, though it acknowledges that hikes may be delayed to June-July 2026 due to upcoming state elections.

While near-term risks remain around tariff hike timing, digital segment weakness, and continued network investment requirements, particularly elevated capex in the Africa segment, both brokerages remain constructive on Bharti Airtel’s medium-term outlook, underpinned by its strong market position, diversified revenue streams, and improving financial flexibility. The company’s ability to steadily improve ARPU, strengthen Africa operations, and maintain robust cash generation is expected to support sustained earnings growth over the long term. 

What Are The Estimates?

Motilal Oswal expects Bharti Airtel to report revenue of Rs. 54,000 crore in Q4FY26, reflecting flat quarter-on-quarter performance, while rising by 12.7 percent year-on-year. EBITDA is estimated at Rs. 30,600 crore, which would represent a marginal decline of 0.6 percent sequentially, while increasing by 13.3 percent year-on-year. EBITDA margins are projected at 56.66 percent.

Net profit is expected to come in at Rs. 7,700 crore, rising by 16.7 percent quarter-on-quarter, but declining sharply by 30 percent year-on-year. PAT margins are estimated at 14.25 percent.

Prabhudas Lilladher projects Bharti Airtel’s revenue at Rs. 55,268 crore for Q4FY26, indicating an increase of 2.3 percent quarter-on-quarter and a rise of 15.4 percent year-on-year. EBITDA is estimated at Rs. 31,160 crore, implying a growth of 1.2 percent sequentially and a 15.4 percent increase year-on-year. EBITDA margins are expected at 56.37 percent.

Net profit is projected at Rs. 7,326 crore, reflecting an increase of 11 percent quarter-on-quarter, while declining by 33.4 percent year-on-year. PAT margins are estimated at 13.25 percent.

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