Bharti Airtel Reports Strong Q4 Results With ₹24 Dividend; Can There Be Further Rally?

Synopsis: The share of copmany gained 5.3 percent attention after strong Q4 FY26 results, driven by higher ARPU, broadband growth, and strong premium customer additions.

The shares of this company, which is a leading global telecommunications company headquartered in New Delhi, operating in 15+ countries across South Asia and Africa with over 650 million customers, came into focus after posting Q4 results.

With a market capitalization of Rs 11,41,514 crore, Bharti Airtel Ltd’s share made a day high of Rs 1,884.10 per share, up 5.36 percent from its previous day’s close price of Rs 1,788.10 per share. The share of this company gave a return of 241 percent over the last five years.

Results Overview & Dividend 

QoQ View: The revenue from operations grew by 2.6 percent to Rs 55,383 crore in Q4 FY26 from Rs 53,982 crore in Q3 FY26 (Dec 2025), while EBIDT grew by 2.3 percent to Rs 31,492 crore from Rs 30,783 crore in the previous quarter. Net profit saw an increase of 8.7 percent to Rs 9,247 crore from Rs 8,503 crore, which led to an EPS improvement of 3.4 percent to Rs 12.02 per share from Rs 11.63 in Q3 FY26.

YoY View: The revenue from operations grew by 16 percent to Rs 55,383 crore in Q4 FY26 (Mar 2026) from Rs 47,876 crore in Q4 FY25 (Mar 2025), and EBIDT grew by 17 percent to Rs 31,492 crore in Q4 FY26 from Rs 27,009 crore in Q4 FY25. This was accompanied by a net profit decline of 26 percent to Rs 9,247 crore in Q4 FY26 from Rs 12,476 crore in Q4 FY25, resulting in an EPS decrease of 38 percent to Rs 12.02 per share in Q4 FY26.

Fiscal Year comparison: revenue from operations rose to Rs 210,973 crore in FY26 from Rs 172,985 crore in FY25, reflecting steady growth. Operating margin improved to 57 percent in FY26 compared to 49 percent in FY25, indicating better operational efficiency.

Profit before tax increased to Rs 45,173 crore from Rs 38,398 crore, while net profit declined to Rs 33,823 crore from Rs 37,481 crore, showing a mixed bottom-line performance despite stronger operating metrics. 

Dividend: The Board has recommended a final dividend of Rs 24 per fully paid-up equity share of face value Rs 5 for FY25-26, which translates to 480 percent of face value. For partly paid-up equity shares (paid-up value Rs 1.25 per share), a dividend of Rs 6 has been proposed, reflecting proportional payout based on the paid-up capital on each equity share of face value Rs 5.

Q4 business highlights

Strong Mobile ARPU Growth Driven by Premiumisation Bharti Airtel Limited reported a strong rise in mobile Avg. Revenue Per User to Rs 257 in Q4 FY26 compared to Rs 245 in Q4 FY25. The improvement was driven by premiumisation trends, higher data consumption, and increasing customer willingness to pay for higher-value plans.

Healthy Customer Addition Across Segments The company continued to see strong customer momentum, adding 5.8 million smartphone users QoQ and 20 million YoY. Postpaid net additions stood at 0.8 million during the quarter, reflecting sustained demand for higher-value services and stable customer upgrading trends.

Strong Growth in Homes and Africa Businesses The Homes segment delivered robust performance with revenue growth of 37.3 percent YoY, supported by strong net additions of 1,135 thousand customers, taking the total base to 14.2 million. Meanwhile, Africa operations posted constant currency revenue growth of 22.3 percent YoY, along with improved EBITDA and EBIT margins.

Aggressive Network and Digital Infrastructure Expansion During Q4 FY26, Airtel continued expanding its digital footprint by deploying 2,426 towers and 16,746 mobile broadband base stations. The company also maintained strong investments in 5G rollout, fiber expansion, data centres, and digital services to support long-term growth.

Can strong ARPU growth and broadband expansion drive a further rally?

ARPU Continues To Improve: Bharti Airtel Limited reported mobile ARPU of Rs 257 in Q4 FY26, up from Rs 245 in Q4 FY25, supported by premiumization and higher user spending.

Broadband Business Maintains Strong Momentum The Homes segment recorded robust revenue growth of 37.3 percent YoY, while the company added 1.135 k customers during the quarter.

Smartphone and Postpaid User Base Expands: Airtel added 5.8 million smartphone customers QoQ and 0.8 million postpaid customers, reflecting strong traction in premium customer segments.

Continued Investments To Support Future Growth The company incurred capex of Rs 16,066 crore during Q4 FY26 towards 5G rollout, fiber expansion, broadband growth, and data centre infrastructure.

Conclusion: Bharti Airtel Limited continues to show a strong structural growth trend supported by rising ARPU, expanding premium customer base, and consistent broadband momentum. The improvement in mobile ARPU to Rs 257, along with strong postpaid and smartphone additions, highlights sustained premiumisation, which is a key driver for revenue quality and margin expansion going ahead.

The Homes business growth of 37.3 percent YoY, combined with aggressive investments in 5G, fibre, and data infrastructure, further strengthens long-term visibility. While heavy capex may keep near-term cash flows under pressure, the combination of improving ARPU, strong subscriber mix, and scaling broadband penetration positions the company well for sustained earnings growth and potential valuation re-rating.

About the Company

Bharti Airtel is a leading global telecommunications company headquartered in New Delhi, India, providing services in 17 countries across Asia and Africa. As of 2026, it is among the top three mobile operators globally by subscribers, offering 5G/4G, fixed-line broadband, enterprise solutions, and digital payments.

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