Profit lagging revenue
Revenue grew 22.0% but profit declined 9.8%, so the company kept less of each rupee of revenue as profit.
Importance 74 / 95 · growth
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
Revenue grew 22.0% but profit declined 9.8%, so the company kept less of each rupee of revenue as profit.
Importance 74 / 95 · growth
Cash conversion (CFO ÷ profit) has averaged 5.15× over the last 3 profit-making years versus 5.97× before that.
Importance 64 / 95 · cash quality
Revenue compounded at 16.0% a year over 4 years (₹1,16,547 → ₹2,10,973).
Importance 56 / 95 · growth
EBITDA margin of 58.1% is the widest in 4 years (prior range 49.8% to 54.8%).
Importance 55 / 95 · profitability
Classified by the exchange under Telecommunication › Telecommunication › Telecom - Services › Telecom - Cellular & Fixed line services.
Peer set used on this page: 3 telecom - cellular & fixed line services.
Revenue grew 22.0% but profit declined 9.8%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
Revenue compounded at 16.0% a year over 4 years (₹1,16,547 → ₹2,10,973).
Over 4 years profit compounded at 42.1% a year while revenue compounded at 16.0% a year — though FY2025 saw a one-off step-change of 338% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit fell 9.8% year on year (FY2025 → FY2026).
Revenue grew 22.0% year on year (FY2025 → FY2026).
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Q1 FY27 net profit was ₹10,012 cr, up 34.9% from ₹7,422 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Q1 FY27 net profit grew 34.9% vs the same quarter last year, reversing the decline seen in the two preceding quarters (−47.3% and −25.9%).
Rule QTR_TREND_REVERSAL
Q1 FY27 revenue was ₹58,539 cr, up 18.4% from ₹49,463 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 41,473 | — | 4,153 | — | 10.0% |
| Q3 FY25 | 45,129 | +19.1% | 16,135 | +460.9% | 35.8% |
| Q4 FY25 | 47,876 | +27.3% | 12,476 | +503.2% | 26.1% |
| Q1 FY26 | 49,463 | +28.5% | 7,422 | +57.3% | 15.0% |
| Q2 FY26 | 52,145 | +25.7% | 8,651 | +108.3% | 16.6% |
| Q3 FY26 | 53,982 | +19.6% | 8,503 | −47.3% | 15.8% |
| Q4 FY26 | 55,383 | +15.7% | 9,247 | −25.9% | 16.7% |
| Q1 FY27 | 58,539 | +18.4% | 10,012 | +34.9% | 17.1% |
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
EBITDA margin of 58.1% is the widest in 4 years (prior range 49.8% to 54.8%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
ROE declined from 28.9% to 19.4% year on year.
EBITDA margin improved from 54.8% to 58.1% of revenue.
Cash conversion (CFO ÷ profit) has averaged 5.15× over the last 3 profit-making years versus 5.97× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 3.61×).
Net worth compounded at 20.8% a year over 4 years (₹91,935 → ₹1,95,963) — though FY2025 saw a one-off step-change of 45% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Free cash flow has been positive in 5 of the last 5 years.
Debt-to-equity fell from 0.97× to 0.62× year on year.
Ranked against 3 telecom - cellular & fixed line services (FY2026, consolidated).
BHARTIARTL · 1st of 3 · set median 7.3%
BHARTIARTL · 1st of 3 · set median 43.6%
BHARTIARTL · 2nd of 3 · set median 19.4%
BHARTIARTL · 2nd of 3 · set median 29.1×
Trades at 5.41× book — 42% below the telecom cellular and fixed line services median of 9.29×.
Rule PB_BELOW_PEERS
On the trailing twelve months. Last full year: P/E 31.4× · P/S 5.0× · ROE 19.4%.
Over 4 years profit compounded at 42.1% a year while the stock returned 23.4% a year — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,16,547 | 1,39,145 | 1,49,982 | 1,72,985 | 2,10,973 |
| Total income | 1,17,081 | 1,40,081 | 1,51,418 | 1,74,559 | 2,13,790 |
| EBITDA | 58,068 | 72,210 | 79,727 | 94,733 | 1,22,492 |
| Profit before tax | 10,060 | 15,809 | 9,970 | 34,696 | 44,808 |
| Net profit | 8,305 | 12,287 | 8,558 | 37,481 | 33,823 |
| EPS (₹) | 14.9 | 14.8 | 13.1 | 58.0 | 46.0 |
| Net worth | 91,935 | 1,06,444 | 1,05,564 | 1,53,468 | 1,95,963 |
| Total debt | 1,32,915 | 1,65,545 | 1,51,917 | 1,48,312 | 1,21,671 |
| Operating cash flow | 55,017 | 65,325 | 78,898 | 98,332 | 1,22,230 |
| Free cash flow | 29,855 | 39,357 | 40,830 | 60,763 | 78,222 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 19.4 | 7.8 | 15.3 | 22.0 |
| Profit growth YoY | — | 47.9 | -30.4 | 338.0 | -9.8 |
| Profitability | |||||
| EBITDA margin % | 49.8 | 51.9 | 53.2 | 54.8 | 58.1 |
| Net margin % | 7.1 | 8.8 | 5.7 | 21.5 | 15.8 |
| Return on equity % | 9.0 | 12.4 | 8.1 | 28.9 | 19.4 |
| Return on capital % | 11.1 | 14.4 | 15.2 | 17.6 | 22.5 |
| Leverage & cash | |||||
| Debt to equity | 1.45 | 1.56 | 1.44 | 0.97 | 0.62 |
| Cash flow ÷ profit | 6.62 | 5.32 | 9.22 | 2.62 | 3.61 |
| Current ratio | 0.46 | 0.47 | 0.42 | 0.37 | 0.52 |