WatchTalking point
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
Bharti Airtel · Research view
Bharti Airtel Ltd.
NSE: BHARTIARTLBSE: 532454ISIN INE397D01024Face value ₹5standalone
₹1,741
−1.97% · 2026-10-01 · 52-wk ₹1,741–₹2,163
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Cash conversion trending down
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
StrengthTalking point
Compounding revenue
Revenue compounded at 16.0% a year over 4 years (₹1,16,547 → ₹2,10,973).
Importance 56 / 95 · growth
StrengthTalking point
Margins at a multi-year high
EBITDA margin of 58.1% is the widest in 4 years (prior range 49.8% to 54.8%).
Importance 55 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Telecommunication › Telecommunication › Telecom - Services › Telecom - Cellular & Fixed line services.
- Market cap
- ₹10.61 L cr
- FY2026 revenue
- ₹1,21,493 cr
- FY2026 net profit
- ₹13,745 cr
- Net worth
- ₹1,60,535 cr
- Total debt
- ₹95,072 cr
- EPS (basic)
- ₹23.65
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 telecom - cellular & fixed line services.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
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 growth per year
- +14.5%over 4 years
- Revenue growth
- +11.5%vs last year
- Net profit growth
- −41.5%vs last year
- Change in net profit since FY22
- +479%
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).
Section 05 · Recent activity
What changed recently?
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.
Strength
Q1 FY27 net profit was ₹10,012 cr, up 34.9% from ₹7,422 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
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
Strength
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
A. Quarterly results
RevenueNet profit
| 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% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹2,20,049 crTTM
- EBITDA
- ₹1,28,354 crTTM
- EBIT
- ₹73,873 crTTM
- PBT
- ₹48,051 crTTM
- Net profit
- ₹36,413 crTTM
C. Corporate actions
24 Jul 2026DividendFinal Dividend - Rs. - 24.0000 — ₹24.00/share
18 Jul 2025DividendFinal Dividend - Rs. - 16.0000 — ₹16.00/share
7 Aug 2024DividendDividend - Rs. - 8.0000 — ₹8.00/share
11 Aug 2023DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
1 Aug 2022DividendDividend - Rs. - 3.0000 — ₹3.00/share
27 Sept 2021Rights issueRight Issue of Equity Shares
6 Aug 2020DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
23 Apr 2019Rights issueRight Issue of Equity Shares
5 Nov 2018DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
2 Aug 2018DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
30 Jan 2018DividendInterim Dividend - Rs. - 2.8400 — ₹2.84/share
13 Jul 2017DividendDividend - Rs. - 1.0000 — ₹1.00/share
11 Aug 2016DividendFinal Dividend - Rs. - 1.3600 — ₹1.36/share
13 Aug 2015DividendFinal Dividend - Rs. - 2.2200 — ₹2.22/share
21 Aug 2014DividendFinal Dividend - Rs. - 1.8000 — ₹1.80/share
21 Aug 2014DividendInterim Dividend - Rs. - 1.6300 — ₹1.63/share
23 May 2013DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
16 Aug 2012DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
17 Aug 2011DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Aug 2010DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
24 Jul 2009DividendDividend - Rs. - 2.0000 — ₹2.00/share
24 Jul 2009Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 58.1% is the widest in 4 years (prior range 49.8% to 54.8%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 60.0%
- 5-year range
- 51.7–60.0%
- ROE FY2026
- 9.1%
- ROCE FY2026
- 15.1%
ROE declined from 28.9% to 19.4% year on year.
EBITDA margin improved from 54.8% to 58.1% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
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 flowNet profit
- Total debt
- ₹95,072 cr
- Operating cash flow ÷ net profit
- 5.45×FY2026
- Free cash flow
- ₹49,187 cr
- Current ratio
- 0.40×
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.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 telecom - cellular & fixed line services (FY2026, consolidated).
Revenue growth
BHARTIARTL · 1st of 3 · set median 7.3%
EBITDA margin
BHARTIARTL · 1st of 3 · set median 43.6%
Return on equity
BHARTIARTL · 2nd of 3 · set median 19.4%
P/E ratio
BHARTIARTL · 2nd of 3 · set median 29.1×
Context
Trades at 5.41× book — 42% below the telecom cellular and fixed line services median of 9.29×.
Rule PB_BELOW_PEERS
- P / E
- 29.1×TTM to Jun 26
- P / B
- 5.4×latest book
- P / S
- 4.8×TTM sales
- Earnings yield
- 3.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 31.4× · P/S 5.0× · ROE 19.4%.
Section 09 · The stock
How has the stock performed?
Context
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
- 1-year return
- −6.8%
- 3-year return
- +87.9%
- 5-year return
- +157.6%
- From 52-wk high
- −19.5%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,893
- vs 200-day avg
- Below₹1,916
- RSI (14)
- 32.2neutral
- MACD histogram
- -6.4
- From 52-wk high
- −19.5%
- From 52-wk low
- 0.0%
- 30-day volatility
- 22.9%ann.
- 6-month return
- −3.4%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 22.0% but profit declined 9.8%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 74
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 5.15× over the last 3 profit-making years versus 5.97× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- ConcernReturns decliningROE declined from 28.9% to 19.4% year on year.ROE_DETERIORATED_YOY · conviction 52
- ConcernProfit fellNet profit fell 9.8% year on year (FY2025 → FY2026).PROFIT_DECLINED_YOY · conviction 42
- The price-adjusted series does not correct for 2 rights issues (ex-dates 2019-04-23, 2021-09-27) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference
The numbers
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 | 70,642 | 84,720 | 94,120 | 1,08,944 | 1,21,493 |
| Total income | 72,065 | 87,354 | 95,510 | 1,10,309 | 1,24,170 |
| EBITDA | 36,514 | 46,433 | 51,906 | 62,124 | 72,941 |
| Profit before tax | −4,234 | 1,269 | 7,116 | 17,864 | 19,446 |
| Net profit | −3,625 | −90 | 4,988 | 23,502 | 13,745 |
| EPS (₹) | −6.5 | −0.2 | 8.7 | 40.6 | 23.6 |
| Net worth | 78,930 | 78,993 | 1,00,862 | 1,40,131 | 1,60,535 |
| Total debt | 1,03,408 | 1,40,641 | 1,25,982 | 1,10,840 | 95,072 |
| Operating cash flow | 36,925 | 43,583 | 53,209 | 62,336 | 74,931 |
| Free cash flow | 22,279 | 27,492 | 27,085 | 38,561 | 49,187 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 19.9 | 11.1 | 15.8 | 11.5 |
| Profit growth YoY | — | — | — | 371.1 | -41.5 |
| Profitability | |||||
| EBITDA margin % | 51.7 | 54.8 | 55.1 | 57.0 | 60.0 |
| Net margin % | -5.0 | -0.1 | 5.2 | 21.3 | 11.1 |
| Return on equity % | -4.6 | -0.1 | 5.5 | 19.5 | 9.1 |
| Return on capital % | 6.5 | 10.0 | 10.2 | 12.4 | 15.1 |
| Leverage & cash | |||||
| Debt to equity | 1.31 | 1.78 | 1.25 | 0.79 | 0.59 |
| Cash flow ÷ profit | — | — | 10.67 | 2.65 | 5.45 |
| Current ratio | 0.51 | 0.52 | 0.43 | 0.32 | 0.40 |