BHARTIARTL
Bharti Airtel Ltd
Recent Quarterly Results
| Quarter | Revenue (₹Cr) | Net Profit (₹Cr) | OPM % | EPS (₹) | Rev YoY | PAT YoY |
|---|---|---|---|---|---|---|
| Dec 2025 | 53,982 | 8,503 | 57.0% | ₹11.63 | +19.6% | -47.3% |
| Sep 2025 | 52,145 | 8,651 | 57.0% | ₹11.91 | +25.7% | +108.3% |
| Jun 2025 | 49,463 | 7,422 | 56.0% | ₹10.43 | +28.5% | +57.3% |
| Mar 2025 | 47,876 | 12,476 | 56.0% | ₹19.33 | +27.3% | +503.3% |
| Dec 2024 | 45,129 | 16,135 | 54.0% | ₹25.95 | +19.1% | +461.0% |
| Sep 2024 | 41,473 | 4,153 | 53.0% | ₹6.31 | +12.0% | +98.4% |
| Jun 2024 | 38,506 | 4,718 | 51.0% | ₹7.31 | +2.9% | +210.4% |
| Mar 2024 | 37,599 | 2,068 | 52.0% | ₹3.66 | +4.4% | -51.1% |
Annual Financials
| Year | Revenue | Net Profit | OPM % | EPS | ROE % | CFO | Rev YoY |
|---|---|---|---|---|---|---|---|
| Mar 2025 | 1,72,985 | 37,481 | 49.0% | ₹58.85 | — | 98,332 | +15.3% |
| Mar 2024 | 1,49,982 | 8,558 | 52.0% | ₹13.20 | — | 78,898 | +7.8% |
| Mar 2023 | 1,39,145 | 12,287 | 51.0% | ₹14.97 | — | 65,325 | +19.4% |
| Mar 2022 | 1,16,547 | 8,305 | 49.0% | ₹7.23 | — | 55,017 | +15.8% |
| Mar 2021 | 1,00,616 | -12,364 | 45.0% | ₹-25.63 | — | 48,205 | +14.9% |
QGLP Analysis
QQuality — Excellent
Sunil Mittal-led Bharti Airtel has consistently demonstrated exceptional capital allocation discipline. The management navigated the Jio disruption and emerged stronger. Rational duopoly (Airtel + Jio), high barriers to entry, sticky subscribers, and improving profitability.
GGrowth
Revenue CAGR of 17% driven by ARPU improvement from ₹139 to ₹208+. As ARPU expands toward ₹300, operating leverage will drive significant margin and EPS expansion.
LLongevity — High
India's data consumption growing at 25%+ annually. Airtel's 5G rollout positions it well for the next decade. Low regulatory disruption risk given consolidated market structure.
PPrice / Valuation
At 28x earnings, reasonably valued for a business growing EPS at 40-50% annually (PEG of 0.6). DCF fair value ₹1,650 implies ~11% upside.
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