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Telecommunication · NSE: BHARTIARTL · BSE: 532454

Bharti Airtel: how the business works

Bharti Airtel sells mobile, broadband and TV services to 482.4 million customers in India and 183.5 million in Africa, with revenue of ₹210,973 crore in FY26.

Bharti Airtel Limited · Gurugram, Haryana · Founded 1995

Last updated · Reviewed by Cityfort Research on

Revenue, FY26
₹210,973 cr
Profit to Airtel shareholders, FY26
₹26,695 cr
Customers in India, 30 Jun 2026
491.9 million
Incorporated
1995
Promoter holding, Sep 2026
50.07%

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

01 · The business in one line

What does Bharti Airtel do?

Phone and internet users pay Airtel for calls and data; the biggest cost is wear and tear on its network and spectrum, and ₹12.5 of every ₹100 is profit for its shareholders.

  • In FY26 mobile services in India brought in 52.3% of revenue and Africa 26.7%. Business connectivity, tower rent, home broadband and TV made up the rest.
  • Of every ₹100 that came in during FY26, ₹24.7 covered depreciation and amortisation, ₹21.2 network and access costs, and ₹7.2 government licence and spectrum fees.

02 · What it sells

What does Bharti Airtel sell?

Airtel sells access to its phone and internet network. Most people know it as a mobile operator: you pay a prepaid recharge or a monthly postpaid bill for calls and data. It also runs mobile networks in 14 African countries, home broadband, satellite TV, services for companies, and towers it rents to other operators.

  • Mobile services, India

    Prepaid and postpaid plans for calls and data. 376.5 million mobile customers at 30 Jun 2026, paying an average of ₹264 a month (ARPU, average revenue per user).

  • Mobile services, Africa (Airtel Africa)

    Mobile plans and Airtel Money, a phone-based payments service, in 14 African countries. 189.0 million customers at 30 Jun 2026.

  • Airtel Business

    Connectivity sold to companies rather than households. Its postpaid base, including machine-to-machine (IoT) SIMs, was 112.77 million at 30 Jun 2026.

  • Homes (broadband)

    Home internet over fibre, and over the mobile network to a box at home (fixed wireless access). 14.69 million customers at 30 Jun 2026.

  • Digital TV

    Satellite (DTH) TV for homes. 16.0 million customers at 30 Jun 2026.

  • Towers (Indus Towers)

    Rents space on telecom towers to operators. Indus had 267,611 macro (full-size) towers and 432,250 operator tenancies at 30 Jun 2026; Airtel owned 51.256% of it at the end of FY26.

  • Data centres (Nxtra)

    Buildings that house servers for other companies. Management said in Aug 2026 that capacity is about 120–130 megawatts.

What it does

  • Does: Sells mobile, broadband, TV and business connectivity plans in India
  • Does: Runs mobile networks and Airtel Money in 14 African countries
  • Does: Rents tower space to other operators through Indus Towers
  • Does: Buys spectrum (radio frequencies) from the government at auctions

What it does not do

  • Does not: It is not mainly a product seller: sale of products was ₹2,238 crore of FY26 revenue of ₹210,973 crore
  • Does not: It does not own all of Indus Towers or Airtel Africa: it held 51.256% of Indus (Mar 2026) and 79.11% of Airtel Africa (Jun 2026)
  • Does not: Airtel Payments Bank is not a subsidiary: it is an associate in which the group has a 69.94% ownership interest
  • Does not: It does not control the Bangladesh operator Robi Axiata: it is a joint venture in which Airtel holds 28.18%

Source: Quarterly Report Q1 FY27 (quarter ended 30 Jun 2026); Earnings call transcript Q1 FY27 (5 Aug 2026); Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR and 1 more

03 · Who pays it

Who pays Bharti Airtel?

  • Mobile users in India

    52%

    of revenue

    Prepaid and postpaid customers paying for calls and data.

  • Mobile users in Africa

    27%

    of revenue

    Customers of Airtel Africa for mobile plans and Airtel Money services.

  • Businesses

    9%

    of revenue

    Companies buying connectivity from Airtel Business.

  • Other telecom operators

    7%

    of revenue

    Operators outside the Airtel group renting space on Indus towers.

  • Households: broadband

    4%

    of revenue

    Homes paying for fibre or fixed wireless internet.

  • Households: satellite TV

    1%

    of revenue

    Homes paying for DTH TV.

  • Mobile users in India52%
  • Mobile users in Africa27%
  • Businesses9%
  • Other telecom operators7%
  • Households: broadband4%
  • Households: satellite TV1%

How spread out the customers are

Airtel sells mainly to individual users and does not report any single customer as a large share of revenue. Shares are of FY26 revenue from outside customers by business segment (₹210,973 crore).

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

04 · How the money flows · FY26

How does money flow through Bharti Airtel?

Money in

  • Revenue from operations₹210,973 cr
  • Other income₹2,817 cr

The company

Bharti Airtel

₹213,790 cr came in

Money out

  • Network running costs and access charges paid to other operators₹45,292 cr
  • Licence fee and spectrum charges to the government₹15,373 cr
  • Employees, sales and marketing, and other costs₹30,633 cr
  • Depreciation and amortisation (towers, equipment, spectrum)₹52,711 cr
  • Interest, tax and one-off charges (less associates' profit)₹35,958 cr
  • Profit belonging to minority shareholders of subsidiaries₹7,128 cr
  • Profit to Airtel shareholders₹26,695 cr
  1. Customers paid ₹210,973 crore in FY26 for mobile, broadband, TV, business services and tower rent; other income added ₹2,817 crore.
  2. Running the network and paying other operators to carry calls cost ₹45,292 crore. Government licence and spectrum fees took ₹15,373 crore.
  3. Staff, marketing and other costs took ₹30,633 crore. Wear and tear on towers, equipment and spectrum took ₹52,711 crore.
  4. Interest (₹21,555 crore), tax (₹11,350 crore) and one-off charges (₹3,418 crore) took ₹35,958 crore, after a ₹365 crore profit share from associates.
  5. Of the ₹33,823 crore left, ₹7,128 crore belonged to minority shareholders of subsidiaries and ₹26,695 crore to Airtel's shareholders.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

05 · Where the money goes · FY26

Where does ₹100 of Bharti Airtel's money go?

Of every ₹100 that came in (revenue plus other income), this is where it went.

Bharti Airtel · FY26

Receipt for every ₹100

Where ₹100 of Bharti Airtel's money went in FY26
Network running costs and access charges₹21.2
Government licence and spectrum fees₹7.2
Employees, marketing and other costs₹14.3
Depreciation and amortisation₹24.7
Interest, tax and one-offs₹16.8
Minority shareholders of subsidiaries₹3.3
Kept as profit for Airtel shareholders₹12.5
Total₹100

Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

06 · What it needs to run

What does Bharti Airtel need to run?

  • Spectrum

    Radio frequencies bought at government auctions; without them a mobile network cannot carry calls or data. Airtel spent ₹43,084 crore at the Aug 2022 auction and ₹6,857 crore at the June 2024 auction, CRISIL reports.

  • Licences from the government

    Operators pay the Department of Telecommunications a licence fee and spectrum charges based on revenue: ₹15,373 crore for Airtel in FY26.

  • Towers, base stations and fibre

    In India at 30 Jun 2026: 347,491 towers, 1.20 million mobile broadband base stations and 542,570 route km of optic fibre.

  • Capital to keep building

    Cash spent on network and equipment was ₹46,715 crore in FY26, besides spectrum.

  • People

    28,743 employees across the group at 30 Jun 2026.

Source: CRISIL rating rationale: long-term rating upgraded to Crisil AAA/Stable, short term A1+ reaffirmed; Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Quarterly Report Q1 FY27 (quarter ended 30 Jun 2026)

07 · Why it makes money

Why does Bharti Airtel make money?

A costly network used by more paying customers: revenue grew faster than running costs

Airtel spends up front on spectrum, towers and fibre, then earns monthly from customers using that network. From FY22 to FY26 revenue rose 81% while running costs rose 55%, so operating EBITDA (revenue minus running costs, before one-offs) rose from ₹49.4 to ₹56.7 per ₹100. Part of the FY25–FY26 rise comes from adding Indus Towers. The company's own EBITDA figure is defined differently.

Operating EBITDA per ₹100 of revenue

₹49.4₹56.7

FY22 to FY26

  1. Buy spectrum and build towers, fibre and base stations
  2. Sign up mobile, home and business customers
  3. Earn more per customer through tariffs and costlier plans
  4. Revenue grows faster than running costs
  5. Cash from operations pays for spectrum and network upgrades

↺ Step 5 feeds back into step 1.

Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

08 · Business segments · FY26

Which businesses make up Bharti Airtel?

  • Mobile India

    52%

    Prepaid and postpaid mobile plans in India.

    Revenue ₹110,329 cr · Operating profit ₹35,766 cr

  • Mobile Africa

    27%

    Airtel Africa's mobile and Airtel Money services in 14 countries.

    Revenue ₹56,431 cr · Operating profit ₹18,794 cr

  • Airtel Business

    9%

    Connectivity sold to companies.

    Revenue ₹18,740 cr · Operating profit ₹6,360 cr

  • Towers (Indus)

    7%

    Tower rent from operators outside the group; counted in full from 19 Nov 2024.

    Revenue ₹14,692 cr · Operating profit ₹11,227 cr

  • Homes broadband

    4%

    Fibre and fixed wireless internet for homes.

    Revenue ₹7,770 cr · Operating profit ₹1,223 cr

  • Digital TV

    1%

    Satellite (DTH) TV; this segment made a loss in FY26.

    Revenue ₹3,011 cr · Operating profit −₹206 cr

How the mix changed

  • Mobile India
  • Mobile Africa
  • Airtel Business
  • Towers (Indus)
  • Homes broadband
  • Digital TV

Revenue by segment, FY22 to FY26.

₹ crore · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

See the numbers
How the mix changed (₹ crore)
YearMobile IndiaMobile AfricaAirtel BusinessTowers (Indus)Homes broadbandDigital TV
FY22₹61,404₹34,561₹14,030₹0₹3,035₹3,146
FY23₹73,937₹41,602₹16,364₹0₹4,043₹2,932
FY24₹82,661₹40,500₹18,504₹0₹4,940₹3,031
FY25₹97,689₹41,380₹19,707₹5,207₹5,859₹3,055
FY26₹110,329₹56,431₹18,740₹14,692₹7,770₹3,011

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

09 · Where it sells · FY26

Where does Bharti Airtel sell?

  • India72%
  • Africa27%
  • Other countries2%

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR

10 · Competitors and what protects it

Who does Bharti Airtel compete with?

Airtel had 38.01% of India's 1,293.43 million wireless connections in Aug 2026, second to Reliance Jio's 39.31%, according to TRAI. Airtel's FY26 annual report puts its share of industry revenue at 39.7% in Q4 FY26.

  • Reliance Jio (Jio Platforms)

    Sells mobile, home broadband and business services in India. It had 508.43 million wireless connections in Aug 2026. Jio Platforms reported Q1 FY27 revenue from operations of ₹39,173 crore and ARPU of ₹215.6 (measured differently from Airtel's).

  • Vodafone Idea

    NSE: IDEA

    Sells mobile plans in India. It had 199.57 million wireless connections in Aug 2026, and reported Q1 FY27 revenue of ₹11,689 crore with a loss of ₹3,754 crore.

  • BSNL

    Government-owned operator with 93.67 million wireless connections in Aug 2026.

  • MTN

    Mobile operator in several of Airtel Africa's markets; Airtel's FY26 annual report names it on pricing in Congo and a 2025 network-sharing announcement with Airtel Africa.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Spectrum and national network4 of 5

    CRISIL describes Airtel's spectrum holdings as large and spread across bands. Its India network covered 97.4% of the population at 30 Jun 2026.

  • Scale in India4 of 5

    Second-largest operator by wireless connections (38.01%, Aug 2026). Airtel reports a 39.7% share of industry revenue in Q4 FY26, about 400 basis points higher than five years earlier.

  • Revenue per customer3 of 5

    Airtel's Q1 FY27 mobile ARPU was ₹264, against ₹215.6 at Jio and ₹177 at Vodafone Idea. Each company defines ARPU differently.

  • Tower ownership3 of 5

    Through its 51.256% stake in Indus Towers, Airtel controls 267,611 macro towers that other operators also rent (sharing factor 1.62, Jun 2026).

Weak spot

Government charges and dues

Licence and spectrum charges were ₹15,373 crore in FY26, ₹7.2 of every ₹100 that came in. Airtel also owed the Department of Telecommunications ₹88,713 crore in deferred spectrum and AGR payments at 31 Mar 2026.

Source: TRAI press release 125/2026: Highlights of Telecom Subscription Data as on 31 Aug 2026; Reliance Industries media release Q1 FY27 incl. Jio Platforms results (peer filing); Vodafone Idea Ltd Quarterly Report Q1 FY27 (peer filing) and 4 more

11 · Where growth could come from

Where could Bharti Airtel's growth come from?

In the Q1 FY27 earnings call on 5 Aug 2026, Executive Vice Chairman Gopal Vittal said the data-centre arm is "building out from the 120 to 130 megawatts, all the way to 1 gigawatt over the next few years".
Management statement, 5 Aug 2026. Reported as a statement, not our forecast.

  • Higher revenue per mobile customer

    Working

    ₹211 → ₹264 a month (Jun 2024 → Jun 2026)

    Airtel revised mobile tariffs from 3 Jul 2024. India mobile ARPU rose 25.1% in the two years to Jun 2026.

    Status: Working, on track against what the company said.

  • Postpaid customers

    Working

    23.09 → 30.00 million (Mar 2024 → Jun 2026)

    Postpaid users pay monthly bills. Management called Q1 FY27's 1.0 million postpaid additions its highest ever.

    Status: Working, on track against what the company said.

  • Africa

    Working

    Revenue ₹41,380 → ₹56,431 crore (FY25 → FY26)

    Africa customers rose from 166.05 million (Mar 2025) to 189.00 million (Jun 2026). Airtel raised its Airtel Africa stake to 79.11% in Jun 2026.

    Status: Working, on track against what the company said.

  • Home broadband

    Mixed

    7.62 → 14.69 million homes (Mar 2024 → Jun 2026)

    Customers nearly doubled, but monthly revenue per home fell from ₹577 to ₹523, and the segment result fell from ₹1,338 crore in FY25 to ₹1,223 crore in FY26.

    Status: Mixed, partly on track.

  • Airtel Business

    Mixed

    Revenue ₹19,707 → ₹18,740 crore (FY25 → FY26)

    Revenue from outside customers fell 4.9% in FY26. The company reports 12% growth in Q1 FY27 against Q1 FY26.

    Status: Mixed, partly on track.

  • Data centres (Nxtra)

    Early

    About 120–130 MW (Aug 2026)

    Investors led by Alpha Wave Global and Carlyle agreed a US$1 billion investment in Nxtra on 30 Mar 2026. In Oct 2025 Airtel announced a partnership with Google for an AI hub and data centre in Visakhapatnam.

    Status: Early, too early to judge.

  • Financial services (Airtel Money)

    New

    Started 1 Jul 2026

    Airtel Money Ltd, a non-deposit-taking non-banking financial company (NBFC) registered with the RBI on 13 Feb 2026, began commercial operations on 1 Jul 2026.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: Earnings call transcript Q1 FY27 (5 Aug 2026); Press release: Airtel announces revised mobile tariffs from 3 Jul 2024; Quarterly Report Q1 FY26 (quarter ended 30 Jun 2025) and 8 more

12 · The numbers · Consolidated · ₹ crore

How has Bharti Airtel done?

Revenue

₹210,973 crFY26

Revenue grew every year, from ₹116,547 crore in FY22 to ₹210,973 crore in FY26; Indus Towers is counted in full only from 19 Nov 2024.

₹ crore · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements and 14 more

See the numbers
Revenue (₹ crore)
PeriodRevenue (₹ cr)
FY22₹116,547
FY23₹139,145
FY24₹149,982
FY25₹172,985
FY26₹210,973
Q3 FY24₹37,900
Q4 FY24₹37,599
Q1 FY25₹38,506
Q2 FY25₹41,473
Q3 FY25₹45,129
Q4 FY25₹47,876
Q1 FY26₹49,463
Q2 FY26₹52,145
Q3 FY26₹53,982
Q4 FY26₹55,383
Q1 FY27₹58,539

Net profit

₹26,695 crFY26

Profit to Airtel shareholders was ₹33,556 crore in FY25, lifted by one-off gains and an ₹8,573 crore tax credit, and ₹26,695 crore in FY26.

₹ crore · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements and 1 more

See the numbers
Net profit (₹ crore)
PeriodNet profit (₹ cr)EPS (₹)
FY22₹4,255₹7.67
FY23₹8,346₹14.80
FY24₹7,467₹13.09
FY25₹33,556₹58.00
FY26₹26,695₹45.96
Q3 FY24₹2,442₹4.27
Q4 FY24₹2,072₹3.61
Q1 FY25₹4,160₹7.21
Q2 FY25₹3,593₹6.21
Q3 FY25₹14,781₹25.54
Q4 FY25₹11,022₹19.02
Q1 FY26₹5,948₹10.26
Q2 FY26₹6,792₹11.66
Q3 FY26₹6,631₹11.44
Q4 FY26₹7,325₹12.53
Q1 FY27₹8,167₹13.38

Profit kept per ₹100 of revenue

₹12.7FY26

Profit to shareholders per ₹100 of revenue was ₹3.7 in FY22, ₹5.0 in FY24, ₹19.4 in FY25 (with one-offs) and ₹12.7 in FY26.

₹ of profit per ₹100 of revenue (net margin) · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements and 1 more

See the numbers
Profit kept per ₹100 of revenue (₹ of profit per ₹100 of revenue (net margin))
YearNet marginEBITDA margin
FY223.7%49.4%
FY236.0%51.2%
FY245.0%52.2%
FY2519.4%53.9%
FY2612.7%56.7%

Free cash flow

₹75,515 crFY26

Free cash flow rose from ₹27,617 crore in FY22 to ₹75,515 crore in FY26, before spectrum payments (₹21,349 crore in FY25, ₹855 crore in FY26).

₹ crore · cash from operations minus spending on plants and equipment · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements and 1 more

See the numbers
Free cash flow (₹ crore · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY22₹55,017₹27,400₹27,617
FY23₹65,325₹26,539₹38,786
FY24₹78,898₹40,052₹38,847
FY25₹98,332₹39,680₹58,652
FY26₹122,230₹46,715₹75,515
See all yearly numbers
Bharti Airtel annual financials, FY22–FY26, ₹ crore
YearRevenueEBITDANet profitEPS (₹)Operating cashCapexFree cash
FY22₹116,547₹57,534₹4,255₹7.67₹55,017₹27,400₹27,617
FY23₹139,145₹71,274₹8,346₹14.80₹65,325₹26,539₹38,786
FY24₹149,982₹78,292₹7,467₹13.09₹78,898₹40,052₹38,847
FY25₹172,985₹93,159₹33,556₹58.00₹98,332₹39,680₹58,652
FY26₹210,973₹119,675₹26,695₹45.96₹122,230₹46,715₹75,515

EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.

13 · Financial strength · 31 Mar 2026

How much debt does Bharti Airtel have?

Borrowings of ₹121,671 crore at 31 Mar 2026, ₹88,713 crore of it owed to the government, about equal one year of operating cash flow (₹122,230 crore in FY26).
  • Total debt₹121,671 cr
  • Cash and investments₹44,078 cr
  • Net debt (debt minus cash)₹77,593 cr
  • Net worth (shareholders' money)₹195,963 cr
Debt to equity
0.62×
₹ of debt for every ₹1 of shareholders' money
  • Borrowings include deferred payments to the Department of Telecommunications for spectrum and AGR dues (₹88,713 crore). Lease liabilities of ₹73,740 crore are not included.
  • Cash and investments = cash ₹13,722 crore + other bank balances ₹16,655 crore + current investments ₹13,701 crore.
  • Net worth here is total equity, including ₹46,907 crore belonging to minority shareholders of subsidiaries; equity for Airtel shareholders was ₹149,057 crore.
  • The company's own net debt, measured differently, was ₹91,049 crore without leases and ₹164,789 crore with leases at 31 Mar 2026, and ₹81,852 crore without leases at 30 Jun 2026.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Quarterly Report Q4 FY26 and year ended 31 Mar 2026; Quarterly Report Q1 FY27 (quarter ended 30 Jun 2026)

14 · Who owns it · Q2 FY27

Who owns Bharti Airtel?

  • Promoters (founders or parent company)50.1%
  • Foreign institutions (FII)25.5%
  • Indian institutions (DII)21.7%
  • Public and others2.8%

Promoter pledge

No promoter shares were pledged in Q2 FY27.

How ownership changed
Bharti Airtel shareholding by quarter, %
QuarterPromotersFIIDIIPublicOthers†Pledged*
Q3 FY2454.6%22.7%19.7%3.0%0.1%0.0%
Q4 FY2453.5%24.4%19.4%2.8%0.1%0.0%
Q1 FY2553.2%24.6%19.3%2.9%0.1%0.0%
Q2 FY2553.1%25.1%18.8%2.9%0.1%0.0%
Q3 FY2553.1%24.3%19.6%2.9%0.1%0.0%
Q4 FY2552.4%25.4%19.4%2.8%0.1%0.0%
Q1 FY2651.3%26.7%19.2%2.7%0.1%0.0%
Q2 FY2650.3%27.4%19.5%2.7%0.1%0.0%
Q3 FY2648.9%28.8%19.7%2.7%0.1%0.0%
Q4 FY2648.9%27.8%20.7%2.6%0.0%0.0%
Q1 FY2750.1%26.5%20.8%2.6%0.0%0.0%
Q2 FY2750.1%25.5%21.7%2.7%0.0%0.0%

* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.

† Others = Employee benefit trust.

Source: Shareholding pattern as of 30 Sep 2026 (XBRL); Shareholding pattern as of 30 Jun 2026 (XBRL); Shareholding pattern as of 31 Mar 2026 (XBRL) and 9 more

15 · What it does with profit

What does Bharti Airtel do with its profit?

Dividend per fully paid share; payout = dividend per share ÷ basic earnings per share (FY25 earnings include one-off gains). Partly paid shares from the FY22 rights issue get a proportionate dividend (₹6 against ₹24 for FY26). In FY26 Airtel collected ₹15,696 crore of final call money on those shares. Dividends paid in cash, including to minority shareholders of subsidiaries, were ₹11,328 crore in FY26.

Dividend per share

₹24.00FY26

Dividend paid for each share, by financial year.

₹ per share · Source: Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements; Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements and 1 more

See the numbers
Dividend per share (₹ per share)
YearDividend per shareShare of profit paid out
FY22₹3.0039.1%
FY23₹4.0027.0%
FY24₹8.0061.1%
FY25₹16.0027.6%
FY26₹24.0052.2%

  • Money raised · 12 Jun 2026

    Shareholders approved issuing 146,761,335 new shares to Indian Continent Investment at ₹1,923 each, in exchange for 16.31% of Airtel Africa. No cash was raised.

    ₹28,222 cr

Source: Board outcome 13 May 2026: preferential issue of up to 146,761,335 shares to ICIL against swap of 16.31% of Airtel Africa; EGM voting results and press release on Africa stake consolidation (15 Jun 2026)

16 · Who runs it

Who runs Bharti Airtel, and did they deliver?

  • Sunil Bharti Mittal

    Chairman · since 1995

    On the board since 7 Jul 1995, the year the company was incorporated.

  • Gopal Vittal

    Executive Vice Chairman · since 2026

    MD & CEO for about 13 years before this role, which began on 1 Jan 2026.

  • Shashwat Sharma

    MD & CEO (Airtel India) · since 2026

    Took over as MD & CEO on 1 Jan 2026.

  • Soumen Ray

    Group CFO

  • Akhil Garg

    CFO (Airtel India) · since 2026

    CFO for the India business from 1 Jan 2026.

What they said, and what happened

1 delivered · 1 too early to tell

  1. Said on 13 May 2026

    Raise the stake in Airtel Africa by swapping new Airtel shares for 16.31% of Airtel Africa held by Indian Continent Investment.

    What happened

    Shareholders approved the swap on 12 Jun 2026. Airtel's stake in Airtel Africa was 79.11% at 30 Jun 2026, after an Airtel Africa buy-back, up from 62.62% at 31 Mar 2026.

    Delivered

  2. Said on 5 Aug 2026

    Grow Nxtra's data-centre capacity from about 120–130 megawatts to 1 gigawatt over the next few years.

    What happened

    No deadline was given. Capacity was about 120–130 megawatts when this was said.

    Too early to tell

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Board and management changes: Gopal Vittal Executive Vice Chairman, Shashwat Sharma MD & CEO from 1 Jan 2026; Board outcome 13 May 2026: preferential issue of up to 146,761,335 shares to ICIL against swap of 16.31% of Airtel Africa and 3 more

17 · Governance signals

What do Bharti Airtel's governance filings show?

Auditor
Deloitte Haskins & Sells LLP
Auditor changes
10 Mar 2026: Deloitte Haskins & Sells LLP → S.R. Batliboi & Associates LLP (from the 32nd AGM in 2027, subject to shareholder approval) (Deloitte's second term as auditor ends at the 32nd AGM in 2027; the board approved the new auditor on 10 Mar 2026.)
Audit qualifications
None reported
Related-party dealings
Many transactions run between Airtel and companies it controls and are removed in the group accounts: in FY26 Indus Towers earned ₹18,002 crore from Airtel group companies. Transactions with the Bharti and Singtel promoter groups were not reviewed for this page.
Credit rating
CRISIL AAA (Stable), 17 Jul 2025

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory

    Charges for re-assessed government levies

    Airtel booked one-off charges of ₹6,359 crore in FY25 and ₹3,161 crore in FY26 for re-assessed and updated demands on regulatory and government levies.

  • regulatory · 24 Oct 2019

    AGR dues to the government

    On 24 Oct 2019 the Supreme Court upheld the Department of Telecommunications' definition of adjusted gross revenue (AGR), the base for licence fees, creating dues across the industry. Airtel's deferred spectrum and AGR liability was ₹88,713 crore at 31 Mar 2026.

  • regulatory · 8 Jun 2026

    One-time spectrum charge demand set aside

    The Department of Telecommunications had demanded a one-time spectrum charge of ₹5,201 crore, revised to ₹8,414 crore in 2018. Airtel disclosed that the Bombay High Court set the demand aside on 8 Jun 2026. The filings reviewed for this page show no appeal.

  • disclosure

    Several definitions of the same numbers

    Airtel's quarterly reports show FY24 and FY25 revenue re-cast as if Indus Towers had been consolidated all year (₹164,364 crore and ₹181,511 crore, against audited ₹149,982 crore and ₹172,985 crore). Company EBITDA and net debt are also defined differently from the audited lines used on this page.

  • other

    Promoter stake fell, then rose

    Promoter holding fell from 53.49% (Mar 2024) to 48.87% (Mar 2026) as the promoter group's share count fell from 3,234.5 million to 2,978.3 million. It rose to 50.07% in Jun 2026 when 146.76 million new shares went to Indian Continent Investment in the Airtel Africa swap.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Appointment of S.R. Batliboi & Associates LLP as statutory auditors from 32nd AGM (2027); CRISIL rating rationale: long-term rating upgraded to Crisil AAA/Stable, short term A1+ reaffirmed and 9 more

18 · What could go wrong

What could go wrong for Bharti Airtel?

  • Regulation

    Government charges and dues

    Licence and spectrum charges took ₹7.2 of every ₹100 that came in during FY26 (₹15,373 crore). Airtel owed ₹88,713 crore in deferred spectrum and AGR payments at 31 Mar 2026, and booked ₹3,161 crore of one-off levy charges in FY26.

    Watch One-off (exceptional) charges in quarterly results and any new government demands.

  • Competition

    Tariffs and rivals

    Mobile India was 52.3% of FY26 revenue. In the Q3 FY26 call (transcript filed 13 Feb 2026) management said: "in the absence of tariff repair, we will continue to sweat ARPU". Reliance Jio had 508.43 million wireless connections in Aug 2026 to Airtel's 491.60 million.

    Watch Mobile ARPU each quarter (₹264 in Q1 FY27) and TRAI's monthly connection shares.

  • Currency

    African currencies

    Mobile Africa was 26.7% of FY26 revenue, earned in local currencies. The fall of the Nigerian naira caused a ₹5,784 crore foreign-exchange loss in FY24.

    Watch Africa revenue in rupees against constant-currency growth in the quarterly reports.

  • Debt

    Debt and lease payments

    Borrowings were ₹121,671 crore and lease liabilities ₹73,740 crore at 31 Mar 2026. Interest and finance costs were ₹21,555 crore in FY26, about ₹10 of every ₹100 that came in.

    Watch Company net debt to EBITDAaL (EBITDA after lease costs): 0.69 times at 30 Jun 2026.

  • Technology

    Spending cycles for new technology

    CRISIL notes that telecom operators face heavy spending every 8–10 years as technology changes. Airtel spent ₹43,084 crore at the Aug 2022 spectrum auction, and cash spending on network and equipment was ₹46,715 crore in FY26.

    Watch Spectrum auctions and yearly capital spending.

  • Other

    Minority shareholders share the profit

    Airtel owns 79.11% of Airtel Africa, 51.256% of Indus Towers and 70% of Bharti Hexacom. Minority shareholders took ₹7,128 crore of FY26 profit. Changes in these stakes change the profit reported for Airtel shareholders even when operations do not change.

    Watch Profit to Airtel shareholders in Q2 FY27, the first full quarter at the higher Africa stake.

  • Demand

    Smaller businesses losing ground

    Digital TV made a segment loss of ₹206 crore in FY26. Airtel Business revenue from outside customers fell 4.9%, from ₹19,707 crore to ₹18,740 crore; the documents reviewed do not explain why.

    Watch Airtel Business and Digital TV segment results each quarter.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Quarterly Report Q4 FY26 and year ended 31 Mar 2026; Earnings call transcript Q3 FY26 (Feb 2026) and 5 more

19 · How it got here

How did Bharti Airtel get here?

  1. 1995

    Milestone

    Company incorporated

    Bharti Airtel was incorporated on 7 Jul 1995, with Sunil Bharti Mittal on the board from the start.

  2. 2019

    Crisis

    Supreme Court AGR ruling

    The court upheld the government's definition of revenue for licence fees, creating dues for all operators.

  3. 2022

    Milestone

    5G spectrum and launch

    Airtel spent ₹43,084 crore at the Aug 2022 spectrum auction and launched 5G in FY23.

  4. 2024

    Business-model change

    Mobile tariffs revised

    New, higher mobile tariffs took effect on 3 Jul 2024; India mobile ARPU rose from ₹211 (Jun 2024) to ₹233 (Sep 2024).

  5. 2024

    Business-model change

    Indus Towers becomes a subsidiary

    From 19 Nov 2024 Airtel counts Indus Towers' revenue in full, adding a tower-rental business.

  6. 2025

    Milestone

    CEO succession announced

    On 18 Dec 2025 Airtel named Shashwat Sharma MD & CEO and Gopal Vittal Executive Vice Chairman, from 1 Jan 2026.

  7. 2026

    Business-model change

    US$1 billion for data centres

    Investors led by Alpha Wave Global and Carlyle agreed a US$1 billion investment in Nxtra on 30 Mar 2026.

  8. 2026

    Business-model change

    Larger stake in Airtel Africa

    A share swap approved on 12 Jun 2026 raised Airtel's stake in Airtel Africa to 79.11% by 30 Jun 2026.

  9. 2026

    Milestone

    Airtel Money starts NBFC operations

    Airtel Money Ltd, a non-deposit-taking non-banking financial company (NBFC) registered with the RBI on 13 Feb 2026, began commercial operations on 1 Jul 2026.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip); CRISIL rating rationale: long-term rating upgraded to Crisil AAA/Stable, short term A1+ reaffirmed and 7 more

20 · Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year from ₹116,547 crore in FY22 to ₹210,973 crore in FY26, and operating EBITDA per ₹100 of revenue rose from ₹49.4 to ₹56.7.
  • India mobile ARPU rose from ₹200 (Jun 2023) to ₹264 (Jun 2026). In Q1 FY27 it was above Jio's ₹215.6 and Vodafone Idea's ₹177, though each defines ARPU differently.
  • Company-defined net debt without leases fell from ₹138,509 crore (Mar 2025) to ₹81,852 crore (Jun 2026). CRISIL (Jul 2025), Moody's (Nov 2025) and S&P (Jun 2026) raised Airtel's ratings.
  • Free cash flow before spectrum payments rose from ₹27,617 crore in FY22 to ₹75,515 crore in FY26.
  • The dividend per fully paid share rose from ₹3 for FY22 to ₹24 for FY26.

What critics point to

  • FY25 profit to shareholders of ₹33,556 crore included one-offs. The company's own net income before exceptional items was ₹17,761 crore in FY25 and ₹26,904 crore in FY26.
  • Airtel owed the government ₹88,713 crore in deferred spectrum and AGR payments at 31 Mar 2026, and booked levy charges of ₹6,359 crore (FY25) and ₹3,161 crore (FY26).
  • Including leases, company-defined net debt was ₹157,240 crore at 30 Jun 2026.
  • Part of the FY25–FY26 revenue growth came from counting Indus Towers in full: ₹14,692 crore of FY26 revenue from outside customers.
  • Airtel Business revenue fell 4.9% in FY26, Digital TV made a segment loss of ₹206 crore, and the naira's fall cost ₹5,784 crore in FY24.

21 · What to watch next

What should you watch next at Bharti Airtel?

Next event

Q2 FY27 results (board meeting on 5 Nov 2026, notified to the exchange on 26 Oct 2026)

5 Nov 2026

Date confirmed by the company

  • Profit after the larger Africa stake

    Airtel's Airtel Africa stake rose to 79.11% in June 2026, so a larger part of Africa's profit now counts for Airtel shareholders. Q2 FY27 is the first full quarter at that stake.

  • Mobile ARPU and connection share

    India mobile ARPU was ₹264 in Q1 FY27. TRAI's monthly data shows whether Airtel's 38.01% share of connections (Aug 2026) moves.

  • Debt and spending

    Company net debt without leases was ₹81,852 crore at 30 Jun 2026. Check it against capital spending, which was ₹13,386 crore in Q1 FY27 on the company's basis.

22 · Key facts

Key facts about Bharti Airtel

What does Bharti Airtel do?
Bharti Airtel sells mobile phone and internet services in India and, through Airtel Africa, in 14 African countries. In India it also sells home broadband, DTH satellite TV and business connectivity, and it owned 51.256% of Indus Towers at the end of FY26.
How does Bharti Airtel make money?
Bharti Airtel makes most of its money from mobile services in India: ₹110,329 crore, or 52.3% of its FY26 revenue of ₹210,973 crore. Mobile services in Africa added ₹56,431 crore (26.7%).
Who are Bharti Airtel's customers?
Bharti Airtel had 482.4 million customers in India and 183.5 million in Africa at the end of FY26 (March 2026). They are mainly individual mobile, broadband and TV users; Bharti Airtel does not report any single customer as a large share of revenue.
How big is Bharti Airtel?
Bharti Airtel's revenue was ₹210,973 crore in FY26, up 22.0% from ₹172,985 crore in FY25. Profit for Bharti Airtel's shareholders was ₹26,695 crore in FY26, down from ₹33,556 crore in FY25, which included one-off gains.
Who owns Bharti Airtel?
At 30 Sep 2026 Bharti Airtel's promoter group held 50.07%: Bharti Telecom 39.51%, Pastel 7.31% and Indian Continent Investment 3.25%. Foreign portfolio investors held 25.45% and Indian institutions 21.74%. No promoter shares were pledged.
How much does Bharti Airtel earn per mobile customer in India?
Bharti Airtel's average revenue per mobile customer in India (ARPU) was ₹264 a month in Q1 FY27 (April–June 2026), up from ₹211 in Q1 FY25.
What is Bharti Airtel's share of India's mobile connections?
Bharti Airtel, including Bharti Hexacom, had 491.60 million of India's 1,293.43 million wireless connections in August 2026, a 38.01% share, according to TRAI. Reliance Jio had 508.43 million (39.31%).
How much debt does Bharti Airtel have?
At 31 Mar 2026 Bharti Airtel had borrowings of ₹121,671 crore, including ₹88,713 crore of deferred payments owed to the Department of Telecommunications for spectrum and AGR dues. It also had lease liabilities of ₹73,740 crore.
What dividend did Bharti Airtel pay for FY26?
Bharti Airtel declared a dividend of ₹24 per fully paid share for FY26, up from ₹16 for FY25 and ₹3 for FY22. Partly paid shares receive a proportionate ₹6.

Source: Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR; Earnings call transcript Q1 FY27 (5 Aug 2026); Shareholding pattern as of 30 Sep 2026 (XBRL) and 6 more

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

23 · Sources and changes

Where every number on this page comes from

Sources (48 documents)
  1. S1Integrated Report and Annual Financial Statements FY26 (2025-26), incl. consolidated financial statements and BRSR · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Jul 2026
  2. S2Integrated Report and Annual Financial Statements FY25 (2024-25), incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jul 2025
  3. S3Integrated Report and Annual Financial Statements FY24 (2023-24), incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Jul 2024
  4. S4Integrated Report and Annual Financial Statements FY23 (2022-23), incl. consolidated financial statements (zip) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Aug 2023
  5. S5Q1 FY27 consolidated financial results (XBRL, integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Aug 2026
  6. S6Q4 FY26 and FY26 consolidated financial results (XBRL, integrated filing, revised) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2026
  7. S7Q3 FY26 consolidated financial results (XBRL, integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Feb 2026
  8. S8Q2 FY26 consolidated financial results (XBRL, integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Nov 2025
  9. S9Q1 FY26 consolidated financial results (XBRL, integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Aug 2025
  10. S10Q4 FY25 and FY25 consolidated financial results (XBRL, integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2025
  11. S11Q3 FY25 consolidated financial results (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Feb 2025
  12. S12Q2 FY25 consolidated financial results (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Oct 2024
  13. S13Q1 FY25 consolidated financial results (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Aug 2024
  14. S14Q4 FY24 and FY24 consolidated financial results (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 May 2024
  15. S15Q3 FY24 consolidated financial results (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Feb 2024
  16. S16Quarterly Report Q1 FY27 (quarter ended 30 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Aug 2026
  17. S17Quarterly Report Q4 FY26 and year ended 31 Mar 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2026
  18. S18Quarterly Report Q1 FY26 (quarter ended 30 Jun 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Aug 2025
  19. S19Quarterly Report Q1 FY25 (quarter ended 30 Jun 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Aug 2024
  20. S20Q1 FY27 audited consolidated and standalone financial results with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Aug 2026
  21. S21Q4 FY26 and FY26 audited financial results, auditor declaration and press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2026
  22. S22Earnings call transcript Q1 FY27 (5 Aug 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Aug 2026
  23. S24Earnings call transcript Q3 FY26 (Feb 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Feb 2026
  24. S26Shareholding pattern as of 30 Sep 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Oct 2026
  25. S27Shareholding pattern as of 30 Jun 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Jul 2026
  26. S28Shareholding pattern as of 31 Mar 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Apr 2026
  27. S29Shareholding pattern as of 31 Dec 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jan 2026
  28. S30Shareholding pattern as of 30 Sep 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Oct 2025
  29. S31Shareholding pattern as of 30 Jun 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2025
  30. S32Shareholding pattern as of 31 Mar 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Apr 2025
  31. S33Shareholding pattern as of 31 Dec 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2025
  32. S34Shareholding pattern as of 30 Sep 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2024
  33. S35Shareholding pattern as of 30 Jun 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jul 2024
  34. S36Shareholding pattern as of 31 Mar 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Apr 2024
  35. S37Shareholding pattern as of 31 Dec 2023 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jan 2024
  36. S38CRISIL rating rationale: long-term rating upgraded to Crisil AAA/Stable, short term A1+ reaffirmed · CRISIL Ratings · Tier 2: rating agency or regulator · 17 Jul 2025
  37. S42Board outcome 13 May 2026: preferential issue of up to 146,761,335 shares to ICIL against swap of 16.31% of Airtel Africa · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2026
  38. S43EGM voting results and press release on Africa stake consolidation (15 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jun 2026
  39. S44Board and management changes: Gopal Vittal Executive Vice Chairman, Shashwat Sharma MD & CEO from 1 Jan 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Dec 2025
  40. S45Appointment of S.R. Batliboi & Associates LLP as statutory auditors from 32nd AGM (2027) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Mar 2026
  41. S46Update on material litigation: Bombay High Court sets aside DoT one-time spectrum charge demand (judgment 8 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 9 Jun 2026
  42. S47US$1 billion investment in Nxtra led by Alpha Wave Global and Carlyle (30 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Mar 2026
  43. S49Airtel partners with Google for AI hub and data centre in Visakhapatnam (press release) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 Oct 2025
  44. S50Airtel Money Ltd commences NBFC operations (1 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Jul 2026
  45. S51Press release: Airtel announces revised mobile tariffs from 3 Jul 2024 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Jun 2024
  46. S52TRAI press release 125/2026: Highlights of Telecom Subscription Data as on 31 Aug 2026 · Telecom Regulatory Authority of India · Tier 2: rating agency or regulator · 28 Sep 2026
  47. S53Vodafone Idea Ltd Quarterly Report Q1 FY27 (peer filing) · NSE (Vodafone Idea filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Aug 2026
  48. S54Reliance Industries media release Q1 FY27 incl. Jio Platforms results (peer filing) · NSE (Reliance Industries filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jul 2026
Changes to this page (v1 · 26 Oct 2026)
  1. v1 · 26 Oct 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

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All information is taken from publicly available sources, mainly company filings on BSE and NSE, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

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