Airtel’s Q3’25 earnings jump on higher India revenues

Bharti Airtel has announced its quarterly financial results for the third quarter of FY2025 (Q3’25), ended 31 December 2025, reporting continued growth in revenues, profitability, and operational scale across its domestic and international operations.

The company reported steady operational and financial progress during the period, supported by rising customer numbers, expanding network infrastructure, and improving margins. The results cover consolidated performance, India operations, and Africa operations. The figures include restated data for periods up to the third quarter of FY2025 to reflect the impact of a business combination completed in November 2024. Adjustments relating to depreciation, amortisation, and taxation have been applied across all reported periods to ensure comparability.

Consolidated Performance: Rising Revenues and Profitability

At a consolidated level, Bharti Airtel’s total customer base increased from 518.4 million in 2023 to 590.5 million in 2025, reaching 645.3 million by December 2025. Network usage continued to grow, with total minutes on the network rising from 4.82 trillion in 2023 to 5.47 trillion in 2025.

The company expanded its infrastructure footprint, increasing the number of network towers from 309,054 in 2023 to 375,146 in 2025 and further to 382,613 by December 2025. Employee numbers rose from 24,824 in 2023 to 28,673 in 2025. Operations continued across 17 countries, covering a population of approximately two billion.

Consolidated revenue rose from Rs 1.54 trillion in 2023 to Rs 1.82 trillion in 2025. Quarterly revenue increased from Rs 468.8 billion in December 2024 to Rs 539.8 billion in December 2025. In US dollar terms, revenue reached USD 21.49 billion in 2025, compared with US$19.15 billion in 2023.

EBITDA increased from Rs 768.4 billion in 2023 to Rs 1.05 trillion in 2025, while EBITDA after lease expenses rose to Rs 932.9 billion. EBITDA margins improved from 49.9 per cent in 2023 to 57.8 per cent in 2025. EBIT grew to Rs 569.6 billion in 2025, reflecting an EBIT margin of 31.4 per cent.

Profit before tax rose from Rs 185.7 billion in 2023 to Rs 369.7 billion in 2025. Net income before exceptional items increased to Rs 177.6 billion, while net income after exceptional items reached Rs 337.4 billion in 2025.

Capital expenditure declined from Rs 489.3 billion in 2024 to Rs 422.9 billion in 2025. Operating free cash flow, measured as EBITDA minus capital expenditure, rose to Rs 627.1 billion in 2025, up from Rs 399.8 billion in 2024. On an EBITDAaL basis, free cash flow stood at Rs 510.1 billion.

Net debt increased slightly to Rs 2.04 trillion in 2025, although net debt excluding lease obligations declined to Rs 1.39 trillion. Shareholders’ equity rose to Rs 1.14 trillion in 2025, compared with Rs 820.2 billion in 2024.

In valuation terms, market capitalisation increased from Rs 4.32 trillion in 2023 to Rs 10.38 trillion in 2025, while enterprise value reached Rs 12.42 trillion. The EV/EBITDA multiple stood at 11.83 times in 2025, and the price-to-earnings ratio was 29.37 times.

India Operations: Revenue and Margin Expansion

Bharti Airtel’s India operations, including passive infrastructure services, continued to account for the largest share of group performance. The customer base in India increased from 378.4 million in 2023 to 424.5 million in 2025, rising further to 465.9 million by December 2025. Network usage reached 4.90 trillion minutes in 2025.

The number of network towers expanded from 277,508 in 2023 to 338,029 in 2025, while employee numbers rose to 24,420. India operations continued across three countries.

Revenue from India operations grew from Rs 1.13 trillion in 2023 to Rs 1.41 trillion in 2025. EBITDA rose from Rs 561.1 billion to Rs 855.0 billion over the same period, while EBITDAaL increased to Rs 783.7 billion. EBITDA margins improved from 49.7 per cent in 2023 to 60.8 per cent in 2025.

EBIT increased to Rs 445.1 billion in 2025, with an EBIT margin of 31.7 per cent. Profit before tax reached Rs 313.7 billion, compared with Rs 195.0 billion in 2024. Net income before exceptional items rose to Rs 172.0 billion, while net income after exceptional items stood at Rs 335.3 billion.

Capital expenditure declined to Rs 366.2 billion in 2025 from Rs 428.2 billion in 2024. Operating free cash flow increased to Rs 488.8 billion on an EBITDA basis and Rs 417.5 billion on an EBITDAaL basis.

Net debt fell steadily to Rs 1.58 trillion in 2025, while net debt excluding lease obligations declined to Rs 1.24 trillion. Shareholders’ equity increased to Rs 1.19 trillion.

Key financial ratios showed further improvement, with net debt to EBITDA falling to 1.85 times and interest cover rising to 7.42 times. Return on shareholders’ equity after tax reached 32.5 per cent in 2025.

Africa Operations: Stable Revenues and Improving Profitability

In Africa, Bharti Airtel’s customer base expanded from 140.0 million in 2023 to 166.1 million in 2025, reaching 179.4 million by December 2025. Network minutes rose to 570.2 billion in 2025, while the number of towers increased to 37,117.

Revenue in the region remained broadly stable, at Rs 422.7 billion in 2023 and Rs 418.8 billion in 2025. In US dollar terms, revenue stood at US$4.96 billion in 2025. EBITDA declined slightly over the period, falling from Rs 207.3 billion in 2023 to Rs 195.0 billion in 2025, with margins easing to 46.6 per cent.

EBIT decreased to Rs 124.5 billion in 2025, while profit before tax stood at Rs 64.5 billion. Net income recovered to Rs 10.7 billion in 2025 following a loss in 2024.

Capital expenditure reduced to Rs 56.7 billion in 2025. Operating free cash flow remained stable at Rs 138.3 billion on an EBITDA basis and Rs 92.5 billion on an EBITDAaL basis.

Net debt in Africa increased to Rs 459.0 billion in 2025, while net debt excluding lease obligations stood at Rs 145.7 billion. Shareholders’ equity improved to Rs 132.5 billion.

Financial ratios reflected moderate leverage, with net debt to EBITDA at 2.35 times in 2025 and interest cover at 3.62 times. Return on equity after tax recovered to 9.1 per cent.

Exchange Rates and Accounting Adjustments

The financial statements use average exchange rates ranging from Rs 80.37 per US dollar in FY2023 to Rs 84.46 in FY2025, and up to Rs 89.03 for the December 2025 quarter, based on RBI reference rates. Closing exchange rates ranged from Rs 82.30 in FY2023 to Rs 85.58 in FY2025 and Rs 89.94 in December 2025.

Results for periods up to the third quarter of FY2025 have been restated to reflect the impact of a business combination and purchase price allocation effective from 19 November 2024. Depreciation, amortisation, and tax effects have been adjusted across all periods.

The results indicate continued growth in revenues, improving operating margins, and stronger cash generation at the consolidated and India levels. While Africa operations recorded stable revenues and moderate profitability, overall group performance was supported by expanding infrastructure, rising customer numbers, and improving capital efficiency. The reduction in leverage and steady growth in shareholders’ equity point to a strengthening financial position heading into the next financial year.

The image accompanying this story was created using AI. The article was written and reviewed by the author, with limited use of AI-based editing tools.