Overview
- Consolidated revenue rose about 5% quarter on quarter to Rs 52,145 crore, EBITDA increased 6% to Rs 29,561 crore, and net profit reached Rs 6,792 crore with the EBITDA margin steady near 56.7%.
- Average revenue per user improved to Rs 256 from Rs 250, while sector peer Reliance Jio reported a smaller sequential ARPU gain.
- Analysts maintained bullish views with Jefferies setting a Rs 2,500 target and ICICI Securities at Rs 2,400, citing steady mobile momentum and expanding adjacencies.
- Broker forecasts point to tariff increases in the second half of FY26, supporting further ARPU gains toward Airtel’s Rs 300 ambition.
- Outlooks highlight moderating capital expenditure as 4G buildouts plateau and 5G expands more slowly, with rising free cash flow and growing contributions from enterprise and cloud services.