Date: November 5, 2026

Financial Results (Standalone & Consolidated)

Consolidated Performance (Q2 FY2026):

  • Total revenues: ₹608,775 million, up 16.7% YoY (₹521,454 million in Q2 FY2025)
  • EBITDA: ₹352,395 million, up 17.8% YoY; EBITDA margin: 57.9% (57.4% in Q2 FY2025)
  • EBIT: ₹205,560 million, up 23.3% YoY; EBIT margin: 33.8% (32.0% in Q2 FY2025)
  • Profit before tax: ₹156,082 million, up 27% YoY
  • Net income (before exceptional items): ₹90,151 million, up 33% YoY
  • Net income (after exceptional items): ₹88,875 million, up 31% YoY
  • Capex: ₹124,668 million, up 10% YoY
  • Operating Free Cash Flow (EBITDA - Capex): ₹227,727 million, up 23% YoY
  • Net Debt: ₹1,665,805 million, down 14% YoY
  • Net Debt excluding lease obligations: ₹882,771 million, down 30% YoY
  • Shareholder's Equity: ₹1,580,470 million

Six Months Performance (H1 FY2026):

  • Total revenues: ₹1,194,166 million, up 18% YoY
  • EBITDA: ₹688,381 million, up 19% YoY; EBITDA margin: 57.6%
  • Net income (before exceptional items): ₹170,724 million, up 34% YoY

India Performance (Q2 FY2026):

  • Total revenues: ₹423,079 million, up 9.4% YoY
  • EBITDA: ₹257,294 million, up 11% YoY; EBITDA margin: 60.8% (60.0% in Q2 FY2025)
  • Net income (before exceptional items): ₹82,037 million
  • Capex: ₹99,077 million
  • Customer base: 498.7 million, up 10.9% YoY

Africa Performance (Q2 FY2026):

  • Total revenues: ₹188,165 million
  • EBITDA: ₹95,100 million; EBITDA margin: 50.5%
  • Net income (before exceptional items): ₹17,263 million
  • Customer base: 193.9 million, up 11.6% YoY
  • In constant currency: Revenue $1,958 million, up 21% YoY; EBITDA $988 million, up 23% YoY

Operating Highlights

Consolidated:

  • Total customer base: 692.6 million, up 11.1% YoY
  • Total minutes on network: 1,445.7 billion minutes, up 2.9% YoY
  • Mobile data traffic: 34,881 PBs, up 38.4% YoY
  • Network towers: 390,478
  • Total employees: 28,884

India Mobile Services:

  • Customer base: 377.2 million, up 3.6% YoY
  • ARPU: ₹271, up 5.9% YoY
  • 4G/5G data customers: 304.6 million (81.0% of customer base)
  • Data usage per customer: 36.5 GB/month, up 28.8% YoY
  • Voice usage per customer: 1,131 minutes/month

India Homes Services:

  • Customer base: 15.4 million, up 28.9% YoY
  • ARPU: ₹509
  • Coverage: 1,669 cities

India Digital TV Services:

  • Customer base: 15.6 million, up 1.3% YoY
  • ARPU: ₹163

Africa Operations:

  • Data customers: 89.9 million (46.4% of customer base)
  • Data usage per customer: 12.1 GB/month, up 39.8% YoY
  • Airtel Money active customers: 60.9 million, up 22.4% YoY
  • Airtel Money transaction value: $68.8 billion, up 36.5% YoY

Segment-wise Performance (Q2 FY2026)

Mobile Services India:

  • Revenue: ₹309,431 million, up 10.1% YoY
  • EBITDA: ₹188,735 million; EBITDA margin: 61.0%
  • Capex: ₹35,999 million

Homes Services India:

  • Revenue: ₹23,360 million, up 25.3% YoY
  • EBITDA: ₹11,401 million; EBITDA margin: 48.8%
  • Capex: ₹21,814 million

Digital TV Services India:

  • Revenue: ₹7,713 million, up 2% YoY
  • EBITDA: ₹3,341 million; EBITDA margin: 43.3%
  • Capex: ₹4,765 million

Airtel Business India:

  • Revenue: ₹58,779 million, up 11.4% YoY
  • EBITDA: ₹25,257 million; EBITDA margin: 43.0%
  • Capex: ₹11,710 million

Passive Infrastructure Services:

  • Revenue: ₹85,156 million, up 4% YoY
  • EBITDA: ₹47,386 million; EBITDA margin: 55.6%
  • Capex: ₹24,701 million

Exceptional Items

During the quarter ended September 30, 2026, the Group recognized an exceptional charge of ₹1,802 million on account of provision for expenses towards initial public offer in one of the Group's subsidiary in Africa. The net tax benefit corresponding to this is ₹70 million. The net charge allocated to non-controlling interests is ₹458 million.

Management Discussion & Analysis

Key Regulatory Developments (India):

  • Telecommunications (Radio Equipment Possession Authorisation) Rules, 2026
  • Telecommunications (Authorisation for Telecommunication Network) Rules, 2026
  • Revision of EMF Limits dated 06.08.2026
  • Telecommunications (User Identification) Rules, 2026
  • Telecom Commercial Communications Customer Preference (Third Amendment) Regulations, 2026
  • Telecom Consumers Protection (Thirteenth Amendment) Regulations, 2026

Key Company Developments (India):

  • Airtel Business and ITI Limited entered into strategic partnership
  • Airtel enhanced postpaid offering with Apple's expanded iCloud+
  • Network strengthening across Odisha ahead of Puri Rath Yatra
  • Expanded network coverage for Amarnath Yatra

Key Company Developments (Africa):

  • Airtel Mobile Commerce N.V. listed on London Stock Exchange (14 October 2026)
  • Share buyback programme launched (22 May 2026) - returned $108.7m to shareholders
  • Kenya spectrum acquisition: 100 MHz in 3500 MHz band for $65 million
  • Nigeria licence renewal: 900MHz spectrum renewal for $37m
  • Interim dividend of 3.1 cents declared for half year ended 30 September 2026

Share of Associates/Joint Ventures

Airtel Payments Bank Limited:

  • Monthly Transacting Users: 125.3 million
  • Total Customers: 226.7 million
  • GMV: ₹1,175,681 million
  • Revenue: ₹8,755 million
  • EBITDA: ₹1,245 million; EBITDA margin: 14.2%
  • Net Income (Proportionate share of Airtel): ₹214 million

Robi Axiata Limited:

  • Customer Base: 58.6 million
  • ARPU: BDT 156
  • Revenue: ₹20,912 million
  • EBITDA: ₹11,510 million; EBITDA margin: 55.0%
  • Net Income (proportionate share of Airtel): ₹571 million

Stock Market Highlights

  • Market Capitalization: ₹10,973 billion ($114.3 billion)
  • Enterprise Value: ₹12,639 billion ($131.6 billion)
  • P/E Ratio: 34.08 times
  • EV/EBITDA: 8.97 times
  • Book Value Per Equity Share: ₹253.25
  • Shareholding Pattern (Sep 30, 2026): Promoters 50.07%, Institutions 47.18%, Non-institutions 2.72%, Others 0.03%

Dividend Declaration

No dividend declaration mentioned in this quarterly report.

KMP / Board / Auditor Changes

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified