Bharti Airtel Q2FY26: Profit Nearly Doubles as ARPU and Margins Push Earnings Higher

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Bharti Airtel has reported a sharp improvement in its September quarter earnings for FY26, with profit, revenue and key operating metrics all moving in the same positive direction. Consolidated net profit for Q2FY26 surged 89% year-on-year to ₹6,791.7 crore, up from ₹3,593.2 crore in the corresponding quarter of the previous financial year. Consolidated revenue rose 25.73% over the same period to ₹52,145.4 crore, compared with ₹41,473.3 crore a year ago.

Profit growth strong on both yearly and quarterly comparison

The earnings momentum was not just optical on a low base. On a sequential basis too, Airtel managed to expand profitability and grow its top line.

  • Consolidated net profit in Q1FY26 stood at ₹5,947.9 crore. In Q2FY26, this moved up to ₹6,791.7 crore, implying quarter-on-quarter growth of 14.19%.
  • Revenue improved from ₹49,462.6 crore in Q1FY26 to ₹52,145.4 crore in Q2FY26, a sequential rise of 5.42%.

The combination of strong year-on-year expansion and steady quarter-on-quarter growth underlines that the improvement is not confined to a single quarter blip but is visible across two consecutive periods within FY26.

India business remains the growth engine

Airtel’s India operations continued to anchor the overall performance. India revenue climbed 22.6% year-on-year to ₹38,690 crore in Q2FY26.

Within the India business, mobile services remain central. One of the clearest indicators of this is average revenue per user (ARPU), a closely watched metric in the telecom sector that captures the quality of revenue rather than just the volume of subscribers.

  • India mobile ARPU rose to ₹256 in Q2FY26.
  • This marks an increase of about 10% compared to ₹233 in the same quarter last year.

The double-digit ARPU increase, alongside the strong revenue rise, points to a healthier mix of subscribers and tariff realisations, rather than growth driven only by volume.

Margins stay elevated, led by India operations

Profitability metrics also painted a robust picture. Airtel reported a consolidated EBITDA of ₹29,919 crore in Q2FY26, translating into an EBITDA margin of 57.4%.

The India business again outperformed the consolidated profile on margins:

  • India business EBITDA came in at ₹23,204 crore.
  • EBITDA margin for the India unit stood at 60.0%.

The margin gap between consolidated and India operations suggests that the domestic franchise remains structurally stronger on profitability than the overall portfolio, which includes non-India businesses.

ARPU-led quality of earnings stands out

While headline growth numbers are sizeable, the improvement in ARPU is particularly significant. An increase from ₹233 to ₹256 in just one year, roughly a 10% jump, directly strengthens revenue quality and cushions earnings against volatility in pure subscriber additions.

In a business where network investments and fixed costs are high, such ARPU gains can have a disproportionate impact on margins and bottom line, which is consistent with the sharp 89% rise in net profit and the 57%+ consolidated EBITDA margin seen this quarter.

Consolidated snapshot of Q2FY26

Putting the key numbers together, Airtel’s Q2FY26 performance can be summarised as follows:

  • Consolidated net profit: ₹6,791.7 crore (up 89% YoY from ₹3,593.2 crore).
  • Consolidated revenue: ₹52,145.4 crore (up 25.73% YoY from ₹41,473.3 crore).
  • Sequential profit growth: Up 14.19% from ₹5,947.9 crore in Q1FY26.
  • Sequential revenue growth: Up 5.42% from ₹49,462.6 crore in Q1FY26.
  • India revenue: ₹38,690 crore, higher by 22.6% YoY.
  • India mobile ARPU: ₹256 vs ₹233 a year ago (about 10% growth).
  • Consolidated EBITDA: ₹29,919 crore; EBITDA margin 57.4%.
  • India EBITDA: ₹23,204 crore; EBITDA margin 60.0%.

Bharti Airtel’s Q2FY26 results present a quarter where topline growth, margin expansion and ARPU improvement are all aligned. With net profit nearly doubling year-on-year and India operations delivering 60% EBITDA margins, the company enters the second half of FY26 on a financially stronger footing, based purely on the numbers disclosed for the quarter.

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