Bharti Airtel financials and balance sheet

NSE: BHARTIARTLBSE: 532454Telecom - ServicesLarge Cap

Formerly Bharti Tele-Ventures

₹1,892.10₹2.90 (0.15%)BSE ₹1,890.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,895.00.

52-week range of traded prices to 23 Oct 2026

₹1,726.30Low, 1 Oct 2026₹2,174.50High, 21 Nov 2025

Market cap: ₹11,80,889 Cr3rd largest listed
P/E: 40.8
P/E without one-offs: 36.1
P/B: 7.9
Dividend yield: 1.27%
ROE: 22.0%
ROE without one-offs: 24.9%
ROCE: 22.2%
Debt to equity: 0.62
Volume, NSE: 98,70,90363.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bharti Airtel annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 14.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹80,780 Cr, differs from its quarters added, ₹81,624 Cr. From the year to Mar 2021, the company's revenue for that year, ₹1,00,616 Cr, differs from its quarters added, ₹1,01,989 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,10,973
Employee costs−7,581
Other expenses−83,717
Operating profit1,19,675
Depreciation−52,711
Other income+2,817
One-off items−3,418
Finance costs−21,555
Profit before tax44,808
Tax−11,350
Joint ventures+365
Net profit33,823

What the company owns

Plant, investments and other assets₹4,99,496 Cr
Cash and bank₹30,377 Cr
Current investments₹13,701 Cr
Receivables₹7,978 Cr
Inventory₹601 Cr

What pays for it: net worth and liabilities

Net worth₹1,95,963 Cr
Other liabilities₹1,89,502 Cr
Borrowings₹1,21,671 Cr
Owed to suppliers₹45,015 Cr

Bharti Airtel business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Bharti Airtel segment results by quarter

Revenue by segment

₹2,34,854 CrTotal

Mobile Services India₹1,12,995 Cr48.1% of total
Mobile Services Africa₹56,806 Cr24.2% of total
Passive Infrastructure Services₹32,694 Cr13.9% of total
Airtel Business₹21,177 Cr9.0% of total
Homes Services₹7,775 Cr3.3% of total
Digital TV Services₹3,018 Cr1.3% of total
Others₹388 Cr0.2% of total

Profit by segment

Mobile Services India₹35,766 Cr48.5% of total
Mobile Services Africa₹18,794 Cr25.5% of total
Passive Infrastructure Services₹11,227 Cr15.2% of total
Airtel Business₹6,360 Cr8.6% of total
Homes Services₹1,223 Cr1.7% of total
Others₹331 Cr0.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Mobile Services India
Revenue, ₹ crore
41,554
45,966
55,568
63,205
75,925
85,049
1,00,250
1,12,995
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5,751
−3,138
3,305
7,958
14,845
18,820
26,400
35,766
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mobile Services Africa
Revenue, ₹ crore
21,503
24,217
28,863
35,061
42,266
41,184
41,880
56,806
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,210
6,449
8,246
11,677
14,147
13,582
12,473
18,794
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Passive Infrastructure Services
Revenue, ₹ crore
11,292
32,694
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7,467
11,227
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Airtel Business
Revenue, ₹ crore
12,454
13,233
14,408
16,070
18,593
20,821
22,094
21,177
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,747
3,189
3,983
4,500
5,432
6,042
5,961
6,360
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Homes Services
Revenue, ₹ crore
2,239
2,245
2,334
3,039
4,047
4,970
5,904
7,775
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
333
519
529
584
890
1,197
1,338
1,223
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital TV Services
Revenue, ₹ crore
4,100
2,924
3,056
3,154
2,945
3,045
3,061
3,018
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
741
1,139
1,126
892
400
294
116
−206
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
116
5
12
36
86
188
348
388
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−723
−663
−838
0
29
100
204
331
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mobile Services South Asia
Revenue, ₹ crore
444
455
425
387
294
377
94
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−107
−106
−132
−242
−178
−226
−50
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	89,228	95,788	1,06,422	1,20,952	1,44,156	1,55,634	1,84,922	2,34,854
Company revenue, as in its results	80,780	87,539	1,00,616	1,16,547	1,39,145	1,49,982	1,72,985	2,10,973
Revenue	41,554	45,966	55,568	63,205	75,925	85,049	1,00,250	1,12,995
Revenue growth	–	10.6%	20.9%	13.7%	20.1%	12.0%	17.9%	12.7%
Profit	−5,751	−3,138	3,305	7,958	14,845	18,820	26,400	35,766
Profit growth	–	–	–	140.8%	86.5%	26.8%	40.3%	35.5%
Margin	−13.8%	−6.8%	5.9%	12.6%	19.6%	22.1%	26.3%	31.7%
Return on capital	−4.4%	−2.9%	2.9%	6.1%	9.0%	11.6%	17.6%	26.0%
Assets	1,70,064	2,10,869	2,03,956	2,11,241	2,75,771	2,79,608	2,85,627	2,74,263
Liabilities	40,809	1,02,583	89,909	80,413	1,10,795	1,17,404	1,35,957	1,36,922
Capital employed	1,29,255	1,08,286	1,14,047	1,30,828	1,64,976	1,62,204	1,49,669	1,37,341
Revenue	21,503	24,217	28,863	35,061	42,266	41,184	41,880	56,806
Revenue growth	–	12.6%	19.2%	21.5%	20.6%	−2.6%	1.7%	35.6%
Profit	5,210	6,449	8,246	11,677	14,147	13,582	12,473	18,794
Profit growth	–	23.8%	27.9%	41.6%	21.2%	−4.0%	−8.2%	50.7%
Margin	24.2%	26.6%	28.6%	33.3%	33.5%	33.0%	29.8%	33.1%
Return on capital	11.3%	13.6%	17.0%	25.5%	28.8%	36.6%	30.7%	35.7%
Assets	57,002	67,516	70,398	76,497	88,607	76,875	97,588	1,28,021
Liabilities	11,099	20,194	21,979	30,730	39,437	39,812	56,900	75,448
Capital employed	45,904	47,322	48,419	45,767	49,170	37,063	40,687	52,573
Revenue	–	–	–	–	–	–	11,292	32,694
Revenue growth	–	–	–	–	–	–	–	189.5%
Profit	–	–	–	–	–	–	7,467	11,227
Profit growth	–	–	–	–	–	–	–	50.4%
Margin	–	–	–	–	–	–	66.1%	34.3%
Return on capital	–	–	–	–	–	–	10.6%	14.9%
Assets	–	–	–	–	–	–	98,181	1,05,198
Liabilities	–	–	–	–	–	–	27,869	29,836
Capital employed	–	–	–	–	–	–	70,312	75,362
Revenue	12,454	13,233	14,408	16,070	18,593	20,821	22,094	21,177
Revenue growth	–	6.3%	8.9%	11.5%	15.7%	12.0%	6.1%	−4.2%
Profit	2,747	3,189	3,983	4,500	5,432	6,042	5,961	6,360
Profit growth	–	16.1%	24.9%	13.0%	20.7%	11.2%	−1.3%	6.7%
Margin	22.1%	24.1%	27.6%	28.0%	29.2%	29.0%	27.0%	30.0%
Return on capital	44.1%	46.2%	73.6%	97.6%	47.9%	45.9%	42.8%	42.9%
Assets	14,945	20,026	20,269	22,016	22,709	26,382	28,204	30,720
Liabilities	8,723	13,126	14,860	17,403	11,371	13,208	14,290	15,901
Capital employed	6,222	6,900	5,409	4,613	11,338	13,175	13,914	14,819
Revenue	2,239	2,245	2,334	3,039	4,047	4,970	5,904	7,775
Revenue growth	–	0.3%	4.0%	30.2%	33.2%	22.8%	18.8%	31.7%
Profit	333	519	529	584	890	1,197	1,338	1,223
Profit growth	–	55.7%	1.8%	10.5%	52.4%	34.5%	11.7%	−8.6%
Margin	14.9%	23.1%	22.6%	19.2%	22.0%	24.1%	22.7%	15.7%
Return on capital	13.8%	27.2%	56.7%	46.0%	68.0%	54.8%	41.1%	13.0%
Assets	4,589	4,243	3,644	4,449	5,633	7,590	10,865	17,390
Liabilities	2,173	2,336	2,713	3,178	4,324	5,407	7,610	7,992
Capital employed	2,416	1,907	932	1,270	1,309	2,183	3,255	9,398
Revenue	4,100	2,924	3,056	3,154	2,945	3,045	3,061	3,018
Revenue growth	–	−28.7%	4.5%	3.2%	−6.6%	3.4%	0.5%	−1.4%
Profit	741	1,139	1,126	892	400	294	116	−206
Profit growth	–	53.8%	−1.2%	−20.8%	−55.2%	−26.5%	−60.7%	–
Margin	18.1%	39.0%	36.8%	28.3%	13.6%	9.7%	3.8%	−6.8%
Return on capital	–	–	–	–	–	–	–	−490.7%
Assets	3,123	3,975	3,759	4,131	4,852	4,841	5,520	7,455
Liabilities	3,542	4,122	4,919	4,733	5,978	6,152	6,652	7,413
Capital employed	−419	−148	−1,161	−602	−1,125	−1,311	−1,132	42
Revenue	116	5	12	36	86	188	348	388
Profit	−723	−663	−838	0	29	100	204	331
Margin	−621.5%	−13,258.0%	−6,816.3%	−0.3%	34.2%	53.1%	58.6%	85.2%
Return on capital	−20.2%	−18.3%	−24.5%	0.0%	0.7%	2.4%	6.8%	10.8%
Assets	3,793	3,672	3,481	3,508	4,155	4,357	3,494	3,774
Liabilities	218	44	55	41	83	184	474	712
Capital employed	3,575	3,629	3,426	3,467	4,072	4,173	3,020	3,062
Revenue	444	455	425	387	294	377	94	0
Profit	−107	−106	−132	−242	−178	−226	−50	0
Margin	−24.1%	−23.2%	−31.1%	−62.6%	−60.5%	−59.8%	−53.5%	–
Return on capital	−25.1%	−24.9%	−22.9%	−41.6%	−42.7%	−94.0%	–	–
Assets	677	819	1,044	931	853	826	0	0
Liabilities	252	394	468	350	436	586	0	0
Capital employed	426	425	577	582	417	240	0	0
Revenue	6,819	6,742	0	0	0	0	–	–
Revenue growth	–	−1.1%	−100.0%	–	–	–	–	–
Profit	3,143	3,813	742	2,424	737	2,630	–	–
Profit growth	–	21.3%	−80.5%	–	–	–	–	–
Margin	46.1%	56.5%	–	–	–	–	–	–
Return on capital	21.3%	23.7%	3.7%	9.7%	2.9%	9.5%	–	–
Assets	16,969	20,282	20,078	24,879	25,020	27,601	–	–
Liabilities	2,230	4,184	0	0	0	0	–	–
Capital employed	14,739	16,098	20,078	24,879	25,020	27,601	–	–
Revenue	–	–	1,756	–	–	–	–	–
Profit	–	–	11,370	–	–	–	–	–
Margin	–	–	647.4%	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–
Capital employed	–	–	0	–	–	–	–	–
	0	0	0	0	0	0	0	0
Profit	−173	−298	−175	−200	−197	−178	−213	−216
Assets	13,312	44,174	26,854	23,579	0	0	0	0
Liabilities	1,31,344	1,23,670	1,37,397	1,42,540	0	0	0	0
Revenue	−8,448	−8,249	−4,050	−4,405	0	0	0	0
Profit	−303	−837	−143	−150	−52	−43	−1,314	−4,357
Assets	−9,277	−14,796	−7,455	−7,574	−6,112	−6,154	−43,686	−44,623
Liabilities	−10,140	−12,002	−7,498	−7,666	−7,051	−7,923	−50,048	−50,783

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Bharti Airtel quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 19 May	Mar 2021Filed 18 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue from operations	95,468	83,688	80,780	87,539	1,00,616	1,16,547	1,39,145	1,49,982	1,72,985	2,10,973
	57,376	52,369	54,961	51,057	55,244	59,013	67,871	71,691	79,826	91,298
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	3,798	3,807	4,115	4,433	4,831	5,323	6,309	7,581
Other expenses	–	–	51,164	47,250	51,130	54,580	63,041	66,368	73,517	83,717
Operating profit before depreciation	38,092	31,319	25,819	36,482	45,372	57,534	71,274	78,292	93,159	1,19,675
Operating margin	39.9%	37.4%	32.0%	41.7%	45.1%	49.4%	51.2%	52.2%	53.9%	56.7%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	4.7%	4.3%	4.1%	3.8%	3.5%	3.5%	3.6%	3.6%
Other expenses, % of revenue	–	–	63.3%	54.0%	50.8%	46.8%	45.3%	44.3%	42.5%	39.7%
Depreciation and amortisation	19,773	19,243	21,348	27,690	29,404	33,091	36,432	39,538	45,570	52,711
Operating profit after depreciation	18,319	12,076	4,471	8,793	15,967	24,443	34,842	38,754	47,589	66,964
Other income	121	249	291	325	643	534	937	1,435	1,574	2,817
Finance costs	9,547	9,326	9,779	12,382	15,091	16,616	19,300	22,648	21,754	21,555
Profit before one-off items and tax	8,893	2,999	−5,016	−3,265	1,519	8,361	16,478	17,542	27,409	48,226
One-off items	−1,170	−793	2,929	−40,234	−15,915	1,699	−670	−7,572	7,287	−3,418
Profit before tax	7,723	2,206	−2,087	−43,499	−14,395	10,060	15,809	9,970	34,696	44,808
	3,482	1,084	−3,419	−12,182	8,933	4,178	4,273	4,121	917	11,350
Current tax	2,124	1,823	1,939	2,374	2,058	3,033	3,483	4,150	4,112	7,881
Deferred tax	1,358	−740	−5,358	−14,556	6,874	1,145	790	−29	−3,195	3,469
Share of profit of joint ventures and associates	–	1,061	356	652	−93	2,423	752	2,709	3,703	365
Profit from discontinued businesses	–	–	–	–	11,057	–	–	–	–	–
	4,241	2,184	1,688	−30,664	−12,364	8,305	12,287	8,558	37,481	33,823
Belonging to the company's shareholders	–	–	410	−32,183	−15,084	4,255	8,346	7,467	33,556	26,695
Belonging to outside owners of subsidiaries	–	–	1,278	1,519	2,720	4,050	3,942	1,091	3,925	7,128
Other comprehensive income	–	–	−1,297	−348	−1,649	256	−2,152	−9,998	2,569	5,575
Total comprehensive income	–	–	391	−31,012	−14,013	8,561	10,135	−1,440	40,051	39,398
Net margin	4.4%	2.6%	2.1%	−35.0%	–	7.1%	8.8%	5.7%	21.7%	16.0%
Net margin without joint ventures and associates	–	1.3%	1.6%	−35.8%	–	5.0%	8.3%	3.9%	19.5%	15.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 May	Mar 2020Filed 19 May	Mar 2021Filed 18 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
	84,948	1,02,130	81,227	91,935	1,06,444	1,05,564	1,53,468	1,95,963
	71,422	77,145	58,953	66,554	77,563	82,019	1,13,672	1,49,057
Share capital	1,999	2,728	2,746	2,795	2,837	2,877	2,900	3,047
Reserves	69,424	74,417	56,207	63,759	74,726	79,142	1,10,772	1,46,010
Belonging to outside owners of subsidiaries	13,526	24,985	22,274	25,381	28,881	23,545	39,796	46,907
	1,25,428	1,17,619	1,29,790	1,32,915	1,65,545	1,51,917	1,48,312	1,21,671
Repayable after a year	87,245	91,079	1,10,560	1,13,535	1,51,569	1,30,963	1,04,864	1,00,085
Repayable within a year	38,183	26,540	19,230	19,380	13,976	20,954	43,449	21,587
	93,055	1,31,488	1,11,498	1,14,026	1,21,964	1,38,668	1,80,440	1,74,506
Trade payables	28,003	25,020	27,872	29,274	32,895	35,133	38,154	45,015
Other financial liabilities	17,255	23,134	28,105	27,248	33,953	36,315	43,154	50,298
Other liabilities	8,572	10,333	11,255	11,707	13,614	14,635	17,525	18,683
Provisions	220	45,109	23,516	24,345	25,729	28,328	36,155	35,783
Tax owed	823	1,352	1,520	2,073	1,797	3,303	2,004	3,140
	97,195	1,27,162	1,53,165	1,57,695	2,18,225	2,00,299	1,80,453	1,81,683
Other financial liabilities	6,296	31,137	37,348	38,085	60,913	62,720	59,534	67,132
Other liabilities	1,842	2,503	3,144	3,162	3,193	3,561	3,660	4,168
Provisions	682	755	502	464	474	544	3,040	3,519
Deferred tax	1,130	1,688	1,611	2,449	2,076	2,512	9,355	6,779
Liabilities going with businesses held for sale	–	–	138	–	–	–	–	–
	2,75,198	3,60,779	3,46,028	3,63,656	4,46,633	4,44,531	5,14,360	5,52,152
Held for sale or for a demerger	–	–	224	–	–	–	–	57
	2,42,292	2,84,136	2,91,275	3,11,628	3,89,132	3,86,255	4,46,772	4,61,936
Plant in use, after depreciation	81,523	1,13,662	1,14,616	1,22,801	1,49,871	1,62,549	2,03,514	2,24,390
Plant being built	8,843	3,997	4,367	4,239	11,029	8,908	10,596	12,613
Intangible assets	86,053	80,974	75,957	87,451	93,749	1,14,253	1,33,257	1,25,260
Goodwill	33,256	34,619	32,906	33,831	33,774	26,502	51,697	56,686
Intangible assets being developed	791	285	1,360	1,716	38,396	7,996	403	325
Investments	2,194	2,028	38	61	66	92	544	1,139
Stakes in joint ventures and associates	8,894	9,681	23,435	28,427	28,184	31,240	3,642	4,062
Loans given	0	0	0	0	0	0	87	0
Other financial assets	2,278	2,347	2,340	2,273	2,682	2,662	3,747	3,570
Deferred tax	8,938	27,016	20,086	19,925	18,952	19,243	24,911	19,141
Trade receivables	0	–	0	0	0	181	213	254
Other assets	9,522	9,527	16,170	10,904	12,430	12,629	14,162	14,495
	32,906	76,643	54,529	52,028	57,501	58,276	67,589	90,158
Inventories	88	157	266	375	258	364	452	601
Trade receivables	4,301	4,606	3,638	4,056	3,982	4,728	7,456	7,978
Cash and cash equivalents	6,212	13,551	8,086	6,096	7,179	6,916	6,106	13,722
Other bank balances	1,893	2,342	5,380	7,398	6,239	9,424	10,614	16,655
Current investments	4,623	13,768	4,078	861	4,705	270	1,653	13,701
Other financial assets	2,077	21,332	19,245	21,526	22,215	25,071	26,848	24,930
Other assets	13,711	20,888	13,836	11,715	12,924	11,504	14,461	12,572
Net debt	1,12,700	87,958	1,12,246	1,18,559	1,47,422	1,35,307	1,29,939	77,594

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
	48,205	55,017	65,325	78,898	98,332	1,22,230
	50,438	57,192	69,116	81,779	1,02,770	1,28,514
	3,043	−1,447	−3,112	2,414	8,381	7,204
Receivables	−395	−713	−558	−1,494	2,966	−565
Inventories	−114	−118	−116	−77	−142	−198
Payables	690	−488	1,267	640	859	2,498
Other working capital	2,862	−128	−3,705	3,345	4,699	5,470
Tax paid	−2,233	−2,175	−3,792	−2,881	−4,438	−6,284
Capital spending	24,814	26,541	26,057	38,192	37,908	45,176
Free cash flow	23,391	28,476	39,268	40,707	60,425	77,054
	−26,888	−41,870	−39,080	−50,204	−60,270	−58,535
Plant and property sold	144	1,379	89	123	338	1,168
Companies bought	0	0	0	−643	0	0
Interest received	313	405	351	567	424	409
Dividends received	2,424	0	1,399	107	109	181
	−24,910	−15,203	−24,470	−27,779	−36,533	−52,293
Borrowings raised	32,728	25,479	13,608	8,264	27,252	14,013
Borrowings repaid	−44,544	−27,356	−24,920	−10,080	−17,859	−46,486
Interest paid	−7,129	−13,159	−6,689	−14,026	−17,548	−14,888
Lease payments	−6,421	−7,643	−7,599	−7,855	−7,154	−6,720
Dividends paid	2,691	1,444	3,590	4,185	6,935	11,328
Shares bought back	0	0	0	0	0	0
Shares issued	4,303	5,223	5,224	0	0	15,695
Net change in cash	−3,594	−2,056	1,775	916	1,529	11,403

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Bharti Airtel dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 19 May	Mar 2021Filed 18 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Earnings per share	₹9.51	₹2.75	₹1.02	−₹63.41	−₹27.65	₹7.67	₹14.80	₹13.09	₹58.00	₹45.96
Diluted earnings per share	₹9.51	₹2.75	₹1.02	−₹63.41	−₹27.65	₹7.63	₹14.57	₹12.80	₹56.04	₹44.37
Dividend per share	₹1.00	₹5.34	₹2.50	₹2.00	–	₹3.00	₹4.00	₹8.00	₹16.00	₹24.00
Book value per share	–	–	₹178.67	₹141.40	₹107.34	₹119.06	₹136.72	₹142.56	₹195.98	₹244.61
Dividend payout	–	–	244.0%	–	–	39.4%	27.2%	61.6%	27.7%	54.8%
Shareholder yield	–	–	–	–	−0.6%	−0.9%	−0.4%	0.6%	0.7%	−0.4%
Market cap at the year end (₹ crore)	1,39,929	1,59,376	1,33,153	2,26,268	2,82,216	4,44,236	4,46,157	7,39,276	10,55,315	10,86,265

Ratios

Consolidated, years to March.Bharti Airtel PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 19 May	Mar 2021Filed 18 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue growth	−1.2%	−12.3%	–	8.4%	–	15.8%	19.4%	7.8%	15.3%	22.0%
Operating profit growth	–	−17.8%	–	41.3%	–	26.8%	23.9%	9.8%	19.0%	28.5%
Net profit growth	−22.7%	−48.5%	−22.7%	–	–	–	47.9%	−30.4%	338.0%	−9.8%
Earnings per share growth	−30.7%	−71.1%	−62.9%	–	–	–	93.0%	−11.5%	343.0%	−20.8%
	–	–	0.6%	−43.3%	−22.2%	6.8%	11.6%	9.4%	34.3%	20.3%
	–	–	–	−43.9 pts	21.2 pts	28.9 pts	4.8 pts	−2.2 pts	24.9 pts	−14.0 pts
From the net margin	–	–	–	−42.2 pts	–	–	4.4 pts	−2.0 pts	27.1 pts	−11.9 pts
From asset turnover	–	–	–	2.6 pts	–	–	0.5 pts	−0.2 pts	2.6 pts	2.2 pts
From borrowing	–	–	–	−4.3 pts	–	–	−0.1 pts	−0.1 pts	−4.8 pts	−4.2 pts
Return on capital employed	–	–	2.1%	4.0%	7.6%	10.9%	12.8%	15.1%	15.8%	21.1%
Cash conversion	–	–	–	–	–	662.4%	531.6%	921.9%	262.4%	361.4%
Interest cover	1.9	1.3	0.5	0.7	1.1	1.5	1.8	1.7	2.2	3.1
Debt to equity	–	–	1.48	1.15	1.60	1.45	1.56	1.44	0.97	0.62
Receivable days	–	–	19	19	13	13	10	12	16	14
Working capital days	–	–	−157	−242	−201	−178	−180	−185	−185	−185
Asset turnover	–	–	0.29	0.28	0.28	0.33	0.34	0.34	0.36	0.40
Assets per rupee of net worth	–	–	3.85	4.28	5.19	5.65	5.62	5.58	4.90	4.06
Sales per rupee of plant	–	–	0.99	0.77	0.88	0.95	0.93	0.92	0.85	0.94
Capital spending to depreciation	–	–	–	–	0.84	0.80	0.72	0.97	0.83	0.86
Plant being built, % of plant in use	–	–	10.8%	3.5%	3.8%	3.5%	7.4%	5.5%	5.2%	5.6%

Revenue growth and operating profit growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021 and Mar 2022: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.0%
Cash from operations against operating profit: 102.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.1%	16.0%	14.9%
Profit growth, yearly rate	17.1%	–	47.3%
Return on equity, average	–	16.5%	21.3%
Return on capital employed, average	–	15.1%	17.3%
Operating margin, average	45.9%	52.7%	54.3%
Net margin, average	3.7%	11.9%	14.5%
Asset turnover, average	–	0.35	0.36
Interest cover, average	1.6	2.1	2.3
Debt to equity, average	–	1.21	1.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,19,801	2,99,460	1,22,230
Cash from investing	−2,49,958	−1,69,008	−58,535
Cash from financing	−1,56,277	−1,16,604	−52,293
Capital spending	1,73,872	1,21,275	45,176
Dividends paid	27,481	22,447	11,328
Shares bought back	0	0	0
Shares issued for cash	26,142	15,695	15,695
Borrowings raised	88,616	49,529	14,013
Borrowings repaid	1,26,702	74,426	46,486

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	6	6	4	6	6
Altman Z-scorePublished threshold 1.1	–	–	0.05	−0.49	−0.21	0.30	0.46	0.21	0.45	1.25
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.56	−2.98	−2.99	−3.11	−2.60	−3.13
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−9.53	−1.36	−3.44	−4.52	−0.12	−5.60
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	20.48	6.83	4.16	3.75
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−1.27	−35.96	−4.33	−21.23	10.95	42.37	−14.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	30.19	−9.08	0.14	1.36	0.96	2.74	−1.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.07	0.14	0.10	0.17	0.17	0.12	0.17
Effective tax ratePublished threshold 17.16 per cent	45.08	49.11	–	–	–	41.53	27.03	41.34	2.64	25.33
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	19.91	3.05	12.44	−10.15	11.31

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		15,000
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	78
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		1,092
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		15,000
8 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AAA / CARE A1+Review, Re-affirm	Stable	500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Bharti Airtel business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Mobile Services India

Mobile Services Africa

Passive Infrastructure Services

Airtel Business

Homes Services

Digital TV Services

Others

Mobile Services South Asia