Bharti Airtel Q2 results preview: Net profit may surge up to 97% Y-o-Y

Bharti Airtel Q2 results preview: Analysts expect up to 97% YoY surge in profit, driven by strong subscriber additions, higher ARPU, and healthy growth across India wireless and broadband segments

Bharti Airtel Q2 results preview: Bharti Airtel shares are trading near their record high levels on Dalal Street, ahead of the telecom services provider’s quarterly results for the three-month ended September 30, 2025.

 

On the BSE, the stock of Bharti Airtel hit its lifetime high of ₹2,109.9 per share on October 29, 2025, amid Street expectations of a solid Q2FY26 earnings growth.

 

Analysts predict up to 97 per cent surge in Bharti Airtel net profit in the recently concluded quarter, led by healthy subscriber addition.

Bharti Airtel Q2 2025 results: Date, time

The company has informed the NSE and the BSE that the a meeting of the Board of Directors of Bharti Airtel will be held on Monday, November 03, 2025, to consider and take on record the audited financial results (standalone and consolidated) for the second quarter (Q2) and six months ended on September 30, 2025,

 

Bharti Airtel Q2 expectations

JM Financial Institutional Securities

The brokerage has estimated Bharti Airtel’s consolidated reported profit at ₹6,519.2 crore, higher by 81.4 per cent year-on-year (Y-o-Y) over ₹3,593.2 crore profit of Q2FY25.

 

On a quarterly basis, this would mean a 9.6 per cent quarter-on-quarter (Q-o-Q) rise in PAT over ₹5,947.9-crore profit of Q1FY26.

 

This increase in net profit, the brokerage said, would be driven by a healthy operational performance by Bharti.

 

It expects mobile broadband (MBB) subscriber addition to be 7.2 million in Q2FY26 (vs 3.9 million in Q1FY26), even as overall subs addition could be lower at 2 million.

 

This may lead to wireless average revenue per user (Arpu) growth of 1.6 per cent Q-o-Q to ₹254, up from ₹250 in Q1FY26, due to upgrades and improved subscriber mix and aided by one more day sequentially.

 

“Hence, we build in 2 per cent Q-o-Q growth in  India wireless business revenue to ₹27,943 crore, and 2.1 per cent Q-o-Q rise in segment Ebitda to ₹16,612.8 crore. Further, home broadband segment is likely to witness healthy subs gains (1.05 million addition Q-o-Q), while the  enterprise business Ebitda is expected to grow 2.2 per cent Q-o-Q,” it said.

 

At the consolidated level, Airtel’s revenue is seen at ₹ 51,122.9 crore – a growth of 22.5 per cent Y-o-Y from ₹41,728 crore, and 2.3 per cent Q-o-Q from ₹49,971.4 crore.

 

Reported Ebitda is assumed at ₹ 29,138.3 crore, up 32 per cent Y-o-Y from ₹ 22,100.9 crore, and 3 per cent Q-o-Q from ₹28,347.5 crore.

 

Reported Ebitda margin, meanwhile, is seen at 57 per cent, clocking an improvement over 53 per cent (Q2FY25) and 56.7 per cent (Q1FY26).

Kotak Institutional Equities

This brokerage expects Airtel’s Q2 revenue to rise 2.8 per cent Q-o-Q to ₹50,833.9 crore, and Ebitda 2.7 per cent Q-o-Q to ₹28,588.6 crore, led by steady subscriber additions in India wireless business. Over Q2FY25, it would be 22.6 per cent and 31 per cent rise, respectively.

 

Kotak models around 1.2 million wireless net additions (flat Q-o-Q) and expects Arpu to increase to ₹255.

 

Further, it bakes in 0.85 million broadband net adds during the quarter and Enterprise margins at lower  levels of ~40 per cent (vs 42.6 per cent Q-o-Q).

 

It pegs consolidated reported net profit at ₹7,077.9 crore, a whopping 97 per cent Y-o-Y increase. Adjusted for one-time settlements, PAT may rise 59.2 per cent Y-o-Y.

Motilal Oswal Financial Services

Analysts at Motilal Oswal expect a slightly moderated growth of 66 per cent in net profit, at ₹6,500 crore, over Q2FY25.

 

Operationally, it estimates revenue at ₹51,100 crore (up 23.1 per cent Y-o-Y), and Ebitda at ₹28,700 crore (31.3 per cent Y-o-Y).

 

The brokerages expects revenue growth to be driven by Homes and Africa businesses (adjusted for forex benefits).

 

“We assume 2 per cent sequential growth, each, in India wireless revenue and Ebitda. The good Ebitda show in Homes and Africa businesses, however, will be offset by lower margins in Enterprise. We expect wireless Arpu of ₹253 and 3 million paying wireless net adds, and 6 million 4G-5G net adds,” it said.

Emkay Global Financial Services

The brokerage estimates Bharti Airtel Q2 net profit at ₹6,292.3 crore (up 75.1 per cent Y-o-Y/5.8 per cent Q-o-Q), revenue at ₹51,434.4 crore (23.3 per cent Y-o-Y/2.9 per cent Q-o-Q), and Ebitda at ₹29,007.5 crore (up 32.8 per cent Y-o-Y/4.2 per cent Q-o-Q).