Bharti Airtel Q3FY26 results preview: Analysts eye Arpu, margin growth

Bharti Airtel Q3 results preview: Brokerages broadly expect Airtel's earnings momentum to remain intact, even as they remain divided on margin expansion and Africa profitability.

Bharti Airtel Q3 results preview: Bharti Airtel is expected to deliver steady operating performance in the December quarter of the current financial year (Q3FY26), supported by continued average revenue per user (Arpu) improvement in India wireless, resilient Africa operations, and stable margins, analysts expect.

 

Brokerages broadly expect earnings momentum to remain intact, even as they remain divided on margin expansion and Africa profitability.

 

Bharti Airtel Q3 results date, time:

As per Bharti Airtel’s stock exchange filing, a meeting of the Board of Directors of the company will be held on Thursday, February 05, 2026 to consider and approve the audited financial results (Standalone & Consolidated) for the third quarter (Q3FY26) and nine months ended on December 31, 2025 (9MFY26).

 

 

Bharti Airtel Q3 results expectations

 

Kotak Institutional Equities

 

Kotak Institutional Equities expects Bharti Airtel’s India wireless business to remain the primary growth driver in Q3FY26, aided by sustained Arpu expansion and subscriber upgrades to higher data plans. It sees Arpu rising to ₹258 from ₹255 sequentially. Further, it bakes in 0.95 million net adds in the broadband category.

 

The brokerage anticipates a consolidated revenue growth of 17.4 per cent year-on-year (Y-o-Y)/1.6 per cent quarter-on-quarter (Q-o-Q) at ₹53,002.5 crore, reflecting festive-season demand and tariff optimisation benefits.

 

Besides, it estimates Bharti Airtel’s consolidated Q3 Ebitda (earnings before interest, tax, depreciation, and amortisation) to rise by 23.4 per cent Y-o-Y/2.7 per cent Q-o-Q to ₹30,358.2 crore.

 

Ebitda margin, it said, may rise to 57.3 per cent from 54.5 per cent in Q3FY25 and 56.7 per cent in Q2FY26, with higher data usage and operating leverage offsetting network-related costs.

 

It believes Airtel’s balance sheet strength and improving cash flow profile will continue to support long-term valuation, even as near-term capex intensity remains elevated.

 

Overall, Kotak analysts peg Airtel’s adjusted net profit at ₹7,343.9 crore, up 1.5 per cent Y-o-Y and 8.1 per cent Q-o-Q.

 

BNP Paribas

 

Global brokerage BNP Paribas is constructive on Airtel’s Africa business, which it expects to deliver healthy constant-currency growth in Q3FY26, driven by data and mobile money penetration. However, the brokerage flags currency depreciation in select African markets as a potential drag on reported earnings.

 

In India, BNP Paribas expects steady revenue growth, underpinned by improving Arpu and continued focus on premium customers.

It sees consolidated revenue at ₹53,406.2 crore, rising 14 per cent Y-o-Y and 2.4 per cent Q-o-Q, with margins improving to 57.6 per cent in Q3FY26.

 

In India, the mobile segment is seen clocking nearly 10 per cent Y-o-Y rise in revenue at ₹28,819.6 crore, with Ebitda at ₹17,408.4 crore (up 12.6 per cent Y-o-Y/2.7 per cent Q-o-Q), and Ebitda margin at 60.4 per cent vs 60.3 per cent Q-o-Q.

 

In this backdrop, Arpu is seen rising to ₹261 in Q3FY26.  

 

The brokerage, however, cautioned that forex volatility and higher operating costs could cap sharp expansion in the near term.

 

Elara Securities

 

Elara Securities expects Bharti Airtel’s Q3FY26 earnings to be supported by higher India wireless revenues and strong Africa performance. The brokerage expects Arpu to be the central driver of profitability, aided by favourable subscriber mix and disciplined pricing.

 

It estimates Q3 revenue at ₹53,440 crore (up 18.4 per cent Y-o-Y/2.5 per cent -o-Q); Ebitda at ₹30,420 crore (up 23.7 per cent Y-o-Y/2.9 per cent Q-o-Q); and PAT at ₹7,390 crore (up 0.2 per cent Y-o-Y/8.9 per cent Q-o-Q).

 

Motilal Oswal Financial Services

MOFSL analysts expect Bharti Airtel’s revenue to be driven by robust growth in the Homes and Africa  business (favorable forex changes). Individually, it expects Airtel to log 1.4 per cent Q-o-Q growth in India wireless revenue and Ebitda.

 

Moreover, the brokerage estimates Airtel’s wireless Arpu to come at ₹258 (up 0.8 per cent Q-o-Q) and 3.5 million/6 million paying wireless/4G-5G net adds.

 

At the consolidated level, Motilal Oswal pegs its revenue at ₹53,600 crore (up 19 per cent Y-o-Y); Ebitda at ₹30,500 crore (up 24.1 per cent); and adjusted net profit at ₹8,500 crore.

 

Key factors to watch in Q3FY26 results

• Sequential movement in India wireless Arpu 
• Ebitda margin trajectory amid network investments 
• Africa business performance in constant currency terms 
• Impact of currency fluctuations on consolidated earnings 
• Commentary on tariff outlook and capex plans