Interim report
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bharti August 4 , 2026 National Stock Exchange of India Limited Exchange Plaza , C - 1 Block G Bandra Kurla Complex , Bandra ( E ) Mumbai - 400051 , India Symbol : BHARTIARTL / AIRTELPP BSE Limited Phiroze Jeejeebhoy Towers Dalal Street , Mumbai - 400001 , India Scrip Code : 532454/890157 Sub : Financial results for the first quarter ( Q1 ) ended June 30 , 2026 Dear Sir / Madam , In compliance with Regulations 30 and 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 ( ' SEBI Listing Regulations ' ) , we are enclosing herewith the following for the first quarter ( Q1 ) ended June 30 , 2026 : > Audited consolidated financial results as per Ind AS Audited standalone financial results as per Ind AS > Auditor's reports on the aforesaid financial results The above financial results have been reviewed by the Audit Committee in its meeting held on August 4 , 2026 and based on its recommendation , approved by the Board of Directors in its meeting being held on August 4 , 2026 . The Board meeting commenced at IST 1400 Hrs . and is still in progress . Kindly take the same on record . Thanking you , Sincerely yours , For Bharti Airtel Limited bhuhukum Rohit Krishan Puri Airtel Bharti A ** Limited * Company Secretary & Compliance Officer Bharti Airtel Limited ( a Bharti Enterprise ) Regd . Office : Airtel Center , Plot No. 16 , Udyog Vihar , Phase - IV , Gurugram - 122015 , India Corporate Office : Bharti Crescent , 1 , Nelson Mandela Road , Vasant Kunj , Phase II , New Delhi 110070 , India T .: + 91-124-4222222 , F .: + 91-124-4248063 , Email : compliance officer@bharti.in , Website : www.airtel.in CIN : 1 74899HR1995PLC095967
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~ airtel Bharti Airtel Limited CIN: L74899HR1995PLC095967 Registered Office: Airtel Center, Plot no. 16, Udyog Vihar, Phase IV, Gurugram - 122015, India T.: +91-124-4222222, F.: +91-124-4248063, Email id: compliance.officer@bharti.in Statement of Audited Consolidated Financial Results for the quarter ended June 30, 2026 ( ~ in Millions; except ~er share dam· Particulars Income Revenue from opernlions other income .Expenses Network opernting expenses Access charges License fee / Spectrum charges Employee benefits expense Sales and marketing expenses Other expenses Profit before depredation, amortisation,. finance costs, share of profit / (loss) of associates and joint ventures, exceptional items and tax Depreciation and amortisation expenses Flnanceco5ts Share of profit of associates and joint ventures [net) Profit before exceptional items and tax Exceptional items (net) Profit before tax Tax expense/ (aed"it) Current tax Deferred tax Profit for the quarter /ye;ir other comprehensive income ('OCI') nems to be reclassified to profit or loss : • Ket (loss)/ gain due to foreign currency translation differences - Net gain/ {loss) on net Investment hedge • Tax (charge)/ aedit on above nems not to be reclasSifielf to profit or loss : • Gain on Investments at fair value through o □ • Re-measurement (loss) / gain on defined benefit plans • Tax charge on above • Share of other comprehenSille (loss)/ income of IISSOcilltes and joint ventures (net) other comprehensive Income for the quarter / year Total comprehensive income for the quarter / ye;ir Prof'II: for the quarter / ye;ir attributable to : Owners of the Parent Non-controlling Interests Other comprehensive income for the quarter/ year attributable to : Owners of the Parent Non-controlling iriterests Total comprehensive income for the quarter/ year attributable to : owners of the Parent Non-controlling interests Earnings per share"' (Face ualue : , 5 each) Basic Diluted Paid-up equity share capital (Face value : t 5 each) Other equity " Earnings per share are not annualised for the quarters . . ~,rt e; ( . 1f 'rJ ,,~11 o> airtel Q * June 30 2026 Audited 585,391 9 066 594,457 108,097 15,887 41,720 21,n6 36,929 27,954 252,363 342,1194 142,350 59,564 11,082) 141,262 3,534 137,728 25,409 12 203 37,612 100 116 (835) 53 (13) 3,609 (967) (318) (22) 1 ,;07 101.623 100,116 81,674 18,442 1,507 2,088 (581) 101,623 83,762 17,861 13.38 13,37 31,202 ' 1,586,949 Quarter ended March 31, 2026 Audited 553,832 8785 562,617 102,080 14,939 39,818 20,281 35,321 26,477 238,916 323,701 136,435 56,056 (844) 132,054 31607 100,447 21,488 113,515' 7,973 92.474 24,209 (289) 73 466 206 (116) (4) 24 54S 117 019 92,474 73,251 19,223 24,545 12,934 11,611 117,019 86,185 30,834 12.53 12.15 30,468 1,460,098 June 30, 2025 Aud"lted 494,626 5,088 499,714 95,456 12,571 37,200 17,380 29,659 23,973 216,239 283,475 124,651 54,608 (828 105,{)44 . 105,{)44 18,657 12 169 30,826 74,218 3,158 357 (105) 1,256 (385) (297) 1 3 98S 78,203 74,218 59,479 14,739 3,985 2,758 1,227 78,203 62,237 15,966 10.26 9.90 29,001 1,168,235 Previous yea r ended March 31 2026 AUdited 2,109,728 28173 2,137,901 397,500 55,416 153,729 75,813 131,073 99,452 912,983 1,224,918 527,108 215,553 13 6451 485,902 34 175 451,727 78,812 34 687 113,499 338.228 51,798 47 (27} 4,763 81 (893) (21) 55 748 393.976 338,228 266,952 71,276 55,748 29,236 26,512 393,976 296,188 97,788 45.96 44.37 30,468 1,460,098
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Audited Consolidated Segment-wise Revenue , Results, Assets and Liabilities as of and for the quarter ended June 30, 2026 (~ in Millions) Previol.L'!l Quarter ended / As of year ended Particulars / Asof June March June March 30, 2026 31, 2026 30, 2025 3 1, 2026 Audited Audited Audited Audited 1. Segment Revenue - Mobile Services India 299,289 288,305 273,966 1,129,954 - Mobile Services Africa" 175,657 160,335 120,834 568,064 - Airtel Business 56,654 54,904 50,571 211,766 - Passive Infrastructure Service!f 85,254 82,009 80,913 326,944 - Homes Services 22,875 21,914 17,179 77,747 - Digital TV Services 7,734 7,467 7,628 30,179 - others 968 934 1,078 3,883 Total segment revenue 648,431 615,868 552,169 2,348,5 37 Less: Inter-seoment eliminations 63,040 62,036 57,543 238,809 Total revelllle 585 391 553,832 494,626 2,109,728 2. segment Re.wits,,. Profit / (loss) before finance co&s (net), charity and donation, exceptional items ( net) and tax - Mobile Services India 99,556 94,349 84,254 357,661 - Mobfle Services Africa"' 59,695 54,088 38,261 187,936 - Airtel Business 18,404 16,574 15,567 63,598 - P11ssive Infrastructure ServicesS 27,284 27,652 27,630 112,273 - Homes Services 2,529 3,169 2,957 12,227 - Digital TV Services (784) (836) 23 (2,056) - Others 711 929 662 3,308 Total 207,395 195,925 169,354 734,947 - Unallocated (391) (454) (512) (2,161} - Inter-segment eliminations (12,287) (10,681} (10,997) (43,574) Total segment results 194,717 184,790 157,845 689,212 Less: (i) Finance costs (netY- 52,635 50,349 51,991 198,739 (ii) Charity 11nd donation 820 2,387 810 4,571 'iii) Exceptional items [net) 3,534 31,607 - 34,175 Profit before tax 137,728 100,447 105,044 151,727 3. segment Assets "' • Mobile Services India 2,715,287 2,742,633 2,798,122 2,742,633 - Mobife Services Africa* 1,316,087 1,280,212 1,020,810 1,280,212 - Airtel Business 323,285 307,199 285,276 307,199 - Passive Infrastructure Service? 1,071,410 1,051,976 991,775 1,051,976 - Homes Services 185,014 173,901 123,852 173,901 - Digital TV Services 86,068 74,551 57,939 74,551 - Others 46,293 37,743 31,942 37,743 Total segment assets 5,743,444 5,668, 215 5,309,716 5,668,215 - Unallocated 410,899 299,535 282,765 299,535 - Inter-segment eliminations (438,893' (446,234' (442,114) (446,2341 Total assets 5,715,450 5,521 ,516 5,150,367 5,521,5 16 4. Segment Liabil'lties - Mobile Services Indla 1,413,969 1,369,224 1,371,379 1,369,224 - Mobile Services Africa* 787,782 754,484 592,212 754,484 - Airtel Business 169,692 159,011 146,421 159,011 - Passive Infrastructure Services5 303,073 298,356 283,206 298,356 - Homes Services 79,085 79,923 79,646 79,923 - Digital TV Services 81,969 74,132 70,185 74,132 - Others 6,508 7,119 5,262 7,119 Total segment liabilities 2,842,078 2,742,2 49 2,548,311 2,742,249 - Unallocated% 1,367,193 1,327,465 1,500,248 1,327,465 - Inter-seoment eliminations (500,288) (507,832 (505,674 (507,832) Total liabirlties 3,708,983 3,561 ,882 3,542,885 3,561 ,882 • Including Mobile Money Services. $ Passive infrastructure services represents operation of Indus Tower Limited. • Includes share of results/ net assets of associates and joint ventures. • This is net of dividend income, interest income, income on FVTPL investments and gain / loss (net) on derivative financial instruments. " Mainly inclu ~""""91!,-l!' ding deferred payment liabiltties). I
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Notes to the Audited Consolidated Financial Results 1. The Audited Consolidated Financial Results for the quarter ended June 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 4, 2026. 2. These Audited Consolidated Financial Results are compiled from the Audited Interim Condensed Consolidated Financial Statements for the quarter ended June 30, 2026 and the Audited Consolidated Financial Results for the quarter and year ended March 31 , 2026. The Audited Interim Condensed Consolidated Financial Statements for the quarter ended June 30, 2026 have been prepared in accordance with Ind AS 34, 'Interim Financial Reporting' as prescribed under Section 133 of the Companies Act. 2013 read together with Rule 3 of the Companies {Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India. The said Audited Consolidated Financial Results represent results of the Group, and its share in the results of associates and joint ventures. 3. During the quarter ended June 30, 2026, the Company has completed the composite transaction comprising issuance of 146,761,335 fully paid up equity shares to Indian Continental Investment Limited ('ICIL') at a price of~ 1,923 per share (including a premium of~ 1,918) amounting to ~ 282,222 million {Share Capital of~ 734 million and Securities Premium of ~ 281,488 million) on a preferential basis against share swap of 595,204,251 shares of Airtel Africa Plc ('Airtel Africa') for 16.31% stake held by ICIL. The excess of consideration over the change in non-controlling interests, amounting to ~ 232,602 million has been recognized directly in other equity and this has resulted in an increase in Group's effective shareholding in Airtel Africa from 62.62% to 78.93%. 4. On May 22, 2026, Airtel Africa announced the commencement of share buy-back programme with initial tranche of$ 110 million which is expected to end on or before November 27, 2026. As of June 30, 2026, Airtel Africa bought back$ 43 million worth of shares under the share buy-back program, resulting in an increase in Group's effective shareholding in Airtel Africa from 78.93% to 79.11%. 5. During the quarter ended June 30, 2026, the Group has recognized exceptional charge of~ 3,534 million on account of provision for in-principle settlement of a commercial dispute in one of the Group's subsidiary in Africa. The net charge allocated to non-controlling interests on the above exceptional items is~ 738 million. 6. All the amounts included in the Audited Consolidated Financial Results are rounded off to the nearest million, except per share data and unless stated otherwise. For Bharti Airtel Limited a Sharma Managing Director & CEO (Airtel I DIN: 08360840 New Delhi August 4, 2026 Notes: a) 'Bharti Airtel' or 'Company' stands for Bharti Airtel Limited b) 'Group' or 'Consolidated' stands for Bharti Airtel Limited together with its subsidiaries c) For more details on the Audited Consolidated Financial Results, please visit our website 'www.airtel.in'
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airtel Bharti Airtel Limited CIN: L74899HR1995PLC095967 Registered Office: Airtel Center. Plot no. 16. Udyog Vihar, Phase IV, Gurugram -122015, India T.: +91-124-4222222, F.: +91-124-4248063, Email id: compliance.officer@bharti.in Statement of Audited Standalone Financial Results for the quarter ended June 30, 2026 Partk:ulars Income Revenue from operations Other income Expenses Network operating expenses Access charges License fee / Spectrum charges Employee benefits expense Sales and marketing expenses Other expenses Profit before depreciation, anortisation, finance costs, exceptional items and tax Depreciation and amortisation expenses Finance costs Profit before exceptional items and tax Exceptional items (net) Profit before tax Tax expense current tax Deferred tax Profit for the quarter / year other comprehensive iocome ('OCI') 11:ems not to be reclassified to profit or loss : - Gain on investments at fair value through o□ - Re-measurement (loss)/ gain on defined benefit plans - Tax charge on above Other comprehensive income for the quarter / year Total comprehensive income for the quarter / year Earnings per st.are" (Face value : f 5 each) Basic Diluted Paid-up equity share capital (Face value : "5 each) Other equity • Earnings per share are not annualised for the quarters. - (" in Millions; except per share data) Quarter ended Previous year e nded June March June March 30, 2026 31, 2026 30, 2025 31, 2026 Audited Audited Audited Audited 323,566 312,964 292,492 1,214,927 5,610 7,874 3,319 26,no 329,176 320,838 295,811 1, 241,697 61,034 60,117 57,046 235,728 10,235 9,845 8,994 37,701 30,534 29,308 27,629 114,304 5,954 6,034 5,230 22,814 11,852 12,708 12,293 50,297 14,586 14,494 12,853 51,4141 134,195 132,506 124,045 512,285 194,981 188,332 171,766 729,412 90,650 88,103 82,787 345,710 36,898 40,746 38,349 155,786 67,433 59,483 50,630 227,91 6 - 31,362 - 33,461 67,433 28,121 50,630 194,455 404 - - - 12,754 14,676 12,985 57,010 13,158 14,676 12,985 57,010 54,275 13,44 5 37,645 137,445 3,609 466 1,256 4,763 (141) 116 (208) 10 (481' (95' 1319 (874 2,987 487 729 3,899 57,262 13,932 38,374 141,344 8.89 2.30 6.49 23.65 8.89 2.23 6.26 22.84 31,202 30,468 29,001 30,468 1,913,672 1,574,881 1,410,999 1,574,881 - .~:•"~!"~ct 1;~~1 ~ qS, \ ,' " ~ () - I>;... -- . - _,;;.,--
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Notes to the Audited Standalone Financial Results 1. The Audited Standalone Financial Results for the quarter ended June 30. 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 4. 2026. 2. These Audited Standalone Financial Results are compiled from the Audited Interim Condensed Standalone Financial Statements for the quarter ended June 30, 2026 and the Audited Standalone Financial Results for the quarter and year ended March 31, 2026. The Audited Interim Condensed Standalone Financial Statements for the quarter ended June 30, 2026 have been prepared in accordance with Indian Accounting Standard ('Ind AS') 34, 'Interim Financial Reporting' as prescribed under Section 133 of the Companies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India. 3. During the quarter ended June 30, 2026, the Company has completed the composite transaction comprising issuance of 146,761,335 fully paid up equity shares to Indian Continental Investment Limited ('ICIL') at a price of~ 1,923 per share (including a premium off 1,918) amounting to f 282,222 million (Share Capital of~ 734 million and Securities Premium of 1-!' 281,488 million) on a preferential basis against share swap of 595,204,251 shares of Airtel Africa Pie ('Airtel Africa') for 16.31 % stake held by ICIL. 4. The Company publishes these Audited Standalone Financial Results along with the Audited Consolidated Financial Results. In accordance with Ind AS 108 'Operating Segments', the Company has disclosed the segment information in the Audited Consolidated Financial Results. 5. All the amounts included in the Audited Standalone Financial Results are rounded off to the nearest million, except per share data and unless stated otherwise. For Bharti Airtel Limited s~ Managing Director & CEO (Airtel In DIN: 08360840 New Delhi August 4, 2026 Notes: a) 'Bharti Airtel' or 'Company' stands for Bharti Airtel Limited b) For more details on the Audited Standalone Financial Results, please visit our website 'www.airtel.in'
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 1 O Tower B DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 6 79 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF BHARTI AIRTEL LIMITED Opinion We have audited the accompanying Statement of Audited Consolidated Financial Results for the quarter ended June 30, 2026 of BHARTI AIRTEL LIMITED ("the Parent/Company") and its subsidiaries {the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and other comprehensive loss of its joint ventures and associates for the quarter ended June 30, 2026, ("the Consolidated Financial Results"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations") . In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on interim consolidated/standalone financial information of two subsidiaries and financial information of an associate, referred to in Other Matter section below, the Consolidated Financial Results: (i) include the financial results of the entities as given in Annexure to this report; (ii) are presented in accordance with the requirements of the LODR Regulations; and (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group, its associates and joint ventures for the quarter ended June 30, 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing {"SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Aud itor's Responsibilities for Audit of the Consolidated Financial Results section below. We are independent of the Group, its associates and joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordan,.ce with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred t ~=~, ter section below, is sufficient and appropriate to provide a basis for our audit opini Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra , India. Deloitte Haskins & Sells LLP is registered with limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP Responsibilities of Management and Those Charged With Governance for the Consolidated Financial Results This Consolidated Financial Results are the responsibility of the Company's management and have been approved by the Board of Directors for issuance. The Consolidated Financial Results have been compiled from the related Audited Interim Condensed Consolidated Financial Statements for the quarter ended June 30, 2026 and the Audited Consolidated Financial Results for the quarter and year ended March 31, 2026. This responsibility includes the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit/(loss) and consolidated other comprehensive income/(loss) and other financial information of the Group including its associates and joint ventures in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the LODR Regulations. The respective Board of Directors/Those Charged With Governance of the companies/entities included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associates and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Board of Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Results, the respective management and the Board of Directors/Those Charged With Governance of the companies/entities included in the Group and of its associates and joint ventures are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Those Charged With Governance either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors/Those Charged With Governance of the companies/entities included in the Group and of its associates and joint ventures are responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures. Auditor's Responsibilities for the Audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provi • r opinion. The risk of not detecting a material misstatement resulting fro than for one resulting from error, as fraud may involve collusion, f omissions, misrepresentations, or the override of internal control. :..---
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Deloitte Haskins & Sells LLP • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropriateness of the Board of Directors/Those Charged With Governance Use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. • Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the extent applicable. • Obtain sufficient appropriate audit evidence regarding the standalone financial results, entities within the Group and its associates and joint ventures to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results. We communicate with Those Charged With Governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also provide Those Charged With Governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the SEBI u 33(8) of the LODR Regulations, as amended, to the extent applicable. -
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Deloitte Haskins & Sells LLP Other Matter We did not audit the interim consolidated/standalone financial information of two subsidiaries, included in the Consolidated Financial Results, whose consolidated/standalone financial information reflects revenue of Rs. 11,402 million, net profit after tax of Rs. 97 million and other comprehensive loss of Rs. 7 million for the quarter ended June 30, 2026 as considered in the consolidated Financial Result. The Consolidated Financial Results also include the Group's share of net profit after tax of Rs. 148 million and other comprehensive loss of Rs. 23 million for the quarter ended June 30, 2026, as considered in the Consolidated Financial Results, in respect of an associate whose interim financial information has not been audited by us. These interim financial information have been audited by other auditors and our opinion on the Consolidated Financia l Results, in so far as it relates to the amounts and disclosures included in respect of such subsidiaries and associate, is based solely on the reports of the other auditors. Our report on the Consolidated Financial Results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors. Place: New Delhi Date: August 04, 2026 For DELOITTE HASKINS & SELLS LLP ,,.,.,. Chartered Accountants ' Registration No.117366W/W-100018) ~ ijay Agarwal Partner (Membership No. 094468) UDIN: 2.J, 09 ~~ sg )(N C, $ D f sc; 8 4- Page 4 of 7
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Deloitte Haskins & Sells LLP Annexure to Auditor's Report List of entities: 1 Bharti Airte l Limited Subsidiaries 2 Bharti Airtel Services Limited 3 Bharti Hexacom Limited 4 Bharti Telemedia Limited 5 Airtel limited 6 Nxtra Data Limited 7 Xtelify Limited 8 Inda Teleports Limited 9 Bharti Airtel (France) SAS 10 Bharti Airtel (Hong Kong) Limited 11 Bharti Airtel (UK) Limited 12 Bharti Airtel (USA) Limited 13 Bharti Airtel International (Netherlands) B.V. 14 Bharti International (Singapore) Pte. Ltd. 15 Network i2i Limited 16 Airtel (Seychelles) Limited 17 Airtel Congo S.A. 18 Airtel Gabon S.A. 19 Airtel Madagascar S.A. 20 Airtel Malawi Public Limited Company 21 Airtel Mobile Commerce B.V. 22 Airtel Mobile Commerce Holdings B.V. 23 Bharti Airtel Malawi Holdings B.V. 24 Bharti Airtel Mali Holdings B.V. 25 Bharti Airtel Niger Holdings B.V. 26 Bharti Airtel Nigeria B.V. 27 Bharti Airtel RDC Holdings B.V. 28 Airtel Mobile Commerce (Kenya) Limited 29 Airtel Mobile Commerce Limited 30 Airtel Mobile Commerce Madagascar S.A. 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 ~ 57 58 59 Airtel Money Tanzania Limited Airtel Mobile Commer ce Nigeria Limited ·-Airtel Mobile Commerce (Seychelles) B.V. Airtel Mobile Commerce Congo B.V. Airtel Mobile Commerce Kenya B.V. Airtel Mobile Commer ce Uganda Limited Airtel Mobile Commerce Zambia Limited Airtel Money RDC S.A. Airt el Money Niger S.A. Airtel Money S.A. Airtel Networks Kenya Lim ited Airtel Networks Limited Airtel Networks Zambia pie -Airtel Rwanda Limited Airtel Tanzania Public Limited Company Airtel Tchad S.A. Airtel Uganda Limited Bharti Airtel Africa B.V. -Bharti Airtel Chad Holdings B.V. Bharti Airtel Congo Holdings B.V. Bharti Airtel Developers Foru m Limited -Bharti Airte l Gabon Holdings B.V. -Bharti Airtel Kenya B.V. Bharti Airt el Madagascar Holdings B.V. Airte l Afri ca Mauritius Limited Bharti Airtel Holding (Mauritius) Limited (!>) -Bharti Airtel Overseas (Maurit ius) Limited @ - Airte l Africa pie ~.~~ Airtel Mobile Comme ~~-y<liger~· !\' B.V. • ! •tJ ;.. /4. ~ . .... iS 1..,,,,",... o-_. ~ ~ __ .:;.., 1/ Pago of 7
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Deloitte Haskins & Sells LLP Airtel Mobile Commerce Rwanda Ltd Bharti Airte l Employees Welfa re 60 94 Trust ~ Airtel Mobile Commerce (Seychelles) Bharti Airtel Services B.V. 61 Limited 95 Airtel Mobile Commerce (Tanzania) Bharti Airtel Tanzania B.V. 62 Limited 96 Airtel Mobile Commerce Tchad S.A. Bharti Airtel Uganda Holdings B.V. 63 97 Bharti Airtel Rwanda Holdings Limited Bharti Airtel Zambia Holdings B.V. 64 98 65 Airtel Money Transfer Limited 99 Celte l (Mauritius) Holdings Limited Airtel Congo RDC S.A. Airtel Nigeria Telesonic Holdings 66 100 U::!.!9 Limited Celtel Niger S.A. Airtel Rwan da Telesonic Holdings 67 101 (UK) Limited Channel Sea Management Company Airtel Seychelles Telesonic Holding s 68 (Mauritius) Limited # 102 (UK) Limited Congo RDC Towers S.A. Airtel Tanzania Telesonic Holdings 69 103 (UK) Limited Gabon Towers S.A. * Airtel Uganda Telesonic Holdings 70 104 (UK) Limited Indian Ocean Telecom Limited Airtel Zam bia Telesonic Holdi ngs 71 105 (UK) Limited ._ Mobile Commerce Congo S.A. Airtel Tchad Telesonic Holdings (UK) 72 _!__06 Limited 73 Montana International # 107 Airtel (M) Telesonic Limited 74 Partnership Investments Sarlu 108 Airtel Kenya Telesonic Limited The Registered Trustees of Airte l Money Airte l Nigeria Telesonic Limited 75 Trust Fund 109 - 76 Airtel Africa Services (UK) Limited 110 Airtel Rwan da Telesonic Limited '- 77 Airtel Mobile Commerce Services Limited 111 Airtel Telesonic Uganda Limited -SmartCash Payment Service Bank Airtel Zambia Telesonic Limited 78 Limited 112 Airtel (M) Telesonic Holdings (UK) Airtel (Seychelles) Telesonic Limited 79 Limited 113 - 80 Airtel Africa Telesonic Holdings Limite d 114 Nxtra Africa Data Holdings Limited Airtel Africa Telesonic Limited Nxtra Congo Data Holdings (UK) 81 - ~ 115_ Lim ited -Airtel Money Trust Fund Nxtra DRC Data Holdings (UK) 82 116 Limited Airtel Mobile Commerce Madagascar Nxtra Gabon Data Holdings (UK) 83 B.V. 117 Limited Airtel Mobile Commerce Malawi B.V. Nxtra Kenya Data Holdings (UK) 84 118 Limited Airtel Mobile Commerce Rwanda B.V. Airtel Mobile Commerce Tanzania 85 119 B.V. Airtel Mobile Commerce Tchad B.V. Nxtra Nigeria Data Holdings (UK) 86 120 Limited - 87 Airtel Mobile Commerce Uganda B.V. 121 Airtel Congo RDC Telesonic S.A.U. - 88 Airtel Mobile Commerce Zambia B.V. 122 Nxtra Africa Data (Nigeria) Limited 89 Airtel International LLP 123 Airtel Gabon Telesonic S.A. -90 Airtel Mobile Commerce DRC B.V. 124 Nxtra Afri ca Data (Kenya) Limited - - 91 Airtel Mobile Commerce Gabon B.V. 125 Nxtra Africa Data (Nigeria) FZE 92 Airtel Mobile Commerce Niger B.V. 126 Beetel Teletech Limited #k-;: ~ Airtel Money Kenya Limited I Beetel Teletech S• IL-- ~ >'\ In' I 11 e 93 127 Limited ''~/ IE~1~l ~ ~ ,.., .Q ___ 1>" • 7
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Deloitte Haskins & Sells LLP 128 Network i2i (UK) Limited 129 The Airtel Africa Employee Benefit Trust Airtel Congo Telesonic Holdings (UK) 130 Limited Airtel DRC Telesonic Holdings (UK) 131 Limited Airtel Gabon Telesonic Holdings (UK) 132 Limited Airtel Kenya Telesonic Holdings (UK) 133 Limited Airtel Madagascar Telesonic Holdings 134 (UK) Limited Airtel Niger Telesonic Holdings (UK) 135 Limited 136 SmarTx Services Limited 137 Indus Towers Employees Welfare Trust 138 Nxtra Africa Data RDC S.A. Airtel Mobile Management Services FZ- 139 LLC 140 Nxtra Africa Data (Kenya) SEZ Limited Joint Ventures & Associates (Including their subsidiaries) 153 Airtel Payments Bank Limited 154 Bridge Mobile Pte Limited 155 RedDot Digital Limited 156 Bharti Airtel Ghana Holdings B.V. 157 Millicom Ghana Company Limited$ 158 Hughes Communications India Private Limited 159 Seychelles Cable Systems Company Limited 160 Rabi Axiata PLC 161 Lavelle Networks Private Limited 162 MAWEZI RDC S.A. # In process of removal from register of companies • Under dissolution $ Under liquidation " Incorporated during the quarter ended June 30, 2026 141 Indus Towers Limited 142 Indus Towers Investment FZE 143 Indus Towers Management FZE 144 Indus Towers Ventures FZE 145 Nxtra Vizag limited 146 Airtel Money Limited 147 Indus Towers FZE 148 Indus Infra Uganda Limited 149 Indus Towers Infra Zambia Limited 150 Indus Towers Nigeria Limited 151 Airte l Global IFSC Limited,... 152 Indus Towers Global Ventures IFSC Limited,... 163 HCIL Netcom India Private Limited 164 HCIL COMTEL PRIVATE LIMITED 165 Dixon Electro Appliances Private Limited 166 Rventures PLC 167 SmartPay Limited 168 AxEnTec PLC 169 Oneweb India Communications Private Limited 0 Amalgamated with Network i2i limited during the quarter ended June 30, 2026 Page 7 of 7
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF BHARTI AIRTEL LIMITED Opinion We have audited the accompanying Statement of Audited Standalone Financial Results for the quarter ended June 30, 2026 of BHARTI AIRTEL LIMITED ("the Company"), ("the Standalone Financial Results"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results: (i) are presented in accordance with the requirements of the LODR Regulations; and (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the quarter ended June 30, 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsibilities for Audit of the Standalone Financial Results section of our report below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (''ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged With Governance for the Standalone Financial Results This Standalone Financial Results are the responsibility of the Company's management and have been approved by the Board of Directors for issuance. The Standalone Financial Results have been compiled from the related Audited Interim Condensed Standalone Financial Sta_tements for the quarter ended June 30, 2026 and the Audited Standalone Financial Results for the quarter and year ended March 31, 2026. This responsibility includes the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit/(loss) and other comprehensive income/(loss) and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act relevant rules issued thereunder and other accounting principles generally accepted in »r,~;arrtN compliance with the LODR Regulations. ~ ~i . -.. -~ . 4!,; ,... ri -." Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. ~ Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP The responsibility of Board of Directors includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from materia l misstatement, whether due to fraud or error. In preparing the Standalone Financial Results, the management and the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the financial reporting process of the Company. Auditor's Responsibilities for the Audit of the Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Standalone Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or , conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Standalone Fin including the disclosures, and whether the Standalone Financial Results represen transactions and events in a manner that achieves fair presentation.
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Deloitte Haskins & Sells LLP Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results. We communicate with Those Charged With Governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also provide Those Charged With Governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Place: New Delhi Date: August 04, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No.117366W/W-100018) ~ u~ Vijay Agarwal Partner (Membership No. 094468) Page 3 of 3
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bharti August 4, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Sandra Kurla Complex, Bandra (E) Mumbai - 400051, India Symbol: BHARTIARTL/ AIRTELPP BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001, India Scrip Code: 532454/ 890157 Sub: Press Release with respect to financial results for the first quarter {Q1) ended June 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the press release being issued by the Company with regard to the audited financial results of the Company for the first quarter (01) ended June 30, 2026. Kindly take the same on record. Thanking you, Sincerely Yours, For Bharti Airtel Limited Bharti Airtel Limited (a Bharti Enterprise) Regd. Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram - 122015, India Corporate Office: Bharti Crescent. 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi -110070, India T.: +91-124-4222222, F.: +91-124-4248063, Email: compliance.officer@bharti.in, Website: www.airtelin CIN: L74899HR1995PLC095967
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’ Bharti Airtel Limited – Media Release August 04, 2026 Page 1 of 3 Bharti Airtel Limited Q1 FY27 Highlights • Bharti Airtel reported consolidated quarterly revenues of Rs 58,539 crore, up 18.4% YoY and 5.7% QoQ, supported by strong growth across India and Africa operations • India business revenues came in at Rs 41,214 crore, up 9.7% YoY and 4.2% QoQ. Revenue growth was driven by sustained portfolio premiumisation in Mobile & strong momentum in Homes and Airtel Business • India’s mobile revenue grew 9.2% YoY, driven by improved ARPU and strong gains in smartphone data customers • Homes recorded another robust quarter, posting 33.2% YoY revenue growth, backed by our focus on quality customers and convergence agenda • Airtel Business delivered revenue growth of 12.0% YoY, led by healthy orderbook execution and strong momentum in digital services portfolio • Digital TV revenues saw increase of 1.4% YoY. IPTV acceleration continues to support underlying growth • Revenue from Passive Infrastructure Services increased 4.6% YoY, supported by new site rollouts and colocation expansions • Consolidated EBITDA at Rs 33,599 crore with margin of 57.4% o India EBITDA at Rs 24,781 crore; EBITDA margin at 60.1% • Consolidated EBITDAaL at Rs 29,840 crore, delivering EBITDAaL margin of 51.0% o India EBITDAaL at Rs 22,788 crore; EBITDAaL margin at 55.3% • Consolidated EBIT at Rs 19,282 crore with EBIT margin at 32.9% o India EBIT at Rs 13,335 crore; EBIT margin at 32.4% • Consolidated Net income (before Exceptional items) at Rs 8,057 crore vs Rs 5,948 crore in Q1’26 • The Consolidated Net Debt to EBITDA (annualized) ratio stands at 1.17, improving from 1.70 as of June 30, 2025 • Consolidated Net Debt (excluding lease obligations) to EBITDAaL ratio (annualised) stands at 0.69 • Consolidated capex came in at Rs 13,386 crore with India capex at Rs 9,698 crore • During the quarter, we completed an EPS -accretive share swap transaction to increase our stake in Airtel Africa PLC to over 79%, reinforcing our conviction in Africa’s long-term growth opportunity and our ability to capture it with disciplined execution, strategic clarity and balance sheet strength Strong operational performance underscores strength of our strategy and sharp execution. o Smartphone data customers increased by 21.1 million YoY and 5.0 million QoQ, now representing 80% of total mobile customers o Robust postpaid net additions of 1.0 million in Q1’27 – highest ever additions in any quarter o Industry leading Mobile ARPU at Rs 264 vs Rs 250 in Q1’26 o Mobile data consumption rose 36.0% YoY, reaching 34.4 GB per customer per month o Strong net customer additions of 3.7 million YoY in Homes business
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’ Bharti Airtel Limited – Media Release August 04, 2026 Page 2 of 3 Gurugram, India, August 04, 2026: Bharti Airtel Limited (“Bharti Airtel” or “the Company”) today announced its audited consolidated results for the quarter ended June 30, 2026. Q1’27 Performance: During the quarter, we added 14.9 million customers to reach a customer base of 681 million across 15 countries. Consolidated revenues for the quarter stood at Rs 58,539 crore, up 18.4% YoY and 5.7% QoQ, driven by strong growth in India and Africa. Consolidated EBITDA at Rs 33,599 crore with EBITDA margin of 57.4%. India revenues for Q1’27 stood at Rs 41,214 crore, representing a growth of 9.7% YoY and 4.2% QoQ. India Mobile revenue grew 9.2% YoY, supported by strong customer additions and an improvement in Average Revenue Per User (ARPU), which increased to Rs 264 in Q1’27 from Rs 250 in Q1’26. Focus on stronger portfolio led to strong net additions in postpaid segment. We recorded highest ever quarterly postpaid cust omer additions of 1.0 Mn, thereby reaching a customer base of 30.0 Mn. The smartphone data customer base grew by 21.1 million over the past year, marking a 7.5% YoY increase. During the quarter, Airtel launched Postpaid Fast Lane - our latest innovation powered by the 5G slicing technology. Our focus at Airtel is on delivering meaningful innovations that enhance our customers' experience. We expanded our network footprint by deploying 1,579 towers and 14,540 mobile broadband base stations. Over the past year, we rolled out 7,631 additional towers and deployed 45,171 kilometers of fiber, significantly enhancing the reach and resilience of our digital infrastructure. The Homes segment delivered robust revenue growth of 33.2% YoY, supported by continued expansion of the customer base. During the quarter, we added 473 K customers, taking the total Homes customer base to 14.7 million. Airtel Business delivered a 12.0% YoY revenue growth, supported by steady growth in connectivity s olutions and sustained strong momentum across digital services portfolio. During the quarter, Airtel announced launch of Airtel Secure Workforce - India’s first, fully -managed and unified Zero Trust Architecture (ZTA) security platform with an end -to-end, compliance-ready security stack for enterprises. Powered by Airtel’s pan - India network and 24X7 expert vigilance and with a proven history of national -scale security, Airtel Secure Workforce will offer enterprises the protection they need at optimised costs. Digital TV generated revenues of Rs 773 crore, serving a total customer base of 16.0 million. Our IPTV services continue to deliver strongly on our convergence agenda. Africa Business ended the quarter with 189 million customer base and delivered a solid revenue growth of 21.1% YoY in Constant Currency. In a statement, Gopal Vittal, Executive Vice Chairman, said: We delivered yet another quarter of strong performance, supported by the resilience of our diversified portfolio and sharp ex ecution across businesses. Consolidated revenue rose 5.7% sequentially to ₹ 58,539 crore with strong growth momentum across India and Africa. India revenue increased 4.2% sequentially while Africa delivered 5.7% constant currency growth. During the quarter, we completed a large and an EPS accretive share swap transaction to increase our stake in Airtel Africa to over 79%. This is a strong reflection of our conviction in Africa’s long-term growth potential and the significant opportunities across our businesses. India Mobile achieved sequential growth of 3.8%, driven by continued portfolio mix improvement. Our postpaid strategy continues to deliver strong outcomes with highest ever customer additions of 1 million. We added 5 million smartphone customers with an industry leading ARPU of ₹264 . The Homes business saw strong momentum with revenue growth of 4.4% QoQ and 473 K customer additions, underpinned by our focus on quality acquisitions and driving convergence. Airtel Business also delivered 3.2% sequential revenue growth, led by strong performance across the portfolio. Our balance sheet remains strong, reflecting disciplined capital allocation and focused investments to future-proof Airtel.
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’ Bharti Airtel Limited – Media Release August 04, 2026 Page 3 of 3 Summary of the Consolidated Statement of Income – represents consolidated Statement of Income as per Indian Accounting Standards (Ind-AS) (Amount in Rs crore, except ratios) Total revenues 58,539 55,383 5.7% 49,463 18.4% EBITDA 33,599 32,038 4.9% 28,167 19.3% EBITDA/ Total revenues 57.4% 57.8% -0.5% 56.9% 0.4% EBIT 19,282 18,156 6.2% 15,621 23.4% EBIT/ Total revenues 32.9% 32.8% 0.2% 31.6% 1.4% Profit before tax 14,126 13,205 7.0% 10,504 34.5% Net Income (before Exceptional items) 8,057 7,245 11.2% 5,948 35.5% Quarter ended Jun'26 Quarter ended Mar'26 Quarter ended Jun'25 Y-o-Y GrowthParticulars Q-o-Q Growth Customer Base (Customer Base in '000s, except percentages) Particulars Jun-26 Mar-26 Q-o-Q Growth Jun-25 Y-o-Y Growth India 491,890 482,421 2.0% 436,096 12.8% Africa 188,999 183,545 3.0% 169,389 11.6% Total 680,889 665,966 2.2% 605,485 12.5% About Bharti Airtel Headquartered in India, Airtel is a global communications solutions provider with over 650 million customers in 15 countries across India and Africa. The company also has its presence in Bangladesh and Sri Lanka through its associate entities. The company is ranked second amongst mobile operators globally, and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high-speed 4G/5G mobile, Wi-Fi (FTTH+ FWA) that promises speeds up to 1 Gbps with convergence across linear and on -demand entertainment, video streaming services, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data center services, cyber security, IoT, and cloud-based communication. Airtel’s digital arm – Xtelify, empowers telcos globally to leverage the power of AI, data and technology to accelerate their digital transformation and drive growth. Xtelify also offers Airtel Cloud in India enabling enterprises with a sovereign, telco -grade cloud platform that guarantees secure migration, effortless scaling, lower costs and no vendor lock - ins. Within its diversified portfolio, Airtel also offers passive infrastructure services through its subsidiary Indus Tower Ltd. For more details visit www.airtel.com Disclaimer: [This communication does not constitute an offer of securities for sale in the United States. Securities may not be sold in t he United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its managemen t, as well as financial statements.] Note - Pursuant to its listing at the London Stock Exchange (LSE) and Nigeria Stock Exchange (NSE), our subsidiary, Airtel Africa Pl c has already declared results and investors can visit its website https://airtel.africa to access its results. Further, pursuant to listing at BSE and NSE, our subsidiaries, Bharti Hexacom Limited and Indus Towers Limited have already declared results and investors can visit its website https://bhartihexacom.in and https://industowerscom
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bharti August 4, 2026 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Sandra Kurla Complex, Bandra (E) Mumbai - 400051, India Symbol: BHARTIARTU AIRTELPP BSE Limited Phiroze Jeejeebhoy T ewers Dalal Street, Mumbai - 400001, India Scrip Code: 532454/ 890157 Sub: Quarterly report for the first quarter (Q1) ended June 30, 2026 Dear Sir/ Madam, Pursuant to the applicable prov1s1ons of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the quarterly report for the first quarter (Q1) ended June 30, 2026 being released by the Company. Kindly take the same on record. Thanking you, Sincerely Yours, · Airt For Bharti Airtel Limited ~o<\' e~<\ ~VVv\ • * * * Q. - - -'-- ~ohit rishan Puri • Company Secretary & Compliance Officer Bharti Airtel Limited (a Bharti Enterprise) Regel. Office: Airtel Center, Plot No. 16. Udyog Vihar, Phase-IV, Gurugram - 122015, India Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110070, India T.: +91-124-4222222, F.: +91-124-4248063, Email: compliance.officer@bharti.in, Website: www.airtel.in CIN: L74899HR1995PLC095967
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Page 1 of 56 Supplemental Disclosures Safe Harbor: - Some information in this report may contain forward -looking statements. We have based these forward -looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward - looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. A forward-looking statement may include a state ment of the assumptions or basis underlying the forward -looking statement. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. H owever, we caution you that forw ard-looking statements and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward -looking statements and assumed facts or basis and actual results can be material, depending on the circumstances. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do n ot intend to, update or revise the forward-looking statements in this report after the date hereof. In light of these risks and uncertainties, any forward -looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this supplemental disclosure. General Risk: - Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in this Company without necessary diligence and relying on their own examination of Bharti Airtel, along with the equity investment ris k which doesn't guarantee capital protection. Convenience translation : - We publish our financial statements in Indian Rupees. All references herein to “Indian Rupees” and “Rs” are to Indian Rupees and all references herein to “US dollars” and “US$” are to United States dollars. Translation of income statement items have bee n made from Indian Rupees to United States dollars (unless otherwise indicated) using the respective quarter average rate. Translation of Statement of financial position items have been made from Indian Rupees to United States dollars (unless otherwise ind icated) using the closing rate. The rates announced by the Reserve Bank of India are being used as the Reference rate for respective translations. All amounts translated into United States dollars as described above are provided solely for the convenience of the reader, and no representation is made that the Indian Rupees or United States dollar amounts referred to herein could have been or could be converted into United States dollars or Indian Rupees respectively, as the case may be, at any particular rate, the above rates or at all. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding off. Functional Translation: - Africa financials reported in the quarterly report are in its functional currency i.e. US$ (Refer “Section 10 Key Accounting Policies as per Ind-AS”). South Asia financials reported in the quarterly report are in its presentation currency i.e. Rs. Use of Certain Non-GAAP measures: - This result announcement contains certain information on the Company’s results of operations and cash flows that have been derived from amounts calculated in accordance with Indian Accounting Standards (Ind-AS), but are not in themselves Ind -AS measures. They should not be viewed in isolation as alternatives to the equivalent Ind - AS measures and should be read in conjunction with the equivalent Ind -AS measures. Further, disclosures are also provided under “7. 3 Use of Non - GAAP Financial Information” on page 32 Others: In this report, the terms “we”, “us”, “our”, “Bharti”, or “the Company”, unless otherwise specified or the context otherwise implies, refer to Bharti Airtel Limited (“Bharti Airtel”) and its subsidiaries, joint venture and associates Bharti Airtel Services Limited, Bharti Hexacom Limited, Bharti Telemedia Limited, Airtel Limited, Nxtra Data Limited, Nxtra Africa Data RDC S.A.,Xtelify Limited (formerly known as Airtel Digital Limited), Indus Towers Limited, Airtel Payments Bank Limited , Indus Towers Employees Welfare Trust , Hughes Communications India Private Limited,Indo Teleports Limited (formerly known as Bharti Teleports Limited) ,Lavelle Networks Private Limited , Seychelles Cable Systems Company Limited , One web India Communications Private . Ltd, Bharti Airtel (France) SAS, Bharti Airtel (Hong Kong) Limited, Bharti Airtel (UK) Limited , Bharti Airtel (USA) Limited, Bharti Airtel International (Netherlands) B.V., Bharti International (Singapore) Pte Ltd , Network i2i Limited., Airtel (Seychelles) Limited, Airtel Congo S.A, Airtel Gabon S.A., Airtel Madagascar S.A., Airtel Malawi Public Limited Company , Airtel Mobile Commerce B.V., Airtel Mobile Commerce Holdings B.V., Airtel Mobile Commerce (Kenya) Limited, Airtel Mobile Commerce Limited, Airtel Mobile Commerce Madagascar S.A., Airtel Mobile Commerce (Rwanda) Limited, Airtel Mobile Commerce (Seychelles ) Limited, Airtel Mobile Commerce(Tanzania )Limited, Airte l Mobile Commerce Tchad S.A , Airtel Mobile Commerce Uganda Limited, Airtel Mobile Commerce Zambia Limited , Airtel Money (RDC) S.A., Airtel Money Niger S.A., Airtel Money S.A. , Airtel Networks Kenya Limited, Airtel Networks Limited, Airtel Networks Zambia plc, Airtel Rwanda Limited, Airtel Tanzania Public Limited Company , Airtel Tchad S.A., Airtel Uganda Limited, Bharti Airtel Africa B.V. , Bharti Airtel Chad Holdings B.V. , Bharti Airtel Congo Holdings B.V., Bharti Airtel Developers Forum Limited, Bharti Airtel Gabon Holdings B.V. , Bharti Airtel Kenya B.V., Bharti Airtel Madagascar Holdings B.V. , Bharti Airtel Malawi Holdings B.V. , Bharti Airtel Mali Holdings B.V., Bharti Airtel Niger Holdings B.V. , Bharti Airtel Nigeria B.V. , Bharti Airtel RDC Holdings B.V. , Bharti Airtel Services B.V. , Bharti Airtel Tanzania B.V., Bharti Airtel Uganda Holdings B.V., Bharti Airtel Zambia Holdings B.V., Celtel (Mauritius) Holdings Limited, Airtel Congo (RDC) S.A., Celtel Niger S.A., Channel Sea Management Company (Mauritius) Limited, Congo RDC Towers S.A., Gabon Towers S.A. Indian Ocean Telecom Limited, Millicom Ghana Company Limited , Mobile Commerce Congo S.A., Montana International, Partnership Investments Sarlu, Bharti Airtel Rwanda Holdings Limited , Airtel Money Transfer Limited, Airtel Money Tanzania Limited , Airtel Mobile Commerce (Nigeria) Limit ed , Airtel Mobile Management Services FZ -LLC, Airtel Africa Mauritius Limited, Airtel Africa Plc, Airtel Mobile Commerce Nigeria B.V., Bharti Airtel Employees Welfare Trust, Airtel Mobile Commerce (Seychelles) B.V. , Airtel Mobile Commerce Congo B.V., Airtel Mobile Commerce Kenya B.V., Airtel Mobile Commerce Madagascar B.V., Airtel Mobile Commerce Ma lawi B.V. , Airtel Mobile Commerce Rwanda B.V. , Airtel Mobile Commerce Tchad B.V., Airtel Mobile Commerce Uganda B.V. , Airtel Mobile Commerce Zambia B.V., Airtel International LLP , Airtel Mobile Commerce DRC B.V. , Airtel Mobile Commerce Gabon B.V., Ai rtel Mobile Commerce Niger B.V., Airtel Money Kenya Limited, Network I2I (UK) Limited , The Airtel Africa Emplo yee Benefit Trust, Airtel Africa Services (UK) Limited , Airtel Mobile Commerce Services Limited, SmartCash Payment Service Bank Limited, Airtel Africa Telesonic Holdings Limited, Airtel Africa Telesonic Limited , Airtel Congo Telesonic Holdings (UK) Limited , Airtel DRC Telesonic Holdings (UK) Limited , Airtel Gabon Telesonic Holdings (UK) Limited , Airtel Kenya Telesonic Holdings (UK) Limited , Airtel Madagascar Telesonic Holdings (UK) Limited , Airtel (M) Telesonic Holdings (UK) Limited , Airtel Niger Telesonic Holdings (UK) Limited , Airtel Nigeria Telesonic Holdings (UK) Limited , Airtel Rwanda Telesonic Holdings (UK) Limited , Bharti Airtel Ghana Holdings B.V. , Airtel Seychelles Telesonic Holdings (UK) Limited , Airtel Tanzania Telesonic Holdings (UK) Limited, Airtel Uganda Telesonic Holdings (UK) Limited , Airtel Zambia Telesonic Holdings (UK) Limited , Airtel Tchad Telesonic Holdings (UK) Limited, Airtel (M) Telesonic Limited , Airtel Kenya Telesonic Limited , Airtel Nigeria Telesonic Limited , Airtel Rwanda Telesonic Limited , Airtel Telesonic Uganda Limited , Airtel Zambia Telesonic Limited , Airtel (Seychelles) Telesonic Limited , Nxtra Africa Data Holdings Limited , Nxtra Congo Data Holdings (UK) Limited, Nxtra DRC Data Holdings (UK) Limited , Nxtra Gabon Data Holdings (UK) Limited , Nxtra Kenya Data Holdings (UK) Limited , Airtel Mobile Commerce Tanzania B.V. , Nxtra Nigeria Data Holdings (UK) Limited , Airtel Congo RDC Telesonic S.A.U. , Nxtra Africa Data (Nigeria) Limited , Mawezi RDC S.A., HCIL Netcom India Private Ltd, HCIL Comtel Private Limited, Airtel Gabon Telesonic S.A., Nxtra Africa Data (Kenya) Limited, Airtel Money Trust Fund , The Registered Trustees of Airtel Money Trust Fund , Nxtra Afric a Data (Nigeria) FZE , Beetel Teletech Limited, Beetel Teletech Singapore Private Limited, Dixon Electro Appliances Private Limited , Robi Axiata PLC, Reddot Digital Limited, Rventures PLC , SmartPay Limited , AxEnTec PLC , Nxtra Africa Data (Kenya) SEZ Limited , SmarTx Services Limited, Airtel Money Limited ,Indus Towers FZE , Indus Towers Investment FZE, Indus Towers Management FZE , Indus Towers Ventures FZE , Nxtra Vizag Limited, Bridge Mobile Pte Limited , Indus Infra Uganda Limited , Indus Towers Infra Zambia Limited, Indus Towers Nigeria Limited, Airtel Global IFSC Limited, Indus Towers Global Ventures IFSC Limited Disclaimer: - This communication does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any publ ic offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statement
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Page 2 of 56 TABLE OF CONTENTS Section 1 Bharti Airtel – Performance at a glance 3 Section 2 Bharti Airtel - An Introduction 6 Section 3 Financial Highlights as per Ind-AS 3.1 Consolidated - Summary of Consolidated Financial Statements 7 3.2 Region wise - Summary of Statement of Operations 9 3.3 Segment wise - Summary of Statement of Operations 11 3.4 Region wise & Segment wise - Investment & Contribution 14 Section 4 Operating Highlights 15 Section 5 Management Discussion & Analysis 18 5.1 Reporting Changes 18 5.2 India 18 5.3 Africa 19 5.4 Share of Associates / Joint Ventures 20 5.5 Result of Operation 21 5.6 Three Line Graph 24 Section 6 Stock Market Highlights 25 Section 7 Detailed Financial and Related Information 27 Section 8 Region wise Cost Schedules 33 Section 9 Section 10 Section 11 Trends and Ratio Analysis Key Accounting Policies as per Ind-AS Glossary 35 46 50
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Page 3 of 56 SECTION 1- PERFORMANCE AT A GLANCE Consolidated Full Year Ended Quarter Ended 2024 2025 2026 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Operating Highlights Total Customer Base 000’s 561,970 590,514 665,966 605,485 623,554 645,307 665,966 680,889 Total Minutes on Network Mn Min 5,199,438 5,468,824 5,657,617 1,393,085 1,404,552 1,424,105 1,435,875 1,439,782 Network Towers Nos 355,150 375,146 386,290 377,439 380,653 382,613 386,290 388,791 Total Employees Nos 27,182 28,673 28,730 28,424 28,701 28,567 28,730 28,743 No. of countries of operation Nos 17 17 17 17 17 17 17 17 Population Covered Bn 2 2 2 2 2 2 2 2 Consolidated Financials (Rs Mn) Total revenues Rs Mn 1,643,643 1,815,110 2,109,728 494,626 521,454 539,816 553,832 585,391 EBITDA Rs Mn 889,064 1,049,994 1,212,676 281,668 299,190 311,436 320,382 335,986 EBITDAaL Rs Mn 782,065 932,961 1,079,460 249,945 266,003 277,046 286,466 298,396 EBIT Rs Mn 452,044 569,567 680,996 156,209 166,691 176,537 181,560 192,816 Cash profit from operations before Derivative & Exchange Fluctuations Rs Mn 720,012 851,384 994,871 227,871 246,595 257,229 263,176 283,440 Profit before tax Rs Mn 250,532 369,712 485,902 105,044 123,223 125,581 132,054 141,262 Net income (before exceptional items) Rs Mn 116,201 177,611 269,042 59,479 67,916 69,199 72,449 80,572 Net income (after exceptional items) Rs Mn 77,820 337,440 266,952 59,479 67,916 66,305 73,251 81,674 Capex Rs Mn 489,268 422,904 475,218 83,070 113,623 117,869 160,656 133,860 Operating Free Cash Flow (EBITDA - Capex) Rs Mn 399,796 627,090 737,458 198,598 185,567 193,567 159,726 202,126 Operating Free Cash Flow (EBITDAaL - Capex) Rs Mn 292,798 510,057 604,242 166,875 152,379 159,178 125,810 164,536 Net Debt Rs Mn 1,943,799 2,038,384 1,647,888 1,915,794 1,947,131 1,826,206 1,647,888 1,572,396 Net Debt (excluding Lease obligations) Rs Mn 1,452,207 1,385,086 910,485 1,254,893 1,266,513 1,124,912 910,485 818,521 Shareholder's Equity Rs Mn 820,188 1,136,718 1,490,565 1,197,236 1,177,959 1,247,950 1,490,565 1,618,151 Consolidated Financials (US$ Mn) Total Revenue 1 US$ Mn 19,865 21,491 23,875 5,790 5,974 6,063 6,038 6,175 EBITDA 1 US$ Mn 10,745 12,432 13,724 3,297 3,428 3,498 3,493 3,544 EBITDAaL1 US$ Mn 9,452 11,046 12,216 2,926 3,048 3,112 3,123 3,148 EBIT 1 US$ Mn 5,463 6,744 7,707 1,829 1,910 1,983 1,979 2,034 Cash profit from operations before Derivative & Exchange Fluctuations 1 US$ Mn 8,702 10,080 11,259 2,668 2,825 2,889 2,869 2,990 Profit before Tax 1 US$ Mn 3,028 4,377 5,499 1,230 1,412 1,411 1,440 1,490 Net income (before exceptional items)1 US$ Mn 1,404 2,103 3,045 696 778 777 790 850 Net income (after exceptional items)1 US$ Mn 941 3,995 3,021 696 778 745 799 862 Capex 1 US$ Mn 5,913 5,007 5,378 972 1,302 1,324 1,752 1,412 Operating Free Cash Flow (EBITDA - Capex) US$ Mn 4,832 7,425 8,346 2,325 2,126 2,174 1,741 2,132 Operating Free Cash Flow (EBITDAaL - Capex) US$ Mn 3,539 6,039 6,838 1,954 1,746 1,788 1,372 1,736 Net Debt 2 US$ Mn 23,314 23,818 17,410 22,391 21,938 20,304 17,410 16,665 Net Debt (excluding Lease obligations)2 US$ Mn 17,418 16,184 9,619 14,667 14,270 12,507 9,619 8,675 Shareholder's Equity 2 US$ Mn 9,837 13,282 15,747 13,993 13,272 13,875 15,747 17,150 Key Ratios EBITDA Margin % 54.1% 57.8% 57.5% 56.9% 57.4% 57.7% 57.8% 57.4% EBITDAaL Margin % 47.6% 51.4% 51.2% 50.5% 51.0% 51.3% 51.7% 51.0% EBIT Margin % 27.5% 31.4% 32.3% 31.6% 32.0% 32.7% 32.8% 32.9% Net Profit (before exceptional items) Margin % 7.1% 9.8% 12.8% 12.0% 13.0% 12.8% 13.1% 13.8% Net Debt to Funded Equity Ratio Times 2.37 1.79 1.11 1.60 1.65 1.46 1.11 0.97 Net Debt to EBITDA (Annualised) Times 2.19 1.94 1.36 1.70 1.63 1.47 1.29 1.17 Net Debt (excluding Lease obligations) to EBITDAaL (Annualised) Times 1.86 1.48 0.84 1.26 1.19 1.02 0.79 0.69 Interest Coverage ratio Times 5.79 6.21 6.80 6.32 6.62 6.98 7.31 7.64 Return on Shareholder's Equity (Post Tax) % 19.0% 34.5% 20.3% 30.4% 32.4% 25.1% 19.5% 18.6% Return on Shareholder's Equity (Pre Tax) % 16.5% 34.2% 25.9% 30.0% 32.2% 27.2% 24.8% 24.4% Return on Capital employed (Annualised) % 14.8% 17.3% 19.0% 17.6% 18.9% 20.0% 20.4% 21.5% Valuation Indicators Market Capitalization Rs Bn 7,273 10,378 10,874 12,059 11,262 12,671 10,874 11,559 Market Capitalization US$ Bn 87.2 121.3 114.9 140.9 126.9 140.9 114.9 122.5 Enterprise Value Rs Bn 9,216 12,416 12,522 13,975 13,209 14,497 12,522 13,131 EV / EBITDA Times 10.37 11.83 10.33 12.40 11.04 11.64 9.77 9.77 PE Ratio Times 91.89 29.37 38.83 32.42 27.77 39.65 38.83 37.75 Particulars Unit Q3’25 & periods prior to Q3’25 have been re-casted for P&L, capex, Net debt, Enterprise value, cumulative investments , total employees and related key ratios to make it comparable. The impact of the business combination and purchase price allocation has been considered from the effective date of consolidation (i.e. November 19, 2024), while the relative impact of depreciation, amortization and tax has been reflected across all periods presented. Note 1: Average exchange rates used for Rupee conversion to US$ is (a) Rs 82.74 for the financial year ended March 31, 2024 (b) Rs 84.46 for the financial year ended March 31, 2025, (c) Rs 88.36 for the financial year ended March 31, 2026, (d) Rs 85.42 for the quarter ended June 30, 2025, (e) Rs 87.28 for the quarter ended September 30, 2025, (f) Rs 89.03 for the quarter ended December 31, 2025 , (g) Rs 91.72 for the quarter ended March 31, 2026, (h) Rs 94.80 for the quarter ended June 30, 2026 based on the RBI Reference rate. Note 2: Closing exchange rates used for Rupee conversion to US$ is (a) Rs 83.37 for the financial year ended March 31, 2024 (b) Rs 85.58 for the financial year ended March 31, 2025, (c) Rs 94.65 for the financial year ended March 31, 2026, (d) Rs 85.56 for the quarter ended June 30, 2025 (e) Rs 88.76 for the quarter ended September 30, 2025, (f) Rs 89.94 for the quarter ended December 31, 2025 , (g) Rs 94.65 for the quarter ended March 31, 2026, (h) Rs 94.35 for the quarter ended June 30, 2026 being the RBI Reference rate.
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Page 4 of 56 India SA (includes Passive infrastructure services) Full Year Ended Quarter Ended 2024 2025 2026 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Operating Highlights Total Customer Base 000’s 409,252 424,461 482,421 436,096 449,738 465,918 482,421 491,890 Total Minutes on Network Mn Min 4,694,994 4,898,637 5,056,945 1,244,753 1,254,914 1,271,587 1,285,691 1,282,960 Network Towers Nos 320,616 338,029 345,912 339,860 342,339 343,486 345,912 347,491 Total Employees Nos 23,050 24,420 24,218 24,164 24,391 24,186 24,218 24,202 No. of countries of operation Nos 3 3 3 3 3 3 3 3 India SA Financials (Rs Mn) Total revenues Rs Mn 1,244,083 1,406,052 1,550,658 375,846 386,901 392,255 395,656 412,140 EBITDA Rs Mn 688,048 855,015 931,966 223,515 232,039 236,759 239,653 247,810 EBITDAaL Rs Mn 622,240 783,746 857,295 205,390 212,977 217,303 221,624 227,875 EBIT Rs Mn 316,417 445,076 493,605 118,146 121,919 125,920 127,620 133,346 Cash profit from operations before Derivative & Exchange Fluctuations Rs Mn 565,267 721,472 802,625 186,448 204,653 207,364 204,160 216,859 Profit before tax Rs Mn 194,952 313,683 373,777 82,114 97,423 98,639 95,601 103,673 Net income (before exceptional items) Rs Mn 106,107 172,019 244,844 52,920 65,922 65,115 60,887 68,717 Net income (after exceptional items) Rs Mn 90,805 335,326 242,770 52,920 65,922 62,238 61,690 72,615 Capex Rs Mn 428,239 366,204 396,539 72,734 96,429 92,495 134,882 96,982 Operating Free Cash Flow (EBITDA - Capex) Rs Mn 259,809 488,811 535,427 150,781 135,610 144,264 104,771 150,828 Operating Free Cash Flow (EBITDAaL - Capex) Rs Mn 194,001 417,543 460,756 132,657 116,548 124,809 86,742 130,894 Net Debt Rs Mn 1,651,759 1,579,422 1,121,135 1,445,755 1,457,913 1,317,844 1,121,135 1,034,772 Net Debt (excluding Lease obligations) Rs Mn 1,334,349 1,239,418 783,543 1,107,537 1,121,567 982,384 783,543 693,145 Shareholder's Equity Rs Mn 876,452 1,189,423 1,489,369 1,243,383 1,184,600 1,272,091 1,489,369 1,846,943 India SA Financials (US$ Mn) Total Revenue 1 US$ Mn 15,036 16,648 17,548 4,400 4,433 4,406 4,314 4,347 EBITDA 1 US$ Mn 8,316 10,123 10,547 2,617 2,658 2,659 2,613 2,614 EBITDAaL1 US$ Mn 7,520 9,280 9,702 2,404 2,440 2,441 2,416 2,404 EBIT 1 US$ Mn 3,824 5,270 5,586 1,383 1,397 1,414 1,391 1,407 Cash profit from operations before Derivative & Exchange Fluctuations 1 US$ Mn 6,832 8,542 9,083 2,183 2,345 2,329 2,226 2,287 Profit before Tax 1 US$ Mn 2,356 3,714 4,230 961 1,116 1,108 1,042 1,094 Net income (before exceptional items)1 US$ Mn 1,282 2,037 2,771 620 755 731 664 725 Net income (after exceptional items)1 US$ Mn 1,097 3,970 2,747 620 755 699 673 766 Capex 1 US$ Mn 5,176 4,336 4,488 851 1,105 1,039 1,471 1,023 Operating Free Cash Flow (EBITDA - Capex) US$ Mn 3,140 5,788 6,059 1,765 1,554 1,620 1,142 1,591 Operating Free Cash Flow (EBITDAaL - Capex) US$ Mn 2,345 4,944 5,214 1,553 1,335 1,402 946 1,381 Net Debt 2 US$ Mn 19,811 18,455 11,845 16,898 16,426 14,652 11,845 10,967 Net Debt (excluding Lease obligations)2 US$ Mn 16,004 14,482 8,278 12,945 12,637 10,922 8,278 7,346 Shareholder's Equity 2 US$ Mn 10,512 13,898 15,735 14,532 13,347 14,143 15,735 19,575 Key Ratios EBITDA Margin % 55.3% 60.8% 60.1% 59.5% 60.0% 60.4% 60.6% 60.1% EBITDAaL Margin % 50.0% 55.7% 55.3% 54.6% 55.0% 55.4% 56.0% 55.3% EBIT Margin % 25.4% 31.7% 31.8% 31.4% 31.5% 32.1% 32.3% 32.4% Net Profit (before exceptional items) Margin % 8.5% 12.2% 15.8% 14.1% 17.0% 16.6% 15.4% 16.7% Net Debt to EBITDA (Annualised) Times 2.40 1.85 1.20 1.62 1.57 1.39 1.17 1.04 Net Debt (excluding Lease obligations) to EBITDAaL (Annualised) Times 2.14 1.58 0.91 1.35 1.32 1.13 0.88 0.76 Interest Coverage ratio Times 5.86 7.42 8.59 7.97 8.35 8.79 9.32 9.94 Return on Shareholder's Equity (Post Tax) % 11.0% 32.5% 18.1% 28.5% 30.5% 23.5% 17.6% 15.7% Return on Shareholder's Equity (Pre Tax) % 18.6% 31.5% 20.6% 26.9% 28.4% 23.2% 20.0% 18.3% Return on Capital employed (Annualised) % 11.8% 15.5% 16.5% 15.6% 16.4% 17.2% 17.5% 17.5% Particulars Unit Q3’25 & periods prior to Q3’25 have been re-casted for P&L, capex, Net debt, Enterprise value, cumulative investments , total employees and related key ratios to make it comparable. The impact of the business combination and purchase price allocation has been considered from the effective date of consolidation (i.e. November 19, 2024), while the relative impact of depreciation, amortization and tax has been reflected across all periods presented. Note 1: Average exchange rates used for Rupee conversion to US$ is (a) Rs 82.74 for the financial year ended March 31, 2024 (b) Rs 84.46 for the financial year ended March 31, 2025, (c) Rs 88.36 for the financial year ended March 31, 2026, (d) Rs 85.42 for the quarter ended June 30, 2025, (e) Rs 87.28 for the quarter ended September 30, 2025, (f) Rs 89.03 for the quarter ended December 31, 2025 , (g) Rs 91.72 for the quarter ended March 31, 2026, (h) Rs 94.80 for the quarter ended June 30, 2026 based on the RBI Reference rate. Note 2: Closing exchange rates used for Rupee conversion to US$ is (a) Rs 83.37 for the financial year ended March 31, 2024 (b) Rs 85.58 for the financial year ended March 31, 2025, (c) Rs 94.65 for the financial year ended March 31, 2026, (d) Rs 85.56 for the quarter ended June 30, 2025 (e) Rs 88.76 for the quarter ended September 30, 2025, (f) Rs 89.94 for the quarter ended December 31, 2025 , (g) Rs 94.65 for the quarter ended March 31, 2026, (h) Rs 94.35 for the quarter ended June 30, 2026 being the RBI Reference rate.
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Page 5 of 56 Africa Full Year Ended Quarter Ended 2024 2025 2026 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Operating Highlights Total Customer Base 000’s 152,719 166,053 183,545 169,389 173,816 179,389 183,545 188,999 Total Minutes on Network Mn Min 504,444 570,187 600,673 148,332 149,638 152,518 150,185 156,822 Network Towers Nos 34,534 37,117 40,378 37,579 38,314 39,127 40,378 41,300 Total Employees Nos 4,132 4,253 4,512 4,260 4,310 4,381 4,512 4,541 No. of countries of operation Nos 14 14 14 14 14 14 14 14 Africa Financials (Rs Mn) Total revenues Rs Mn 411,841 418,795 568,064 120,834 136,795 150,100 160,335 175,657 EBITDA Rs Mn 201,016 194,978 280,713 58,156 67,150 74,678 80,729 88,177 EBITDAaL Rs Mn 159,825 149,215 222,165 44,555 53,026 59,743 64,842 70,520 EBIT Rs Mn 135,627 124,491 187,398 38,066 44,773 50,619 53,941 59,470 Cash profit from operations before Derivative & Exchange Fluctuations Rs Mn 163,843 140,273 205,774 41,425 49,636 55,697 59,016 66,581 Profit before tax Rs Mn 61,197 64,504 125,705 23,290 33,496 32,754 36,166 37,643 Net Income Reported Rs Mn (13,612) 18,623 60,013 10,728 15,460 15,797 18,253 15,128 Less: NCI And Others Rs Mn (5,841) 7,955 22,389 4,027 5,768 5,913 6,907 6,028 Net income Rs Mn (7,771) 10,668 37,624 6,702 9,692 9,885 11,346 9,100 Capex Rs Mn 61,028 56,700 78,679 10,336 17,195 25,373 25,774 36,878 Operating Free Cash Flow (EBITDA - Capex) Rs Mn 139,987 138,278 202,034 47,820 49,955 49,305 54,955 51,299 Operating Free Cash Flow (EBITDAaL - Capex) Rs Mn 98,797 92,515 143,486 34,219 35,831 34,370 39,067 33,642 Net Debt Rs Mn 292,040 458,962 526,751 470,040 489,218 508,362 526,751 537,622 Net Debt (excluding Lease obligations) Rs Mn 117,858 145,667 126,939 147,356 144,946 142,528 126,939 125,374 Shareholder's Equity Rs Mn 102,107 132,475 186,376 139,215 152,583 161,039 186,376 239,885 Africa Financials (US$ Mn) Total Revenue 1 US$ Mn 4,977 4,959 6,429 1,415 1,567 1,685 1,748 1,853 EBITDA 1 US$ Mn 2,429 2,309 3,177 681 770 838 880 930 EBITDAaL1 US$ Mn 1,932 1,765 2,514 520 606 670 707 744 EBIT 1 US$ Mn 1,639 1,474 2,121 445 513 567 588 627 Cash profit from operations before Derivative & Exchange Fluctuations 1 US$ Mn 1,980 1,661 2,329 484 569 623 644 702 Profit before Tax 1 US$ Mn 740 764 1,423 272 383 367 396 397 Net Income Reported US$ Mn (165) 220 679 126 177 177 199 160 Less: NCI And Others US$ Mn (71) 94 253 48 66 67 74 64 Net income 1 US$ Mn (94) 126 426 78 111 110 125 96 Capex 1 US$ Mn 738 671 890 121 197 285 281 389 Operating Free Cash Flow (EBITDA - Capex) US$ Mn 1,692 1,637 2,286 560 573 553 599 541 Operating Free Cash Flow (EBITDAaL - Capex) US$ Mn 1,194 1,094 1,624 399 409 385 426 355 Net Debt 2 US$ Mn 3,503 5,363 5,565 5,494 5,512 5,652 5,565 5,698 Net Debt (excluding Lease obligations)2 US$ Mn 1,414 1,702 1,341 1,722 1,633 1,585 1,341 1,329 Shareholder's Equity 2 US$ Mn 1,225 1,548 1,969 1,627 1,719 1,790 1,969 2,542 Key Ratios EBITDA Margin % 48.8% 46.6% 49.4% 48.1% 49.1% 49.8% 50.4% 50.2% EBITDAaL Margin % 38.8% 35.6% 39.1% 36.9% 38.8% 39.8% 40.4% 40.1% EBIT Margin % 32.9% 29.7% 33.0% 31.5% 32.7% 33.7% 33.6% 33.9% Net Profit Margin % -1.9% 2.5% 6.6% 5.5% 7.1% 6.6% 7.1% 5.2% Net Debt to EBITDA (Annualised) Times 1.45 2.35 1.88 2.02 1.82 1.70 1.63 1.52 Net Debt (excluding Lease obligations) to EBITDAaL (Annualised) Times 0.74 0.98 0.57 0.83 0.68 0.60 0.49 0.44 Interest Coverage ratio Times 5.58 3.62 4.03 3.53 3.86 4.21 4.46 4.63 Return on Shareholder's Equity (Post Tax) % -5.7% 9.1% 23.6% 12.6% 17.6% 18.5% 21.7% 18.8% Return on Shareholder's Equity (Pre Tax) % -2.2% 26.1% 44.3% 30.1% 37.5% 36.9% 40.6% 40.9% Return on Capital employed (Annualised) % 24.9% 21.1% 24.1% 21.5% 24.2% 26.0% 26.1% 27.5% Particulars Unit Note 1: Average exchange rates used for Rupee conversion to US$ is (a) Rs 82.74 for the financial year ended March 31, 2024 (b) Rs 84.46 for the financial year ended March 31, 2025, (c) Rs 88.36 for the financial year ended March 31, 2026, (d) Rs 85.42 for the quarter ended June 30, 2025, (e) Rs 87.28 for the quarter ended September 30, 2025, (f) Rs 89.03 for the quarter ended December 31, 2025 , (g) Rs 91.72 for the quarter ended March 31, 2026, (h) Rs 94.80 for the quarter ended June 30, 2026 based on the RBI Reference rate. Note 2: Closing exchange rates used for Rupee conversion to US$ is (a) Rs 83.37 for the financial year ended March 31, 2024 (b) Rs 85.58 for the financial year ended March 31, 2025, (c) Rs 94.65 for the financial year ended March 31, 2026, (d) Rs 85.56 for the quarter ended June 30, 2025 (e) Rs 88.76 for the quarter ended September 30, 2025, (f) Rs 89.94 for the quarter ended December 31, 2025 , (g) Rs 94.65 for the quarter ended March 31, 2026, (h) Rs 94.35 for the quarter ended June 30, 2026 being the RBI Reference rate.
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Page 6 of 56 SECTION 2 BHARTI AIRTEL - AN INTRODUCTION 2.1 Introduction We are one of the world’s leading providers of telecommuni cation services with presence in 17 countries representing India, 14 countries in Africa and presence in Bangladesh and S rilanka through associate entities . As per United Nations data published on January 01, 2013, the population of these 17 countries represents around 24% of the world’s population. We provide telecom services under wireless and fixed line technology, national and internati onal long distance connectivity and Digital TV; and complete integrated telecom solutions to our enterprise customers. All these services are rendered under a unified brand “airtel”. ‘Airtel Money’ (known as ‘Airtel Payments Bank’ in India) extends our product portfolio to further our financial inclusion agenda and offers convenience of payments and money transfers on mobile phones over secure and stable platforms in India, and across all 14 countries in Africa. The Company also has investments in Tower Infrastructure pertaining to telecom operations through its subsidiary entity. The shares of Bharti Airtel Ltd are listed on the Indian Stock Exchanges, NSE & BSE. 2.2 Business Divisions 2.2.1 India & South Asia – We follow a segmented approach for our operations in India with clear focus on retail and corporate customers. B2C Services: Mobile Services (India) –We offer postpaid, pre -paid, roaming, internet and other value added services. Our distribution channel is spread acros s 0.9 Mn outlets with network presence in 7,905 census and 835,011 non-census towns and villages in India covering approximately 97.4% of the country’s population. Our services are spread across the country offering high -speed internet access and a host of innovative services like Mobile TV, video calls, live -streaming videos, gaming, buffer-less HD video streaming and multi-tasking capabilities to our customers. Our national long distance infrastructure provides a pan -India reach with 542,570 R Kms of optical fiber. Homes Services – The Company provides fixed -line telephone and broadband services for homes in 1,653 cities (including LCOs) pan-India. The product offerings include s high-speed broadband on copper and fiber and voice connectivity, up to the speeds of 1 Gbps for the home segment. Digital TV Services – Our Direct-To-Home (DTH) platform offers both standard and high definition (HD) digital TV services with 3D capabilities and Dolby surround sound. We currently offer a total of 707 channels including 98 HD channels , 70 SVOD services , 4 international channels and 5 interactive services. IPTV services were launched in Q4’25 covering more than 2000 cities. B2B Services: Airtel Business – We stand tall as India’s premier and among the most trusted ICT services provider, offering a comprehensive portfolio of cutting -edge solutions for enterprises, governments, global carriers, OTT platforms and SMEs. Renowned for its innovative integrated approach, superior customer experience and unparalleled global reach, We continue to redefine the digital landscape. With an exceptional network backbone, we serve businesses of all sizes across India, the US, Europe, Africa, the Middle East, Asia-Pacific and SAARC nations. Our core offerings include robust fixed-line voice solutions such as Primary Rate Interfaces (PRIs), comprehensive data connectivity services like Multiprotocol Label Switching (MPLS), Voice over Internet Protocol (VoIP) and Session Initiation Protocol (SIP) trunking, alongside advanced conferencing tools for voice, video and web conferencing. Airtel Business drives digital transformation through cutting -edge network integration, Communications Platform as a Service (CPaaS), Internet of Things (IoT), managed services, enterpr ise mobility applications and cloud and cybersecurity – all designed to enhance operational efficiency and customer engagement. Our global services portfolio ensures uninterrupted voice and data connectivity worldwide, including international toll -free services and SMS hubbing. Our expansive global network spans over 421,000 Rkms, covering more than 50 countries and five continents, underscoring our commitment to ubiquitous, high - speed connectivity. We deliver a seamless customer experience through a unified approach that streamlines billing systems, offers intuitive interfaces and ensure personalized support. Passive Infrastructure Services- We offer passive infrastructure service through our subsidiary, Indus Towers Limited (Indus), which is one of the largest tower infrastructure providers in the country as well as globally. The business of Indus is to acquire, build, own, operate and mainta in tower and related infrastructure. The Company provides access to their towers primarily to wireless telecommunications service providers on a shared basis, under long -term contracts. It caters to all wireless telecommunication service providers in Indi a. Indus has a nationwide presence with operations in all 22 telecommunications Circles in India. Indus Towers Limited is listed on NSE and BSE. South Asia – South Asia represents operations in Sri Lanka and Bangladesh. In Sri Lanka, post our stakeholding sale, we are now operating through our associate entity Dialog Axiata Plc. Our shareholding in Dialog is 10.355% w.e.f June 26,2024. In Bangladesh, we operate through our joint venture entity Robi Axiata Ltd. Robi Axiata Limited is a joint venture between Axiata Group Berhad, of Malaysia and Bharti Airtel Limited. Pursuant to IPO of Robi Axiata Limited, our shareholding is 28.18% w.e.f. December 10, 2020. 2.2.2 Africa Our subsidiary, Airtel Africa plc is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa, namely: Nigeria, Chad, Congo B, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, M alawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda. Airtel Africa plc is listed on London Stock Exchange (LSE) and Nigeria Stock Exchange (NSE). Airtel Africa provides an integrated offer to their customers, including mobile voice, data services and mobile money services both nationally and internationally. 2.3 Partners SingTel, our strategic equity partner, has made one of their largest investments outside Singapore with us. This partnership has enabled us to expand and further enhance the quality of services to our customers. We also pioneered the outsourcing business model with long term strategic partnership in all areas including network equipment, information technology and call center. We partnered with global leaders who share our drive for co -creating innovative and tailor made solutions. To name a few, our strategic partners include Ericsson, Nokia Siemens Networks (NSN), Huawei, Cisco, IBM, Avaya, ZTE, Google, Apple, etc
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Page 7 of 56 SECTION 3 FINANCIAL HIGHLIGHTS The financial results presented in this section are compiled based on the audited consolidated financial statements prepared in accordance with Indian Accounting Standards (Ind-AS) and the underlying information. Detailed financial statements, analysis & other related information is attached to this report (page 27 - 31). Also, kindly refer to Section 7.3 - use of Non - GAAP financial information (page 32) and Glossary (page 50) for detailed definitions. 3.1 Consolidated - Summary of Consolidated Financial Statements 3.1.1 Consolidated Summarized Statement of Operations (net of inter segment eliminations) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 585,391 494,626 18% EBITDA 335,986 281,668 19% EBITDA / Total revenues 57.4% 56.9% 0.4 pp EBIT 192,816 156,209 23% Finance cost (net) 52,634 51,993 1% Share of results of Joint Ventures/Associates 1,082 828 31% Profit before tax 141,262 105,044 34% Income tax expense 41,510 30,826 35% Profit after tax (before exceptional items) 99,752 74,218 34% Non Controlling Interest (NCI) 19,180 14,739 30% Net income (before exceptional items) 80,572 59,479 35% Exceptional Items (net of tax & NCI) (1,102) 0 Net income (after exceptional items) 81,674 59,479 37% Capex 133,860 83,070 61% Operating Free Cash Flow (EBITDA - Capex) 202,126 198,598 2% Net Debt 1,572,396 1,915,794 -18% Cumulative Investments 6,848,773 6,332,171 8% Particulars Amount in Rs Mn, except ratios Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”. Consolidated Summarized Statement of Operations (Pre Ind AS 116) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth EBITDAaL 298,396 249,945 19% EBITDAaL / Total revenues 51.0% 50.5% 0.4 pp Net Debt (excluding Lease obligations) 818,521 1,254,893 -35% Amount in Rs Mn, except ratios Particulars
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Page 8 of 56 3.1.2 Consolidated Summarized Statement of Financial Position As at As at Jun 30, 2026 Jun 30, 2025 Assets Non-current assets 4,638,759 4,448,132 Current assets 1,076,691 702,235 Total assets 5,715,450 5,150,367 Liabilities Non-current liabilities 1,820,244 1,886,577 Current liabilities 1,888,739 1,656,308 Total liabilities 3,708,983 3,542,885 Equity & Non Controlling Interests Equity 1,618,151 1,197,236 Non controlling interests 388,316 410,246 Total Equity & Non Controlling Interests 2,006,467 1,607,482 Total Equity and liabilities 5,715,450 5,150,367 Particulars Amount in Rs Mn Note: Balance Sheet is on reported basis
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Page 9 of 56 3.2 Region wise - Summary of Consolidated Financial Statements 3.2.1 Summarized Statement of Operations (net of inter segment eliminations) Quarter Ended: Quarter Ended Jun 2026 Quarter Ended Jun 2025 India SA Africa Eliminations/Others Total India SA Africa Eliminations/Others Total Total revenues 412,140 175,657 (2,406) 585,391 375,846 120,834 (2,054) 494,626 EBITDA 247,810 88,177 (1) 335,986 223,515 58,156 (3) 281,668 EBITDA / Total revenues 60.1% 50.2% 57.4% 59.5% 48.1% 56.9% EBIT 133,346 59,470 0 192,816 118,146 38,066 (3) 156,209 Profit before tax 103,673 37,643 (54) 141,262 82,114 23,290 (360) 105,044 Income tax expense 26,171 15,353 (14) 41,510 20,972 9,960 (106) 30,826 Profit after tax (before exceptional items) 77,502 22,290 (40) 99,752 61,142 13,330 (253) 74,218 Non Controlling Interest (NCI) 8,785 10,394 1 19,180 8,222 6,628 (111) 14,739 Net income (before exceptional items) 68,717 11,896 (41) 80,572 52,920 6,702 (142) 59,479 Exceptional Items (net of tax & NCI) (3,898) 2,796 0 (1,102) 0 0 0 0 Net income (after exceptional items) 72,615 9,100 (41) 81,674 52,920 6,702 (143) 59,479 Capex 96,982 36,878 0 133,860 72,734 10,336 0 83,070 Operating Free Cash Flow (EBITDA - Capex) 150,828 51,299 (1) 202,126 150,781 47,820 (3) 198,598 Cumulative Investments 5,880,021 968,752 0 6,848,773 5,566,382 765,789 0 6,332,171 Particulars Amount in Rs Mn, except ratios Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 10 of 56 3.2.2 Region wise Summarized Statement of Financial Position India SA Africa Eliminations/Others Total Assets Non-current assets 4,033,120 1,073,890 (468,251) 4,638,759 Current assets 808,812 281,474 (13,595) 1,076,691 Total assets 4,841,932 1,355,364 (481,846) 5,715,450 Liabilities Non-current liabilities 1,299,711 520,532 0 1,820,244 Current liabilities 1,403,974 497,935 (13,170) 1,888,739 Total liabilities 2,703,685 1,018,467 (13,169) 3,708,983 Equity & Non Controlling Interests Equity 1,846,943 239,885 (468,677) 1,618,151 Non controlling interests 291,304 97,012 0 388,316 Total Equity & Non Controlling Interests 2,138,247 336,897 (468,677) 2,006,467 Total Equity and liabilities 4,841,932 1,355,364 (481,846) 5,715,450 Particulars As at Jun 30, 2026 Amount in Rs Mn Note: Balance Sheet is on reported basis.
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Page 11 of 56 3.3 Segment wise Summarized Statement of Operations 3.3.1 India (with Passive infrastructure services) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 412,140 375,846 10% EBITDA 247,810 223,515 11% EBITDA / Total revenues 60.1% 59.5% 0.7 pp EBIT 133,346 118,146 13% Capex 96,982 72,734 33% Operating Free Cash Flow (EBITDA - Capex) 150,828 150,781 0% Cumulative Investments 5,858,518 5,547,164 6% Particulars Amount in Rs Mn, except ratios Note: Q3’25 & periods prior to Q3’25 have been re -instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”. Note: Pursuant to reporting changes on account of consolidation of Indus Towers Ltd., the definition of India geography has c hanged. Refer Glossary for more details. 3.3.2 India (without Passive Infrastructure Services) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 373,888 338,207 11% EBITDA 221,134 196,435 13% EBITDA / Total revenues 59.1% 58.1% 1.1 pp EBIT 118,697 101,850 17% Capex 80,113 54,507 47% Operating Free Cash Flow (EBITDA - Capex) 141,021 141,928 -1% Cumulative Investments 4,697,425 4,450,113 6% Amount in Rs Mn, except ratios Particulars B2C Services 3.3.3 Mobile Services (India) – comprises of Mobile Services and Network Groups building / providing fiber connectivity. Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 299,289 273,966 9% EBITDA 181,871 162,743 12% EBITDA / Total revenues 60.8% 59.4% 1.4 pp EBIT 99,392 84,127 18% Capex 45,764 29,588 55% Operating Free Cash Flow (EBITDA - Capex) 136,107 133,155 2% Cumulative Investments 3,829,608 3,702,012 3% Particulars Amount in Rs Mn, except ratios
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Page 12 of 56 3.3.4 Homes Services Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 22,875 17,179 33% EBITDA 11,239 8,589 31% EBITDA / Total revenues 49.1% 50.0% -0.9 pp EBIT 2,527 2,957 -15% Capex 18,996 14,571 30% Operating Free Cash Flow (EBITDA - Capex) (7,757) (5,982) -30% Cumulative Investments 275,864 216,186 28% Particulars Amount in Rs Mn, except ratios 3.3.5 Digital TV Services Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 7,734 7,628 1% EBITDA 3,321 3,882 -14% EBITDA / Total revenues 42.9% 50.9% -8 pp EBIT (785) 24 -3371% Capex 5,883 3,057 92% Operating Free Cash Flow (EBITDA - Capex) (2,562) 825 -411% Cumulative Investments 157,168 138,630 13.4% Particulars Amount in Rs Mn, except ratios Digital TV includes IPTV from Q4’25 onwards B2B Services 3.3.6 Airtel Business Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 56,654 50,571 12% EBITDA 24,922 21,535 16% EBITDA / Total revenues 44.0% 42.6% 1.4 pp EBIT 18,047 15,407 17% Capex 9,439 7,312 29% Operating Free Cash Flow (EBITDA - Capex) 15,483 14,223 9% Cumulative Investments 423,061 382,536 11% Particulars Amount in Rs Mn, except ratios
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Page 13 of 56 3.3.7 Passive Infrastructure Services Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 84,311 80,576 5% EBITDA 46,220 44,673 3% EBITDA / Total revenues 54.8% 55.4% -0.6 pp EBIT 26,858 27,224 -1% Capex 17,140 19,527 -12% Operating Free Cash Flow (EBITDA - Capex) 29,080 25,146 16% Cumulative Investments 1,161,093 1,097,051 6% Particulars Amount in Rs Mn, except ratios Note: Financial numbers and associated ratios, for Passive Infrastructure Services are different from reported numbers (by Indus To wers Limited), to ensure alignment with other segments. 3.3.8 Africa In USD Constant Currency Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Total revenues 1,836 1,516 21% EBITDA 921 740 24% EBITDA / Total revenues 50.1% 48.8% 1.3 pp EBIT 620 491 26% Capex 389 121 221% Operating Free Cash Flow (EBITDA - Capex) 532 619 -14% Cumulative Investments 10,267 8,950 15% Particulars Amount in US$ Mn, except ratios Refer ‘Glossary’ for ‘constant currency’ definition. Actual currency rates are taken for Capex & Cumulative Investments.
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Page 14 of 56 3.4 Region wise & Segment wise - Investment & Contribution Quarter Ended: Amount in Rs Mn, except ratios Quarter Ended Jun 2026 Revenue % of Total EBITDA % of Total Capex % of Total Cummulative Investments % of Total Mobile Services 299,289 73% 181,871 73% 45,764 47% 3,829,608 65% Homes Services 22,875 6% 11,239 5% 18,996 20% 275,864 5% Digital TV Services 7,734 2% 3,321 1% 5,883 6% 157,168 3% Airtel Business 56,654 14% 24,922 10% 9,439 10% 423,061 7% Passive Infrastructure Services 84,311 20% 46,220 18% 17,140 18% 1,161,093 20% South Asia 0 0% 0 0% 0 0% 21,503 0% Sub Total 470,863 114% 267,573 108% 97,222 100% 5,868,297 100% Eliminations / Others (58,723) -14% (19,763) -8% (241) 0% 11,725 Accumulated Depreciation and Amortisation (2,960,932) Total (India SA) 412,140 100% 247,810 100% 96,982 100% 2,919,090 India SA % of Consolidated 70% 74% 72% 86% Africa 175,657 88,177 36,878 968,752 Accumulated Depreciation and Amortisation (300,548) Total (Africa) 175,657 88,177 36,878 668,204 Africa % of Consolidated 30% 26% 28% 14% Eliminations / Others (2,406) (1) 0 0 Eliminations / Others % of Consolidated 0% 0% 0% 0% Consolidated 585,391 335,986 133,860 6,848,773 Segment As at Jun 30, 2026 Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 15 of 56 SECTION 4 OPERATING HIGHLIGHTS The financial figures used for computing ARPU, Revenue per Site, Gross revenue per employee per month, Personnel cost per emp loyee per month are based on Ind-AS. 4.1 Customers - Consolidated Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth India 000's 491,890 482,421 2.0% 436,096 12.8% Africa 000's 188,999 183,545 3.0% 169,389 11.6% Total 000's 680,889 665,966 2.2% 605,485 12.5% 4.2 Mobile Services India Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Customer Base 000's 376,508 373,243 0.9% 362,796 3.8% Net Additions 000's 3,265 4,700 1,203 Postpaid Base (reported as part of Mobile Services India segment) 000's 30,004 28,958 3.6% 26,570 12.9% Postpaid Base (including IoT / M2M connections reported as part of Airtel Business segment) 000's 112,774 105,952 6.4% 71,239 58.3% Pre-Paid (as % of total Customer Base) % 92.0% 92.2% 92.7% Monthly Churn % 2.6% 2.4% 2.7% Average Revenue Per User (ARPU) Rs 264 257 2.6% 250 5.4% Average Revenue Per User (ARPU) US$ 2.8 2.8 -0.7% 2.9 -5.1% Revenue per tower per month Rs 285,253 276,635 3.1% 267,276 6.7% Voice Minutes on the network Mn 1,276,131 1,279,578 -0.3% 1,241,763 2.8% Voice Usage per customer per month min 1,135 1,150 -1.4% 1,143 -0.7% Data Data Customer Base 000's 303,195 299,124 1.4% 284,751 6.5% Of w hich 4G/5G data customers 000's 301,774 296,756 1.7% 280,692 7.5% As % of Customer Base % 80.5% 80.1% 78.5% Total GBs on the network Mn GBs 31,062 27,985 11.0% 22,840 36.0% Data Usage per customer per month GBs 34.4 31.4 9.3% 26.9 27.7% 4.3 Homes Services Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Homes Customers 000's 14,694 14,221 3.3% 10,976 33.9% Net additions 000's 473 1,135 -58.3% 939 -49.6% Average Revenue Per User (ARPU) Rs 523 527 -0.8% 537 -2.7% Average Revenue Per User (ARPU) US$ 5.5 5.7 -4.0% 6.3 -12.3%
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Page 16 of 56 4.4 Digital TV Services Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Digital TV Customers 000's 16,003 15,997 0.0% 15,695 2.0% Net additions 000's 6 570 -99.0% (204) 102.8% Average Revenue Per User (ARPU) Rs 160 159 1.0% 161 -0.2% Average Revenue Per User (ARPU) US$ 1.7 1.7 -2.3% 1.9 -10.1% Monthly Churn % 2.7% 1.9% 2.5% Digital TV includes IPTV from Q4’25 onwards. 4.5 Network and Coverage – India Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Mobile Services Census Towns Nos 7,905 7,905 0 7,901 4 Non-Census Towns and Villages Nos 835,011 816,832 18,179 814,916 20,095 Population Coverage % 97.4% 96.5% 96.4% Optic Fibre Network R Kms 542,570 532,388 10,182 497,399 45,171 Network towers Nos 347,491 345,912 1,579 339,860 7,631 Total Mobile Broadband Base stations Nos 1,202,434 1,187,894 14,540 1,133,969 68,465 Homes Services- Cities covered Nos 1,653 1,635 18 1,512 141 Airtel Business - Submarine cable systems Nos 9 8 1 7 2 Digital TV Services Districts Covered* Nos 640 640 0 640 0 Coverage % 100.0% 100.0% 100.0% *Districts covered is as per 2011 census. 4.6 Passive Infrastructure Services Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Macro Towers Nos 267,611 264,514 3,097 251,773 15,838 Co-locations Nos 432,250 428,014 4,236 411,212 21,038 Key Indicators Average sharing factor Times 1.62 1.62 1.63 Closing sharing factor Times 1.62 1.62 1.63 Sharing revenue per tower per month Rs 66,416 66,604 -0.3% 67,036 -0.9% Sharing revenue per sharing operator per month Rs 41,082 41,078 0.0% 41,132 -0.1% Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Lean Co-locations Nos 14,024 14,044 (20) 13,935 89 Sharing Revenue per Sharing Operator per month Rs 16,707 16,535 1.0% 16,362 2.1% Note: Operational KPIs for passive infrastructure services are presented as reported by Indus Tower Limited
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Page 17 of 56 4.7 Human Resource Analysis – India Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Total Employees Nos 24,202 24,218 (16) 24,164 38 Number of Customers per employee Nos 20,324 19,920 404 18,047 2,277 Personnel cost per employee per month Rs 158,086 156,881 0.8% 146,706 7.8% Gross Revenue per employee per month Rs 5,676,390 5,445,757 4.2% 5,184,655 9.5% Note: Pursuant to reporting changes on account of consolidation of Indus Towers Ltd., the definition of India geography has c hanged. Refer Glossary for more details 4.8 Africa 4.8.1 Operational Performance (In Constant Currency) Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Mobile Services Customer Base 000's 188,999 183,545 3.0% 169,389 11.6% Net Additions 000's 5,454 4,156 31.2% 3,336 -63.5% Monthly Churn % 4.5% 4.3% 4.2% Average Revenue Per User (ARPU) US$ 2.7 2.7 1.9% 2.5 7.4% Voice Voice Revenue $ Mn 633 609 4.0% 569 11.2% Minutes on the network Mn 156,822 150,185 4.4% 148,332 5.7% Voice Average Revenue Per User (ARPU) US$ 1.1 1.1 1.3% 1.1 0.2% Voice Usage per customer per month min 281 276 1.8% 294 -4.7% Data Data Revenue $ Mn 743 701 6.0% 584 27.1% Data Customer Base 000's 87,334 84,246 3.7% 75,597 15.5% As % of Customer Base % 46.2% 45.9% 44.6% Total GBs on the network Mn GBs 2,741 2,449 11.9% 1,753 56.3% Data Average Revenue Per User (ARPU) US$ 2.9 2.8 1.9% 2.6 10.3% Data Usage per customer per month GBs 10.6 9.8 7.5% 7.8 35.6% Network & coverage Network towers Nos 41,300 40,378 922 37,579 3,721 Ow ned Tow ers Nos 2,598 2,598 0 2,157 441 Leased Tow ers Nos 38,702 37,780 922 35,422 3,280 Total Mobile Broadband Base stations Nos 162,020 156,803 5,217 139,055 22,965 Revenue per tower per month US$ 12,328 12,110 1.8% 11,310 9.0% Mobile Money Transaction Value $ Mn 60,984 53,857 13.2% 44,374 37.4% Transaction Value per Sub US$ 369 339 8.6% 326 13.0% Airtel Money Revenue $ Mn 400 368 8.8% 318 25.8% Active Customers 000's 56,493 54,056 4.5% 45,829 23.3% Airtel Money ARPU US$ 2.4 2.3 4.4% 2.3 3.5% 4.8.2 Human Resources Analysis Parameters Unit Jun-26 Mar-26 Q-on-Q Growth Jun-25 Y-on-Y Growth Total Employees Nos 4,541 4,512 29 4,260 281 Number of Customers per employee Nos 41,621 40,679 941 39,763 1,858 Personnel cost per employee per month US$ 7,922 7,098 11.6% 6,357 24.6% Gross Revenue per employee per month US$ 134,771 128,370 5.0% 118,599 13.6%
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Page 18 of 56 SECTION 5 MANAGEMENT DISCUSSION AND ANALYSIS 5.1 Reporting Changes • Pursuant to the consolidation of Indus Towers Limited w.e.f November 19 ‘2024, the financial and non-financial information represented in this quarterly report (except for section 7), has been re -casted (basis line -by-line consolidation) for all periods presented to make it comparable. 5.2 India 1. Key Regulatory Developments A. Rules on the new licensing/authorisation framework for telecom sector dated 23.06.2026 • Pursuant to a public consultation process on draft rules last year, DoT has issued the following: o Telecommunications (Authorisation for Provision of Principal Telecommunication Services) Rules, 2026 o Telecommunications (Authorisation for Provision of Miscellaneous Telecommunication Services) Rules, 2026 o Telecommunications (Authorisation for Captive Telecommunication Services) Rules, 2026 o Telecommunications (Terms and Conditions for Migration) Rules, 2026Use of Low Power and Very Low Power Wireless Access System including Radio Local Area Network in Lower 6 GHz Band (Exemption from Licensing Requirement) Rules, 2026 dated 20.01.2026 • Key Highlights: o Terms & Conditions: The Rules contain generic T&C related to eligibility, application process, renewal/surrender, technical/operating conditions, security requirements etc., as well as specific T&C for each type of authorisation listed above. o Migration: Existing licensees may voluntarily migrate to the new regime at any time before expiry. On expiry, existing licenses need to be mandatorily migrated, with the application required to be filed 1 year before expiry. B. RBI (NBFC – Responsible Business Conduct) Second Amendment Directions, 2026 dated 15.06.2026 • The RBI has introduced enhanced customer protection requirements for the advertising, marketing, and sale of financial products by NBFCs, effective 01.01.2027. • The amendments prohibit mis -selling, compulsory bundling, and the use of dark patterns, while strengthening customer consent requirements, mandating product suitability assessments, and enhancing governance through post -sale customer feedback and greater oversight of Direct Selling Agents (DSAs) / Direct Marketing Agents (DMAs). C. RBI (NBFC – Undertaking of Financial Services) Second Amendment Directions, 2026 dated 15.06.2026 • The RBI has amended the NBFC agency business framework, effective 01.01.2027, to permit NBFCs to distribute regulated third -party financial products – including insurance, mutual funds, and pension products on a fee -only basis without assuming risk participation. • A key change is that NBFCs may now undertake insurance distribution without prior RBI approval, subject to obtaining the requisite registration from the IRDAI and complying with applicable regulatory requirements. D. RBI (NBFC – Governance) Amendment Directions, 2026 dated 15.06.2026 • The RBI has issued governance amendments for NBFCs, effective 01.01.2027, which consolidate existing regulatory expectations while introducing a more formal governance framework for compliance, internal audit and, where applicable, risk management functions. • The amendments prescribe governance standards for the Chief Compliance Officer (CCO) and Head of Internal Audit (HIA), including Board oversight, minimum tenure, reporting lines, and regulatory reporting obligations. They also require annual compliance ris k assessments, formal compliance programmes, strengthened internal audit processes, Authorisation Scope A Principal Telecom Services Core telecom services 1 Access On the lines of extant Access Service Authorization under UL 2 Internet Scope expanded to include Domestic Leased Circuit (DLC) and M2M (limited to internet) 3 Long Distance Extant NLD & ILD merged into one 4 Unified New concept on the lines of TRAI’s Recommendations – Includes scope of all the above B Miscellaneous Telecom Services Non-core services 1 Public Mobile Radio Trunking Service (PMRTS) On the lines of extant PMRTS Authorization under UL 2 Enterprise Communication Scope of extant Audio Conferencing/Audiotex/ Voice Mail Service Authorization under UL, expanded to include cloud-based EPABX services 3 Machine-to-Machine (M2M) On the lines of extant M2MSP Registration 4 PM WANI On the lines of extant PDO/PDOA Registrations under PM-WANI Framework 5 In-flight & Maritime Connectivity (IFMC) On the lines of extant IFMC Authorization 6 Aeronautical Data Communication New concept on the lines of TRAI’s Recommendations – Exchange of data between aircraft and ground station for the purpose of airline operational communication (AOC) or air traffic management (ATM) C Captive Telecom Services For own use 1 Captive Mobile Radio Trunking Service (CMRTS) On the lines of extant standalone CMRTS license 2 Captive Non-Public Network (CNPN) On the lines of extant standalone CNPN license 3 Captive VSAT On the lines of extant standalone Captive VSAT license 4 Captive General Services New concept – Establishing/Operating captive telecom network including wireline & wireless telecom networks for captive use Note - No separate authorisation for SatCom, satellite is treated as just a medium (like terrestrial/submarine) for providing the core telecom services Categorization of Telecom Services
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Page 19 of 56 and notification of specified changes relating to the CCO and HIA. 2. Key Company Developments A. Airtel, World’s Second-Largest Telco, Achieved 650- Million Customer Milestone In a landmark moment, we officially surpassed 650 million customers globally, cementing our position as the world's second-largest mobile operator according to GSMA Intelligence. Backed by our customer obsession and a world- class digital network, we are proud to be India’s only telecom operator to achieve this historic milestone. B. S&P Upgraded Airtel’s Credit Rating to ‘BBB+’ In a significant milestone for our financial trajectory, S&P Global upgraded our credit rating to ‘BBB+’, reflecting our strong earnings growth and a disciplined balance sheet. C. Airtel Secure Workforce ̶ India’s first, fully-managed and unified Zero Trust Architecture (ZTA) security solution for protecting enterprises with a hybrid workforce In an India first, we launched Airtel Secure Workforce, a fully- managed and unified Zero Trust Architecture (ZTA) platform. Built to combat sophisticated, AI -driven cyber threats, our compliance-ready solution protects users, data, and devices at all times , everywhere while driving up to 30% cost optimization in security spend. D. Airtel launches Fast Lane – delivering enhanced network experience for customers We introduced Fast Lane, using cutting -edge 5G slicing technology to guarantee faster, more reliable speeds for our users. This enhanced service is specially built for busy customers who depend on uninterrupted connectivity for work, entertainment, or online collaboration. E. Rahul Vatts appointed as Group Chief Regulatory Officer and Director - Corporate Affairs Elevated the portfolio of Rahul Vatts as Group Chief Regulatory Officer and Director – Corporate Affairs. In this expanded role, Rahul will lead the Corporate Affairs team and drive stakeholder engagement across industry and government, shaping the company ’s public policy position and regulatory strategy. F. Airtel Extends Connectivity for Indian Army in Arunachal Pradesh In a crucial strategic initiative, we successfully completed the first phase of our partnership with 4 Corps of Indian Army, headquartered at Tezpur to strengthen mobile connectivity across 30 Army stations located in challenging mountainous terrain of Arunachal Pradesh. G. Airtel brings faster speeds and wider 5G coverage to millions with 2900+ new sites We have successfully deployed over 2,900 new 5G sites across India’s Upper North region over the past 12 months, massively expanding our footprint across Punjab (1,066+ sites), Haryana (954+ sites), Jammu & Kashmir (619+ sites), and Himachal Pradesh (276+ sites) to deliver faster speeds, wider coverage, and a enhanced network experience for our customers. H. Airtel brought wider 5G coverage and faster speeds to millions in Maharashtra & Goa with 3,400+ new sites We successfully rolled out 3,400+ new 5G sites across Maharashtra & Goa over the past 12 months, delivering faster speeds, wider coverage and significantly improved network experience for our customers. I. Airtel expanded 5G network footprint across UP East with over 4300+ new sites We deployed over 4,300 new 5G sites across UP East in just 12 months. This massive infrastructure rollout significantly strengthens our network presence across the region. 5.3 Africa Key Company Developments A. Update on share buyback programme On 22 May 2026, Airtel Africa plc (or the ‘company’) announced the launch of a share buyback programme to repurchase up to 1% of its issued share capital, reflecting the strength of its balance sheet and commitment to shareholder returns while maintaining flexibility to invest in growth opportunities across its markets. As an initial tranche, the Company has entered into an agreement with Barclays Capital Securities Limited (“Barclays”) which will execute on- market purchases of up to $110 million of shares through a combination of a non -discretionary component of up to $60 million (and not less than $50m) and a discretionary component of up to $50 million. The agreement is anticipated to be terminated no later than 27 November 2026. All repurchased shares will be cancelled. As of 30 June 2026, the company had purchased approximately 10.2 million shares for a total consideration of $46.6m. B. Directorate changes Following the conclusion of the AGM on 9 July 2026, Sunil Bharti Mittal has retired as Chair of the Board and Gopal Vittal was appointed non-executive chair of the Board with effect from the same date. Furthermore, Shravin Bharti Mittal assumed the role of deputy chair, and Annika Poutiainen retired as a non -executive director as was previously announced on the 25 March 2026. On 22 July 2026, the Group announced the appointment of Mr. V.K. Viswanathan as an independent non -executive director with effect from the same date. Mr Viswanathan will also join the Audit and Risk Committee.. C. Nigeria License renewal On 15 April 2026, the Group’s subsidiary Airtel Networks Limited (‘Airtel Nigeria’) received confirmation from the Nigerian Communications Commission (NCC) on the terms of its 900MHz spectrum renewal for $37m, payable in local currency. The licence will be valid for a period of ten years, following the expiry of the previous licence.
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Page 20 of 56 D. Airtel Money listing progress In connection with the proposed IPO of Airtel Money, the Group has identified London as its preferred listing venue, subject to regulatory approvals. We believe a London listing will provide access to a broad international investor base and support the lon g-term value creation potential of one of Africa's leading fintech platforms. 5.4 Share of Associates/Joint Ventures A. Airtel Payments Bank Limited Airtel Payments Bank Limited became an associate of Bharti Airtel Limited w.e.f November 1, 2018. Key operational and financial performance: Jun'26 Mar'26 Dec'25 Sep'25 Operational Performance Monthly Transacting Users (MTU) 000's 119,384 119,562 107,851 104,802 Total Customers 000's 211,924 211,087 201,341 196,308 GMV Rs Mn 1,130,855 1,119,301 1,217,953 1,140,177 Financial Highlights Total revenues Rs Mn 8,305 8,132 8,119 8,041 EBITDA** Rs Mn 1,075 986 (1,288) 893 EBITDA / Total revenues % 12.9% 12.1% -15.9% 11.1% Net Income (Proportionate share of Airtel)# Rs Mn 148 111 531 99 Airtel Payments Bank Limited Unit Quarter Ended ** Q3 FY26 EBITDA was impacted due to one-offs pertaining to new labour codes and brand investments. #Q3 FY26 Net Income higher on account of recognition of deferred tax assets. Refer Glossary on Page 50 for definitions B. Robi Axiata Limited Robi Axiata Limited is a joint venture between Axiata Group Berhad, of Malaysia and Bharti Airtel Limited. Key operational and financial performance: Mar'26 Dec'25 Sep'25 Jun-25 Operational Performance Customer Base 000's 57,395 57,401 57,523 57,397 Data Customer as % of Customer Base % 77.6% 77.5% 77.9% 76.8% ARPU BDT 147 150 146 150 Financial Highlights Total revenues Rs Mn 18,974 18,837 17,947 17,909 EBITDA Rs Mn 10,122 9,435 9,241 9,440 EBITDA / Total revenues % 53.3% 50.1% 51.5% 52.7% Net Income (proportionate share of Airtel) Rs Mn 491 640 488 509 Robi Axiata Limited Unit Quarter Ended
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Page 21 of 56 5.5 Results of Operations Key Highlights – For the quarter ended June 30, 2026 • Overall customer base at ~681 Mn across 15 countries (up 12.5% YoY) • Consolidated mobile data traffic at 32,237 PBs (up 37.4% YoY) • Total revenues of Rs 585.4 Bn; up 18.4% YoY • EBITDA at Rs 336.0 Bn; up 19.3% YoY; EBITDA margin is 57.4% • EBIT at Rs 192.8 Bn; up 23.4% YoY; EBIT margin is 32.9% up 1.4% YoY • Consolidated net income (before EI) of Rs 80.6 Bn vis-à-vis Net income of Rs 59.5 Bn in the corresponding quarter last year • Consolidated net income (after EI) of Rs 81.7 Bn vis-à-vis Net income of Rs 59.5 Bn in the corresponding quarter last year Results for the quarter ended June 30, 2026 5.5.1 Bharti Airtel Consolidated As on June 30, 2026, the Company had ~ 681 Mn customers, an increase of 12.5% as compared to ~605 Mn in the corresponding quarter last year. Total minutes of usage on the network during the quarter were 1,440 Bn, representing a growth of 3.4% as compared to 1,393 Bn in the corresponding quarter last year. Mobile Data traffic grew 37.4% to 32,237 PBs during the quarter as compared to 23,454 PBs in the corresponding quarter last year. Consolidated revenues for the quarter stood at Rs 585,391 Mn, up by 18.4% vis-à-vis Rs 494,626 Mn in the corresponding quarter last year. India revenues for the quarter stood at Rs 412,140 Mn, up 9.7% vis-à-vis Rs 375,846 Mn in the corresponding quarter last year. Consolidated net revenues, after netting off access costs, license fees and cost of goods sold, stood at Rs 502,849 Mn, up 17.8% as compared to Rs 426,789 Mn in the corresponding quarter last year. Consolidated opex (excluding access costs, costs of goods sold , license fees and CSR costs) stood at Rs 169,000 Mn, increased by 5.7% QoQ (up 14.6% as compared to corresponding quarter last year) Consolidated EBITDA was at Rs 335,986 Mn during the quarter, compared to Rs 281,668 Mn in the corresponding quarter last year (up 19.3% YoY) and Rs 320,382 Mn in the previous quarter (up 4.9% QoQ). EBITDA margin for the quarter was at 57.4% as compared to 56.9% in the corresponding quarter last year and 57.8% in the previous quarter. India EBITDA margin for the quarter was at 60.1% as compared to 59.5% in the corresponding quarter last year and 60.6% in the previous quarter. Consolidated Depreciation and amortization expenses were at Rs 142,350 Mn vis-à-vis Rs 124,651 Mn in the corresponding quarter last year (up 14.2% YoY) and Rs 136,434 Mn in the previous quarter. Consolidated EBIT for the quarter was at Rs 192,816 Mn as compared to Rs 156,209 Mn in the corresponding quarter last year and Rs 181,560 Mn in the previous quarter. The resultant EBIT margin for the quarter was at 32.9% as compared to 31.6% in the corresponding quarter last year and 32.8% in the previous quarter. Cash profits from operations (before derivative and exchange fluctuations) for the quarter were at Rs 283,440 Mn as compared to Rs 227,871 Mn in the corresponding quarter last year and Rs 263,176 Mn in the previous quarter. Consolidated Net finance costs for the quarter were Rs 52,634 Mn as compared to Rs 51,993 Mn in the corresponding quarter last year (up 1.2%YoY) and Rs 50,348 Mn in the previous quarter (up 4.5% QoQ). The resultant consolidated profit before tax and exceptional items for the quarter ended June 30, 2026 was Rs 141,262 Mn as compared to profit of Rs 105,044 Mn in the corresponding quarter last year and a profit of Rs 132,054 Mn in the previous quarter. The consolidated income tax expense for the quarter ended June 30, 2026 was Rs 41,510 Mn as compared to Rs 30,826 Mn in the corresponding quarter last year and Rs 40,327 Mn in the previous quarter. Consolidated net income before exceptional items for the quarter ended June 30, 2026 was Rs 80,572 Mn as compared to profit of Rs 59,479 Mn in the corresponding quarter last year and profit of Rs 72,449 Mn in the previous quarter. Net income for the quarter ended June 30, 2026 came in at Rs 81,674 Mn, compared to a profit of Rs 59,479 Mn in the corresponding quarter last year and profit of Rs 73,251 Mn in the previous quarter. The capital expenditure for the quarter ended June 30, 2026 was Rs 133,860 Mn. Consolidated net debt excluding lease obligations for the company stands at Rs 818,521 Mn as on June 30, 2026 compared to Rs 1,254,893 Mn as on June 30, 2025. The Net Debt -EBITDA ratio (annualized) excluding the impact of leases for the quarter June 30, 2026 was at 0.69 times as compared to 1.26 times in the corresponding quarter last year. 5.5.2 Exceptional Items During the quarter ended June 30, 2026, the Group has recognised exceptional charge of Rs 3,534 Mn on account of provision for in- principle settlement of a commercial dispute in one of the Group’s subsidiary. The net charge allocated to non-controlling interests on this exceptional item is Rs 738 Mn. There is also an exceptional tax benefit of Rs 3,898 on account of favorable order received in respect of business losses pertaining to earlier year. 5.5.3 B2C Services – India 5.5.3.1 Mobile Services The company had 376.5 Mn customers as on June 30, 2026, compared to 362.8 Mn in the corresponding quarter last year, an increase of 3.8% YoY. Voice traffic on the network grew 2.8% YoY to 1,276 Bn Minutes during the quarter as compared to 1,242 Bn Minutes in the corresponding quarter last year.
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Page 22 of 56 Smartphone customer base stood at 301.8 Mn, increased by 5.0 Mn QoQ and 21.1 Mn YoY. The quarter continues to witness high data traffic growth of 36.0% YoY. Total data traffic on the network stood at 31,062 Mn GBs as compared to 22,840 Mn GBs in the corresponding quarter last year. Average mobile data usage per customer increased by 27.7% YoY to 34.4 GB/month as compared to 26.9 GB/month in the corresponding quarter last year. By the end of the quarter, the company had 347,491 network towers as compared to 339,860 network towers in the corresponding quarter last year. The Company had a total of 1,202,434 mobile broadband base stations as compared to 1,133,969 mobile broadband base stations at the end of the corresponding quarter last year and 1,187,894 at the end of the previous quarter. Mobile revenues for the quarter stood at Rs 299,289 Mn, up by 9.2% compared to Rs 273,966 Mn in the corresponding quarter last year. Overall ARPU for the quarter stands at Rs 264 . EBITDA for the quarter was Rs 181,871 Mn as compared to Rs 162,743 Mn in the corresponding quarter last year and Rs 174,790 Mn in the previous quarter. EBITDA margin was 60.8% during the quarter as compared to 59.4% in the corresponding quarter last year and 60.6% in the previous quarter. EBIT during the quarter was at Rs 99,392 Mn as compared to Rs 84,127 Mn in the corresponding quarter last year and Rs 93,219 Mn in the previous quarter. The resultant EBIT margin was at 33.2% as compared to 30.7% in corresponding quarter last year. During the quarter, the Company incurred a capex of Rs 45,764 Mn. The company continued to accelerate site deployment and enhance coverage. During the quarter, the company added ~ 1.6 K new towers. 5.5.3.2 Homes Services As on June 30, 2026, the Company had Homes operations in 1,653 cities (including LCOs). The segment witnessed a revenue growth of 33.2% YoY and customer net additions of ~ 473 K during the quarter to reach to a total base of 14.7 Mn in Q4’26. On a YoY basis, the customer base increased by 33.9%. For the quarter ended June 30, 2026, revenue from Homes operations were Rs 22,875 Mn as compared to Rs 17,179 Mn in the corresponding quarter last year and Rs 21,914 Mn in the previous quarter. The company accelerated LCO partnerships in non-wired cities, taking up the LCO partnership model live in 1,570 cities. EBITDA for the quarter stood at Rs 11,239 Mn as compared to Rs 8,589 Mn in the corresponding quarter last year and Rs 10,997 Mn in the previous quarter. EBITDA margin stood at 49.1%. EBIT for the quarter ended June 30, 2026 was Rs 2,527 Mn as compared to Rs 3,168 Mn in the previous quarter. The resultant EBIT margin was at 11.0% as compared to 17.2% in corresponding quarter last year and 14.5% in the previous quarter. During the quarter ended June 30, 2026, the company incurred capital expenditure of Rs 18,996 Mn. 5.5.3.3 Digital TV Services As on June 30, 2026, the Company had its Digital TV operations in 640 districts. The customer base of the company stood at 16.0 Mn at the end of quarter. ARPU for the quarter was Rs 160 . Revenue from Digital TV services stood at Rs 7,734 Mn as compared to Rs 7,628 Mn in the corresponding quarter last year and Rs 7,467 Mn in previous quarter. Reported EBITDA for this segment was Rs 3,321 Mn as compared to Rs 3,882 Mn in the corresponding quarter last year and Rs 3,300 Mn in the previous quarter. The reported EBITDA margin was at 42.9% in the current quarter as compared to 50.9% in the corresponding quarter last year. Reported EBIT for the quarter was Rs (785) Mn as compared to Rs (840)Mn in the previous quarter. During the quarter, the company incurred a capital expenditure of Rs 5,883 Mn. 5.5.4 B2B Services – India: Airtel Business Airtel Business segment revenues for the quarter was at Rs 56,654 Mn as compared to Rs 50,571 Mn in the corresponding quarter last year, increase of 12.0% YoY. Underlying growth remains driven by both core connectivity and new age digital services. EBITDA stood at Rs 24,922 Mn during the quarter as compared to Rs 21,535 Mn in the corresponding quarter last year (increase of 15.7% YoY). The EBITDA margin stood at 44.0% in the current quarter, as compared to 42.6% in the corresponding quarter last year. EBIT for the current quarter increased by 17.1% to Rs 18,047 Mn as compared to Rs 15,407 Mn during the corresponding quarter last year and the resultant EBIT margin was at 31.9% during the quarter as compared to 30.5% in the corresponding quarter last year. The Company incurred a capital expenditure of Rs 9,439 Mn during the quarter. 5.5.5 Passive Infrastructure Services As of June 30, 2026, Indus owned and operated 267,611 macro towers with 432,250 macro co-locations in 22 telecommunications Circles in India. During the quarter, net macro co -locations increased by 4,236 .Exits during the quarter were 358. For the quarter ended June 30, 2026, Indus had average sharing factor of 1.62 per tower. During the quarter, During the quarter, lean colocation base reduce by 20. As of June 30, 2026, lean colocations stand at 14,024 . Revenue from Passive infra services stood at Rs 84,311 Mn as compared to Rs 80,576 Mn in the corresponding quarter last year and Rs 81,010 Mn in previous quarter. Reported EBITDA for this segment was Rs 46,220 Mn as compared to Rs 44,673 Mn in the corresponding quarter last year and Rs 46,030 Mn in the previous quarter. The reported EBITDA margin was at 54.8% in the current quarter as compared to 55.4% in the corresponding quarter last year. Reported EBIT for the quarter was Rs 26,858 as compared to Rs 27,245 Mn in the previous quarter. During the quarter, the company incurred a capital expenditure of Rs 17,140 Mn Note: Numbers of Passive Infra Services are different from Indus reported numbers to ensure alignment with other segments. 5.5.6 Africa As on June 30, 2026, the Company had an aggregate customer base of 189.0 Mn as compared to 169.4 Mn in the corresponding quarter last year, an increase of 11.6% YoY. Total minutes on
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Page 23 of 56 network during the quarter registered a growth of 5.7% to 156.8 Bn as compared to 148.3 Bn in the corresponding quarter last year. Data customers during the quarter increased to 87.3 Mn as compared to 75.6 Mn in the corresponding quarter last year. Data customers now represent 46.2% of the total customer base, as compared to 44.6% in the corresponding quarter last year. The total GBs on the network grew at a healthy growth rate of 56.3% to 2,741 Mn GBs compared to 1,753 Mn GBs in the corresponding quarter last year. Data usage per customer during the quarter was at 10.6 GBs as compared to 7.8 GBs in the corresponding quarter last year, an increase of 35.6% YoY. The total customer base using the Airtel Money platform increased by 23.3% to 56.5 Mn as compared to 45.8 Mn in the corresponding quarter last year. Total value of transactions on the Airtel money platform has witnessed a growth of 37.4% to $ 61 Bn in the current quarter as compared to $ 44 Bn in the corresponding quarter last year. Airtel Money revenue (in constant currency) is at $ 400 Mn as compared to $ 318 Mn in the corresponding quarter last year reflecting a growth of 25.8%. The company had 41,300 network towers at end of the quarter as compared to 37,579 network towers in the corresponding quarter last year. The Company has total 162,020 mobile broadband base stations as compared to 139,055 mobile broadband base stations at the end of the corresponding quarter last year. Africa revenues at $ 1,836 Mn in constant currency grew by 21.1% as compared to $ 1,516 Mn in the corresponding quarter last year as a result of growth across all regions i.e. Nigeria, East Africa and Francophone. Opex for the quarter is at $ 597 Mn in constant currency as compared to $ 522 Mn in the corresponding quarter last year and $ 567 Mn in the previous quarter. EBITDA in constant currency was at $ 921 Mn as compared to $ 740 Mn in the corresponding quarter last year and $ 876 Mn in the previous quarter. EBITDA margin was at 50.1% for the quarter as compared to 48.8% in corresponding quarter last year. Depreciation and amortization charges in constant currency were at $ 298 Mn as compared to $ 247 Mn in the corresponding quarter last year and $ 288 Mn in the previous quarter. EBIT in constant currency for the quarter was $ 620 Mn as compared to $ 491 Mn in the corresponding quarter last year and $ 586 Mn in the previous quarter. Capital expenditure during the quarter was $ 389 Mn for Africa operations. .
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Page 24 of 56 5.6 Bharti’s Three Line Graph The Company tracks its performance on a three-line graph. The parameters considered for the three-line graph are: 1. Total Revenues i.e. absolute turnover/sales 2. Opex Productivity – this is computed by dividing operating expenses by the total revenues for the respective period. Operating expenses is the sum of (i) employee costs (ii) network operations costs and (iii) selling, general and administrative costs. This ratio depicts the operational efficiencies in the Company 3. Capex Productivity – this is computed by dividing LTM revenue by gross cumulative capex (gross fixed assets and capital work in progress) till date i.e. the physical investments made in the assets creation of the Company. This ratio depicts the asset productivity of the Company. Given below are the graphs for the last five quarters of the Company: 5.6.1 Bharti Airtel – Consolidated 494,626 521,454 539,816 553,832 585,391 30.0% 29.4% 29.2% 29.3% 29.0% 50.0% 50.6% 51.1% 51.1% 52.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 200,000210,000220,000230,000240,000250,000260,000270,000280,000290,000300,000310,000320,000330,000340,000350,000360,000370,000380,000390,000400,000410,000420,000430,000440,000450,000460,000470,000480,000490,000500,000510,000520,000530,000540,000550,000560,000570,000580,000590,000600,000 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total Revenue (Rs mn) Opex to Total Rev (%) Capex Productivity (%) 5.6.2 Bharti Airtel – India 5.6.3 Bharti Airtel – Africa 375,846 386,901 392,255 395,656 412,140 28.4% 27.9% 27.6% 28.0% 27.5% 43.0% 43.1% 43.1% 42.8% 43.0% 3.0%200,000210,000220,000230,000240,000250,000260,000270,000280,000290,000300,000310,000320,000330,000340,000350,000360,000370,000380,000390,000400,000410,000420,000430,000440,000 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total Revenue (Rs mn) Opex to Total Rev (%) Capex Productivity (%) 1,415 1,567 1,685 1,748 1,853 35.2% 34.1% 33.8% 32.7% 32.6% 112.6% 118.7% 119.3% 119.6% 119.4% 3.0% 103.0% 203.0% 0 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total Revenue (US$ mn) Opex to Total Rev Capex Productivity Note: i. Pursuant to reporting changes on account of consolidation of Indus Towers Ltd., the definition of India geography has changed . Refer Glossary for more details.
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Page 25 of 56 SECTION 6 STOCK MARKET HIGHLIGHTS 6.1 General Information as on June 30, 2026 Shareholding and Financial Data Unit Code/Exchange 532454/BSE & 890157/BSE Bloomberg/Reuters BHARTI IN/BRTI.BO No. of Shares Outstanding Mn Nos 6,241 (Incl 1 Mn partly paid) Closing Market Price - BSE (for fully paid 30/06/26) Rs /Share 1,852 Combined Volume (NSE & BSE) (01/07/25 - 30/06/26) Nos in Mn/day 8.4 Combined Value (NSE & BSE) (01/07/25 - 30/06/26) Rs Mn /day 16,158 Market Capitalization* Rs Bn 11,559 Market Capitalization US$ Bn 122.51 Book Value Per Equity Share** Rs /share 259.32 Market Price/Book Value Times 7.14 Enterprise Value Rs Bn 13,131 Enterprise Value US$ Bn 139.17 Enterprise Value/ EBITDA Times 9.77 P/E Ratio Times 37.75 * For market capitalization, outstanding partly paid shares and fully paid shares have been multiplied with Market price of fully paid shares ** For book value per equity share, outstanding share has been adjusted to reflect 25% of partly paid shares 6.2 Summarized Shareholding pattern as of June 30, 2026 Category Number of Shares % Promoter & Promoter Group Indian 2,466,133,527 39.51% Foreign 658,957,339 10.56% Sub total 3,125,090,866 50.07% Public Shareholding Institutions 2,948,786,901 47.25% Non-institutions 164,929,964 2.64% Sub total 3,113,716,865 49.89% Others 2,346,585 0.04% Total 6,241,154,316 100.00%
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Page 26 of 56 6.3 Bharti Airtel Daily Stock price (BSE) and Volume (BSE & NSE Combined) Movement Source: Bloomberg 0 50,000 100,000 150,000 - 80 160 240 320 400 480 560 640 720 800 880 960 1,040 1,120 1,200 1,280 1,360 1,440 1,520 1,600 1,680 1,760 1,840 1,920 2,000 2,080 2,160 2,240 2,320 01/7/2025 01/8/2025 01/9/2025 01/10/2025 01/11/2025 01/12/2025 01/1/2026 01/2/2026 01/3/2026 01/4/2026 01/5/2026 01/6/2026 Volu me * (in 00 0's) RHS Sha re Pric e ( Rs.) LH S Note: The outstanding 1,113,597 partly paid-up equity shares, in respect of which the Call money is unpaid, continue to remain suspended from trading on Stock Exchanges. 6.4 Comparison of Domestic Telecom Stock movement with Sensex and Nifty 0 50 100 150 200 250 01/7/2025 01/8/2025 01/9/2025 01/10/2025 01/11/2025 01/12/2025 01/1/2026 01/2/2026 01/3/2026 01/4/2026 01/5/2026 01/6/2026 Bha rt i Sen sex Nift y M TN L TCOM VOD A FO NE IDEA Bharti -7.8% Sensex -8.5% Nifty -6.5% MTNL -43.5% TCOM 16.6% VODAFONE IDEA 94.6% Q1'27 vs. Q1'26 Stock Movement Source: Bloomberg
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Page 27 of 56 SECTION 7 DETAILED FINANCIAL AND RELATED INFORMATION 7.1 Extracts from Audited Consolidated Financial Statements prepared in accordance with Indian Accounting Standards (Ind-As) 7.1.1 Consolidated Summarized Statement of Income (net of inter segment eliminations) Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Income Revenue 585,391 494,626 18% Other income 9,066 5,088 78% Total 594,457 499,714 19% Expenses Network operating expenses 108,097 95,456 13% Access Charges 15,887 12,571 26% License fee / spectrum charges (revenue share) 41,720 37,200 12% Employee benefits 21,776 17,380 25% Sales and marketing expenses 36,929 29,659 25% Other expenses 27,954 23,973 17% Total 252,363 216,239 17% Profit before depreciation, amortization, finance costs, share of profit/(loss) of associates and joint ventures, exceptional items and tax 342,094 283,475 21% Depreciation and amortisation 142,350 124,651 14% Finance costs 59,564 54,608 9% Share of results of joint ventures and associates (1,082) (828) 31% Profit before exceptional items and tax 141,262 105,044 34% Exceptional items 3,534 - Profit/(Loss) before tax 137,728 105,044 31% Tax expense Current tax 25,409 18,657 36% Deferred tax 12,203 12,169 Profit / (Loss) for the period 100,116 74,218 35% Particulars Amount in Rs Mn, except ratios
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Page 28 of 56 7.1.2 Consolidated Statement of Comprehensive Income Quarter Ended Jun-26 Jun-25 Y-o-Y Growth Profit for the period 100,116 74,218 35% Other comprehensive income ('OCI'): Items to be reclassified subsequently to profit or loss : Net gains / (losses) due to foreign currency translation differences (835) 3,158 -126% Gains / (losses) on net investments hedge 53 357 -85% Tax credit / (expense) (13) (105) 88% (795) 3,410 -123% Items not to be reclassified to profit or loss : Re-measurement gains / (losses) on defined benefit plans (967) (385) -151% Share of joint ventures and associates (22) 1 -2291% Tax credit / (expense) (318) (297) -7% Gain/(Loss) on investment at fair value through OCI 3,609 1,256 187% 2,302 575 301% Other comprehensive income / (loss) for the period 1,507 3,985 -62% Total comprehensive income / (loss) for the period 101,623 78,203 30% Profit for the period Attributable to: 100,116 74,218 35% Owners of the Parent 81,674 59,479 37% Non-controlling interests 18,442 14,739 25% Other comprehensive income / (loss) for the period attributable to : 1,507 3,985 -62% Owners of the Parent 2,088 2,758 -24% Non-controlling interests (581) 1,227 -147% Total comprehensive income / (loss) for the period attributable to : 101,623 78,203 30% Owners of the Parent 83,762 62,237 35% Non-controlling interests 17,861 15,966 12% Earnings per share (Face value : Rs. 5/- each) (In Rupees) Basic 13.38 10.26 30% Diluted 13.37 9.90 35% Particulars Amount in Rs Mn, except ratios
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Page 29 of 56 7.1.3 Consolidated Summarized Balance Sheet Amount in Rs Mn As at As at As at Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Assets Non-current assets Property, plant and equipment (inc CWIP and ROU) 2,423,028 2,370,034 2,157,013 Intangible assets (inc IAUD) 1,795,459 1,822,713 1,833,924 Investment in joint ventures and associates 39,411 40,622 35,611 Financial Assets - Investments 15,404 11,385 6,680 - Others 39,121 38,244 41,001 Income & Deferred tax assets (net) 205,794 211,594 259,430 Other non-current assets 120,542 124,770 114,473 4,638,759 4,619,362 4,448,132 Current assets Financial Assets - Investments 277,181 137,006 32,552 - Trade receivables 92,641 79,776 80,612 - Cash and bank balances 91,125 137,222 53,233 - Other bank balances 215,787 166,546 126,856 - Others 271,097 249,304 278,207 Other current assets 128,860 132,300 130,775 1,076,691 902,154 702,235 Total Assets 5,715,450 5,521,516 5,150,367 Equity and liabilities Equity Equity attributable to owners of the Parent 1,618,151 1,490,566 1,197,236 Non-controlling interests ('NCI') 388,316 469,068 410,246 2,006,467 1,959,634 1,607,482 Non-current liabilities Financial Liabilities - Borrowings 1,644,100 1,645,845 1,635,448 - Others 31,168 26,320 91,976 Deferred tax liabilities (net) 66,165 67,789 93,166 Other non-current liabilities 78,811 76,871 65,987 1,820,244 1,816,825 1,886,577 Current liabilities Financial Liabilities - Borrowings 370,702 308,272 398,097 - Trade Payables 512,569 450,152 434,766 - Others 417,041 410,577 269,483 Current tax liabilities (net) 31,892 31,400 19,916 Other current liabilities 556,535 544,656 534,046 1,888,739 1,745,057 1,656,308 Total liabilities 3,708,983 3,561,882 3,542,885 Total equity and liabilities 5,715,450 5,521,516 5,150,367 Particulars
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Page 30 of 56 7.1.4 Consolidated Statement of Cash Flow Quarter Ended Jun-26 Jun-25 Cash flows from operating activities Profit before tax 137,728 105,044 Adjustments for - Depreciation and amortisation 142,350 124,651 Finance costs 57,436 52,696 Dividend income (593) (272) Net gain on FVTPL investments (2,637) (428) Interest income (3,699) (1,918) Net loss/ (gain) on derivative financial instruments 1,249 2,316 Other non-cash items 6,393 1,277 Operating cash flow before changes in working capital 338,227 283,366 Changes in working capital - Trade receivables (16,829) (6,397) Trade payables 55,348 43,974 Other assets and liabilities (8,125) 2,740 Net cash generated from operations before tax and dividend 368,621 323,683 Income tax (paid) / refund (32,275) (16,785) Net cash generated from operating activities (a) 336,346 306,898 Cash flows from investing activities Net (Purchase) / proceeds from sale of PPE (138,484) (111,296) Purchase of intangible assets, spectrum- DPL (3,646) (2,108) Net movement in current investments (180,811) (27,136) Net (Purchase) / Sale of non-current investments (407) (28) Dividend received 2,763 1,813 Interest received 2,476 647 Net cash (used in) / generated from investing activities (b) (318,110) (138,108) Cash flows from financing activities Net (Repayments) / Proceeds from borrowings 37,148 (162,356) Net proceeds/ (repayments) from short-term borrowings 2,490 45,139 Payment of lease liabilities (21,863) (16,887) Purchase of treasury shares and proceeds from exercise of share options 1 0 Interest and other finance charges paid (32,095) (33,273) Dividend paid (including tax) (2,280) (2,266) Proceeds from issuance of equity shares / perpetual bonds to NCI 2,925 0 Buyback of perpetual bonds from NCI (45,513) 0 Payment on Maturity of Derivatives (net) (723) (1,059) Purchase of shares from NCI (5,354) (2,873) Net cash (used in) / generated from financing activities (c) (65,264) (173,575) Net movement in cash and cash equivalents (a+b+c) (47,028) (4,785) Effect of exchange rate on cash and cash equivalents 1,610 4,626 Cash and cash equivalents as at beginning of the period 243,778 106,531 Cash and cash equivalents as at end of the period 198,360 106,372 Particulars
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Page 31 of 56 7.2 Consolidated Schedule of Net Debt & Finance Cost 7.2.1 Schedule of Net Debt in INR As at As at Jun 30, 2026 Jun 30, 2025 Long term debt, net of current portion 176,757 207,827 Short-term borrowings and current portion of long-term debt 197,976 258,285 Deferred payment liability 887,130 907,633 Less: Cash and Cash Equivalents 91,125 53,237 Investments & Receivables 352,217 65,615 Net Debt excluding Lease Obligations 818,521 1,254,893 Lease Obligation 753,875 660,901 Net Debt including Lease Obligations 1,572,396 1,915,794 Particulars Amount in Rs Mn 7.2.2 Schedule of Net Debt in US$ As at As at Jun 30, 2026 Jun 30, 2025 Long term debt, net of current portion 1,873 2,429 Short-term borrowings and current portion of long-term debt 2,098 3,019 Deferred payment liability 9,402 10,608 Less: Cash and Cash Equivalents 966 622 Investments & Receivables 3,733 767 Net Debt excluding Lease Obligations 8,675 14,667 Lease Obligation 7,990 7,724 Net Debt including Lease Obligations 16,665 22,391 Particulars Amount in US$ Mn 7.2.3 Schedule of Finance Cost Quarter Ended Jun-26 Jun-25 Interest on borrowings & Finance charges 39,549 39,697 Interest on Lease Obligations 19,106 15,907 Derivatives and exchange (gain)/ loss* 908 (994) Investment (income)/ loss (6,929) (2,617) Finance cost (net) 52,634 51,993 Particulars Amount in Rs Mn, except ratios Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”. *including net monetary gain relating to hyperinflationary accounting for one of our subsidiaries in Africa
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Page 32 of 56 7.3 Use of Non-GAAP Financial Information In presenting and discussing the Company’s reported financial position, operating results and cash flows, certain information is derived from amounts calculated in accordance with Ind -AS, but this information is not in itself an expressly permitted GAAP me asure. Such non - GAAP measures should not be viewed in isolation as alternatives to the equivalent GAAP measures. A summary of non - GAAP measures included in this report, together with details where additional information and reconciliation to the nearest equivalent GAAP measure can be found, is shown below. Non – GAAP measure Equivalent GAAP measure Location in this results announcement of reconciliation and further information Earnings before Interest, Taxation, Depreciation and Amortization (EBITDA) Profit from operating activities Page 32 Cash Profit from Operations before Derivative & Exchange (Gain)/Loss Profit from operating activities Page 32 7.3.1 Reconciliation of Non-GAAP financial information based on Ind-AS Quarter Ended Jun-26 Jun-25 Profit / (loss) from operating activities before depreciation, amortization and exceptional items To EBITDA Profit / (Loss) from Operating Activities 342,094 283,475 Add: Charity and donation 820 810 Less: Finance Income/Derviatives MTM 6,929 2,617 EBITDA 335,986 281,668 Reconciliation of Finance Cost Finance Cost 59,564 54,608 Less: Finance Income/Derivatives MTM 6,929 2,617 Finance Cost (net) 52,634 51,993 Profit / (loss) from operating activities before depreciation, amortization and exceptional items to Cash Profit from Operations before Derivative & Exchange Fluctuation Profit / (Loss) from Operating Activities 342,094 283,475 Less: Finance cost 59,564 54,608 Add: Derivatives and exchange (gain)/loss 908 (996) Cash Profit from Operations before Derivative & Exchange Fluctuation 283,440 227,871 Particulars Amount in Rs Mn, except ratios
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Page 33 of 56 SECTION 8 REGION WISE COST SCHEDULES 8.1 India 8.1.1 Schedule of Operating Expenses Quarter Ended Jun-26 Jun-25 Access charges 10,473 9,193 Licence fees, revenue share & spectrum charges 34,024 31,074 Network operations costs 77,345 72,224 of which: Energy costs 41,987 39,067 Cost of goods sold 9,074 8,161 Employee costs 11,478 10,635 Selling, general and adminstration expense 24,712 23,814 Operating Expenses 167,106 155,101 Amount in Rs Mn Particulars Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”. 8.1.2 Schedule of Depreciation & Amortization Quarter Ended Jun-26 Jun-25 Depreciation 88,232 79,103 Amortization 25,632 25,590 Depreciation & Amortization 113,864 104,693 Particulars Amount in Rs Mn Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”. 8.1.3 Schedule of Income Tax Quarter Ended Jun-26 Jun-25 Current tax expense 10,198 9,162 Deferred tax expense / (income) 15,973 11,810 Income tax expense 26,171 20,972 Particulars Amount in Rs Mn Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 34 of 56 8.2 Africa 8.2.1 Schedule of Operating Expenses (In Constant Currency) Quarter Ended Jun-26 Jun-25 Access charges 73 60 Licence fees, revenue share & spectrum charges 81 75 Network operations costs 326 294 of which: Energy costs 151 120 Cost of goods sold 168 126 Employee costs 108 81 Selling, general and adminstration expense 165 149 Operating Expenses 920 784 Amount in US$ Mn Particulars Refer ‘Glossary’ for ‘constant currency’ definition. 8.2.2 Schedule of Depreciation & Amortization (In Constant Currency) Quarter Ended Jun-26 Jun-25 Depreciation 251 216 Amortization 47 31 Depreciation & Amortization 298 247 Amount in US$ Mn Particulars Refer ‘Glossary’ for ‘constant currency’ definition. 8.2.3 Schedule of Income Tax (In USD Reported Currency) Quarter Ended Jun-26 Jun-25 Current tax expense 160 112 Deferred tax expense / (income) 2 5 Income tax expense 162 117 Particulars Amount in US$ Mn
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Page 35 of 56 SECTION 9 TRENDS AND RATIO ANALYSIS 9.1 Based on Statement of Operations Consolidated Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 585,391 553,832 539,816 521,454 494,626 Access charges 15,898 14,946 14,691 13,215 12,571 Cost of goods sold 24,924 21,637 20,818 20,399 18,066 Licence Fee 41,720 39,818 38,462 38,249 37,200 Net revenues 502,849 477,431 465,845 449,591 426,789 Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 169,000 159,920 156,993 152,691 147,449 EBITDA 335,986 320,382 311,436 299,190 281,668 Cash profit from operations before Derivative and Exchange Fluctuations 283,440 263,176 257,229 246,595 227,871 EBIT 192,816 181,560 176,537 166,691 156,209 Share of results of Joint Ventures/Associates 1,082 844 1,163 810 828 Profit before Tax 141,262 132,054 125,581 123,223 105,044 Profit after Tax (before exceptional items) 99,752 91,727 87,836 86,507 74,218 Non Controlling Interest (NCI) 19,180 19,280 18,636 18,591 14,739 Net income (before exceptional items) 80,572 72,447 69,200 67,916 59,479 Exceptional Items (net of tax & NCI) (1,102) (803) 2,895 0 0 Net income (after exceptional items) 81,674 73,251 66,305 67,916 59,479 Capex 133,860 160,656 117,869 113,623 83,070 Operating Free Cash Flow (EBITDA - Capex) 202,126 159,726 193,567 185,567 198,598 Cumulative Investments 6,848,773 6,746,936 6,559,935 6,448,863 6,332,171 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 2.7% 2.7% 2.7% 2.5% 2.5% Cost of goods sold 4.3% 3.9% 3.9% 3.9% 3.7% Licence Fee 7.1% 7.2% 7.1% 7.3% 7.5% Net revenues 85.9% 86.2% 86.3% 86.2% 86.3% Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 28.9% 28.9% 29.1% 29.3% 29.8% EBITDA 57.4% 57.8% 57.7% 57.4% 56.9% Cash profit from operations before Derivative and Exchange Fluctuations 48.4% 47.5% 47.7% 47.3% 46.1% EBIT 32.9% 32.8% 32.7% 32.0% 31.6% Share of results of JV / Associates 0.2% 0.2% 0.2% 0.2% 0.2% Profit before Tax 24.1% 23.8% 23.3% 23.6% 21.2% Profit after Tax (before exceptional items) 17.0% 16.6% 16.3% 16.6% 15.0% Non Controlling Interest 3.3% 3.5% 3.5% 3.6% 3.0% Net income (before exceptional items) 13.8% 13.1% 12.8% 13.0% 12.0% Net income (after exceptional items) 14.0% 13.2% 12.3% 13.0% 12.0% Particulars Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 36 of 56 India & South Asia Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 412,140 395,656 392,255 386,901 375,846 Access charges 10,473 9,910 9,775 9,225 9,193 Cost of goods sold 9,074 7,926 7,673 8,513 8,161 Licence Fee 34,024 32,612 32,367 31,755 31,074 Net revenues 358,569 345,208 342,440 337,408 327,418 Operating Expenses (Excl Access Charges, cost of goods sold, License Fee & Charity and Donation) 112,935 108,458 107,736 107,480 105,997 EBITDA 247,810 239,653 236,759 232,039 223,515 EBIT 133,346 127,620 125,920 121,919 118,146 Profit before Tax 103,673 95,601 98,639 97,423 82,114 Profit after Tax (before exceptional items) 77,502 70,781 74,873 75,039 61,142 Non Controlling Interest 8,785 9,894 9,758 9,117 8,222 Net income (before exceptional items) 68,717 60,887 65,115 65,922 52,920 Capex 96,982 134,882 92,495 96,429 72,734 Operating Free Cash Flow (EBITDA - Capex) 150,828 104,771 144,264 135,610 150,781 Return on Capital employed (Annualised)% 17.5% 17.5% 17.2% 16.4% 15.6% Cumulative Investments 5,880,021 5,812,025 5,710,908 5,643,297 5,566,382 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 2.5% 2.5% 2.5% 2.4% 2.4% Cost of goods sold 2.2% 2.0% 2.0% 2.2% 2.2% Licence Fee 8.3% 8.2% 8.3% 8.2% 8.3% Net revenues 87.0% 87.2% 87.3% 87.2% 87.1% Operating Expenses (Excl Access Charges, cost of goods sold, License Fee & Charity and Donation) 27.4% 27.4% 27.5% 27.8% 28.2% EBITDA 60.1% 60.6% 60.4% 60.0% 59.5% EBIT 32.4% 32.3% 32.1% 31.5% 31.4% Profit before Tax 25.2% 24.2% 25.1% 25.2% 21.8% Profit after Tax (before exceptional items) 18.8% 17.9% 19.1% 19.4% 16.3% Non Controlling Interest 2.1% 2.5% 2.5% 2.4% 2.2% Net income (before exceptional items) 16.7% 15.4% 16.6% 17.0% 14.1% Particulars Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 37 of 56 India Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 412,140 395,656 392,255 386,901 375,846 Access charges 10,473 9,910 9,775 9,225 9,193 Cost of goods sold 9,074 7,926 7,673 8,513 8,161 Licence Fee 34,024 32,612 32,367 31,755 31,074 Net revenues 358,569 345,208 342,440 337,408 327,418 Operating Expenses (Excl Access Charges, cost of goods sold, License Fee & Charity and Donation) 112,935 108,458 107,736 107,480 105,997 EBITDA 247,810 239,653 236,759 232,039 223,515 EBIT 133,346 127,620 125,920 121,919 118,146 Profit before Tax 105,100 94,916 98,190 96,936 83,148 Profit after Tax (before exceptional items) 78,929 70,096 74,424 74,552 62,176 Non Controlling Interest 8,785 9,894 9,758 9,117 8,222 Net income (before exceptional items) 70,144 60,202 64,666 65,435 53,954 Capex 96,982 134,882 92,495 96,429 72,734 Operating Free Cash Flow (EBITDA - Capex) 150,828 104,771 144,264 135,610 150,781 Cumulative Investments 5,858,518 5,788,997 5,689,689 5,622,674 5,547,164 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 2.5% 2.5% 2.5% 2.4% 2.4% Cost of goods sold 2.2% 2.0% 2.0% 2.2% 2.2% Licence Fee 8.3% 8.2% 8.3% 8.2% 8.3% Net revenues 87.0% 87.2% 87.3% 87.2% 87.1% Operating Expenses (Excl Access Charges, cost of goods sold, License Fee & Charity and Donation) 27.4% 27.4% 27.5% 27.8% 28.2% EBITDA 60.1% 60.6% 60.4% 60.0% 59.5% EBIT 32.4% 32.3% 32.1% 31.5% 31.4% Profit before Tax 25.5% 24.0% 25.0% 25.1% 22.1% Profit after Tax (before exceptional items) 19.2% 17.7% 19.0% 19.3% 16.5% Non Controlling Interest 2.1% 2.5% 2.5% 2.4% 2.2% Net income (before exceptional items) 17.0% 15.2% 16.5% 16.9% 14.4% Particulars Note: Q3’25 & periods prior to Q3’25 have been re-instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 38 of 56 Africa: In INR Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 175,657 160,335 150,100 136,795 120,834 Access charges 6,981 6,527 6,404 5,442 4,794 Cost of goods sold 15,997 13,838 13,348 11,886 9,904 Licence Fee 7,696 7,206 6,095 6,494 6,126 Net revenues 144,983 132,764 124,253 112,973 100,010 Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 56,989 52,224 50,307 46,202 42,277 EBITDA 88,177 80,729 74,678 67,150 58,156 EBIT 59,470 53,941 50,619 44,773 38,066 Profit before Tax 37,643 36,166 32,754 33,496 23,290 Profit after Tax (before exceptional items) 22,290 20,732 18,779 19,166 13,330 Non Controlling Interest 10,394 9,386 8,877 9,474 6,628 Net income (before exceptional items) 11,896 11,346 9,902 9,692 6,702 Capex 36,878 25,774 25,373 17,195 10,336 Operating Free Cash Flow (EBITDA - Capex) 51,299 54,955 49,305 49,955 47,820 Cumulative Investments 968,752 934,911 849,026 805,566 765,789 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 4.0% 4.1% 4.3% 4.0% 4.0% Cost of goods sold 9.1% 8.6% 8.9% 8.7% 8.2% Licence Fee 4.4% 4.5% 4.1% 4.7% 5.1% Net revenues 82.5% 82.8% 82.8% 82.6% 82.8% Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 32.4% 32.6% 33.5% 33.8% 35.0% EBITDA 50.2% 50.4% 49.8% 49.1% 48.1% EBIT 33.9% 33.6% 33.7% 32.7% 31.5% Profit before Tax 21.4% 22.6% 21.8% 24.5% 19.3% Profit after Tax (before exceptional items) 12.7% 12.9% 12.5% 14.0% 11.0% Non Controlling Interest 5.9% 5.9% 5.9% 6.9% 5.5% Net income (before exceptional items) 6.8% 7.1% 6.6% 7.1% 5.5% Particulars
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Page 39 of 56 Africa: In USD Constant Currency Amount in US$ Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 1,836 1,738 1,719 1,624 1,516 Access charges 73 71 73 65 60 Cost of goods sold 168 150 154 142 126 Licence Fee 81 78 69 76 75 Net revenues 1,515 1,439 1,423 1,343 1,255 Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 597 567 570 545 522 EBITDA 921 876 862 805 740 EBIT 620 586 589 542 491 Capex 389 281 285 197 121 Operating Free Cash Flow (EBITDA - Capex) 532 595 577 608 619 Cumulative Investments 10,267 9,877 9,440 9,076 8,950 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 4.0% 4.1% 4.2% 4.0% 4.0% Cost of goods sold 9.1% 8.6% 8.9% 8.7% 8.3% Licence Fee 4.4% 4.5% 4.0% 4.7% 4.9% Net revenues 82.5% 82.8% 82.8% 82.7% 82.8% Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 32.5% 32.6% 33.2% 33.6% 34.4% EBITDA 50.1% 50.4% 50.1% 49.6% 48.8% EBIT 33.8% 33.7% 34.3% 33.4% 32.4% Particulars Refer ‘Glossary’ for ‘constant currency’ definition. Actual currency rates are taken for Capex & Cumulative Investments.
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Page 40 of 56 Africa: In USD Reported Currency Amount in US$ Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 1,853 1,748 1,685 1,567 1,415 Access charges 74 71 72 62 56 Cost of goods sold 169 151 150 136 116 Licence Fee 81 78 69 74 72 Net revenues 1,529 1,447 1,394 1,295 1,171 Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 602 571 568 533 496 EBITDA 930 880 838 770 681 EBIT 627 589 567 513 445 Profit before Tax 397 396 367 383 272 Profit after Tax (before exceptional items) 235 227 210 219 155 Non Controlling Interest 110 103 100 108 78 Net income (before exceptional items) 125 125 110 111 78 Capex 389 281 285 197 121 Operating Free Cash Flow (EBITDA - Capex) 541 599 551 573 560 Cumulative Investments 10,267 9,877 9,440 9,076 8,950 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 As a % of Total revenues Access charges 4.0% 4.1% 4.3% 4.0% 4.0% Cost of goods sold 9.1% 8.6% 8.9% 8.7% 8.2% Licence Fee 4.4% 4.5% 4.1% 4.7% 5.1% Net revenues 82.5% 82.8% 82.8% 82.6% 82.8% Operating Expenses (Excl Access Charges, cost of goods sold & License Fee & Charity and Donation) 32.5% 32.7% 33.7% 34.0% 35.1% EBITDA 50.2% 50.4% 49.7% 49.1% 48.1% EBIT 33.9% 33.7% 33.6% 32.7% 31.4% Profit before Tax 21.4% 22.7% 21.8% 24.4% 19.2% Profit after Tax (before exceptional items) 12.7% 13.0% 12.5% 14.0% 11.0% Non Controlling Interest 5.9% 5.9% 5.9% 6.9% 5.5% Net income (before exceptional items) 6.8% 7.1% 6.6% 7.1% 5.5% Particulars
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Page 41 of 56 9.2 Financial Trends of Business Operations Mobile Services India Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 299,289 288,305 286,516 281,167 273,966 EBITDA 181,871 174,790 173,298 169,515 162,743 EBITDA / Total revenues 60.8% 60.6% 60.5% 60.3% 59.4% EBIT 99,392 93,219 90,834 88,124 84,127 Capex 45,764 69,687 44,045 42,707 29,588 Operating Free Cash Flow (EBITDA - Capex) 136,107 105,103 129,253 126,808 133,155 Cumulative Investments 3,829,608 3,792,545 3,749,970 3,724,990 3,702,012 Particulars Homes Services Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 22,875 21,914 20,008 18,646 17,179 EBITDA 11,239 10,997 10,031 9,335 8,589 EBITDA / Total revenues 49.1% 50.2% 50.1% 50.1% 50.0% EBIT 2,527 3,168 3,086 3,012 2,957 Capex 18,996 18,894 16,055 18,606 14,571 Operating Free Cash Flow (EBITDA - Capex) (7,757) (7,897) (6,024) (9,271) (5,982) Cumulative Investments 275,864 268,196 250,396 234,863 216,186 Particulars Digital TV Services Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 7,734 7,467 7,552 7,532 7,628 EBITDA 3,321 3,300 3,477 3,663 3,882 EBITDA / Total revenues 42.9% 44.2% 46.0% 48.6% 50.9% EBIT (785) (840) (636) (606) 24 Capex 5,883 9,829 3,287 3,063 3,057 Operating Free Cash Flow (EBITDA - Capex) (2,562) (6,529) 190 600 825 Cumulative Investments 157,168 152,030 143,256 140,723 138,630 Particulars Digital TV includes IPTV from Q4’25 onwards.
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Page 42 of 56 Airtel Business Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 56,654 54,904 53,531 52,760 50,571 EBITDA 24,922 23,577 22,446 21,943 21,535 EBITDA / Total revenues 44.0% 42.9% 41.9% 41.6% 42.6% EBIT 18,047 16,460 15,587 15,421 15,407 Capex 9,439 14,137 7,596 7,661 7,312 Operating Free Cash Flow (EBITDA - Capex) 15,483 9,440 14,850 14,282 14,223 Cumulative Investments 423,061 415,156 400,821 392,690 382,536 Particulars Passive Infrastructure Services Amount in Rs Mn, except ratios Quarter Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total revenues 84,311 81,010 81,463 81,883 80,576 EBITDA 46,220 46,030 46,097 46,952 44,673 EBITDA / Total revenues 54.8% 56.8% 56.6% 57.3% 55.4% EBIT 26,858 27,245 27,712 28,538 27,224 Capex 17,140 22,953 19,938 25,845 19,527 Operating Free Cash Flow (EBITDA - Capex) 29,080 23,077 26,159 21,107 25,146 Cumulative Investments 1,161,093 1,149,533 1,133,856 1,118,562 1,097,051 Particulars Note: Financial numbers and associated ratios, for Passive Infrastructure Services are different from reported numbers (by Indus To wers Limited), to ensure alignment with other segments. 9.3 Based on Statement of Financial Position Consolidated Amount in Rs Mn, except ratios As at Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Equity attributable to equity holders of parent 1,618,151 1,490,565 1,247,950 1,177,959 1,197,236 Equity attributable to parent & NCI 2,006,467 1,959,634 1,690,131 1,603,540 1,607,482 Net Debt 1,572,396 1,647,888 1,826,206 1,947,131 1,915,794 Net Debt (US$ Mn) 16,665 17,410 20,304 21,938 22,391 Capital Employed = Equity attributable parent & Non controlling interest + Net Debt 3,578,863 3,607,522 3,516,337 3,550,671 3,523,276 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Return on Equity (Post Tax) 18.6% 19.5% 25.1% 32.4% 30.4% Return on Equity (Pre Tax) 24.4% 24.8% 27.2% 32.2% 30.0% Return on Capital Employed 21.5% 20.4% 20.0% 18.9% 17.6% Net Debt to EBITDA (Annualised) 1.17 1.29 1.47 1.63 1.70 Assets Turnover ratio 57.9% 57.5% 58.1% 56.5% 55.4% Interest Coverage ratio (times) 7.64 7.31 6.98 6.62 6.32 Net Debt to Funded Equity (Times) 0.97 1.11 1.46 1.65 1.60 Per share data (for the period) Net profit/(loss) per common share (in Rs) 13.38 12.53 11.44 11.72 10.26 Net profit/(loss) per diluted share (in Rs) 13.37 12.15 11.02 11.30 9.90 Book Value Per Equity Share (in Rs) 259.3 244.6 215.2 203.1 204.6 Market Capitalization (Rs Bn) 11,559 10,874 12,671 11,262 12,059 Enterprise Value (Rs Bn) 13,131 12,522 14,497 13,209 13,975 Particulars Note: Previous periods’ figures have been re -instated for P&L, Capex, Net Debt, Enterprise Value, Cumulative Investments and total employees to make it comparable. Kindly Refer Section 5.1”Reporting Changes”.
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Page 43 of 56 9.4 Operational Performance – India Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total Customers Base 000's 491,890 482,421 465,918 449,738 436,096 Mobile Services Customer Base 000's 376,508 373,243 368,543 364,192 362,796 Net Additions 000's 3,265 4,700 4,351 1,396 1,203 Postpaid Base (reported as part of Mobile Services India segment) 000's 30,004 28,958 28,143 27,523 26,570 Postpaid Base (including IoT / M2M connections reported as part of Airtel Business segment) 000's 112,774 105,952 95,096 83,850 71,239 Monthly Churn % 2.6% 2.4% 2.6% 2.9% 2.7% Average Revenue Per User (ARPU) Rs 264 257 259 256 250 Average Revenue Per User (ARPU) US$ 2.8 2.8 2.9 2.9 2.9 Revenue per tower per month Rs 285,253 276,635 276,281 272,510 267,276 Voice Minutes on the network Mn 1,276,131 1,279,578 1,265,645 1,248,798 1,241,763 Voice Usage per customer per month min 1,135 1,150 1,152 1,145 1,143 Data Data Customer Base 000's 303,195 299,124 294,108 289,433 284,751 Of w hich 4G/5G data customers 000's 301,774 296,756 290,997 285,823 280,692 As % of Customer Base % 80.5% 80.1% 79.8% 79.5% 78.5% Total GBs on the network Mn GBs 31,062 27,985 26,056 24,446 22,840 Data Usage per customer per month GBs 34.4 31.4 29.8 28.3 26.9 Homes Services Homes Customers 000's 14,694 14,221 13,086 11,928 10,976 Net Additions 000's 473 1,135 1,159 951 939 Average Revenue Per User (ARPU) Rs 523 527 529 534 537 Average Revenue Per User (ARPU) US$ 5.5 5.7 5.9 6.1 6.3 Digital TV Services Digital TV Customers 000's 16,003 15,997 15,427 15,354 15,695 Net additions 000's 6 570 73 (341) (204) Average Revenue Per User (ARPU) Rs 160 159 163 163 161 Average Revenue Per User (ARPU) US$ 1.7 1.7 1.8 1.9 1.9 Monthly Churn % 2.7% 1.9% 3.1% 3.1% 2.5%
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Page 44 of 56 9.5 Network and Coverage Trends – India Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Mobile Services Census Towns Nos 7,905 7,905 7,903 7,901 7,901 Non-Census Towns & Villages Nos 835,011 816,832 816,312 816,254 814,916 Population Coverage % 97.4% 96.5% 96.5% 96.5% 96.4% Optic Fibre Network R Kms 542,570 532,388 519,113 507,655 497,399 Network towers Nos 347,491 345,912 343,486 342,339 339,860 Total Mobile Broadband Base stations Nos 1,202,434 1,187,894 1,171,148 1,154,810 1,133,969 Homes Services - Cities covered Nos 1,653 1,635 1,591 1,551 1,512 Airtel Business - Submarine cable systems Nos 9 8 8 8 7 Digital TV Services Districts Covered* Nos 640 640 640 640 640 Coverage % 100.0% 100.0% 100.0% 100.0% 100.0% * Districts covered is as per 2011 census. 9.6 Passive Infrastructure Services Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Macro Towers Nos 267,611 264,514 259,622 256,074 251,773 Co-locations Nos 432,250 428,014 421,822 415,717 411,212 Key Indicators Average sharing factor Times 1.62 1.62 1.62 1.63 1.63 Closing sharing factor Times 1.62 1.62 1.62 1.62 1.63 Sharing revenue per tower per month Rs 66,416 66,604 67,285 67,924 67,036 Sharing revenue per sharing operator per month Rs 41,082 41,078 41,429 41,714 41,132 Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Lean Co-locations Nos 14,024 14,044 13,989 13,963 13,935 Sharing Revenue per Sharing Operator per month Rs 16,707 16,535 16,385 16,127 16,362 Note: Operational KPIs for passive infrastructure services are presented as reported by Indus Tower Limited 9.7 Human Resource Analysis – India Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total Employees Nos 24,202 24,218 24,186 24,391 24,164 Number of Customers per employee Nos 20,324 19,920 19,264 18,439 18,047 Personnel Cost per employee per month Rs 158,086 156,881 152,168 149,645 146,706 Gross Revenue per employee per month Rs 5,676,390 5,445,757 5,406,089 5,287,483 5,184,655 Note: Pursuant to reporting changes on account of consolidation of Indus Towers Ltd., the definition of India geography has c hanged. Refer Glossary for more details.
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Page 45 of 56 9.8 Africa 9.8.1 Operational Performance (In Constant Currency) Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Mobile Services Customer Base 000's 188,999 183,545 179,389 173,816 169,389 Net Additions 000's 5,454 4,156 5,573 4,427 3,336 Monthly Churn % 4.5% 4.3% 4.3% 4.2% 4.2% Average Revenue Per User (ARPU) US$ 2.7 2.7 2.7 2.6 2.5 Voice Voice Revenue $ Mn 633 609 617 588 569 Minutes on the network Mn 156,822 150,185 152,518 149,638 148,332 Voice Average Revenue Per User (ARPU) US$ 1.1 1.1 1.2 1.1 1.1 Voice Usage per customer per month min 281 276 288 291 294 Data Data Revenue $ Mn 743 701 675 633 584 Data Customer Base 000's 87,334 84,246 81,833 78,137 75,597 As % of Customer Base % 46.2% 45.9% 45.6% 45.0% 44.6% Total GBs on the network Mn GBs 2,741 2,449 2,226 1,986 1,753 Data Average Revenue Per User (ARPU) US$ 2.9 2.8 2.8 2.8 2.6 Data Usage per customer per month GBs 10.6 9.8 9.3 8.6 7.8 Network & coverage Network towers Nos 41,300 40,378 39,127 38,314 37,579 Ow ned tow ers Nos 2,598 2,598 2,255 2,126 2,157 Leased tow ers Nos 38,702 37,780 36,872 36,188 35,422 Total Mobile Broadband Base stations Nos 162,020 156,803 148,967 143,640 139,055 Revenue per tower per month US$ 12,328 12,110 12,236 11,813 11,310 Mobile Money Transaction Value US$ Mn 60,984 53,857 54,534 50,425 44,374 Transaction Value per Subs US$ 369 339 358 351 326 Airtel Money Revenue $ Mn 400 368 374 348 318 Active Customers 000's 56,493 54,056 51,986 49,752 45,829 Airtel Money ARPU US$ 2.4 2.3 2.5 2.4 2.3 9.8.2 Human Resources Analysis Parameters Unit Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total Employees Nos 4,541 4,512 4,381 4,310 4,260 Number of Customers per employee Nos 41,621 40,679 40,947 40,329 39,763 Personnel Cost per employee per month US$ 7,922 7,098 7,330 6,821 6,357 Gross Revenue per employee per month US$ 134,771 128,370 130,784 125,614 118,599
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Page 46 of 56 SECTION 10 KEY ACCOUNTING POLICIES AS PER Ind-AS • Property, Plant and equipment Property, plant and equipment (PPE) are stated at cost, net of accumulated depreciation and impairment loss. All direct costs relating to the acquisition and installation of property and equipment are capitalized. Depreciation is recorded on a straight - line basis over the estimated useful lives of the assets. Assets Years Buildings 20 Building on leased land Lease term or 20 years whichever is less Network equipment 3 – 25 Customer premises equipment 3 – 7 Computer equipment & Servers 3 – 5 Furniture & fixture and office equipment 1 – 5 Vehicles 3 – 5 Aircraft 20 Leasehold improvements Lease term or 20 years lease term whichever is less Freehold land is not depreciated. The useful lives, residual values and depreciation method of PPE are reviewed, and adjusted appropriately, at-least as at each financial year so as to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets. Costs of additions and substantial improvements to property and equipment are capitalized. The costs of maintenance and repairs of property and equipment are charged to operating expenses. • Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the fair value of the identifiable net assets of the entity recognized at the date of acquisition. Goodwill is not subject to amortization but is tested for impairment annually and when circumstances indicate, the carrying value may be impaired. Impairment is determined for goodwill by assessing the r ecoverable amount of each cash - generating unit (or group of cash -generating units) to which the goodwill relates. Where the recoverable amount of the cash - generating unit is less than their carrying amount an impairment loss is recognized. Impairment loss es relating to goodwill are not reversed in future periods. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss recognized in the statement of profit and loss on disposal. • Other Intangible assets Intangible assets are recognized when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be measured reliably. The intangible assets that are acquired in a business combination are recognized at its fair value. Other intangible assets are recognized at cost. Those assets having finite useful life are carried at cost less accumulated amortization and impairment losses , if any. Amortization is computed using the straight-line method over the expected useful life of intangible assets. The Group has established the estimated useful lives of different categories of intangible assets as follows: a. Licenses (including spectrum) Acquired licenses and spectrum are amortized commencing from the date when the related network is available for intended use in the relevant jurisdiction. The useful lives range upto twenty five years. The revenue-share based fee on licenses / spectrum is charged to the statement of profit and loss in the period such cost is incurred. b. Software: Software are amortized over the period of license, generally not exceeding five years. The useful lives and amortization method are reviewed, and adjusted appropriately, at least at each financial year end so as to ensure that the method and period of amortization are consistent with the expected pattern of economic benefits from these assets. The effect of any change in the estimated useful lives and / or amortization method is accounted prospectively, and accordingly the amortization is calculated over the remaining revised useful life. Further, the cost of intangible assets under development includes the borrowing costs that are directly attributable to the acquisition or construction of qualifying assets and are presented separately in the Balance Sheet. • Investment in Joint Ventures and Associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists o nly when decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Investment in ioint ventures and associates are accounted for using equity method from the date on which Group obtains joint control over the joint venture / starts exercising significant influence over the associate. Accounting policies of the respective joint venture and associate are aligned wherever necessary, so as to ensure consistency with
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Page 47 of 56 the accounting policies that are adopted by the Group under Ind AS. The Group’s investments in its joint ventures and associates are accounted for using the equity method. Accordingly, the investments are carried at cost less any impairment loss as adjusted for post-acquisition changes in the Group’s share of the net assets of investees. Losses of a joint venture or an associate in excess of the Group’s interest in that joint venture or associate are not recognized. However, additional losses are provided for, and a liability is recognized, only to the extent that t he Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The said investments are tested for impairment whenever circumstances indicate that their carrying values may exceed the recoverable amount (viz. higher of the fair value less costs to sell and the value -in-use). If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of investment and its carrying value. • Leases The Group, at the inception of a contract, assesses the contract as, or containing, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether the contract involves the use of an identified asset, the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and the Group has the right to direct the use of the asset. Group as a lessee The Group recognizes a right -of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee in the Balance Sheet. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using incremental borrowing rate (as the rate implicit in the lease cannot be readily determined). Lease liabilities include the net present value of fixed payments (including any in -substance fixed payment s), any variable lease payments that are based on consumer price index (‘CPI’), the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease term refl ects the lessee exercising that option. Subsequently, the lease liability is measured at amortized cost using the effective interest method. It is re -measured when there is a change in future lease payments including due to changes in CPI or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or when the lease contract is modified and the lease modification is not accounted for as a separate lease. The corresponding adjustment is made to the carrying amount of the right -of-use asset, or is recorded in profit or loss if the carrying amount of the related right- of-use asset has been reduced to zero. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date, any initial direct costs less any lease incentives received. Subsequent to initial recognition, right -of-use asset are stated at cost less accumulated depreciation and any impairment losses and adjusted for certain re -measurements of the lease liability. Depreciation is computed using the straight -line method from the commencement date to the end of the useful life of the underlying asset or the end of the lease term, whichever is shorter. The estimated useful lives of right-of-use assets are determined on the same basis as those of the underlying property and equipment. In the Balance Sheet, the right -of-use assets and lease liabilities are presented separately. When a contract includes lease and non -lease components, the Group allocates the consideration in the contract on the basis of the relative stand-alone prices of each lease component and the aggregate stand-alone price of the non-lease components. Short-term leases and leases of low-value assets The Group has elected not to recognise right -of-use assets and lease liabilities for short term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Group as a lessor Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Amounts due from lessees under a finance lease are recognized as receivables at an amount equal to the net investment in the leased assets. Finance lease income is allocated to the periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the finance lease. Rental income from operating leases is recognized on a straight - line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognize d on a straight line basis over the lease term. When a contract includes lease and non -lease components, the Group applies Ind AS 115 ‘Revenue from Contracts with Customers’ to allocate the consideration under the contract to each component. The Group enters into ‘Indefeasible right to use’ (‘IRU’) arrangements wherein the right to use the assets is given over the substantial part of the asset life. However, as the title to the assets and the significant risks associated with the operation and maintenance of these assets remains with the Group, such arrangements are recognized as operating lease. The contracted price is recognized as revenue during the tenure of the agreement. Unearned IRU revenue received in advance is presented as deferred revenue within liabilities in the Balance Sheet. • Derivative financial instruments
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Page 48 of 56 Derivative financial instruments, including separated embedded derivatives, that are not designated as hedging instruments in a hedging relationship are classified as financial instruments at fair value through profit or loss - Held for trading. Such deriv ative financial instruments are initially recognized at fair value. They are subsequently re-measured at their fair value, with changes in fair value being recognized in the statement of profit and loss. • Hedging activities i. Net investment hedge The Group hedges its certain net investment in certain foreign subsidiaries. which are accounted for similar to cash flow hedges. Accordingly, any foreign exchange differences on the hedging instrument (viz. borrowings) relating to the effective portion of the hedge is recognized in other comprehensive income as foreign currency translation reserve within other components of equity, so as to offset the change in the value of the net investment being hedged. The ineffective portion of the gain or loss on these hedges is immediately recognized in the statement of profit and loss. The amounts accumulated in equity are included in the statement of profit and loss when the foreign operation is disposed or partially disposed. • Revenue recognition Revenue is recognized upon transfer of control of promised products or services to customer at the amount of transaction price (net of variable consideration) which the Group has received or expects to receive in exchange of those products or services, net of any taxes / duties, discounts and process waivers. In order to determine if it is acting as a principal or as an agent, the Group assesses whether it is pr imarily responsible for fulfilling the performance obligation and whether it controls the promised service before transfer to customers. Revenue is recognised when, or as, each distinct performance obligation is satisfied. The main categories of revenue and the basis of recognition are as follows: (i) Service revenues Service revenues mainly pertain to usage, subscription and activation onboarding for voice, data, messaging and value added services and Direct to Home (DTH). It also includes revenue from interconnection / roaming charges for usage of the Group’s network by other operators for voice, data, messaging and signaling services, which are recognized upon transfer of control of services over time . Service revenues also includes rental revenue from leasing of passive infrastructure, rental revenue for use of sites and energy revenue for the provision of energy for operation of sites. Usage charges are recognized based on actual usage. Subscription charges are recognized over the estimated customer relationship period or subscription pack validity period, whichever is lower. Customer onboarding revenue and associated cost is recognized upon successful onboarding of customer i.e. upfront. Revenues in excess of invoicing are classified as unbilled revenue while invoicing / collection in excess of revenue are classified as deferred revenue / advance from customer. The billing / collection in excess of revenue recognized is presented as deferred revenue in the Balance Sheet whereas unbilled revenue is recognized under other current financial assets. Certain business services revenue include revenue from registration and installation, which are amortized over the period of agreement since the date of activation of service. Revenues from long distance operations comprise of voice services and bandwidth services (including installation), which are recognized on provision of services and over the period of respective arrangements. As part of the mobile money services, the Group earns commission from merchants for facilitating recharges, bill payments and other merchant payments. It also earns commission on transfer of monies from one customer wallet to another. Such commissions are recognized as revenue at a point in time on fulfilment of those services by the Group. (ii) Multiple element arrangements The Group has entered into certain multiple -element revenue arrangements which involve the delivery or performance of multiple products, services or rights to use assets. At the inception of the arrangement, all the deliverables therein are evaluated to determine whether they represent distinct performance obligations and if so, they are accounted for separately. Total consideration related to the multiple element arrangements is allocated to each performance obligation based on their standalone selling prices. (iii) Equipment sales Equipment sales mainly pertain to sale of telecommunication equipment and related accessories, for which revenue is recognized when the control of such equipment is transferred to the customer. However, in case of equipment sale forming part of multiple-element revenue arrangements which is not distinct performance obligation, revenue is recognized over the customer relationship period. (iv) Interest Income The interest income is recognized using the effective interest rate method. (v) Dividend Income Dividend income is recognized when the Group’s right to receive the payment is established. • Cost to obtain or fulfill a contract with a customer The Group incurs certain cost or fulfill contract with the customer viz. intermediary commission, etc. where based on Group’s estimate of historic average customer life derived from customer churn rate is longer than 12 months, such costs are deferred and are recognized over the average expected customer life. • Exceptional items Exceptional items refer to items of income or expense within the statement of profit and loss from ordinary activities which are non- recurring and are of such size, nature or incidence that their separate disclosure is considered necessary to explain the performance of the Group. • Foreign currency transactions (i) Functional and presentation currency
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Page 49 of 56 The financial statements are presented in Indian Rupees, which is the functional, and presentation currency of the Company. The items included in financial statements of each of the Group’s entities are measured using the currency of primary economic environment in which the entity operates (i.e. ‘functional currency’). (ii) Transactions and balances Transactions in foreign currencies are initially recorded in the relevant functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the closing exchange rate prevailing as at the reporting date with the resulting foreign exchange differences, on subsequent re -statement / set tlement, recognized in the statement of profit and loss. Non -monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate prevalent, at the date of initial recognition (in case they a re measured at historical cost) or at the date when the fair value is determined (in case they are measured at fair value) – the resulting foreign exchange difference, on subsequent re -statement / settlement, recognised in the statement of profit and loss, except to the extent that it relates to items recognised in the other comprehensive income or directly in equity (iii) Foreign operations The assets and liabilities of foreign operations (including the goodwill and fair value adjustments arising on the acquisition of foreign entities) are translated into Rupees at the exchange rates prevailing at the reporting date whereas their statements o f profit and loss are translated into Rupees at monthly average exchange rates and the equity is recorded at the historical rate. The resulting exchange differences arising on the translation are recognized in other comprehensive income and held in foreign currency translation reserve. On disposal of a foreign operation (that is, disposal involving loss of control), the component of other comprehensive income relating to that particular foreign operation is reclassified to profit or loss. (iv) Net Investment in Foreign operations When a monetary item forms part of the Group’s net investment in a foreign operation, the exchange differences are then recognized initially in other comprehensive income and are held within the foreign currency translation reserve (FCTR). Such FCTR is reclassified from equity to profit and loss on disposal of the foreign operation. • Taxes Current tax is calculated on the basis of the tax rates, laws and regulations, which have been enacted or substantively enacted as at the reporting date in the respective countries where the Group entities operate and generate taxable income. Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying values in the financial statements. Deferred tax is also recognised in respect of carried forward tax losses and tax credits. How ever, deferred tax are not recognized if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Further, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Moreover, deferred tax is recognized on temporary differences arising on investm ents in subsidiaries, joint ventures and associates - unless the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. The unrecognized deferred tax assets / carrying amount of deferred tax assets are reviewed at each reporting date for recoverability and adjusted appropriately. • Transactions with non-controlling interests Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The differences between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity
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Page 50 of 56 SECTION 11 GLOSSARY Technical and Industry Terms Company Related Asset Turnover Asset Turnover is defined as total revenues, for the preceding (last) 12 months from the end of the relevant period, divided by average assets. Asset is defined as the sum of non -current assets and net current assets. Net current assets are computed by sub tracting current liabilities from current assets. Average assets is calculated by considering average of Opening and closing assets for the relevant period. Average Customers Average Co-locations Average Revenue Per User (ARPU) Average Sharing Factor Average customers are derived by computing the average of the monthly average customers for the relevant period. Average co-locations are derived by computing the average of the Opening and Closing co -locations for the relevant period. Average revenue per user per month. This is derived by dividing total revenue during the relevant period by the average number of customers during the period and dividing the result by the number of months in the relevant period. It is calculated as the average of the opening and closing number of co-locations divided by the average of the opening and closing number of towers for the relevant period. Average Towers Average towers are derived by computing the average of the Opening and Closing towers for the relevant period. Book Value Per Equity Share Equity attributable to the holder’s of parent as at the end of the relevant period divided by outstanding equity shares as at the end of the relevant period. Capex It includes investment in gross fixed assets (both tangible and intangible but excluding spectrum) and capital work in progress for the period. Capital Employed Constant Currency (Africa) Capital Employed is defined as sum of equity attributable to parent & non-controlling interest and net debt. The Group has presented certain financial information that is calculated by translating the results at a fixed 'constant currency' exchange rate, which is done to measure the organic performance of the Group and represents the performance of the business in a better way. Constant currency amounts and growth rates are calculated using closing exchange rates as of 31 March 2026 for all reporting regions and service segments. Cumulative Investments Cumulative Investments comprises of gross value of property, plant & equipment (including CWIP & capital advances) and intangibles including investment in associates. Cash Profit from Operations before Derivative & Exchange Fluctuation It is not an Ind-AS measure and is defined as profit from operating activities before depreciation, amortization and exceptional items adjusted for interest expense before adjusting for derivative & exchange (gain)/ loss. Churn Closing Sharing Factor Co-locations Churn is calculated by dividing the total number of disconnections during the relevant period by the average customers; and dividing the result by the number of months in the relevant period. Closing Sharing factor is calculated as the closing number of co-locations divided by closing number of towers as at the end of relevant period. Co-location is the total number of sharing operators at a tower, and where there is a single operator at a tower, ‘co-location’ refers to that single operator. Co-locations as referred to are revenue generating Co-locations.
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Page 51 of 56 Census Towns Number of Census Towns identified in Census 2011 that are covered by Airtel's 4G network. Customer Base Customers generating revenue through recharge, billing or any outgoing activity. Customers Per Employee Number of customers on networks of a business unit as at end of the relevant period divided by number of employees in the respective business unit as at end of the relevant period. Data Customer Base A customer who used at least 1 MB, across technologies, on network in the last 30 days. Data Usage per Customer It is calculated by dividing the total MBs consumed on the network during the relevant period by the average data customer base; and dividing the result by the number of months in the relevant period. Digital TV Services Direct to Home broadcast service including IPTV Earnings Per Basic Share It is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Earnings Per Diluted Share The calculation of Net Profit/ (loss) per diluted share adjusts net profit or loss and the weighted average number of ordinary shares outstanding, to give effect to all dilutive potential ordinary shares that were outstanding during the year. Net profit or loss attributable to ordinary shareholders is adjusted for the after -tax effect of the following: (1) dividends on potential ordinary shares (for example, dilutive convertible preferred shares); (2) interest recognized on potential ordinary s hares (for example, dilutive convertible debt); and (3) any other changes in income or expense resulting from the conversion of dilutive potential ordinary shares (e.g., an entity’s contribution to its non -discretionary employee profit -sharing plan may be revised based on changes in net profit due to the effects of items discussed above). EBITDA EBITDAaL Earnings/ (loss) before interest, taxation, depreciation and amortization. It is not an Ind -AS measure and is defined as profit from operating activities before depreciation, amortization and exceptional items adjusted for charity and donation, finance income (part of other income) and license fees on finance income. Earnings/ (loss) before interest, taxation, depreciation and amortization, adjusted for leases. EBITDA Margin EBITDAaL Margin It is computed by dividing EBITDA for the relevant period by total revenues for the relevant period. It is computed by dividing EBITDAaL for the relevant period by total revenues for the relevant period. EBIT EBITDA adjusted for depreciation and amortization. Enterprise Valuation (EV) Calculated as sum of Market Capitalization, Net Debt ( including finance lease obligations) as at the end of the relevant period. EV / EBITDA (times) For full year ended March 31 2024, 2025 and 2026, It is computed by dividing Enterprise Valuation as at the end of the relevant period (EV) by EBITDA for the relevant period (LTM). For quarterly computation, Computed by dividing Enterprise Valuation as at the end of the relevant period (EV) by annualized EBITDA for the relevant period. Finance Lease Obligation (FLO) Finance Lease Obligation represents present value of future obligation for assets taken on finance lease. Gross Revenue per Employee per month It is computed by dividing the Gross Revenue (net of inter -segment eliminations) by the closing number of employees in a given business unit and number of months in the relevant period.
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Page 52 of 56 Interest Coverage Ratio India Lean Macro EBITDA for the relevant period divided by interest on borrowing for the relevant period. Pursuant to re porting changes on account of consolidation of Indus Towers Limited, the definition of India geography has changed. India represents operational performance including Passive Infrastructure Services (Indus Tower Limited) for all periods presented. Lean products are primarily deployed for network densification – by plugging coverage gaps, providing localized coverage in low population areas, and augmenting the existing coverage and capacity in a specific area. They operate on limited spectrum bands and provide a limited coverage. They have fixed height and capacity for power and antenna loading. Macro products are primarily deployed to provide coverage and capacity. They operate on all available spectrum bands and can have a coverage up to a few kilometers. These are fully configurable sites with augmentable capacity for power and antenna loading to meet customer upgrade and network change requirement. Market Capitalization Number of issued and outstanding shares as at end of the period multiplied by closing market price (BSE) as at end of the period. Mobile Broadband Base stations Smartphone Data Customer It includes all the 4G and 5G Base stations deployed across all technologies i.e. 900/1800/2100/2300/3300 Mhz bands. A customer who used at least 1 MB on 4G/5G network in the last 30 days. Mobile Broadband Towers Minutes on the network It means the total number of network towers (defined below) in which unique number of either 4G or 5G Base stations are deployed, irrespective of their technologies. Total numbers of Mobile Broadband Towers are subset of Total Network Towers. Duration in minutes for which a customer uses the network. It is typically expressed over a period of one month. It includes incoming, outgoing and in-roaming minutes. Network Towers A network tower is a physical infrastructure equipped with Base Transmission System (BTS), antennas and radios that enables the transmission and reception of radio frequency (RF) signals to facilitate mobile communication, voice services, internet access, and other wireless data services. It includes all the Ground based, Roof top and In Building Solutions as at the end of the period. Net Debt Net Debt (excluding Lease obligations) It is not an Ind -AS measure and is defined as the long -term debt, net of current portion plus short -term borrowings, current portion of long-term debt and lease liabilities minus cash and cash equivalents and short term investments. The debt origination cost and Bond fair value hedge are not included in the borrowings It is not an Ind -AS measure and is defined as the long -term debt, net of current portion plus short -term borrowings and current portion of long-term debt minus cash and cash equivalents and short term investments. The debt origination cost and Bond fair value hedge are not included in the borrowings Net Debt to EBITDA (Annualized) Net Debt (excluding Lease obligations) to EBITDAaL (Annualized) For the full year ended March 31 2024, 2025 and 2026, it is Computed by dividing net debt at the end of the relevant period by EBITDA for the relevant period (LTM).For Quarterly computation, It is computed by dividing net debt as at the end of the relevant period by EBITDA for the relevant period (annualized). For the full year ended March 31 2024, 2025 and 2026, it is Computed by dividing net debt (Pre Ind AS 116) at the end of the relevant period by EBITDAAL for the relevant period (LTM).For Quarterly computation, It is computed by dividing net debt ( Pre Ind AS 116 ) as at the end of the relevant period by EBITDAAL for the relevant period (annualized). Net Debt to Funded Equity Ratio It is computed by dividing net debt as at the end of the relevant period by Equity attributable to equity holders of parent as at the end of the relevant period.
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Page 53 of 56 Net Profit (before exceptional items) Margin It is computed by dividing Net income (before exceptional items) of the relevant period by Total revenues of the relevant period. Net Revenues It is not an Ind-AS measure and is defined as total revenues adjusted for access charges, cost of goods sold and license fees for the relevant period. Operating Free Cash flow It is computed by subtracting capex from EBITDA. Personnel Cost per Employee per month It is computed by dividing the Personnel Cost by the closing number of employees in a given business unit and number of months in the relevant period. Price-Earnings Ratio – P/E Ratio It is computed by dividing the closing market price (BSE) as at end of the relevant period by the earnings per basic share for the relevant period (LTM). Profit / (Loss) after current tax expense It is not an Ind-AS measure and is defined as Profit / (Loss) before taxation adjusted for current tax expense. Return On Capital Employed (ROCE) For the full year ended March 31 2024, 2025 and 2026, ROCE is computed by dividing the EBIT for the period by the average (of opening & Closing) Capital employed. For the quarterly computation, it is computed by dividing the EBIT (annualized for the relevant period) by average capital employed. Average capital employed is calculated by considering average of opening and closing capital employed for the relevant period). Return On Equity (Post Tax) For the full year ended March 31 2024, 2025 and 2026, it is computed by dividing net profit for the period by the average (of opening and closing) Equity attributable to equity holders of parent. For the quarterly computations, it is computed by dividing net profit for the preceding (last) 12 months from th e end of the relevant period by the average equity attributable to equity holders of parent (Average parent equity is calculated by considering average of opening and closing parent equity for the relevant period). Return On Equity (Pre Tax) For the full year ended March 31 2024, 2025 and 2026, it is computed by dividing profit before tax & MI (after exceptional items) for the period by the average (of opening and closing) total Equity. For the quarterly computations, it is computed by dividing profit before tax & MI (after exceptional items) for the preceding (last) 12 months from the end of the relevant period by the average total equity (Average total equity is calculated by considering average of opening and closing total equity for the relevant period). Revenue per Site per month Sharing Operator Sharing Revenue Sharing revenue per Sharing Operator per month Sharing revenue per Tower per month Revenue per Site per month is computed by: dividing the total mobile revenues, excluding sale of goods (if any) during the relevant period by the average sites; and dividing the result by the number of months in the relevant period. A party granted access to a tower and who has installed active infrastructure at the tower. It represents total revenue excluding energy reimbursements accrued during the relevant period. Is calculated on the basis of sharing revenues accrued during the relevant period divided by the average number of colocations for the period (including such co -locations for which exit notices have been received, but actual exits have not yet happened as at period end), determined on the basis of opening and closing number of co-locations for the relevant period. Is calculated on the basis of sharing revenues accrued during the relevant period divided by the average number of towers for the period, determined on the basis of opening and closing number of towers for the relevant period. Submarine Cable Count Submarine cable system refers to number of owned cables (including consortium) Total Employees Total on-roll employees as at the end of respective period. Total Equity Includes equity attributable to shareholders (both parent and non-controlling interest). Total MBs on Network Includes total MBs consumed on the network (uploaded & downloaded) on our network during the relevant period.
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Page 54 of 56 Towers Infrastructure located at a site which is permitted by applicable law to be shared, including, but not limited to, the tower, shelter, diesel generator sets and other alternate energy sources, battery banks, air conditioners and electrical works. Towers as referred to are revenue generating Towers. Total Operating Expenses It is defined as sum of Employee costs, Network operations costs , Selling, General & Administrative cost, Charity & Donation, Cost of goods sold, Licence fees, revenue share & spectrum charges and Access charges for the relevant period. Voice Minutes of Usage per Customer per month It is calculated by dividing the voice minutes of usage on our network during the relevant period by the average customers; and dividing the result by the number of months in the relevant period. Airtel Payments Bank Limited GMV Value of transactions with merchants, remittances, collections, payments, withdrawals etc through our Payment solutions. It excludes any consumer to consumer payment service. Total Customers Unique Savings Bank, Wallet and platform users in Airtel Payments Bank records, identified by mobile number Monthly Transacting Users (MTU) Unique users with at least 1 successful transaction in a calendar month. Regulatory & Others 4G 5G Fourth - Generation Technology Fifth - Generation Technology BSE The Stock Exchange, Mumbai RBI GSM Reserve Bank of India Global System for Mobile Communications. ICT Information and Communication Technology GAAP Generally Accepted Accounting Principles KYC Know Your Customer IAS International Accounting Standards IFRS International Financial Reporting Standards Ind-AS Indian Accounting Standards NSE The National Stock Exchange of India Limited. Sensex Sensex is a stock index introduced by The Stock Exchange, Mumbai in 1986. PPE Property, plant and equipment VoIP Voice over Internet Protocol SA South Asia KPI Key Performance Indicator
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Page 55 of 56 LTM Last twelve month FTTH Fiber-to-the home VAS Value added service MPLS Multi-Protocol Label Switching IoT Internet Of Things M2M Machine to Machine
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Page 56 of 56 Written correspondence to be sent to: Bharti Airtel Limited Investor Relations ir@bharti.in http://www.airtel.in