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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 FY19

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19
Revenue from operations	58,539	55,383	53,982	52,145	49,463	47,876	45,129	41,473	38,506	37,599	37,900	37,044	37,440	36,009	35,804	34,527	32,805	31,500	29,867	28,326	26,854	25,747	26,518	25,785	23,939	23,723	21,947	21,131	20,738	20,602	20,519	20,423
Other income	907	879	702	728	509	486	470	255	364	317	440	330	348	285	258	202	192	18.6	197	109	210	83.9	49.2	149	481	99.4	74.5	67.7	74.6	54.6	67.5	69.4
Total expenses	45,428	43,141	42,242	40,632	39,550	38,696	37,912	36,051	34,491	33,513	34,804	32,450	33,109	31,881	31,335	30,820	29,568	28,102	28,078	26,727	25,813	24,778	25,940	25,325	24,214	23,920	22,627	22,138	22,435	22,002	21,790	22,509
EBITDA	33,303	31,492	30,783	29,561	27,839	27,009	24,597	21,846	19,708	19,365	19,815	19,514	19,599	18,697	18,453	17,594	16,529	16,040	14,703	13,811	12,980	12,332	12,053	11,642	10,408	10,165	9,246	8,860	8,289	6,632	6,218	6,244
EBITDA margin	56.9%	56.9%	57.0%	56.7%	56.3%	56.4%	54.5%	52.7%	51.2%	51.5%	52.3%	52.7%	52.3%	51.9%	51.5%	51.0%	50.4%	50.9%	49.2%	48.8%	48.3%	47.9%	45.5%	45.2%	43.5%	42.9%	42.1%	41.9%	40.0%	32.2%	30.3%	30.6%
Finance costs	5,956	5,606	5,623	4,866	5,461	5,502	5,676	5,424	5,152	5,203	6,645	5,186	5,614	5,163	4,686	4,940	4,511	4,059	4,367	3,964	4,226	3,861	3,972	3,760	3,456	3,308	2,985	2,931	3,228	2,538	2,017	3,093
Depreciation	14,235	13,644	13,420	13,182	12,465	12,326	11,704	11,000	10,540	10,075	10,074	9,734	9,654	9,406	9,298	8,947	8,781	8,583	8,547	8,247	7,714	7,502	7,503	7,421	7,227	7,055	6,941	6,935	6,759	5,493	5,472	5,237
Profit before tax	13,665	9,960	12,185	12,241	10,422	9,526	15,232	4,824	5,114	1,948	3,405	3,354	1,263	4,413	4,058	3,909	3,429	4,323	2,025	2,430	1,281	1,494	−3,933	560	−11,540	−7,102	−1,655	−31,650	−3,092	677	210	−2,162
Tax	3,761	797	3,799	3,672	3,083	−2,892	757	1,744	1,308	710	1,232	1,847	333	788	1,076	1,286	1,123	1,322	991	1,031	835	510	4,307	552	3,818	−2,034	−1,038	−8,504	−607	137	−182	−2,248
Net profit	10,012	9,247	8,503	8,651	7,422	12,476	16,135	4,153	4,718	2,068	2,876	2,093	1,520	4,226	2,614	2,979	2,469	3,715	1,651	1,998	941	1,511	1,350	−33.9	−15,191	−4,977	−465	−22,830	−2,392	576	383	249
Net margin	17.1%	16.7%	15.8%	16.6%	15.0%	26.1%	35.8%	10.0%	12.3%	5.5%	7.6%	5.7%	4.1%	11.7%	7.3%	8.6%	7.5%	11.8%	5.5%	7.1%	3.5%	5.9%	5.1%	-0.1%	-63.5%	-21.0%	-2.1%	-108.0%	-11.5%	2.8%	1.9%	1.2%
EPS (₹)	13.38	12.53	11.44	11.66	10.26	19.02	25.54	6.21	7.21	3.61	4.27	2.36	2.84	5.30	2.81	3.80	2.88	3.59	1.49	2.06	0.52	1.39	-16.10	-1.40	-29.22	-9.69	-2.02	-44.92	-6.18	0.27	0.22	0.30
Net profit YoY	+34.9%	−25.9%	−47.3%	+108.3%	+57.3%	+503.2%	+460.9%	+98.4%	+210.3%	−51.1%	+10.1%	−29.7%	−38.4%	+13.8%	+58.3%	+49.1%	+162.2%	+145.9%	+22.3%	+5994.1%	+106.2%	+130.4%	+390.4%	+99.9%	−535.0%	−963.9%	−221.5%	−9261.4%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	2,10,973	1,72,985	1,49,982	1,39,145	1,16,547	1,00,616	87,539	80,780
Other income	2,817	1,574	1,435	937	534	643	325	291
Total expenses	1,65,564	1,47,150	1,33,876	1,23,603	1,08,720	99,740	91,128	86,088
EBITDA	1,19,675	93,159	78,292	71,274	57,534	45,372	36,482	25,819
EBITDA margin	56.7%	53.9%	52.2%	51.2%	49.4%	45.1%	41.7%	32.0%
Finance costs	21,555	21,754	22,648	19,300	16,616	15,091	12,382	9,779
Depreciation	52,711	45,570	39,538	36,432	33,091	29,404	27,690	21,348
Profit before tax	44,808	34,696	9,970	15,809	10,060	−14,395	−43,499	−2,087
Tax	11,350	917	4,121	4,273	4,178	8,933	−12,182	−3,419
Net profit	33,823	37,481	8,558	12,287	8,305	−12,364	−30,664	1,688
Net margin	16.0%	21.7%	5.7%	8.8%	7.1%	-12.3%	-35.0%	2.1%
EPS (₹)	45.96	58.00	13.09	14.80	7.67	-46.50	-63.41	1.02
Net profit YoY	−9.8%	+338.0%	−30.4%	+47.9%	+167.2%	+59.7%	−1917.1%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	1,22,230	98,332	78,898	65,325	55,017
Investing cash flow	−58,535	−60,270	−50,204	−39,080	−41,870
Financing cash flow	−52,293	−36,533	−27,779	−24,470	−15,203
Capital expenditure	45,176	37,908	38,192	26,057	26,541
Free cash flow (CFO − capex)	77,054	60,425	40,707	39,268	28,476

Net profit trend

annual, ₹ crore

FY21

₹−12,364

FY22

₹8,305+167%

FY23

₹12,287+48%

FY24

₹8,558−30%

FY25

₹37,481+338%

FY26

₹33,823−10%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated · audited	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone · audited	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	13 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	13 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated · audited	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone · audited	5 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated · audited	3 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone · audited	3 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2621.66 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 46.2×29.9×

P/B5Y avg 8.41×7.30×

ROEFY26, on average equity25.7%

Net margin16.0%

Debt / equity0.82×

Revenue CAGR (3Y)14.9%

Profit CAGR (3Y)40.1%

EPS (TTM)₹59.76

Market cap₹10.88L Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

7.30×

vs 8-point avg 8.41× (−13%)

5.88× low8.41× avg11.96× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹5.52L Cr+7%

Net worth₹1.49L Cr+31%

Total borrowings₹1.22L Cr−18%

Cash & bank balances₹13,722 Cr+125%

Investments₹14,839 Cr+576%

Inventories₹601 Cr+33%

Trade receivables₹7,978 Cr+7%

Trade payables₹45,015 Cr+18%

Change vs the same date a year earlier.

Revenue mix FY26

Mobile Services India48.1%result ₹35,766 Cr

Mobile Services Africa24.2%result ₹18,794 Cr

Passive Infrastructure Services13.9%result ₹11,227 Cr

Airtel Business9.0%result ₹6,360 Cr

Homes Services3.3%result ₹1,223 Cr

Digital TV Services1.3%result ₹−206 Cr

Others0.2%result ₹331 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	50.07	50.07	48.87	48.87	50.27	51.25	52.42	53.11	53.14	53.17	53.49	54.57
FII	26.48	26.52	27.80	28.76	27.42	26.72	25.42	24.27	25.08	24.62	24.35	22.68
DII	20.76	20.76	20.65	19.66	19.51	19.21	19.35	19.63	18.82	19.29	19.35	19.65
of which MF	11.85	11.89	12.03	11.36	11.32	11.10	–	–	–	–	–	–
Retail	1.80	1.80	1.80	1.77	1.82	1.80	1.85	1.96	1.94	1.90	1.83	1.83
Other public	0.85	0.81	0.84	0.89	0.93	0.95	0.89	0.95	0.96	0.96	0.93	1.22

9,24,369 shareholders · NSE shareholding pattern filings.