Earnings · Telecom · Bharti Airtel
Bharti Airtel lists Thursday, 5 November 2026 for its September-quarter results. The base is strong, and its profit appears as three different numbers. Here are the date, the clean base and the lines to read first.
Quick answer
Airtel Q2 results FY27 are due on Thursday, 5 November 2026, per the company’s results calendar. The base to beat is Rs 52,145 crore revenue, Rs 29,919 crore EBITDA and Rs 6,792 crore net income, with mobile ARPU of Rs 256, all from Q2 FY26, as of 31 October 2026.
Latest update (31 October 2026, 2:00 PM IST): Airtel’s investor page lists 5 November 2026 as the Q2 results date, marked with an asterisk. I did not open an exchange filing and did not find a published Q2 FY27 analyst consensus as of this update.
Key takeaways
- Date: Thursday, 5 November 2026, from the company’s calendar; last year the board began at 2:30 PM.
- Base to beat: Q2 FY26 EBITDA Rs 29,919 crore and net income Rs 6,792 crore, up 73.6% on the year.
- Three profits: Q1 FY27 profit was Rs 10,012 crore after tax, Rs 8,167 crore reported and Rs 8,057 crore before exceptional items.
- ARPU: Rs 264 in Q1 FY27, only 3.1% above the Rs 256 base if it stays flat.
- Africa effect: non-India revenue was 28.8% above the base against 6.5% for India (my calculation).
In plain words: Airtel earns money from mobile, broadband and Africa. This page tells you when the September-quarter result is due, which year-ago numbers it will be compared with, and why a single “profit” headline can mean three different figures.
Data note: as of Saturday, 31 October 2026, 2:00 PM IST. Q2 FY26 figures come from Airtel’s media release of 3 November 2025 as carried by the NSE archive. Q1 FY27 figures come from news and data-page relays of Airtel’s 4 August 2026 release; I did not open that release. Q2 FY27 results are not reported yet.
When are Airtel Q2 results FY27 due?
Thursday, 5 November 2026, according to Airtel’s own quarterly results calendar; the date carries an asterisk, so confirm it in the exchange filing.
Airtel’s investor page lists Q1 FY27 results on 4 August 2026 (which matched the actual date), Q2 on 5 November 2026, Q3 on 3 February 2027 and Q4 on 18 May 2027. The page does not say what the asterisk means, so I treat the date as indicative until the board notice appears. The board will consider results for the quarter and half-year ended 30 September 2026.
Timing pattern: last year the board meeting began at 2:30 PM on Monday, 3 November 2025 and the press release followed in the afternoon. The earnings call came the next day, Tuesday, 4 November 2025, from 1:00 PM to 2:20 PM. I did not find a Q2 FY27 call notice yet.
Airtel Q2 results FY27: what changed and when
| Event | Date | Weekday | Status |
|---|---|---|---|
| Q2 FY26 results | 3 November 2025 | Monday | Filed; this is the year-ago base |
| Q1 FY27 results | 4 August 2026 | Tuesday | Filed; revenue Rs 58,539 crore |
| Q2 FY27 results | 5 November 2026 | Thursday | Company calendar date, marked with an asterisk |
| Q3 FY27 results | 3 February 2027 | Wednesday | Company calendar date |
The legal deadline for Q2 results is 14 November 2026. Several large companies report the same day, including Titan and LIC. Banks and metals report in the same week; see SBI and Hindalco. Track every date on the results calendar hub.
What numbers does Airtel have to beat?
Revenue of Rs 52,145 crore, EBITDA of Rs 29,919 crore, net income of Rs 6,792 crore and mobile ARPU of Rs 256, all from Q2 FY26, with Q1 FY27 as the current run-rate.
| Consolidated, Rs crore | Q2 FY26 (year-ago base) | Q1 FY27 | Gap (my calculation) | Why it matters |
|---|---|---|---|---|
| Revenue from operations | 52,145 | 58,539 | +6,394 (+12.3%) | Headline growth measure |
| EBITDA | 29,919 | 33,599 | +3,680 (+12.3%) | Operating profit before depreciation |
| EBITDA margin | 57.4% | 57.4% | 0.0 points | Margin has held |
| EBIT | 16,669 | 19,282 | +2,613 (+15.7%) | After depreciation |
| Net income before exceptional items | 6,792 | 8,057 | +1,265 (+18.6%) | Company’s headline profit |
| Mobile ARPU (Rs per month) | 256 | 264 | +8 (+3.1%) | Pricing and mix indicator |
Cite this table: PositionalCalls, “PositionalCalls Airtel Q2 FY27 Base-to-Beat Table, as of 31 October 2026”.
The gap column reads across two different quarters, so it is a guide, not a seasonal comparison. The year-on-year test for Airtel Q2 results FY27 uses the base column. Q2 FY26 net income grew 73.6% on Rs 3,911 crore in Q2 FY25, so the base is strong. Q1 FY27 is already 12.3% above the Q2 FY26 revenue base, so a flat quarter shows double-digit growth.
Which Airtel profit number is the right one?
For headline comparisons use net income before exceptional items (Rs 8,057 crore in Q1 FY27); profit after tax including minority interest (Rs 10,012 crore) is a larger, different figure.
| Consolidated, Rs crore | Q2 FY26 | Q1 FY27 | Q1 FY26 | Where you see it |
|---|---|---|---|---|
| Profit after tax, incl. minority interest | 8,651 | 10,012 | 7,422 | Data pages; statement |
| Net income, reported | 6,792 | 8,167 | 5,948 | Some news headlines |
| Net income before exceptional items | 6,792 | 8,057 | 5,948 | Company media release |
| Gap: PAT less reported net income (my calculation) | 1,859 | 1,845 | 1,474 | Mainly minority interest |
Cite this table: PositionalCalls, “PositionalCalls Airtel Three-Profit Definitions Table, as of 31 October 2026”.
The same quarter produces three growth rates. Q1 FY27 net income grew 37.3% as reported (8,167 against 5,948), 35.5% before exceptional items (8,057 against 5,948) and 34.9% as profit after tax including minority interest (10,012 against 7,422). My calculation: the difference between reported and pre-exceptional net income is Rs 110 crore, a net exceptional gain. The Q2 FY26 profit after tax of Rs 8,651 crore is from two news pages and is single-source.
Other numbers that do not match across pages
- Revenue: Rs 58,539 crore is revenue from operations; Rs 59,446 crore is total income including other income.
- EBITDA: the company reports Rs 33,599 crore. One data page shows Rs 33,303 crore excluding other income, and another shows Rs 33,856 crore on an unstated basis.
- EBITDA margin: 57.4% is the company figure; a data page computes 56.89% on total income.
- Q2 FY26 profit before tax: Rs 12,322 crore on one page and Rs 12,381 crore on another.
Quoting an “EBITDAaL” (after lease costs) figure, such as Rs 29,840 crore in Q1 FY27, against an EBITDA base is another common mismatch.
Is growth coming from India or Africa?
India grew about 6.5% on the Q2 FY26 base by Q1 FY27 while the non-India remainder grew about 28.8%, so Africa and currency effects carry much of consolidated growth.
| Rs crore | Q2 FY26 (base) | Q1 FY27 | Change (my calculation) | Note |
|---|---|---|---|---|
| India revenue | 38,690 | 41,214 | +6.5% | India mobile revenue +9.2% YoY in Q1 |
| India EBITDA | 23,204 | 24,781 | +6.8% | Margin 60.0% to 60.1% |
| Non-India revenue (consolidated less India) | 13,455 | 17,325 | +28.8% | Africa plus other items |
| Non-India EBITDA (consolidated less India) | 6,715 | 8,818 | +31.3% | Includes currency effects |
Cite this table: PositionalCalls, “PositionalCalls Airtel India versus Rest Table, as of 31 October 2026”.
Treat the non-India lines as a derived remainder, not an Africa segment figure. They include Airtel Africa, South Asia and eliminations. The Q2 FY26 release said Africa revenue grew 24.2% in constant currency, so currency moves can add to or subtract from reported growth. If the rupee moves against African currencies in Q2, consolidated growth can look different from India growth. Compare how another large telecom reports in our Jio Platforms Q2 results coverage, and see the conglomerate view in Reliance Q2 results.
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What does ARPU need to show?
A flat Rs 264 would be only 3.1% above the Rs 256 base; a Rs 271 print would be 5.9% above.
| Q2 FY27 mobile ARPU (Rs) | Growth on Q2 FY26 (Rs 256) | Change on Q1 FY27 (Rs 264) |
|---|---|---|
| 264 | +3.1% | 0.0% |
| 268 | +4.7% | +1.5% |
| 271 | +5.9% | +2.7% |
| 275 | +7.4% | +4.2% |
Cite this table: PositionalCalls, “PositionalCalls Airtel ARPU Path Table, as of 31 October 2026”.
ARPU was Rs 250 in Q1 FY26, Rs 256 in Q2 FY26, Rs 257 in Q4 FY26 and Rs 264 in Q1 FY27 (my sources lack Q3 FY26). Q1 FY27 ARPU grew 5.6% on the year while India mobile revenue grew 9.2%, so subscriber growth contributed as much as price. Postpaid subscribers rose by 1 million to over 30 million in Q1 and Homes added 3.7 million customers on the year. Tariff changes, if any, are the swing factor; check the filing rather than rumour.
Usage and customer marks
| Mark | Q2 FY26 | Q1 FY27 | Note |
|---|---|---|---|
| Mobile data per customer per month | 28.3 GB | 34.4 GB | +21.6% (my calculation) |
| Data consumption growth, year on year | 26.6% | 36.0% | Company figures |
| Postpaid net additions | 0.95 million | About 1 million | Postpaid base above 30 million |
| Homes net additions | Not in sources | 3.7 million (year on year) | Company figure |
Cite this table: PositionalCalls, “PositionalCalls Airtel Usage Marks Table, as of 31 October 2026”.
Higher data use supports ARPU only if customers move to larger plans. Watch whether data growth stays ahead of ARPU growth in Q2.
What could Q2 look like? A sensitivity table
Under my arithmetic, Airtel Q2 results FY27 could show EBITDA between about Rs 33,600 crore and Rs 35,500 crore if revenue grows 0% to 5.7% on Q1; this is a sensitivity, not a forecast.
Assumptions: Q2 FY27 revenue equals Q1 FY27’s Rs 58,539 crore grown by the stated rate; EBITDA margin stays at 57.4%; net income before exceptional items stays at Q1’s ratio of 13.76% of revenue. The 5.7% case repeats Q1’s sequential growth.
| Revenue growth on Q1 | Revenue (Rs crore) | EBITDA (Rs crore) vs 29,919 | Net income (Rs crore) vs 6,792 |
|---|---|---|---|
| 0% | 58,539 | 33,601 (+12.3%) | 8,057 (+18.6%) |
| 3% | 60,295 | 34,609 (+15.7%) | 8,299 (+22.2%) |
| 5.7% | 61,876 | 35,517 (+18.7%) | 8,516 (+25.4%) |
Cite this table: PositionalCalls, “PositionalCalls Airtel Q2 FY27 Sensitivity Table, as of 31 October 2026”.
These are not estimates, and I found no published Q2 FY27 consensus. Before Q1 FY27, brokerages had pegged revenue growth near 15% and profit growth at 26% to 45%; revenue then came in above the Bloomberg consensus while profit was reported as below it. A flat revenue quarter already shows growth of 12.3% on the Q2 FY26 base, so judge Airtel Q2 results FY27 on margin and ARPU, not on growth alone.
Three worked examples
- Flat revenue: Rs 58,539 crore divided by Rs 52,145 crore is 1.123, so even a flat quarter shows 12.3% growth.
- One point of margin: 1% of Rs 58,539 crore is about Rs 585 crore of EBITDA, so a 57.4% to 56.4% slip would remove about Rs 585 crore.
- Net margin: Q2 FY26 net income was 13.0% of revenue (6,792 over 52,145) and Q1 FY27 was 13.8% (8,057 over 58,539), a gain of 0.7 points.
What do debt and capex need to show?
Reported net debt fell to Rs 81,852 crore by June 2026; the Q2 test is whether it keeps falling while capex stays near last year’s Rs 11,362 crore.
| Item | Q2 FY26 (September 2025) | Q1 FY27 (June 2026) | How to read it |
|---|---|---|---|
| Net debt excluding leases | About Rs 1.27 trillion | Rs 81,852 crore (reported) | One report says down about 35% on the year; check the basis |
| Net debt to EBITDA, annualised | 1.63x (including leases) | 1.17x (one report, basis not stated) | Do not compare across bases |
| Capex in the quarter | Rs 11,362 crore | Not in sources | Read the Q2 capex line |
Cite this table: PositionalCalls, “PositionalCalls Airtel Debt and Capex Marks, as of 31 October 2026”.
My calculation: Rs 1.27 trillion less Rs 81,852 crore is about Rs 45,148 crore, but the two figures come from different dates and I could not confirm that both exclude lease obligations. Use the filing’s own net debt table for Q2 FY27 and compare it with the June 2026 line in the same format. Lower debt matters for interest costs and for the headroom to fund spectrum and network spending.
Results-day decoder: what to read first
For Airtel Q2 results FY27, read revenue and EBITDA margin first, then ARPU, then India versus the rest, then the profit line and its definition.
| What to read | Mark to beat | Question to ask |
|---|---|---|
| Consolidated revenue | Rs 52,145 crore (year-ago); Rs 58,539 crore (Q1) | Is growth above 12.3%, the flat-quarter level? |
| EBITDA margin | 57.4% in both quarters | Did the margin hold at 57%? |
| Mobile ARPU | Rs 256 (year-ago); Rs 264 (Q1) | Did it rise above Rs 264? |
| India revenue and EBITDA | Rs 41,214 crore and Rs 24,781 crore (Q1) | Did India grow faster than its 6.5% gap? |
| Non-India remainder | Revenue Rs 17,325 crore (Q1) | Did currency help or hurt? |
| Net income | Rs 6,792 crore (year-ago); Rs 8,057 crore (Q1) | Is the headline before or after exceptional items? |
| Profit after tax and minority | Rs 10,012 crore (Q1) | Which profit line does the headline use? |
Cite this table: PositionalCalls, “PositionalCalls Airtel Results-Day Decoder, as of 31 October 2026”.
How to read the result and what to avoid
To read Airtel Q2 results FY27, use the exchange filing and the company media release, and ignore any message that offers the result early.
- Open the BSE or NSE announcements page for Bharti Airtel and find the results filing.
- Read the media release headline table, then the consolidated statement.
- Check whether profit is before or after exceptional items and minority interest.
- Compare revenue, EBITDA margin and ARPU with the decoder.
- Look at India against the non-India remainder.
- Note any capex, debt or dividend commentary on the call.
What it costs and what to avoid
Reading the result costs nothing. Dealing costs depend on your broker, so check the current charges schedule. Tax on dividends and gains follows the current rules, so see our capital gains tax on shares guide; NRI holders should see our NRI investment guide. Fake result alerts, “sure-shot” tips, KYC or OTP links and fake recharge or SIM-update messages circulate around telecom results. Never share an OTP.
What most people miss
Analyst’s note
- What stands out: Q1 FY27 revenue is already 12.3% above the Q2 FY26 base, so the interesting question is margin and ARPU, not headline growth.
- Easy to miss: India grew about 6.5% on the base while the non-India remainder grew about 28.8%.
- What would change the view: an EBITDA margin below 57%, ARPU below Rs 264, or a large exceptional item.
- Caution: the sensitivity table is my own arithmetic, not a forecast or target. This note is reasoning from the filings.
- Reader action: on 5 November, match each headline profit to the three definitions above.
Bottom line
Airtel Q2 results FY27 are due on Thursday, 5 November 2026 per the company calendar. The base is Rs 29,919 crore EBITDA and Rs 6,792 crore net income. The strong base and the three profit definitions mean you should read margin, ARPU and the profit label before the growth percentage.
Next read: see all Q2 result dates on the calendar hub.
Part of the Earnings series.
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FAQs on Airtel Q2 results FY27
When are Airtel Q2 results FY27 due?
Bharti Airtel’s own quarterly calendar lists Thursday, 5 November 2026 as the Q2 results announcement date, with an asterisk. The board will consider results for the quarter ended 30 September 2026. Confirm the date and time in the BSE or NSE filing, because the calendar date is marked as indicative.
What is the base to beat for Airtel Q2 results FY27?
From Q2 FY26 the company reported revenue of Rs 52,145 crore, EBITDA of Rs 29,919 crore at a 57.4% margin, net income before exceptional items of Rs 6,792 crore and mobile ARPU of Rs 256. Q2 FY27 growth is measured against these figures.
What were Airtel’s Q1 FY27 results?
For the June 2026 quarter Airtel reported revenue of Rs 58,539 crore (up 18.4%), EBITDA of Rs 33,599 crore at 57.4%, net income before exceptional items of Rs 8,057 crore and mobile ARPU of Rs 264, against Rs 250 a year earlier.
Why do Airtel profit figures differ across news pages?
Airtel’s consolidated statement shows profit after tax including minority interest (Rs 10,012 crore in Q1 FY27), while the company’s headline uses net income. That was Rs 8,167 crore reported and Rs 8,057 crore before exceptional items, so growth appears as 34.9%, 37.3% or 35.5%.
What is Airtel’s ARPU and why does it matter?
ARPU is average revenue per user per month. Airtel’s mobile ARPU was Rs 264 in Q1 FY27, up from Rs 250 a year earlier and Rs 257 in Q4 FY26. A flat Rs 264 in Q2 would be only 3.1% above the Rs 256 base (my calculation).
Is Airtel’s growth coming from India or Africa?
Both, but not equally. My calculation from company figures: India revenue in Q1 FY27 was 6.5% above the Q2 FY26 base, while the non-India remainder was 28.8% higher, so Africa and currency effects carry much of consolidated growth.
Will Airtel give an earnings call for Q2 FY27?
Last year the call was held the day after the results, on 4 November 2025 from 1:00 PM to 2:20 PM IST. I did not find a Q2 FY27 call notice, so check the investor page and exchange filings for the schedule.
Thursday, 5 November 2026 is a trading day, and last year the board began at 2:30 PM and the release followed in the afternoon. A reaction can come the same afternoon or on the next session, depending on when the filing appears.
Where can I read the official Airtel Q2 results?
Read the filing on the BSE and NSE corporate announcement pages and the media release on Airtel’s investor page. Compare the consolidated table with the base on this page, and ignore unofficial messages or screenshots that claim an early result.
Does this page give an Airtel Q2 results FY27 buy or sell call?
No. This is research and education, not advice. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Use the numbers to frame questions and speak to a registered adviser before investing.
Sources
- Bharti Airtel quarterly results calendar, company investor page
- Bharti Airtel media release, Q2 FY26 (3 November 2025), NSE archive
- Bharti Airtel Q2 FY26 results board-meeting intimation, NSE archive
- Business Standard and IANS, Q2 FY26 results, 3 November 2025
- Upstox, PSU Connect, Kotak Neo and Sahi, Q1 FY27 results coverage, 4 August 2026
- Communications Today, Airtel Q1 FY27 analysis, August 2026
- FilingReader, Airtel Q2 FY26 earnings call schedule, 28 October 2025
Editorial disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls.com is an independent research and education site founded by Shubham Chaudhary. This page is not investment advice, a recommendation or a price target. How I researched this: I read Airtel’s Q2 FY26 media release as carried in the NSE archive, cross-checked Q1 FY27 figures across news and data pages and recalculated every derived figure; own calculations are labelled.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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