Analysts expect the company to post revenue in the range of Rs 51,000–52,000 crore, supported by higher average revenue per user (ARPU), rising 4G and 5G data usage, and continued traction in its non-wireless businesses. Consolidated EBITDA is seen growing in double digits, with margin stability aided by cost discipline and improved subscriber mix.
Brokerages largely expect a stable quarter with limited impact from the company’s decision to phase out its low-cost 1GB plans. UBS said Bharti is likely to post a “steady” performance, projecting 13% year-on-year growth in both revenue and EBITDA, supported by recovery in the enterprise business after several quarters of clean-up.
UBS expects India mobile revenue to increase 13% year-on-year and 2% sequentially, led by a 2.3% rise in ARPU, while the home broadband segment is likely to grow over 27% year-on-year on robust subscriber additions.
JM Financial expects the company to add around 7.2 million mobile broadband users during the quarter—almost double the additions in the previous quarter—driven by rising data usage and improved network coverage.
Overall subscriber additions may remain modest at about 2 million, while the wireless ARPU is estimated to rise 1.6% sequentially to Rs 254, supported by upgrades and an improved subscriber mix. The firm estimates India wireless revenue to rise 2% quarter-on-quarter to Rs 27,900 crore, while EBITDA from the segment is seen improving 2.1% to Rs 166 billion.The home broadband vertical is expected to add over a million new users, and the enterprise business should show a gradual recovery after exiting low-margin wholesale and voice operations earlier this year. Also Read: Madhusudan Kela Portfolio: 7 stocks rally up to 67% in FY26; fresh bet in Q2 revealed
Global brokerage Morgan Stanley expects Airtel to post Rs 51,500 crore in consolidated revenue, up 14.7% year-on-year, and Rs 290 billion in EBITDA, a 13.5% increase from last year. However, it expects net profit to be around Rs 5,430 crore, down 8.7% sequentially, reflecting higher depreciation and financing costs, even as it grows 34.9% year-on-year.
Morgan Stanley sees Airtel generating free cash flow of about $1.4 billion during the quarter, with consolidated net debt expected to decline to around $21 billion, from $22.4 billion in the previous quarter.
Axis Securities also expects healthy sequential growth of 4.6%, supported by continued momentum in the mobile and Africa businesses. However, it forecasts a slight contraction in EBIT margin by around 35 basis points, citing normalising operating leverage and elevated network investments. The brokerage expects commentary on ARPU trends, subscriber additions, and the pace of 5G rollout to be key focus areas.
While Africa remains a steady contributor, investors will be watching for updates on tariff adjustments, particularly in the entry-level plans that Airtel discontinued recently. Analysts expect ARPU to continue inching up as customers migrate to higher-value plans, while the enterprise business should benefit from improved pricing and a sharper focus on profitability.
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