Financials Bharti Airtel Limited

Equities

BHARTIARTL

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. Other stock markets 06:28:15 2025-07-14 am EDT			5-day change	1st Jan Change
1,922.45 ^INR	+0.03%		-5.42%	+21.05%

Jul. 09	Bharti Airtel incorporates subsidiary Airtel Money	RE
Jul. 09	Bharti Airtel chooses Ericsson core for fixed wireless access	RE

Projected Income Statement: Bharti Airtel Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	875,390	1,006,158	1,165,469	1,391,448	1,499,824	1,729,852	2,082,471	2,357,604
Change	-	14.94%	15.83%	19.39%	7.79%	15.34%	20.38%	13.21%
EBITDA ¹	369,343	460,145	580,682	722,101	782,918	931,592	1,166,930	1,346,587
Change	-	24.58%	26.2%	24.35%	8.42%	18.99%	25.26%	15.4%
EBIT ¹	92,447	166,101	249,775	357,783	387,542	475,889	657,136	808,151
Change	-	79.67%	50.38%	43.24%	8.32%	22.8%	38.09%	22.98%
Interest Paid ¹	-123,820	-148,019	-166,162	-192,999	-226,477	-217,539	-199,944	-189,952
Earnings before Tax (EBT) ¹	-428,465	-144,882	124,831	165,607	126,790	383,985	460,866	627,803
Change	-	66.19%	186.16%	32.66%	-23.44%	202.85%	20.02%	36.22%
Net income ¹	-321,832	-150,835	42,549	83,459	74,670	335,561	290,145	406,867
Change	-	53.13%	128.21%	96.15%	-10.53%	349.39%	-13.53%	40.23%
Announcement Date	5/18/20	5/17/21	5/17/22	5/16/23	5/14/24	5/13/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	237,227	239,387	257,850	265,178	257,473	268,536	283,264	298,666	315,003	328,046	345,268	358,044	360,090	374,400	370,438	378,995	375,991	385,064	414,733	451,293	478,762	493,705	504,185	531,251	544,150	-	-	-
Change	-	0.91%	7.71%	2.84%	-2.91%	4.3%	5.48%	5.44%	5.47%	4.14%	5.25%	3.7%	0.57%	3.97%	-1.06%	2.31%	-0.79%	2.41%	7.7%	8.82%	6.09%	3.12%	2.12%	5.37%	2.43%	-	-	-
EBITDA ¹	103,015	106,392	117,909	121,022	124,158	131,901	139,193	148,999	160,589	167,216	175,938	184,532	189,820	197,461	195,137	198,148	193,648	197,076	218,462	285,870	270,088	279,479	275,568	296,098	308,752	315,302	325,292	347,659
Change	-	3.28%	10.83%	2.64%	2.59%	6.24%	5.53%	7.04%	7.78%	4.13%	5.22%	4.88%	2.87%	4.03%	-1.18%	1.54%	-2.27%	1.77%	10.85%	30.86%	-5.52%	3.48%	-1.4%	7.45%	4.27%	2.12%	3.17%	6.88%
EBIT ¹	32,465	33,279	43,698	45,991	49,139	54,764	56,721	63,527	74,763	79,402	87,744	91,555	95,761	100,923	97,794	97,405	92,896	91,675	108,462	168,828	146,828	145,507	162,009	183,353	186,492	-	-	-
Change	-	2.51%	31.31%	5.25%	6.84%	11.45%	3.57%	12%	17.69%	6.2%	10.51%	4.34%	4.59%	5.39%	-3.1%	-0.4%	-4.63%	-1.31%	18.31%	55.66%	-13.03%	-0.9%	11.34%	13.17%	1.71%	-	-	-
Charge d'intérêts ¹	-33,076	-30,498	-37,259	-39,719	-38,586	-40,818	-39,641	-43,671	-40,593	-43,839	-49,403	-46,856	-51,631	-53,995	-50,055	-66,449	-52,033	-49,763	-53,189	-52,058	-55,023	-47,759	-50,000	-50,000	-51,000	-	-	-
Earnings before Tax (EBT) ¹	-70,105	-113,737	5,178	-41,533	20,211	17,759	30,289	26,415	50,368	35,921	42,653	36,893	50,140	18,529	39,397	41,084	27,780	60,253	58,974	168,919	95,839	107,661	104,000	126,000	130,000	-	-	-
Change	-	-62.24%	104.55%	-902.11%	148.66%	-12.13%	70.56%	-12.79%	90.68%	-28.68%	18.74%	-13.5%	35.91%	-63.05%	112.62%	4.28%	-32.38%	116.89%	-2.12%	186.43%	-43.26%	12.34%	-3.4%	21.15%	3.17%	-	-	-
Net income ¹	-52,370	-159,331	-7,632	8,536	7,592	2,835	11,340	8,296	20,078	16,069	21,452	15,882	30,056	16,125	13,407	24,422	20,716	41,599	35,932	147,812	110,218	69,782	57,694	74,879	80,292	-	-	-
Change	-	-204.24%	95.21%	211.84%	-11.06%	-62.66%	300%	-26.84%	142.02%	-19.97%	33.5%	-25.96%	89.25%	-46.35%	-16.86%	82.16%	-15.17%	100.81%	-13.62%	311.37%	-25.43%	-36.69%	-17.32%	29.78%	7.23%	-	-	-
Announcement Date	5/18/20	7/29/20	10/27/20	2/3/21	5/17/21	8/3/21	11/2/21	2/8/22	5/17/22	8/8/22	10/31/22	2/7/23	5/16/23	8/3/23	10/31/23	2/5/24	5/14/24	8/5/24	10/28/24	2/6/25	5/13/25	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Bharti Airtel Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	975,152	1,452,410	1,553,222	1,334,455	1,989,829	2,038,384	1,630,063	1,281,845
Change	-	48.94%	6.94%	-14.08%	49.11%	2.44%	-0.12%	-21.36%
Announcement Date	5/18/20	5/17/21	5/17/22	5/16/23	5/14/24	5/13/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Bharti Airtel Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	191,902	246,706	250,616	259,681	380,687	375,695	427,777	444,885
Change	-	28.56%	1.58%	3.62%	46.6%	-1.31%	2.47%	4%
Free Cash Flow (FCF) ¹	-10,615	235,344	299,550	393,565	408,295	607,627	602,817	692,003
Change	-	2,317.09%	27.28%	31.39%	3.74%	48.82%	36.57%	14.79%
Announcement Date	5/18/20	5/17/21	5/17/22	5/16/23	5/14/24	5/13/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Bharti Airtel Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	42.19%	45.73%	49.82%	51.9%	52.2%	53.85%	56.04%	57.12%
EBIT Margin (%)	10.56%	16.51%	21.43%	25.71%	25.84%	27.51%	31.56%	34.28%
EBT Margin (%)	-48.95%	-14.4%	10.71%	11.9%	8.45%	22.2%	22.13%	26.63%
Net margin (%)	-36.76%	-14.99%	3.65%	6%	4.98%	19.4%	13.93%	17.26%
FCF margin (%)	-1.21%	23.39%	25.7%	28.28%	27.22%	35.13%	28.95%	29.35%
FCF / Net Income (%)	3.3%	-156.03%	704.01%	471.57%	546.8%	181.08%	207.76%	170.08%
Profitability
ROA	-1.07%	-4.27%	1.2%	2.06%	2.83%	7%	7.8%	9.73%
ROE	-4.56%	-15.03%	6.78%	11.58%	15.61%	34.3%	23.03%	27.1%
Financial Health
Leverage (Debt/EBITDA)	2.64x	3.16x	2.67x	1.85x	2.54x	2.19x	1.4x	0.95x
Debt / Free cash flow	-91.87x	6.17x	5.19x	3.39x	4.87x	3.35x	2.7x	1.85x
Capital Intensity
CAPEX / Current Assets (%)	21.92%	24.52%	21.5%	18.66%	25.38%	21.72%	20.54%	18.87%
CAPEX / EBITDA (%)	51.96%	53.61%	43.16%	35.96%	48.62%	40.33%	36.66%	33.04%
CAPEX / FCF (%)	-1,807.84%	104.83%	83.66%	65.98%	93.24%	61.83%	70.96%	64.29%
Items per share
Cash flow per share ¹	35.72	88.37	101.3	114	135.2	164.2	144.8	161
Change	-	147.39%	14.58%	12.63%	18.6%	21.42%	10.55%	11.23%
Dividend per Share ¹	2	4	3	4	8	16	19.91	26.9
Change	-	100%	-25%	33.33%	100%	100%	53.66%	35.12%
Book Value Per Share ¹	141.4	107.3	119.1	136.7	140.6	196	228	267.7
Change	-	-24.12%	10.96%	14.83%	2.84%	39.39%	26.51%	17.44%
EPS ¹	-63.41	-27.65	7.63	14.57	12.8	56.04	51.34	70.87
Change	-	56.39%	127.59%	90.96%	-12.15%	337.81%	12.31%	38.05%
Nbr of stocks (in thousands)	5,453,246	5,488,659	5,881,247	5,964,355	6,044,454	6,091,275	6,091,275	6,091,275
Announcement Date	5/18/20	5/17/21	5/17/22	5/16/23	5/14/24	5/13/25	-	-