Bharti Airtel Q4 Results Review - Tariff Hike Key Monitorable: Prabhudas Lilladher

Prabhudas Lilladher Report

Bharti Airtel Ltd. reported Ebitda/profit after tax of Rs 193.6 billion (-2.3% QoQ; our estimate: Rs 203 billion) and Rs 20.7 billion (-15.2%QoQ; our estimate: Rs 22 billion). India mobile revenues were up 2% QoQ with a stable Ebitda margin of 55.1%. Average revenue per user grew marginally QoQ to Rs 209 (our estimate: Rs 211) with a net subscriber addition of 6.7 million in Q4.

Enterprise revenue grew 5.1% QoQ, while Ebitda remained flat with a 156 bps fall in margins. Home services (fixed line + broadband) had an average revenue per user decline of 1%. Similarly, DTH ARPU too fell 2% QoQ.

Africa mobile revenue/Ebitda declined 9.8%/13.2% QoQ due to currency devaluation. Due to falling competitive intensity, given weak financial position of peers we maintain ‘Accumulate’ rating at SOTP based target price of Rs 1373 based on 12 times FY26 enterprise value/Ebitda for India mobile business, six times FY26 EV/Ebitda for Airtel Africa, enterprise segment at nine times FY26 EV/Ebitda, three times FY26 EV/Ebitda for DTH and six times EV/Ebitda for home services.

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