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Bharti Airtel shares stay weak despite June-quarter EBITDA growth
India mobile services, which make up about 80% of Airtel’s sum-of-the-parts valuation, saw Ebitda rise to ₹18,187 crore in Q1FY27, but the stock is still down 6% in 2026.
Bharti Airtel delivered 6% sequential growth in consolidated Ebitda to ₹33,302 crore in the June quarter, but investors did not react positively, with the shares staying flat after the results and falling 6% so far in 2026, according to LiveMint Markets. The report pointed to persistent uncertainty around India mobile services tariff hikes.
The outlet said India mobile average revenue per user rose 2.7% quarter over quarter to ₹264, supported by more days in the quarter, upgrades from 2G to 4G/5G, and growth in postpaid users. Airtel also launched a “fast lane” using 5G network slicing for postpaid customers in Q1FY27, which helped lift the postpaid user base 3.6% quarter over quarter to 30 million, alongside postpaid users rising to about 8% of total users.
LiveMint Markets added that higher Arpu translated into a 4% quarter over quarter increase in Ebitda for India mobile services to ₹18,187 crore, while Airtel’s business and enterprise segment Ebitda rose 5.7% quarter over quarter to ₹2,492 crore after winning deals across areas including cloud and security. Still, it highlighted a widening Ebitda gap between the top two verticals, arguing that mobile services remains the key driver for the stock.
The report also noted weaker performance in other areas, saying home services and digital TV saw poor net subscriber additions. Home services subscriber additions fell 58% quarter over quarter to 473,000, digital TV additions were negligible, and Arpu in both segments was flat quarter over quarter at ₹523 and ₹160, respectively.