Bharti Airtel Limited stands as a prominent player in the telecommunications sector, delivering a wide array of services across multiple regions. The company operates in a hyper-connected world, committed to empowering individuals and enterprises through superior connectivity and an expansive portfolio. With a focus on digital innovation, Bharti Airtel maintains a strong customer base, serving 590.5 million total customers globally. This includes 424.5 million customers in India, 166.1 million in Africa, 56.4 million in Bangladesh, and 21.3 million in Sri Lanka.
Company overview
The company positions itself as one of the top 3 global service providers and the #2 mobile operator in Africa. In India, it holds the #1 ranking in core connectivity and boasts a 97%+ population coverage. Bharti Airtel’s ethical compass guides it to enrich lives through exceptional experiences, leveraging a diverse capital base that includes financial, manufactured, intellectual, human, social and relationship, and natural capitals. Its objectives emphasize growing market share, increasing revenue, and driving down costs, while its values center on being alive, inclusive, and respectful.
Bharti Airtel’s global footprint spans over half a billion people in 17 countries, connecting them with seamless network connectivity. The company’s infrastructure includes a vast terrestrial and submarine network, linking individuals and enterprises across five continents. This extensive reach supports its role in fostering the digital economy, empowering digital journeys, and delivering brilliant customer experiences at scale.
Business segments and revenue breakup %
Bharti Airtel organizes its operations into several key business segments, each contributing to its overall revenue and operational scope. The segments reflect the company’s diversified approach to telecommunications and related services.
- Mobile Services (India): This segment delivers comprehensive suite of services including post-paid, pre-paid, roaming, high-speed data, and an extensive range of value-added offerings. Leveraging a vast distribution network of over a million outlets, the segment has established a deep foothold across India, reaching 7,918 census towns and an astounding 814,066 non-census towns and villages, covering over 97% of the population. Revenue for this segment stands at ₹1,002,500 million, representing a 17.9% year-over-year growth. This contributes significantly to the company’s consolidated revenue, underscoring its core operational scope in mobile connectivity.
- Homes Services: Focused on high-speed broadband services to households across 1,475 cities in India, this segment partners with Local Cable Operators to expand reach. It offers up to 1 Gbps speeds, lightning-fast internet combined with reliable voice services. Revenue from this segment is ₹59,044 million, with an 18.8% year-over-year increase. The operational scope includes providing ultra-fast, flexible wireless access for homes, seeking high-speed connectivity without wired infrastructure constraints.
- Digital TV Services: This segment provides Direct-to-Home (DTH) platform services featuring both standard and high-definition channels. It offers a range of services with 635 channels, including 80 HD channels, 5 international channels, and 3 interactive services. Revenue is ₹30,608 million, showing a 0.6% year-over-year growth. The operational scope involves transforming regular TV into smart entertainment hubs, integrating OTT and traditional TV content for unmatched viewing options.
- Airtel Business: Catering to enterprises, governments, carriers, and small/medium businesses, this segment provides cutting-edge solutions including data connectivity, voice & messaging, conferencing, cloud, data center, security, IoT, CPaaS (Airtel IQ), NaaS, enterprise mobility, network integration, and professional services. It serves over 1200 global enterprises, 2000 large businesses, and 1 million medium/small businesses across India. Revenue is ₹220,935 million, with a 6.1% year-over-year growth. The operational scope encompasses global ICT services, positioning the company as a trusted provider in the B2B space.
The revenue breakup across regions reveals India contributing ₹1,264,125 million, Africa ₹413,798 million, and others ₹51,929 million for the year ended March 31, 2025. This distribution highlights the company’s strong base in India while expanding in Africa and other markets.
- India revenue contribution: 73.1%
- Africa revenue contribution: 23.9%
- Others revenue contribution: 3.0%
History and evolution
Bharti Airtel Limited was established on July 07, 1995, as a Public Limited Company. Headquartered in New Delhi, it has grown into a leading telecommunications provider with operations in 17 countries across Asia and Africa. The company has evolved from a mobile service provider to a comprehensive ICT services entity, incorporating submarine cables and satellite networks spanning 365,000+ RKMs in 50 countries and 5 continents.
Over the years, Bharti Airtel has pushed boundaries in digital service delivery, focusing on enhanced end-user experiences, infrastructure availability, and service quality. Its evolution includes expanding from basic connectivity to advanced services like 5G-ready networks, high-speed broadband, and enterprise solutions. The company has strategically positioned itself as a key player in the digital economy, contributing to India’s digital transformation by providing 1GBPS speeds and enriching lives through exceptional experiences.
Products and services with revenue breakup %
Bharti Airtel offers a diverse portfolio of products and services tailored to individual, household, and enterprise needs. Each category contributes to the company’s revenue, reflecting its broad operational scope.
- Mobile Services: Includes 2G, 3G, 4G, and 5G-ready services, with features like voice, data, roaming, and value-added offerings. Revenue from this category is integrated within the Mobile Services (India) segment at ₹1,002,500 million, representing 58% of consolidated revenue.
- Home Broadband and Fixed Line Services: High-speed broadband up to 1GBPS, fixed lines, and wireless services for homes. This falls under Homes Services with revenue of ₹59,044 million, accounting for 3.4% of consolidated revenue.
- DTH Digital TV Services: High and standard resolution TV with 635 channels, 80 HD channels, 5 international channels, and 3 interactive services. Revenue is ₹30,608 million, contributing 1.8% to consolidated revenue.
- Enterprise and B2B Services: Data connectivity, voice & messaging, conferencing, cloud, data center, security, IoT, CPaaS (Airtel IQ), NaaS, enterprise mobility, network integration, and professional services. Revenue from Airtel Business is ₹220,935 million, making up 12.8% of consolidated revenue.
- Mobile Money (Airtel Money): Transaction value of $136 Bn+ in Africa, supporting financial inclusion through mobile-based transactions.
The revenue breakup by products and services aligns with segment contributions, with mobile services dominating, followed by enterprise solutions, homes, and digital TV.
Brand portfolio with revenue %
Bharti Airtel’s brand portfolio centers on the “Airtel” brand, known for reliability and innovation. The main brands include:
- Airtel: Core brand for mobile, home, and digital TV services. It positions as a provider of exceptional experiences, with revenue contributions embedded in segment figures, representing the bulk of the company’s earnings.
- Airtel Business: Dedicated to B2B services, positioning as a trusted ICT provider. Revenue is ₹220,935 million, or 12.8% of consolidated revenue.
- Airtel IQ: Part of CPaaS offerings under Airtel Business, focused on communication platforms.
- Airtel Xstream: Integrated with home and digital TV, offering streaming and entertainment.
No brand-wise revenue breakup is disclosed, but the Airtel brand encompasses the majority, with Airtel Business as a distinct positioning for enterprise clients.
Geographical presence and region-wise revenue %
Bharti Airtel’s geographical presence extends across 17 countries in Asia and Africa, with operations in 50 countries and 5 continents through submarine cables and satellite networks covering 365,000+ RKMs. Key locations include:
- India: 424.5 million customers, #2 Mobile RMS ranking, #1 in core connectivity, 165 million MAUs on digital assets, registered office in Gurugram, corporate office in New Delhi.
- Africa: 166.1 million customers, 78,700+ km of connecting fiber (3,300 km), #1 or #2 largest operator in all markets.
- Bangladesh: 56.4 million customers.
- Sri Lanka: 21.3 million customers.
- Other: Presence in USA, Europe, Middle East, Asia-Pacific, SAARC, including Chad, Niger, Nigeria, Gabon, Democratic Republic of the Congo, Uganda, Rwanda, Kenya, Tanzania, Zambia, Malawi, Madagascar, Seychelles, Congo B.
The manufacturing, offices, and operational footprint emphasize a robust network infrastructure, with state-of-the-art data centers, fiber networks, and submarine cables.
Region-wise revenue for the year ended March 31, 2025:
- India: ₹1,264,125 million (73.1%)
- Africa: ₹413,798 million (23.9%)
- Others: ₹51,929 million (3.0%)
This breakdown illustrates India as the primary revenue driver, with Africa providing significant contributions.
Financial performance analysis
Bharti Airtel’s financial performance demonstrates growth and resilience, with consolidated and standalone metrics reflecting operational efficiency and strategic investments.
Consolidated performance for the year ended March 31, 2025 shows revenue of ₹1,815,110 million, a 10.4% increase from the previous year. EBITDA reached ₹932,961 million, up 19.3%, while net profit before exceptional items was ₹264,573 million.
Standalone performance indicates revenue of ₹1,089,439 million, a 15.8% growth, EBITDA of ₹533,745 million (21.1% increase), and net profit before exceptional items of ₹200,103 million.
Multi-year trend analysis reveals consistent upward movements. Revenue grew from ₹1,499,824 million in 2024 to ₹1,729,852 million in 2025, and EBITDA from ₹790,458 million to ₹942,489 million.
Profit and loss analysis
The Statement of Profit and Loss highlights key metrics.
Consolidated revenue from operations is ₹1,729,852 million for 2025, up from ₹1,499,824 million in 2024. Other income is ₹15,737 million.
Expenses include network operating expenses of ₹335,043 million, access charges ₹71,713 million, license fee/spectrum charges ₹138,290 million, employee benefits expense ₹63,089 million, sales and marketing expenses ₹114,601 million, and other expenses ₹75,524 million.
Operating profit (EBITDA) is ₹932,961 million, with margin improvement to 54%. Net profit for the year is ₹374,813 million, after tax expense of ₹9,172 million.
Standalone revenue is ₹1,089,439 million, operating profit ₹533,745 million, net profit ₹200,103 million before exceptional items.
Expense structure shows network costs as a major component, with margin movements driven by revenue growth and cost optimization.
No specific financial ratios are disclosed in the sources.
Balance sheet analysis
The Balance Sheet reflects a strong capital structure.
Consolidated assets total ₹5,143,604 million as of March 31, 2025, up from ₹4,445,310 million in 2024. Non-current assets include PPE ₹1,432,724 million, ROU assets ₹602,415 million, goodwill ₹516,974 million, intangible assets ₹1,332,569 million.
Liabilities include non-current borrowings ₹1,048,638 million, lease liabilities ₹556,701 million, current borrowings ₹434,485 million.
Equity is ₹1,136,719 million attributable to owners, with NCI ₹397,958 million. Net worth and reserves are embedded in other equity of ₹1,107,718 million.
Standalone assets, liabilities, and equity follow similar trends, with debt and liquidity position supporting operations.
Cash flow analysis
The Statement of Cash Flows shows robust cash generation.
Consolidated operating cash flow is ₹983,322 million for 2025, generated from profit before tax of ₹383,985 million, adjusted for depreciation ₹455,703 million, finance costs ₹216,258 million.
Investing cash flow is (₹602,698 million), including PPE purchase ₹379,077 million, spectrum payment ₹213,487 million.
Financing cash flow is (₹365,332 million), with borrowings proceeds ₹235,597 million, repayment ₹178,594 million, dividend paid ₹69,349 million.
Net increase in cash is ₹15,292 million, with cash equivalents at end ₹106,531 million.
Standalone operating cash flow is positive, supporting investments and financing.
Free cash flow insights are not explicitly disclosed, but strong operating cash supports capex and debt reduction.
Board of directors and leadership team
Bharti Airtel’s board composition ensures diverse expertise and governance.
Board members include:
- Sunil Bharti Mittal (Chairman, DIN 00042491, appointed July 07, 1995)
- Chua Sock Koong (DIN 00047851, appointed October 27, 2004)
- Gopal Vittal (Vice Chairman & Managing Director, DIN 02291778, appointed February 01, 2013)
- Rakesh Bharti Mittal (DIN 00042494, appointed July 07, 1995)
- Shishir Priyadarshi (DIN 03459204, appointed February 07, 2019)
- Nisaba Godrej (DIN 00591503, appointed May 02, 2016)
- Tao Yih Arthur Lang (DIN 07798156, appointed October 15, 2018)
- V K Viswanathan (DIN 00175092, appointed December 01, 2023)
- Arjan Kumar Sikri (DIN 10058020, appointed February 01, 2023)
- Kimsuka Narasimhan (DIN 02102783, appointed March 30, 2019)
- Douglas Anderson Baillie (DIN 08357751, appointed February 05, 2019)
Executive leadership includes Sunil Bharti Mittal as Chairman and Gopal Vittal as Vice Chairman & Managing Director.
Committees include Audit Committee, HR and Nomination Committee, Risk Management Committee, among others, as disclosed.
Subsidiaries, associates, joint ventures and revenue %
Bharti Airtel has a wide network of subsidiaries, associates, and joint ventures, with ownership percentages and revenue contributions where disclosed.
Subsidiaries include:
- Bharti Hexacom Limited (70% ownership)
- Bharti Telemedia Limited (100%)
- Bharti Airtel Services Limited (100%)
- Indus Towers Limited (53.51%)
- Xtelify Limited (100%)
- Airtel Limited (100%)
- Beetel Teletech Limited (100%)
- Nxtra Data Limited (100%)
Associates include:
- Oneweb India Communications Private Limited (33.33%)
- Hughes Communications India Private Limited (67%)
- HCIL Comtel Private Limited (67%)
- Lavelle Networks Private Limited (45%)
Joint ventures include Bharti Axa Life Insurance Company Limited (49%).
Revenue contributions from subsidiaries are integrated into segment performance, with no individual entity revenue breakup disclosed.
Physical properties (offices, plants, factories, etc.)
As a telecommunications service provider, Bharti Airtel’s physical properties primarily comprise network infrastructure rather than traditional plants or factories. Key properties include:
- Registered Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram – 122015, India.
- Corporate Office: Bharti Crescent, 1 Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi – 110 070, India.
The company has circle offices across India for operational footprint. PPE on the balance sheet is ₹1,432,724 million, representing network equipment, towers, and other infrastructure.
List of physical properties:
- Network towers and equipment in India and Africa.
- Data centers under Nxtra Data Limited.
- Submarine cables and satellite networks spanning 365,000+ RKMs.
- Offices in 17 countries, including India, Africa, and South Asia.
Segment-wise performance
Each segment’s operational and financial performance shows year-over-year movements.
- Mobile Services (India): 361.6 million customers, revenue ₹1,002,500 million (+17.9%), EBITDA ₹579,090 million (+23.3%). Year-on-year, revenue increased from previous levels due to expanded coverage and customer addition.
- Homes Services: 10 million customers, revenue ₹59,044 million (+18.8%), EBITDA ₹29,492 million (+18.5%). Growth driven by expansion to 1,475 cities and high-speed offerings.
- Digital TV Services: 15.9 million customers, revenue ₹30,608 million (+0.6%), EBITDA ₹16,921 million (-1.3%). Stable performance with channel expansion.
- Airtel Business: Revenue ₹220,935 million (+6.1%), EBITDA ₹82,268 million (+3.8%). Growth from enterprise solutions and global services.
Founders
Bharti Airtel was founded by Sunil Bharti Mittal, who serves as Chairman. The company is controlled by Bharti Telecom Limited, held by private trusts of the Bharti family, with Sunil Bharti Mittal’s family trust effectively controlling it.
Shareholding pattern
The shareholding pattern as of March 31, 2025, is consolidated on PAN basis.
- Promoters / Promoter Group: Not explicitly detailed, but Bharti Telecom Limited holds control.
- Institutional investors: Life Insurance Corporation of India (4.26%, 259,916,985 shares), SBI Mutual Fund (2.53%, 153,961,563 shares), ICICI Prudential Mutual Fund (1.80%, 109,646,523 shares), Government of Singapore (1.31%, 80,138,473 shares), HDFC Mutual Fund (1.26%, 76,846,669 shares), Google International LLC (1.17%, 71,176,839 shares), NPS Trust (1.13%, 68,803,145 shares), Government Pension Fund Global (1.03%, 62,665,288 shares), UTI Mutual Fund (0.90%, 54,587,851 shares), Europacific Growth Fund (0.75%, 45,692,214 shares).
Public shareholding includes the above top 10 shareholders other than promoter group.
No disclosed changes in the sources.
Parent
The controlling entity is Bharti Telecom Limited, held by private trusts of the Bharti family, with Sunil Bharti Mittal’s family trust effectively controlling it. Bharti Enterprises (Holding) Private Limited is the ultimate controlling entity.
Investments and capital expenditure plans
Ongoing investments include spectrum acquisition of ₹68.6 billion in FY 2024-25, bolstering mid-band holding. Capex allocation focuses on future-ready network, with ₹1,356 billion invested since FY 2021-22 in building infrastructure.
R&D spending is not disclosed.
Strategic priorities include 5G rollout, AI-driven solutions, and sustainability initiatives.
Future strategy
Management-stated strategies focus on building a smarter, faster, and safer network. The company is investing in 5G Plus, AI-powered anti-spam solutions, and future-ready digital platforms. Capacity expansion targets enhanced connectivity, with market focus on India and Africa. Technology initiatives include unlocking new opportunities through digital tools, real-time data analytics, and seamless secure services. Sustainability initiatives emphasize ESG, with A- CDP Supplier Engagement rating and B CDP climate change rating.
Competitive landscape
Competitors explicitly named in the sources include Reliance Jio, Vodafone Idea, BSNL, MTN, Saudi Telecom Company, Idea Cellular, Digium, Tata Communications, and others from external sources.
Market positioning as disclosed: Top 3 global mobile service providers by subscribers, #1 in India for communications, #2 in Africa, with strong emphasis on ICT services and digital innovation.
Key strengths
Key strengths supported by disclosed data include:
- Robust customer base of 590.5 million.
- Extensive geographical presence in 17 countries, with 97%+ population coverage in India.
- Diverse portfolio across mobile, homes, digital TV, and business services.
- Strong infrastructure with 365,000+ RKMs of cables.
- Financial fitness with deleveraging, net debt-to-EBITDA at 1.7x.
- Operational excellence, with 30% revenue growth in Africa.
- ESG recognition, including B CDP rating.
Key challenges and risks
Risks and challenges as disclosed include regulatory risks, operational risks from network maintenance, financial risks from foreign exchange, and market risks from competition. Specific risks involve currency exchangeability in some African markets, legal disputes on spectrum, and potential cyber threats, as the company invests in AI for safe networks.
Conclusion and strategic outlook
Bharti Airtel’s data-backed outlook points to sustained growth through digital transformation and infrastructure investments. Long-term positioning relies on 5G expansion, AI innovations, and sustainability, ensuring resilience in telecommunications.
FAQ section
What is Bharti Airtel’s revenue for 2025?
Consolidated revenue is ₹1,815,110 million, a 10.4% increase from previous year.
What are Bharti Airtel’s business segments?
Mobile Services (India), Homes Services, Digital TV Services, Airtel Business.
Who is the founder of Bharti Airtel?
Sunil Bharti Mittal, current Chairman.
What is Bharti Airtel’s customer base?
590.5 million total customers, with 424.5 million in India and 166.1 million in Africa.
What are Bharti Airtel’s key strengths?
Robust customer base, extensive geographical presence, diverse portfolio, strong infrastructure.
What is Bharti Airtel’s geographical presence?
Operations in 17 countries across Asia and Africa, presence in 50 countries via networks.
What is Bharti Airtel’s EBITDA for 2025?
Consolidated EBITDA ₹932,961 million, up 19.3%.
Who are Bharti Airtel’s competitors?
Reliance Jio, Vodafone Idea, BSNL, MTN, Saudi Telecom Company.
What is Bharti Airtel’s net profit for 2025?
Consolidated net profit ₹374,813 million.
What is Bharti Airtel’s future strategy?
Focus on 5G rollout, AI solutions, capacity expansion, sustainability initiatives.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
