**Bharti Airtel: Pre-Earnings Market Brief** **Date:** February 4, 2026 **Subject:** Q3 FY26 Earnings Preview & Market Data **Market Action** Shares of Bharti Airtel are trading with positive momentum ahead of the quarterly results. * **Current Price:** **₹2,022.80** (+1.28% intraday). * **Recent High:** Touched a day high of **₹2,034.60**; 52-week high stands at **₹2,174.50**. * **Volume:** Strong activity with over **7.4 million** shares traded on NSE. * **Valuation:** Market cap sustains above **₹11.5 Lakh Crore**. **Q3 FY26 Earnings Forecast** The telecom major is scheduled to announce results on **February 5, 2026**. Analysts maintain a "Buy" rating with robust growth expectations: * **Revenue:** Projected to rise **14%–19% YoY**, with estimates pegging consolidated revenue near **₹53,600 crore**. * **Profitability:** Net profit estimates range between **₹7,300 crore and ₹8,500 crore**, driven by operational leverage. EBITDA margins are expected to expand to **~57.3%**. * **Consensus:** While earlier forecasts suggested a 35% profit jump, recent brokerage data indicates adjusted net profit could see steady sequential growth (up ~8% QoQ) and stable year-on-year gains. **Key Performance Drivers** * **ARPU Expansion:** Average Revenue Per User is expected to improve to **₹258–₹261** (up from ₹256 in Q2), aided by premiumization and subscriber upgrades. * **India Mobile:** 4G/5G net additions are forecast at **~6 million**, signaling strong data monetization. * **Africa & Homes:** Africa operations continue to deliver double-digit growth in constant currency, though forex remains a watchlist item. Home broadband momentum remains solid. **Upcoming Catalyst** * **Event:** Board Meeting to approve Q3 & 9M FY26 results. * **Date:** Thursday, **February 5, 2026**. * **Focus:** Management commentary on tariff outlook, capex intensity, and 5G monetization strategies.