Guidance ledger · Q4 FY26

Bharti Airtel Ltd BHARTIARTL

4 revisions on record · 2 lowered · 2 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

↑ raised Dividend per share (FY26 final) Q1 FY26 → Q4 FY26

~~Rs.16 per share (FY25)~~ → Rs.24 per share (FY26)

“The Board recommended a dividend of Rs.24 per share, a significant increase over last year's Rs.16 per share”

↓ lowered Net debt to EBITDAaL (consolidated) Q1 FY26 → Q4 FY26

~~1.3 (India, Q1FY26)~~ → 1.1 consolidated (Q4FY26)

“Net debt to EBITDAaL now stands at 1.1”

↑ raised Airtel Africa ownership ceiling Q1 FY26 → Q4 FY26

~~Pre-ICIL deal stake (Q1FY26 baseline)~~ → 78% post-ICIL share swap; ambition up to 90%

“The Board yesterday approved a share swap transaction between Airtel and ICIL to acquire additional 16.3% in Airtel Africa”

↓ lowered Financial services 5-year capital allocation Q3 FY26 → Q4 FY26

~~Rs.20,000 Crores stated total (Rs.14,000 Crores from Airtel)~~ → Likely significantly less than Rs.14,000 Crores from Airtel

“we have stated Rs. 20,000 Crores, of which Rs.14,000 Crores has to come from Airtel. It looks like it will be probably significantly less than that”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.