Airtel's emissions table is a model of honesty: it footnotes that its own reductions come partly from selling the towers. Its highlights page is less honest, leading with a profit figure that hides a 21% fall in statutory profit.
In this article
In shortKey takeaways
- The highlights spread leads with 'Net Profit (before exceptional items)' of ₹301,127 million and gives it no growth figure. Statutory profit for the year fell from ₹337,440 million to ₹266,952 million, mostly because tax expense rose from ₹31,921 million to ₹113,499 million (pp. 174-175).
- The mobile business reports a 39.7% revenue market share, about 400 basis points higher than five years ago, ARPU of ₹257, 188 million 5G customers and 3.1 million postpaid net adds (pp. 16-17).
- The quarterly progress page (pp. 66-67) cites the Indian Cyber Crime Coordination Centre reporting a 68.7% fall in the value of financial losses and a 14.3% fall in cybercrime incidents on Airtel's network.
- The emissions table (pp. 136-137) says Scope 1 and 2 reductions should be read alongside the sale of towers to Indus and a cleaner grid. Upstream leased assets, where the towers now sit, are 6,014,858 tCO2e, about 90% of Scope 3.
- The BRSR (pp. 210-211) shows sales to the top 10 distributors rose to 70.3% of distributor sales, from 67.2%.
- Materiality is a single-axis matrix reviewed in the previous year and refreshed every three years (pp. 42-43), approved by the Board ESG Committee.
Official report: Download the Bharti Airtel Integrated Annual Report 2025-26 (PDF). This page is The Footnotes' independent review of it.
Verdict: Airtel's emissions table is more honest than its highlights page. The table admits that its own carbon cut comes partly from selling the towers. The highlights page leads with a profit figure that hides a 21% fall. Score: 27 of 35.
The report has 534 printed pages in five parts: overview, strategic review, the six capitals, the MD&A, and statutory reports with the accounts. The BRSR starts at page 203 and the corporate governance report at page 271. The PDF is built as two-page spreads; page numbers below are the printed ones. Screenshots are small excerpts reproduced for review and remain the copyright of Bharti Airtel Limited; the full report is on the company's investor pages.
The footnote every emitter should copy
Airtel says it was the first Indian telecom company with validated Science Based Targets: absolute Scope 1 and 2 down 50.2%, and Scope 3 down 42%, by FY 2030-31 from FY 2020-21 (pp. 134-135). The emissions table (pp. 136-137) shows Scope 1 of 70,468 tCO2e and Scope 2 of 841,482 tCO2e. Together they fell 17%, from 1,102,249 to 911,950.
Then comes the footnote: "Reduction in energy and emissions should be viewed in conjunction with the sale of towers to Indus Towers Limited in FY 2024-25 and the improvement in India's grid emission factor."
In other words, much of the cut is a boundary change, and the report says so in the same table. The towers show up again in Scope 3 as "upstream leased assets": 6,014,858 tCO2e, about 90% of the 6,656,560 total, and slightly up on the year. That is the number the Scope 3 target will be judged on. Most companies would have printed the 17% fall and left the rest for an analyst to find.
The profit on the highlights page
The highlights spread, inside the front cover, gives revenue of ₹2,109,728 million with a 16.2% growth figure, and EBITDAaL of ₹1,079,460 million with 15.7%. Next to them is "Net Profit (before exceptional items)" of ₹301,127 million, with no growth figure at all.
The MD&A financial summary (pp. 174-175) shows why. Profit before exceptional items and tax rose 31%, to ₹485,902 million. But tax expense jumped from ₹31,921 million to ₹113,499 million, because the year before had a low tax charge. Profit for the year fell from ₹337,440 million to ₹266,952 million, down 21%. Standalone EPS fell from ₹40.60 to ₹23.65.
The operating story is genuinely strong, and the label on the highlights page is accurate. But a reader who stops at the front page won't learn that profit fell. The fix is easy: print both numbers, with growth figures, as Infosys does with its adjusted margin.
What the mobile numbers say
The "Customer First, Always" spread (pp. 16-17) carries the numbers telecom analysts actually watch:
- Revenue market share of 39.7%, based on TRAI data for the fourth quarter, about 400 basis points higher than five years ago.
- ARPU of ₹257, which Airtel calls industry-leading.
- 188 million 5G customers, and 20 million 4G/5G smartphone net additions.
- 3.1 million postpaid net additions, with nearly 90 million postpaid customers across its broader base.
These are better evidence for the "Customer Obsessed" theme than any of the brand spreads.
A strategy page that tracks delivery
The strategic pillars are stated once and referenced throughout. Two letters split the work. The Chairman (pp. 18-19) covers positioning and the leadership change: Gopal Vittal becomes Executive Vice Chairman and Shashwat Sharma takes over as MD and CEO of Airtel India. The Executive Vice Chairman covers the year's execution, digital and AI.
The page worth copying is "Quarterly Strategic Progress" (pp. 66-67). It lists what was delivered in each quarter, and some of it is checkable. Airtel cites the Indian Cyber Crime Coordination Centre, part of the Ministry of Home Affairs, reporting a 68.7% fall in the value of financial losses and a 14.3% fall in cybercrime incidents on Airtel's network. The same page records an agreement to use 400 MHz of 26 GHz spectrum from Adani Data Networks, and Nxtra securing 205,167 MWh of renewable power.
The "Featured Stories" spreads in between are well produced but read as brand pages. The strategy would survive without them.
The capitals: numbers in, connections missing
The value creation model (pp. 36-37) gives inputs and outputs for all six capitals with numbers. Among them: 345,912 towers, 1,187,894 base stations and 532,388 route-km of fibre in. Out: a 51.4% standalone EBITDAaL margin, net debt at 1.3 times EBITDAaL, 3.5 billion spam SMSes blocked and "30%+ code written by AI".
The capital chapters then list initiatives with figures but don't show how one capital depends on another. The clearest example is in this report's own emissions table: the natural capital improvement came from a manufactured capital decision, selling the towers. That connection is exactly what the <IR> Framework asks for, and the capital chapters don't make it.
Materiality, and one number in the BRSR
The materiality process (pp. 42-43) follows GRI, ISO 26000 and AA1000, and produces a matrix of critical, high and moderate topics approved by the Board ESG Committee. Airtel "reviewed" it in the previous year and refreshes it every three years. It is a competent single-materiality exercise. HDFC Bank, L&T and Hindustan Zinc have moved to double materiality.
One BRSR figure deserves a mention in the front half and doesn't get one. Sales to the top 10 dealers and distributors rose to 70.3% of distributor sales, from 67.2% (pp. 210-211). A rising concentration in the sales channel is a business risk, not just a compliance line.
The rest of the ESG section is strong. DNV gives reasonable assurance on BRSR Core, and the full statement is printed (from p. 151). The GSMA ESG metrics for mobile (p. 144) and a GRI index are inside the report, so a sector analyst doesn't need a separate document. The "About the Report" page (pp. 4-5) includes a Board accountability statement, which several larger companies still lack.
Design and the PDF
The five-part structure is easy to follow, the capital and stakeholder icons are used consistently, and the tables are well set. Two habits cost a point. Every figure is in ₹ million (₹2,109,728 million rather than ₹2,10,973 crore), which no other company we have reviewed does. And the featured-story spreads add length without adding disclosure.
The PDF is bookmarked and built as spreads. There is no online edition, but the BRSR, GRI index and assurance statement are all inside, so it is complete on its own.
What other companies can copy
- Footnote your own good news (pp. 136-137). If a reduction comes from a divestment or a cleaner grid, say so in the table.
- Show where divested emissions went (pp. 136-137). Airtel's towers reappear in Scope 3 as upstream leased assets.
- A quarterly progress page (pp. 66-67), with external evidence where it exists.
- Put the sector metrics, GRI index and assurance statement inside the report (pp. 144-151).
- A Board accountability statement on the about-the-report page (pp. 4-5).
What not to copy: a profit figure on the front page that differs from the summary without saying why, and featured stories that read like advertising.
The score
| Criterion | Score (of 5) | Why |
|---|---|---|
| Strategy and narrative | 4 | Clear pillars, two letters that split the work, a quarterly progress page; the featured stories are marketing |
| Integrated thinking and the capitals | 4 | Numeric inputs and outputs per capital; chapters list features rather than connections |
| BRSR and ESG integration | 4 | SBTi targets, full Scope 3, an honest footnote, GSMA metrics, reasonable assurance; single materiality |
| Governance disclosure | 4 | Board accountability statement, Board ESG Committee approves materiality; the leadership change is only noted in passing |
| Financial storytelling | 3 | A clear MD&A summary; the highlights lead with profit before exceptional items and omit its growth |
| Design and readability | 4 | Consistent structure and icons, good tables; ₹ million everywhere |
| Digital version | 4 | Bookmarked, self-contained PDF built as spreads; no online edition |
| Total | 27 / 35 |
How it compares
Every review on The Footnotes uses the same seven-point card, so scores can be compared. Scores are editorial opinion of the published document.
| Company | Score (of 35) |
|---|---|
| Hindustan Zinc | 30 |
| HUL | 28 |
| TCS | 28 |
| Bharti Airtel (this review) | 27 |
| L&T | 27 |
| Reliance | 27 |
| HDFC Bank | 26 |
| Asian Paints | 25 |
| ICICI Bank | 25 |
| Infosys | 25 |
| LTM | 25 |
| Tata Steel | 25 |
| Mahindra & Mahindra | 24 |
| Titan | 23 |
| Adani Ports | 22 |
| ITC | 21 |
| SBI | 21 |
| Sun Pharma | 21 |
| Bajaj Finance | 20 |
| NTPC | 20 |
Frequently asked questions
Did Bharti Airtel's profit rise or fall in FY 2025-26?
Statutory consolidated profit for the year was ₹266,952 million, down from ₹337,440 million, mainly because tax expense rose from ₹31,921 million to ₹113,499 million (pp. 174-175). Profit before exceptional items and tax rose 31% to ₹485,902 million. The highlights page shows net profit before exceptional items of ₹301,127 million, without a growth figure.
What are Bharti Airtel's climate targets and emissions?
Airtel says it was the first Indian telecom company with validated Science Based Targets: absolute Scope 1 and 2 down 50.2% and Scope 3 down 42% by FY 2030-31 from FY 2020-21. In FY 2025-26 Scope 1 was 70,468 tCO2e, Scope 2 841,482 tCO2e and Scope 3 6,656,560 tCO2e, of which upstream leased assets were 6,014,858 (pp. 136-137).
Who assures Bharti Airtel's sustainability data?
DNV Business Assurance India provides reasonable assurance on BRSR Core for standalone operations and limited assurance on other selected disclosures. The full assurance statement is printed in the report, from page 151. Deloitte audits the financial statements.
What mobile metrics does Airtel report?
A 39.7% revenue market share based on TRAI data for the fourth quarter, about 400 basis points higher over five years; ARPU of ₹257; 188 million 5G customers; 3.1 million postpaid net additions and nearly 90 million postpaid customers (pp. 16-17).
How does The Footnotes score annual reports?
Seven criteria, each scored 1 to 5 with a one-line reason: strategy and narrative; integrated thinking and capitals; BRSR and ESG integration; governance disclosure; financial storytelling; design and readability; and the digital version. Scores are editorial opinion based on the published document, and the same card is used for every company so results can be compared.
Sources
- Bharti Airtel — Integrated Report and Annual Financial Statements 2025-26 (PDF) — Bharti Airtel Limited
- Bharti Airtel — Investor relations — Bharti Airtel Limited
- Science Based Targets initiative — target dashboard — SBTi
- SEBI circular: BRSR Core — framework for assurance and ESG disclosures for value chain (12 July 2023) — SEBI
