S&P Global upgrades Bharti Airtel to BBB+ on India-Africa growth
Bharti Airtel just got its credit rating bumped up by S&P Global, from "BBB" to "BBB+."
This upgrade comes thanks to Airtel's steady growth in both India and Africa, with smart capital management and more people using data, choosing premium plans, and joining the network.
Q4 FY26 ARPU up 5% ₹257
Airtel's average revenue per user (ARPU) rose 5% in Q4 FY26, hitting ₹257 compared to last year's ₹245.
India Mobile revenue jumped 8.3% year-over-year.
Looking ahead, Airtel plans to spend big, up to ₹56,500 crore annually by FY28, on data centers, cloud services, and expanding its African operations.
Airtel Africa expected to outgrow India
Airtel Africa is expected to grow even faster than India over the next couple of years, with customer numbers projected to climb 9% to 11% each year and ARPU rising by 5% to 7%.
By FY28, Africa could make up about a quarter of Airtel's total earnings, a sign that both continents are key players in the company's future.