BHARTIARTL Q3 FY26 Guidance vs Delivery (BHARTIARTL Management Mirror)

Capital Allocation & Capex

Management prioritizes core business and adjacent growth areas including Data Centers, Cloud, and Financial Services while continuing to guide for an annualized moderation in capital expenditure, specifically noting a pullback in traditional radio and 5G capex in the Dec'25 Qtr. This firmly extends the Jun'25 Qtr and Sep'25 Qtr outlooks, which initially established a structural downward trend for radio rollouts alongside an intentional pivot of incremental spend toward B2B segments, broadband passes, and network resiliency. [Status: Reaffirmed]