EL7.AI
StocksMedium•26 October 2026•
3 min read

Airtel Money revenue rises 25.1% to $830 million in first half

Key Facts

1Revenue reached $830 million, up 25.1% in constant currency and 34.0% in reported currency.
2Profit after tax rose 21.6% to $228 million from $188 million.
3The customer base reached 56.7 million, and service penetration was 42.9% of telecom subscribers.
4Transaction value reached $128 billion in the half, up 36.8% in constant currency.
5Core operating profit margin fell to 48.0% from 50.8%.

Airtel Money said on October 26 that revenue reached $830 million in the six months ended September 30, 2026, up 25.1% in constant currency and 34.0% in reported currency year on year. The company said revenue benefited from a broader business footprint and higher levels of customer engagement. Profit after tax rose 21.6% to $228 million, compared with $188 million in the year-earlier period. The company attributed the increase in profit mainly to revenue growth. The results mark the company’s first financial announcement as a listed company, according to coverage of its disclosure.

The customer base continued to expand, rising 18.7% to 56.7 million. Airtel Money services reached 42.9% of the telecom subscriber base, up 3.2 percentage points from the previous period. The company said revenue growth benefited from more customers and higher transaction values per customer. Expansion of the distribution network also contributed in part to customer-base growth. These indicators underscore the scale of activity that mobile payments, wallets and financial services can support.

The total value of transactions processed reached $128 billion in the half, up 36.8% in constant currency. In the second quarter of fiscal 2027, the value reached $67 billion, equivalent to an annualised rate of $270 billion. Transaction value per customer was $397 a month, up 14.9% in constant currency. Average revenue per user rose 5.1% in constant currency. The company said the increase in this average reflects higher transaction values per customer.

Growth varied across product lines, led by financial services, whose revenue rose 44.8% in constant currency. Payments and transfers revenue grew 29.4%, while wallet services revenue increased 27.6%. The company said the performance reflected continued momentum across its product portfolio and execution of its strategy. The differing growth rates indicate that expansion extended beyond an increase in users to multiple services within the business. Financial services and payments posted faster growth than wallet services during the period.

On operating profitability, core earnings before interest, taxes, depreciation and amortisation margin was 48.0%, compared with 50.8% in the previous period. The company attributed the decline mainly to the impact of changes to intra-group agreements, which began in July 2025, as well as other charges in one market. Management said the impact of these changes was more concentrated in the first half. The company expects the margin to strengthen in the second half as this impact moderates. It added that it remains on track to meet its full-year guidance.

Airtel Money reaffirmed its fiscal 2027 revenue growth guidance in the mid-twenties range in constant currency. At the same time, management expects the core operating profit margin to moderate by up to about 2 percentage points compared with fiscal 2026. Over the medium term, the company is targeting a return to a margin above 50%. It also expects constant-currency revenue growth to trend higher in line with its historical rates. The guidance puts revenue growth and the path to margin recovery among the company’s priorities for the coming periods.