Dear Members,

Your Board of Directors (‘Board') is pleased to present the 31st Report on the business and operations of Bharti Airtel Limited (‘Bharti Airtel' or ‘Airtel' or ‘Company') along with audited financial statements for the financial year ended March 31, 2026.

Bharti Airtel is a global communications solutions provider with nearly 666 million customers in 15 countries across India and Africa. The Company also has its presence in Bangladesh and Sri Lanka through its associate entities. The Company is ranked second amongst mobile operators globally and its networks cover over two billion people. Bharti Airtel is India's largest integrated communications solutions provider and the second largest mobile operator in Africa. The Company's retail portfolio includes high-speed 4G/5G mobile, Wi-Fi (FTTH+ FWA) that promises speeds up to

1 Gbps with convergence across linear and on-demand entertainment, video streaming services, digital payments and financial services. For enterprise customers, Bharti Airtel offers a gamut of solutions that includes secure connectivity, cloud and data center services, cyber security, IoT and cloud-based communication.

Bharti Airtel's digital arm, Xtelify, empowers telcos globally to leverage the power of AI, data and technology to accelerate their digital transformation and drive growth. Xtelify also offers Airtel Cloud in India enabling enterprises with a sovereign, telco-grade cloud platform that guarantees secure migration, effortless scaling, lower costs and no vendor lock-ins. Within its diversified portfolio, Airtel also offers passive infrastructure services through its subsidiary, Indus Tower Limited. To read more about Company's business segments, please refer to ‘Airtel at a Glance' section on page 06 of this Integrated Annual Report.

In terms of the provisions of the Companies Act, 2013 (‘Act') and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations'), the Company has prepared its standalone and consolidated financial statements as per Indian Accounting Standards and other applicable laws for FY 2025-26. Key highlights of the financial statements for FY 2025-26 and FY 2024-25, are as follows:

* 1 USD = H88.36 exchange rate as on March 31, 2026.

# 1 USD = H84.46 exchange rate as on March 31, 2025.

^ Consolidated numbers are net-off NCI share.

The financial results and the results of operations, including major developments, have been further discussed in detail in the ‘Management Discussion and Analysis Report'.

During the year, the Company has not transferred any amount to General Reserve. As on March 31, 2026, the Reserves and Surplus comprising General Reserve, Retained Earnings, Securities Premium Account, Share-Based Payment Reserve and Capital Reserve stood at H 1,251,779 million.

The authorised share capital of the Company as on March 31, 2026, was H 148,730,500,000 divided into 29,746,080,000 equity shares of H 5 each and 1,000 preference shares of H 100 each.

Further, the paid-up equity share capital of the Company as on March 31, 2026, was H 30,467,799,900 divided into 6,093,282,313 fully paid-up equity shares of H 5 each and 1,110,668 partly paid-up equity shares of H 5 each (paid-up value of H 1.25 per share).

In compliance with provisions of Regulation 43A of the SEBI Listing Regulations, the Company has in place the Dividend Distribution Policy (‘Dividend Policy'), which sets out the parameters and circumstances to be considered by the Board in determining the amount of distribution of dividend to its shareholders and/ or the utilisation of the retained profits of the Company. As per the Dividend Policy, the Company aims to distribute 100% dividend income (net of taxes) received from its subsidiary and associate companies to its shareholders. The Dividend Policy is available on the Company's website which can be accessed by clicking here.

Subject to approval of members at the ensuing Annual General Meeting (‘AGM'), the Board has recommended a final dividend for FY 2025-26 of H 24 (i.e. 480%) per fully paid-up equity share of face value of H 5 each and a pro-rata final dividend of H 6 per partly paid-up equity share of face value of H 5 each (paid-up value of H 1.25 each), on which call money remains unpaid. The proposed dividend payout based on the outstanding number of shares as on the date of this report, will be approx. H 146,245.44 million. The record date for the purpose of payment of final dividend for the FY 2025-26, will be Friday, July 24, 2026.

In view of the applicable provisions of Income Tax Act, 1961, dividend paid or distributed by the Company shall be taxable in the hands of the shareholders. Your Company shall, accordingly, make the payment of the final dividend after deduction of tax at source.

For further details related to TDS on dividend, please refer to the Notes to Notice of the AGM.

As on March 31, 2026, your Company has 147 subsidiaries and 20 associate and joint venture entities. The following key developments took place with regard to subsidiaries, associates and joint venture companies during the year: (a) Airtel Money Limited and Nxtra Vizag Limited were incorporated as subsidiary companies on July 08, 2025 and November 28, 2025, respectively. (b) Indus Towers FZE, Indus Towers Investment FZE, Indus Towers Management FZE, Indus Towers Ventures FZE, Indus Infra Uganda Limited, Indus Towers Infra Zambia Limited and Indus Towers Nigeria Limited, became subsidiary companies during the financial year 2025-26.

(c) AMPIN Energy C&I Sixteen Private Limited and AMP Energy C&I Thirty Private Limited, became associate companies during the financial year 2025-26.

Pursuant to Section 129(3) of the Act, read with Rule 5 of Companies (Accounts) Rules, 2014, a statement containing salient features of financial statements of subsidiaries, associates and joint ventures as per applicable accounting standards in the prescribed Form AOC-1, is annexed to the consolidated financial statements of the Company which forms part of this Integrated Annual Report. The said statement also provides details of performance and financial position of each subsidiary, associate and joint venture and their contribution to the overall performance of the Company. In terms of the requirement of Section 136 of the Act, the financial statements of each of the subsidiary companies are available on the Company's website and can be accessed by clicking here. a The audited financial statements of each subsidiary, - associate and joint venture companies are available for inspection at the Company's registered office. The physical copies of annual financial statements of the subsidiary, associate and joint venture companies will also be made available to the members of the Company upon request. The Policy for determining material subsidiaries of the Company can be accessed on the Company's website by clicking here. Details of material subsidiaries of the Company as per Regulation 16(1)(c) of SEBI Listing Regulations are disclosed in the ‘Report of Corporate Governance' forming part of this Integrated Annual Report.

Board of Directors and Key Managerial Personnel

The Company's Board is an optimum mix of Executive, Non-executive, Independent and Woman Directors and conforms to the provisions of the Act, SEBI Listing Regulations, FDI guidelines, terms of shareholders' agreement and other applicable statutory provisions. As on March 31, 2026, the Board comprised twelve (12) directors, including a Chairman, an Executive Vice Chairman, a Managing Director & CEO (Airtel India), three (3) Non-executive Non-independent Directors and six (6) Independent Directors including two (2) Woman Independent Directors. The appointment/ re-appointment of all the Board members of the Company is subject to periodic approval of the shareholders. The Company does not have any permanent Board seat.

Details of changes in the Board and Key Managerial Personnel during FY 2025-26 and till the date of this report are as under: i. Leadership succession

The Company continues to uphold the highest standards of corporate governance with a strong focus on leadership development and succession planning to ensure continuity, stability and long-term value creation.

As reported in the previous year, the Board had approved a structured leadership succession plan in October 2024, under which Mr. Gopal Vittal was appointed as Vice Chairman in addition to being the Managing Director of the Company and Mr. Shashwat Sharma was appointed as CEO Designate to prepare for his role as Managing Director & CEO (Airtel India).

During the year under review, the HR & Nomination Committee and the Board closely monitored the transition process and noted its successful implementation. Accordingly, based on the recommendations of the HR & Nomination Committee, the Board, at its meeting held on December 18, 2025, approved the appointment of Mr. Gopal Vittal as Executive Vice Chairman (in the category of Whole-time Director) and Mr. Shashwat Sharma as Managing Director & CEO (Airtel India) for a period of five years with effect from January 1, 2026, subject to the approval of the shareholders. The said appointments, together with the related remuneration proposals, were approved by the shareholders through Postal Ballot on February 1, 2026. In addition to the above, Mr. Soumen Ray [earlier, Chief Financial Officer (India & South Asia)] was appointed as Group Chief Financial Officer, Mr. Akhil Garg (earlier, Financial Controller) was appointed as Chief Financial Officer (Airtel India) and Mr. Rohit Krishan Puri (earlier, Joint Company Secretary & Compliance Officer) was appointed as Company Secretary & Compliance Officer of the Company, with effect from January 1, 2026. Further, Mr. Shashwat Sharma, Mr. Akhil Garg (w.e.f. January 1, 2026) and Mr. Rohit Krishan Puri are Key Managerial Personnel under Section 203 of the Act, in place of Mr. Gopal Vittal, Mr. Soumen Ray and Mr. Pankaj Tewari, respectively. ii. Other appointments/ re-appointments on the Board

The Board, upon recommendation of the HR & Nomination Committee, appointed Mr. Dinesh Kumar Khara as an Independent Director for a term of five consecutive years effective November 3, 2025 upto November 2, 2030. The appointment of Mr. Dinesh Kumar Khara was approved by the shareholders through Postal Ballot on February 1, 2026.

Further, Ms. Tan Yong Choo was appointed as an alternate director to Ms. Chua Sock Koong, Non-executive Director for the purpose of attending the Board Meeting of the Company held on November 3, 2025 and had ceased to be an alternate director with the conclusion of the aforesaid Board Meeting. In addition to the above, Ms. Nisaba Godrej will be completing her present term as an Independent Director of the Company on August 3, 2026. On the recommendation of the HR & Nomination Committee and subject to the approval of the shareholders, the Board has approved her re-appointment as Independent Director for a further term of five consecutive years w.e.f. August 4, 2026 upto August

3, 2031. Ms. Godrej fulfils the conditions specified under the Act and the SEBI Listing Regulations and is independent of the management. Accordingly, the Board recommends her re-appointment, for the approval of the members.

Pursuant to the applicable provisions of the Act, Mr. Gopal Vittal, Executive Vice Chairman and Mr. Tao Yih Arthur Lang, Non-executive Director, will retire by rotation at the ensuing AGM and being eligible, have offered themselves for re-appointment. The Board, on the recommendation of HR & Nomination Committee, recommended their re-appointment for approval of the members, at the ensuing AGM.

In the opinion of the Board, all the Directors, including the Independent Directors, possess the requisite qualifications, experience, expertise, proficiency and hold high standards of integrity.

Relevant details with respect to experience, attributes, skills, directorships held in other companies and committee memberships etc. of the Directors proposed to be re-appointed at the ensuing AGM, as stipulated under Regulation 36 of the SEBI Listing Regulations and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, form part of the Notice of AGM.

A detailed disclosure on other directorships, committee memberships, age, tenure on the Board, shareholding, area of expertise/ skills etc. of Board members, forms part of the ‘Board of Directors' section of this Integrated Annual Report.

Pursuant to Section 149(7) of the Act, the Company has received declarations from all Independent Directors confirming that they meet the criteria of independence as specified in Regulation 16(1)(b) of the SEBI Listing Regulations and Section 149(6) of the Act, as amended, read with rules framed thereunder. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence and that they are independent of the management. The Independent Directors have also confirmed that they have complied with the Company's Code of Conduct and that they are registered on the databank of Independent Directors maintained by the Indian Institute of Corporate Affairs. They have also confirmed that they are not debarred from holding the office of director under any SEBI order or any other such authority. The Board of Directors of the Company have taken on record the aforesaid declaration and confirmation submitted by the Independent Directors.

At Bharti Airtel, diversity and inclusion are recognised as important enablers of effective governance and sustainable value creation. The Board believes that diversity of gender, age, ethnicity, geography, expertise, knowledge, skills and perspectives enriches discussions, enhances decision-making and strengthens the Company's ability to address evolving opportunities and challenges. The Company remains committed to fostering diversity and inclusion at the highest levels of leadership and governance. Our Board comprises eminent, high-performing and diverse individuals with 25% Woman Directors and a broad mix of global and industry experiences.

Pursuant to the provisions of Section 178 of the Act and the SEBI Listing Regulations, the Company has in place a Board-approved ‘Policy on Nomination, Remuneration and Board Diversity' (‘Policy'), which sets out the framework for appointment, remuneration and succession planning of Directors, Key Managerial Personnel (‘KMPs'), Senior Management Personnel and other covered employees. The Policy also lays down the criteria for determining qualifications, positive attributes, independence and diversity of Directors.

In line with the Company's long-term value creation objectives, the total remuneration of the Executive Vice Chairman, the Managing Director & CEO (Airtel India) and relevant members of Senior Management is linked to sustainability targets and long-term performance of the Company. Further, the deferred/ variable remuneration (including Long Term incentive) of KMPs and members of Senior Management including the Executive Vice Chairman and the Managing Director & CEO (Airtel India), is subject to malus/ clawback arrangements.

The latest version of the Policy can be accessed on the Company's website by clicking here.

The Board, in consultation with the HR & Nomination Committee, has established a well-defined framework for the annual evaluation of its own performance, as well as that of its Committees and individual Directors. The evaluation framework comprises a structured process, comprehensive set of evaluation criteria/ questionnaires and is periodically reviewed to ensure continued alignment with the Board's priorities, regulatory expectations and global best practices. To enhance the objectivity and effectiveness of the evaluation process, the Company engages a leading independent consulting firm to facilitate the evaluation exercise.

A detailed disclosure on the performance evaluation framework, including the evaluation approach, process, criteria, key outcomes and actions taken pursuant to the previous year's evaluation, is provided in the Report on Corporate Governance forming part of this Integrated Annual Report.

The Company has adopted a comprehensive familiarisation framework for its directors, comprising a structured induction program at the time of joining as well as ongoing familiarisation initiatives throughout their tenure. The program enables directors to gain an understanding of the

- Company's business, operations, products and services, governance framework, culture, strategic priorities and the industry in which it operates. Directors also gain first-hand insights into the Company's business through interactions with customers and other stakeholders, as well as visits to Airtel outlets and operational facilities, wherever relevant.

In addition to the induction program, the Company periodically presents updates at the Board and Committee meetings to familiarise the directors with Company's a strategy, business performance, digital ecosystem, product offerings, finance, risk management framework, human resources and other key matters.

A detailed note on the familiarisation program adopted by the Company for orientation and training of the directors, . is provided in the Report on Corporate Governance which forms part of this Integrated Annual Report.

In compliance with the statutory requirements and best practices, the Company has constituted various committees viz. Audit Committee, HR & Nomination Committee, Risk Management Committee, Stakeholders' Relationship Committee, Corporate Social Responsibility Committee and Environmental, Social and Governance (ESG) Committee. Apart from the above Committees, the Company has also formulated operating committees viz. Committee of Directors etc. Additionally, other special committees have also been constituted for special purposes/ transactions. During the year under review, all the recommendations of the Board Committees, including the Audit Committee, were accepted/ considered by the Board. The Board met five times during FY 2025-26. A detailed update on the Board and its composition, governance of various Board Committees including their detailed charters and terms of reference, number of Board and Committee meetings held during the year and attendance of the directors thereat etc., is provided in the Report on Corporate Governance which forms part of this Integrated Annual Report.

First and Final Call on partly paid-up equity shares

During the year, the Board of the Company, approved the First and Final Call of H 401.25 per partly paid-up equity share (comprising H 3.75 towards face value and H 397.50 towards securities premium) in respect of 392,287,662 partly paid-up equity shares. The First and Final Call was payable between March 2, 2026 and March 16, 2026 (both days inclusive). Pursuant thereto, the Company received an aggregate amount of H 15,695.98 Crore towards the First and Final Call on 391,176,994 partly paid-up equity shares. Accordingly, such 391,176,994 shares were converted into fully paid-up equity shares of face value of H 5 each on March 18, 2026.

Out of the total call money proceeds, H 14,159.61 Crore was utilized by the Company towards the objects as stated in the Rights Issue Letter of Offer as at March 31, 2026. In respect of the balance 1,110,668 partly paid-up equity shares on which First and Final Call remains unpaid, the Company shall issue reminder notice(s) in due course, in accordance with the applicable laws and subject to necessary approvals of the Board/ Committee thereof.

Subsequent to the financial year, the Board of the Company approved a composite transaction comprising issuance and allotment of upto 146,761,335 fully paid-up equity shares of the Company to Indian Continent Investment Limited (‘ICIL'), a promoter group entity of the Company, on a preferential basis (‘Preferential Issue'), against swap of upto 16.31% shareholding i.e. upto 595,204,251 equity shares of USD 0.50 (Fifty cents) each fully paid-up held by ICIL, in Airtel Africa plc (‘Airtel Africa'), an overseas listed subsidiary of the Company, in compliance with the applicable provisions of the Act, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Foreign Exchange Management Act, 1999 and other relevant statutory and regulatory requirements. The composite transaction is subject to the approval of the members of the Company and other regulatory approvals, as may be required. The Board believes that the arrangement will enhance alignment between Bharti Airtel and Airtel Africa, provide greater flexibility in capital allocation and cash flow management across the Group and further reinforce the Company's long-term commitment to the African market. The arrangement will also enable shareholders of Bharti Airtel to participate more directly in the future growth, value creation and strategic opportunities arising from Airtel Africa's operations, while supporting a simplified and efficient group structure. Upon completion, Bharti Airtel's effective stake in Airtel Africa will increase to upto ~79%, thereby strengthening the Company's economic interest in one of its key growth platforms.

During the year, the Board approved amendments to the Articles of Association (‘AoA') of the Company to, inter alia, align certain provisions with the shareholders' arrangement between Bharti Telecom Limited (Promoter) and Pastel Limited (Promoter Group company), streamline governance-related provisions and incorporate other consequential and enabling changes in line with the evolving legal, regulatory and business requirements of the Company.

Further, the Board also approved amendment to the Object Clause of the Memorandum of Association (‘MoA') of the Company to align the Company's objects with the evolving regulatory framework under the Telecommunications Act, 2023 and to broaden the scope of its telecommunications, digital infrastructure and technology-related activities, including emerging and next-generation communication services.

The members of the Company through special resolution passed by way of Postal Ballot on February 1, 2026, approved the aforesaid amendments to the AoA and MoA of the Company. The latest copies of MoA and AoA are available on the Company's website at https://www. airtel.in/about-bharti/equity/corporate-governance/ memorandum-and-articles.

The Company maintains robust policies and governance practices to ensure the highest standards of audit independence, integrity and accountability. At the time of appointment or re-appointment of audit firms, the Audit Committee and Board of Directors undertake a comprehensive evaluation process to assess independence, potential conflicts of interest, past performance, governance track record and alignment with regulatory standards. The evaluation also considers the firm's experience, industry knowledge, global capabilities and technical competence, overall audit approach, sector expertise and understanding of Company's business etc. In addition to this, the Audit Committee regularly exercises strong oversight with well-defined checks and balances to review auditors' independence, safeguard auditor objectivity and uphold stakeholder trust. This disciplined approach and practices at Airtel reflect its unwavering commitment to sound financial reporting and governance excellence.

The profiles of Company's Auditors are available on its website and can be accessed by clicking here.

Deloitte Haskins & Sells LLP, Chartered Accountants (‘Deloitte') were re-appointed as the Statutory Auditors of the Company at the 27th AGM held on August 12, 2022, for a period of five years i.e. till the conclusion of 32nd AGM. Deloitte have confirmed that they are not disqualified from continuing as Statutory Auditors of the Company and satisfy the independence criteria in terms of the applicable provisions of the Act and Code of Ethics issued by the Institute of Chartered Accountants of India.

The Board has duly examined the Statutory Auditors' Reports to the financial statements, which are self-explanatory. The clarifications, wherever necessary, have been included in the notes to financial statements section of this Integrated Annual Report. The point-wise responses of the Company, are as under:

As regards the comments under para i(a) of the Annexure B to the Independent Auditor's Report regarding updation of quantitative and situation details relating to certain fixed assets, the Company as per the program of physical verification of fixed assets to cover all the items over a period of three years, conducted physical verification of fixed assets during the quarter ended March 31, 2026. The Company, in order to keep the network up and running, moves network equipments from one site location to another on urgent basis to ensure that its network is running seamlessly, for each movement situation is later updated in Fixed Assets Register.

As regards the comments under para i(b) of the Annexure B to the Independent Auditors' Report regarding no physical verification of customer premises equipment, bandwidth and optic fiber cable due to their nature or location; the customer premises equipment are located at subscriber's premises and physical check of the equipment is generally not possible. Additionally, bandwidth and optic fiber cable due to their nature and location is not practically feasible to physically verify.

As regards the comments under para i(c) of the Annexure B to the Independent Auditors' Report regarding transfer of title deed in the name of the Company, the ownership and physical possession of these properties are lying with the Company. The mutation of title deeds or transfer of conveyance deed are pending in the name of the Company.

Planned transition of Statutory Auditors: The current term of Deloitte as Statutory Auditors, is due to conclude at the 32nd Annual General Meeting to be held in the calendar year 2027, upon completion of the maximum permissible tenure under the applicable provisions of the Act. In order to ensure a smooth and orderly transition of the Statutory Auditors, the Audit Committee undertook a comprehensive and transparent selection process for identifying the successor audit firm during the year. Based on the recommendation of the Audit Committee and after considering, inter alia, the firm's credentials, industry experience, audit quality framework, independence and capability to serve a company of Bharti Airtel's scale and complexity, the Board, on the recommendation of Audit Committee, approved the appointment of S.R. Batliboi & Associates LLP, Chartered Accountants, as the Statutory Auditors of the Company with effect from the conclusion of the 32nd Annual General Meeting, subject to the approval of the shareholders.

Bharti Airtel operates within a robust control environment, underpinned by well-defined policies & processes and a rigorous compliance framework which ensure ethical, efficient and transparent conduct of business. This framework safeguards the Company's assets, ensures optimal utilisation of resources and supports the timely, accurate recording of financial and operational transactions. These elements of the control environment are periodically tested and reviewed by Company's Internal Assurance Group (‘IAG') led by the Chief Internal Auditor and ably supported by reputed independent professional firms, namely Ernst & Young LLP, Chartered Accountants and ANB

& Co., Chartered Accountants as the Internal Assurance Partners. The combination of experienced in-house assurance function and independent external experts ensures objectivity of audit process as well as effective value addition and protection. IAG provides assurance regarding the adequacy and operation of internal controls and processes vide well established internal audit framework. The audits are based on an internal audit plan, which is derived from a bottoms-up risk assessment and directional inputs from the Audit Committee in consultation with the IAG. The Audit Committee oversees the scope and coverage of the audit plan and evaluates the overall results of these audits during the quarterly Audit Committee meetings. These audits are based on risk based methodology and, inter-alia, involve the review of internal controls and governance processes, adherence to management policies and review of statutory compliances. The Internal Assurance Partners share their findings on an ongoing basis for corrective action. The Board, on the recommendation of the Audit Committee, had re-appointed Ernst & Young LLP, Chartered Accountants and ANB & Co. Chartered Accountants as the Internal Assurance Partners for FY 2026-27.

Makarand M. Joshi & Co (‘MMJC'), Company Secretaries (Firm registration no. P2009MH007000) were appointed as the Secretarial Auditors of the Company at the 30th Annual General Meeting of the Company held on August 8, 2025 for a term of five (5) consecutive years commencing from FY 2025-26. MMJC have confirmed their eligibility and independence as Secretarial Auditors of the Company and have also confirmed that they are not disqualified to continue such appointment under applicable laws and Auditing Standards issued by the Institute of Company Secretaries of India. Further, MMJC has submitted the Secretarial Audit Report for FY 2025-26, confirming, inter-alia, compliance of all the provisions of applicable corporate laws by the Company and the report does not contain any qualification, reservation, disclaimer or adverse remark. The Secretarial Audit Report is annexed as Annexure A of this Report.

The Board, on the recommendation of the Audit Committee, had appointed Sanjay Gupta & Associates, Cost Accountants (‘SGA'), as Cost Auditors, for the financial year ending March 31, 2026. The Cost Auditors will submit their report for FY 2025-26 within the timeframe prescribed under the Act. Cost Audit report for the FY 2024-25 did not contain any qualification, reservation, disclaimer or adverse remark. Further, the Company has duly maintained the cost records as prescribed by the Central Government under Section 148(1) of the Act.

The Board, on the recommendation of Audit Committee, has also re-appointed SGA, as Cost Auditors of the Company for FY 2026-27 upon confirmation of SGA with respect to their eligibility, independence, willingness etc. for the said re-appointment.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the shareholders. Accordingly, the Board recommends the same for approval by shareholders at the ensuing AGM. It may be noted that none of the Auditors of the Company have reported any fraud under Section 143(12) of the Act and therefore, no details are required to be disclosed under Section 134(3)(ca) of the Act during the year under review.

During the year ended March 31, 2026, the Company was rated by three domestic rating agencies namely CRISIL, CARE, India Ratings & Research Private Limited; and three international rating agencies namely Fitch Ratings, Moody's and S&P, which are as under: a) CRISIL upgraded the rating from AA+ (Positive) to AAA (Stable) on the long-term facilities. Further, the short-term rating is maintained at ‘CRISIL A1+'. b) CARE maintained the rating at ‘CARE AAA (Stable)' for long-term facilities and ‘CARE A1+' for short-term facilities. c) India Ratings & Research Private Limited maintained Short-term ratings at ‘IND A1+'. d) Fitch Ratings maintained the rating at ‘BBB- (Stable)'. e) Moody's upgraded the rating from ‘Baa3 (Positive)' to ‘Baa2 (Stable)'. f) S&P upgraded the rating from ‘BBB-' to ‘BBB' while maintaining the outlook as ‘Positive'.

In compliance with the applicable provisions of the Act and rules made thereunder, the Company had transferred the unclaimed dividend of H 2.58 Mn (final dividend for FY 2017-18 and interim dividend for FY 2018-19) and 21,731 fully-paid equity shares to Investor Education and Protection Fund (‘IEPF') during FY 2025-26. A detailed note covering the status of unclaimed dividend lying with the Company and process for claiming refund of unclaimed dividend and shares from IEPF, forms part of the Report on Corporate Governance.

The Company has instituted a robust and well-governed Long-Term Incentive (‘LTI') framework that reinforces a culture of ownership, enable the Company to retain best-in-class talent in a competitive environment and aligns employee performance with Airtel's long-term strategic goals and shareholder interests. As part of LTI framework, the Company has two Employee Stock Options (‘ESOP') schemes in place namely ‘Employee Stock Option Scheme - 2001' and ‘Employee Stock Option Scheme - 2005' (collectively referred as ‘Schemes') which are administered and monitored by HR & Nomination Committee and implemented through Bharti Airtel Employees Welfare Trust. Based on robust performance management process, the ESOPs to eligible employees are granted with vesting linked to parameters as decided by HR & Nomination Committee from time to time. In line with Company's governance philosophy and commitment to aligning executive compensation with long-term value creation, ESOPs grants to the Executive Vice Chairman, Managing Director & CEO (Airtel India) and other members of the Airtel Management Board, have 100% performance-based vesting criteria, against the Long-Term Incentive Scorecard determined on various parameters including Revenue Market Share Growth, EBIT Margin, Operating Free Cash Flow, Relative Total Shareholder Return against peer group of companies, or such other metrics/ vesting criteria as approved by HR & Nomination Committee from time to time.

The Schemes comply with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘ESOP Regulations') and there were no changes in the Schemes during the year under review. The certificate from Makarand M. Joshi & Co, Company Secretaries, Secretarial Auditors, certifying that the Schemes are implemented in accordance with the ESOP Regulations and resolutions passed by the members from time to time, shall be available for inspection by the members in electronic mode during the AGM. Pursuant to the provisions of ESOP Regulations, a disclosure with respect to Schemes of the Company as on March 31, 2026, is available on the Company's website at https:// www.airtel.in/about-bharti/equity/results. The periodic disclosures made by the Company, giving details of grant of ESOPs as approved by HR & Nomination Committee along with vesting schedules and exercise period etc., are also available at https://www.airtel.in/aboutbharti/equity/ shares/stock-exchange-submissions.

The Board remains committed to the Environmental, Social and Governance (ESG) agenda, striving to embed responsible and sustainable practices across all aspects of the business for the benefit of all stakeholders.

The Board has constituted a Board ESG Committee, which holds overall responsibility for implementing ESG initiatives and ensuring alignment with leading industry standards. The Committee reviews and approves key ESG risks and opportunities (including climate change risk), sets ESG targets and monitors the performance and ratings in alignment with our business strategy. The Company is focused on creating meaningful impact by enhancing connectivity, reducing the carbon footprint while achieving cost efficiencies and driving transformative social initiatives to uplift the lives of children and youth through Bharti Airtel Foundation's proactive implementation and support of quality education and skill development programs. Bharti Airtel is dedicated to connecting the entire nation digitally. As of now, the Company's network covers 96.5% of the population in 7,918 Census towns as well as 816,832 non-Census towns and villages. Through strategic network investments, the Company has expanded connectivity to some of India's most remote regions. As part of the Rural Expansion Program, the Company has made rapid strides in expanding high-quality, affordable connectivity to underserved regions through the deployment of over 77,500 rural sites across 173,000+ villages over five years. Bharti Airtel remains dedicated to expanding 4G and 5G connectivity in underserved regions to foster greater digital inclusion. Bharti Airtel is fully committed to the Paris Accord goal of limiting global temperature rise to below 1.5?C. To support this, the Company has in place validated Science Based Targets to reduce emissions by 50.2% from the operations and 42% across value chain by 2031. This year, the Company remained focused on greening the network and enhancing climate resilience. The Company has accelerated solar adoption, now powering 41,759 network sites. Additionally, by integrating AI/ML into our network, the Company can dynamically switch off radio layers based on real-time tra_c, cutting emissions and lowering energy consumption. Nxtra by Airtel is a member of RE100 initiative, a flagship global initiative led by Climate Group in partnership with CDP and is committed to sourcing 100% renewable electricity to achieve its net-zero goals by 2031. As of today, 52% of the electricity used in the data centers now comes from renewable sources. Bharti Airtel is an ISO 45001 certified Company, demonstrating its commitment to employee well-being and safety, as evident by the successful completion of surveillance audits on health and workplace safety. The diversity and inclusion initiatives led to a growth in the women workforce to 20.4% in FY 2025-26. The Company has increased average hours of employee training from 29 to 43 showing an increase by 48% from the previous year. Bharti Airtel continues to drive social impact through educational initiatives under the Bharti Airtel Foundation. Since inception, the Foundation has impacted 3.7 million+ children and over seven million individuals, reflecting the Company's sustained commitment to nation-building through human capital development. Additionally, this year, on world water day, the Company participated in a large-scale coastal clean-up drive which was conducted at Ashtalakshmi Beach, bringing together 150 participants, including employees, partners and their families. The initiative focused on mitigating marine pollution, enhancing coastal ecosystem health and fostering community awareness around responsible waste management. Bharti Airtel is a member of the Joint Alliance for CSR (JAC), a global initiative led by major telecom operators to advance sustainability and corporate social responsibility across the ICT supply chain. JAC promotes standardised CSR audits, transparency and improvements in human rights, environmental impact and ethical sourcing to improve supply chain sustainability. The Company has initiated the journey towards automation by adopting digital platforms for prioritised datasets, both internal and for our value chain. Bharti Airtel is one of the early adopter of GSMA's ESG Metrics framework. The Company is benchmarked annually against global peers in a study conducted by GSMA Intelligence, which assesses performance of telecom companies across four key areas: environment, digital inclusion, digital integrity and responsible procurement. Since the framework's launch in 2023, the Company's disclosures have highlighted its commitment to sustainability leadership. The Company's ESG efforts received recognition from several esteemed platforms during the year, as detailed in the ‘Awards and Recognitions' section of this Integrated Annual Report.

At Bharti Airtel, Corporate Social Responsibility (‘CSR') is deeply embedded in our purpose of enriching lives and accelerating inclusive growth. We believe that the long-term success of our business is intrinsically linked to the progress and well-being of the communities we serve. Accordingly, we remain committed to creating sustainable social impact through focused interventions that advance education, digital inclusion, skill development and community empowerment, while contributing to broader nation-building objectives.

Bharti Airtel has been a pioneer in driving impactful CSR initiatives. Bharti Airtel Foundation (formerly, Bharti Foundation), the philanthropic arm of Bharti Enterprises, was established in the year 2000, with the objective of transforming the lives of children and youth to help them achieve their potential by proactively implementing and supporting programs for quality education and skill development. As a key partner for undertaking development programsforBhartiAirtelanditssubsidiaries/jointventures, Bharti Airtel Foundation acts as an institutionalised body towards uplifting communities by supporting holistic education programs, with an enhanced focus on digital inclusion and fostering community development.

In terms of Section 135 of the Act, the Company made a CSR contribution of H 1,763.17 Mn. during the financial year 2025-26. Additionally, the Company has also contributed H18.02 Mn. to various other charitable institutions.

In addition to the aforesaid voluntary CSR and other charitable contributions by the Company, Indian subsidiaries of the Company have contributed H 2,002.62 Mn. towards various CSR activities under Section 135 of the Act, during the year.

The above CSR contributions reflect Company's unwavering commitment to pursue socio-economic and cultural objectives for benefit of the society at large. A detailed update on the CSR initiatives of the Company is provided in the ‘Corporate Social Responsibility' section of this Integrated Annual Report. The CSR Committee of the Board provides strategic oversight to the Company's CSR agenda and monitors the implementation and effectiveness of its programs. The details of the CSR Committee, including its composition and terms of reference, are provided in the Report on Corporate Governance forming part of this Integrated Annual Report. The CSR Policy of the Company, setting out its guiding principles and areas of intervention, can be accessed on Company's website by clicking here. The Annual Report on Corporate Social Responsibility Activities as per Section 135 of the Act, is annexed as Annexure B of this Report.

The Company remains steadfast in its ‘Integrated Reporting' journey in the current fiscal year, reinforcing its ensuring commitment to transparency, accountability and responsible corporate citizenship. Our 9th Integrated Annual Report is guided by the principles of International Integrated Reporting Framework under the aegis of IFRS Foundation and demonstrates how we continue to create sustainable value for all stakeholders through an integrated approach to strategy, governance, performance and sustainability. The Board believes that long-term value creation is intrinsically linked to responsible stewardship and sustainable growth. Accordingly, this Report presents a comprehensive update on Company's strategic priorities, performance, opportunities, risks and outcomes, while reafirming the Board's commitment to maintaining the highest standards of governance and disclosure.

Pursuant to Regulation 34 of the SEBI Listing Regulations, the Business Responsibility & Sustainability Report (‘BRSR') on initiatives taken from an environmental, social and governance perspective in the prescribed format, along with the assurance statement on BRSR Core issued by an Independent third party firm namely DNV Business Assurance India Private Limited, is available as a separate section of this Integrated Annual Report and on the Company's website viz. https://www.airtel.in/about-bharti/equity/results/annual-results.

Driven by our Corporate Governance Philosophy based on trust, transparency and integrity; deep & fair relationship with stakeholders and ethical business practices & standards, we believe that robust governance is the foundation of sustainable and responsible growth. Accordingly, the Company continues to follow the highest standards of corporate governance across its business operations and adheres to globally recognised and progressive corporate governance practices.

A detailed Report on Corporate Governance covering highlights of such progressive governance practices, pursuant to the requirements of Regulation 34 of the SEBI Listing Regulations, forms part of this Integrated Annual Report. A certificate from Makarand M. Joshi & Co, Company Secretaries, the Secretarial Auditors of the Company, confirming compliance of conditions of Corporate Governance during FY 2025-26, as stipulated under the SEBI Listing Regulations, is annexed as Annexure C of this Report.

Pursuant to Regulation 34 of the SEBI Listing Regulations, the Management Discussion and Analysis Report for the year under review, is presented as a separate section of this Integrated Annual Report.

At the core of our strategy is a strong commitment to risk management, which is deeply embedded in our operating framework. We consider risk resilience not merely as a safeguard but as a key enabler of long-term, sustainable growth and business continuity. Accordingly, we have implemented a comprehensive, enterprise-wide Risk Management Framework which enables a structured and proactive approach to the identification, assessment, mitigation and monitoring of key strategic risks across the organisation. These include, among others, sectoral risks, data privacy and security risks, cybersecurity risks and climate-related risks.

The framework emphasises the development of tailored response plans for each critical risk area, supported by robust mitigation actions to ensure effective management. As the business environment continues to evolve, the Company regularly reviews and enhances the adequacy and effectiveness of its Risk Management Framework to address emerging challenges and leverage new opportunities.

The Company has in place a separate Risk Management Committee, chaired by an Independent Director, to, inter-alia, formulate, review and oversee the implementation of Risk Management Framework, determination of Company's risk appetite and regularly monitor the risk assessments and risk mitigation strategies (risk identification, risk quantification and risk evaluation) etc. The composition, formal Charter of the Committee and attendance at its meetings held during the year, are provided in the Report on Corporate Governance. The Chief Risk Officer is responsible for assisting the Risk Management Committee on an independent basis with a complete review of the risk assessments and associated management action plans. Detailed update on Risk Management Framework (including Risk Governance; Risk Identification and prioritisation process; key strategic risks and impact thereof; and mitigation actions etc.) has been given under ‘Risk and mitigation framework' section of this Integrated Annual Report. At present, in the opinion of the Board of Directors, there are no risks which may threaten the existence of the Company.

The Company has established a robust framework for internal financial controls. It has put in place adequate systems of internal financial control commensurate with the size, scale and complexity of its operations. These systems provide a reasonable assurance in respect of providing financial and operational information, complying with applicable statutes and policies, safeguarding of Company's assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records etc. The Board periodically reviews the internal policies and processes including internal financial control systems and accordingly, the Directors' Responsibility Statement contains a confirmation as regards adequacy of the internal financial controls. Ther effectiveness of internal financial controls is also assessed through management reviews, self-assessment, continuous monitoring by functional heads as well as testing of the internal financial control systems during the course of internal and statutory audits. In addition to the above, Deloitte Haskins & Sells LLP, Chartered Accountants, Statutory Auditors, have done an independent evaluation of Internal Controls over Financial Reporting (‘ICoFR') and expressed an unqualified opinion stating that the Company has, in all material respects, adequate ICoFR and such controls were operating effectively as on March 31, 2026.

The Company has in place a robust and institutionalised compliancemanagementframeworktoensurerigorousand ongoing adherence to the applicable laws and regulations. As a part of this structured framework, the Company has instituted a centralised online compliance management system, based on a comprehensive inventory of applicable laws, which is reviewed and updated on a regular basis to reflect the changes in legal and regulatory landscape. The compliance management system is driven by a robust standard operating procedure providing guidance on broad categories of applicable laws and detailed process for monitoring compliances. The system enables proactive automated alerts to compliance owners and compliance approvers, for each compliance requirement at defined intervals. The compliance owners certify the compliance status which is reviewed by compliance approvers and a consolidated compliance dashboard is presented to the Senior Management. As an integral part of the governance framework, a quarterly compliance certificate, together with details of any significant non-compliances and corrective actions, is placed before the Audit Committee and the Board for review and oversight. The Company also leverages a centralised Notice Management System to monitor, track and facilitate timely resolution of statutory and regulatory notices received across its operations.

This technology-enabled, process-driven approach reflects Company's commitment to fostering a culture of accountability, transparency and continuous compliance excellence.

The Company has adopted a Vigil Mechanism/ Whistle Blower Policy forming part of Code of Conduct of the Company, which covers all stakeholders of the Company. The said policy defines the framework and procedure for stakeholders to voice their genuine concerns about unethical conduct that may be actual or threatened breach with the Company's Code of Conduct. The policy aims to ensure that genuine complainants are able to raise their concerns in full confidence, without any fear of retaliation or victimisation and also allows for anonymous reporting of complaints. The Code of Conduct covering Vigil Mechanism/ Whistle Blower Policy, is available on the Company's website which can be accessed by clicking here. The Audit Committee of the Company is responsible for reviewing and monitoring the whistle blower mechanism. The Audit Committee also reviews report on whistle blower complaints on a quarterly basis.

In compliance with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,

2013 (‘POSH Act'), the Company has adopted a detailed policy and constituted Internal Complaint Committees for providing redressal mechanism pertaining to any reported event of sexual harassment of employees at workplace. The Company's policy on prevention of sexual harassment (‘POSH Policy') is available on its website which can be accessed by clicking here.

Further, details regarding the POSH Policy, including the details of the complaints received and disposed-o_ during the year, are provided in the Report on Corporate Governance and Business Responsibility & Sustainability Report, which form part of this Integrated Annual Report.

During the year under review, the Company has complied with the provisions of the Maternity Benefit Act, 1961 read with the relevant provisions of the Code on Social Security, 2020, to the extent notified.

In terms of Section 92(3) read with Section 134(3(a) of the Act and rules thereto, the Annual Return of the Company in Form MGT-7 for the financial year ended on March 31, 2026 is available on the Company's website at https://www.airtel. in/about-bharti/equity/results. The Annual Return will be electronically submitted to the Registrar of Companies within the timelines prescribed under the Act.

In compliance with the provisions of the Act and SEBI Listing Regulations, the Company extends financial assistance in the form of investment, loan, guarantee etc. to its subsidiaries, from time to time in order to meet their businessrequirements.Particularsofinvestments,loansand guarantees form part of Note nos. 7, 9 and 22, respectively to the standalone financial statements provided in this Integrated Annual Report. The Company is in the business of providing telecommunication services which is covered under the definition of ‘infrastructure facilities' in terms of Section 186 read with Schedule VI of the Act.

During the financial year, the Company did not accept any deposits, including from public under Chapter V of the Act. Further, no amount of principal or interest was outstanding as on the balance sheet closure date.

The Company has put in place a comprehensive and well-defined governance framework for overseeing related party transactions (‘RPTs'). The framework reflects the Company's commitment to transparency, fairness and safeguarding stakeholder interests. In terms of the applicable laws, the RPTs are subject to an in-depth review and pre-certification by leading independent global valuation/ accounting firms to ensure that the proposed terms of RPTs strictly adhere to arm's length principles and are consistent with best market practices.

The Audit Committee plays a pivotal role in the RPT governance process. It relies on the certifications and detailed analysis provided by the independent valuation and accounting firms and conducts an in-depth evaluation of the proposed transaction terms before granting its approval. The representatives of valuation/ accounting firm(s) are available to address the queries of Audit Committee members, reinforcing the objectivity and independence of the review process.

In addition to prior approval and in-depth review of each RPT and/ or subsequent modification thereof, the Audit Committee undertakes a quarterly review of actual RPTs to ensure they remain in compliance with internal policies and regulatory requirements. This proactive and disciplined approach underlines Company's unwavering commitment to sound governance, risk management and protection of long-term shareholder value.

The Company has in place a detailed ‘Policy on Related Party Transactions' (RPT Policy') which, inter-alia, covers regulatory framework around RPTs, robust RPT governance process etc. The RPT Policy also mandates that any member of the Audit Committee/ Board Member having a potential interest in the proposed RPT, will recuse himself and abstain from discussion and voting on the proposal for approval of the said transaction. The RPT policy is available on the Company's website and can be accessed by clicking here. During the FY 2025-26, the Company had entered into material related party transaction with Indus Towers Limited, subsidiary company as per Section 188 of the Act and rules made thereunder. Necessary disclosure in form AOC-2 in this regard is given in Annexure D of this Report. Further, all arrangements/ transactions entered into by the Company with its related parties during the year under review, were in the ordinary course of business, on arm's length terms and were not in any way prejudicial to the interest of its minority shareholders. The Company or any of its subsidiary has not extended any financial assistance to promoter or promoter group entities which has been written-o_ during last three years.

In compliance with the requirement of SEBI Listing Regulations, names of related parties and details of transactions with them have been included in Note nos. 34 and 35 to the standalone and consolidated financial statements, respectively, forming part of this Integrated Annual Report.

A detailed note on energy conservation, technology absorption and foreign exchange earnings & outgo as required under Section 134(3) of the Act read with the Rule 8 of the Companies (Accounts) Rules, 2014, is annexed as Annexure E of this Report.

Disclosures relating to remuneration of directors under section 197(12) of the Act read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure F of this Report. Particulars of employee remuneration, as per Section 197(12) of the Act and read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of this Integrated Annual Report. The Integrated Annual Report is being sent to the shareholders, excluding the aforementioned information. The information will be available for inspection at the registered office of the Company on all working days (Monday to Friday) between 11.00 a.m. and 1.00 p.m. upto the date of ensuing AGM and a copy of the same will also be available electronically for inspection by the members during the AGM. Any member interested in obtaining such information may write to the Company Secretary of the Company.

There was no change in nature of the business of the Company during the financial year ended on March 31, 2026.

During the FY 2025-26, there were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in the future.

There were no applications made or proceedings pending against the Company under the Insolvency and Bankruptcy Code, 2016 as amended, before the National Company Law Tribunal or other Courts as on March 31, 2026.

Save and except the events/ matters disclosed in other sections of this report, there were no other material changes and commitments affecting the financial position of the Company between the end of financial year and the date of this report.

Pursuant to Section 134 of the Act, the directors, to the best of their knowledge and belief, confirm that: a) in preparation of the annual accounts, the applicable accounting standards had been followed, along with proper explanation relating to material departures; b) the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the directors had prepared the annual accounts on a going concern basis; e) the directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The key initiatives taken by the Company with respect to stakeholder relationship, customer relationship, environment, sustainability, health and safety etc. are provided under various Capitals and Business Responsibility & Sustainability Report, form part of this Integrated Annual Report. The Environment, Health and Safety Policy and Human Rights Policy, are available on the Company's website at https://www.airtel.in/sustainability-file/embedding-sustainability.

During FY 2025-26, the Company has complied with the applicable provisions of the Secretarial Standards (SS-1 and SS-2) relating to ‘Meetings of the Board of Directors' and ‘General Meetings' issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs in terms of the provisions of Section 118 of the Act.

The Board places on record its sincere appreciation to the Department of Telecommunications, the Central and State Governments in India, the governments and regulatory authorities across Airtel Africa's footprint, the Company's bankers, business partners and other stakeholders for their continued support, cooperation and guidance.

The Board also expresses its heartfelt gratitude to the Company's employees for their unwavering commitment, dedication and contribution towards delivering strong operational and business performance. The Board acknowledges with appreciation the continued trust and support of the Company's customers, shareholders, including Bharti Telecom Limited and Singapore Telecommunications Limited and all other stakeholders who have contributed to the Company's growth and success. The Board looks forward to their continued support as the Company pursues its vision of creating sustainable value for all stakeholders.