Bharti Airtel logo

Bharti Airtel

BHARTIARTL NSE

Key Fundamentals

LargecapTelecom Service ProviderTelecom
Market Cap
11.2L Cr
Volatility
Moderate
P/E Ratio
37.64
EBITDA
1.2L Cr
Return on Equity
17.26%
Debt to Equity
1.31
Book Value
₹282
EPS
₹21.42
52W High
₹2,174.5
52W Low
₹1,740.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has delivered good profit growth of 22.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 48.0%
  • Promoter holding has increased by 1.20% over last quarter.

Weaknesses

2
  • Stock is trading at 7.49 times its book value
  • Promoter holding has decreased over last 3 years: -4.90%

Growth Rate

Revenue Growth
22.47% higher than 3Y
Net Income Growth
-9.76% lower than 3Y
Cash Flow Change
24.3% lower than 3Y
ROE
-29.32% lower than 3Y
ROCE
-1.89% lower than 3Y
EBITDA Margin (Avg.)
5.58% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Bharti Airtel is a large-cap telecom leader with a market cap of ~₹11.24 lakh crore, trading at a P/E of 31.5x and P/B of 7.52x. The company has delivered 22% compounded profit CAGR over five years with TTM sales growth of 20%, though the stock has declined 4% over the past year after a strong multi-year rally.

Bull Case 7
  • Strong profit compounding at 22% CAGR over 5 years and 45% CAGR over 3 years, reflecting improving unit economics and operating leverage in the telecom business
  • TTM revenue growth of 20% indicates sustained momentum from tariff hikes and subscriber additions, well above the 10-year sales CAGR of 8%
  • ROE has improved to 20% (last year and 3-year average) from a 10-year average of 12%, signalling meaningful improvement in capital efficiency
  • Healthy dividend payout ratio of 48.0% with a current dividend yield of 1.31%, providing income support unusual for a high-growth telecom name
  • Promoter holding increased by 1.20% in the most recent quarter, suggesting insider confidence at current levels
  • 10-year stock CAGR of 20% and 5-year CAGR of 22% demonstrate long-term wealth creation track record through multiple industry cycles
  • 5-year sales CAGR of 16% shows the company has consistently grown its top line, supported by ARPU expansion and Africa operations
Bear Case 7
  • Stock trades at 7.52x book value, a significant premium that leaves limited margin of safety if growth slows
  • P/E of 31.5x is elevated for a telecom utility-like business, pricing in continued high growth that may not materialise
  • Stock has returned -4% over the past 1 year, underperforming broader markets after a period of re-rating
  • Promoter holding has declined by 4.90% over the last 3 years, despite the recent quarterly increase, indicating a longer-term dilution trend
  • TTM profit growth has decelerated to 6% compared to the 3-year CAGR of 45%, suggesting the earnings growth rate is normalising
  • Debt-to-equity ratio is not available in reported data, making it difficult to fully assess balance sheet risk in a capital-intensive sector with heavy spectrum liabilities
  • The 10-year compounded sales CAGR of only 8% highlights that the recent acceleration may be cyclical rather than structural

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Singtel plans stake equalization Aug 27

    Singtel announced plans to align its economic ownership in Bharti Airtel with the Bharti/Mittal family's 23.2% holding, triggering a share price decline on concerns over potential stake changes and overhang.

  • DoT penalty notices received Sep 10

    Bharti Airtel received penalty notices from DoT in Andhra Pradesh and Madhya Pradesh for subscriber verification violations, and separately paid a ₹1.05 lakh penalty related to a June 2026 audit.

Positives 3
  • Leads July subscriber additions Aug 27

    Airtel added 26.88 lakh net subscribers in July, outpacing Jio's 24.47 lakh additions. Airtel recorded the highest active-subscriber ratio at 99.12% with 48.95 crore users and 38.01% market share.

  • ARPU growth trajectory to ₹325 Sep 3

    HSBC projects Airtel's ARPU rising from ₹264 in Q1FY27 to ₹277 for FY27, ₹310 in FY28, and ₹325 by FY29, signaling sustained revenue-per-user improvement.

  • Jefferies top telecom pick Aug 27

    Jefferies retained Bharti Airtel as its top sector pick citing revenue growth, market share gains, and expects high-single-digit revenue growth even without tariff hikes, with the next major hike expected in April 2027.

Neutral 4
  • Investor forum participation scheduled Sep 10

    Airtel confirmed participation in the Jefferies India Forum on Sep 17 in Gurugram and the UBS India Summit on Sep 10 in Mumbai, with no unpublished price-sensitive information to be shared.

  • Net mobile additions of 2.69mn Aug 28

    Bharti Airtel added 2.69 million net mobile subscribers in July after accounting for churn, a key operational metric for voice and data revenue.

  • Airtel Payments Bank chair change Aug 18

    Sunil Bharti Mittal will step down as Non-Executive Chairman of Airtel Payments Bank on Oct 1, 2026, with Shabnam Sinha succeeding him. The bank serves over 121 million monthly active users.

  • Singtel Investor Day attendance Aug 21

    Bharti Airtel participated in Singtel Investor Day and HSBC-organised meetings in Singapore on Aug 27, confirming no UPSI would be shared.

TL;DR: Bharti Airtel is executing well operationally, leading the industry in July subscriber additions with best-in-class active-subscriber ratios, and has a clear ARPU growth runway to ₹325 by FY29 per HSBC. Key risks include Singtel's announced stake equalization plan creating near-term overhang and minor regulatory friction from DoT penalties. The trend is constructive with Jefferies flagging it as a top pick and the next tariff hike expected by April 2027, supporting continued earnings momentum.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
37,440
37,044
37,900
37,599
38,506
41,473
45,129
47,876
49,463
52,145
53,982
55,383
58,539
Expenses
17,842
17,530
18,085
18,234
18,799
19,627
20,533
20,867
21,624
22,584
23,199
23,892
25,236
Operating Profit
19,598
19,514
19,815
19,365
19,708
21,846
24,597
27,009
27,839
29,561
30,783
31,492
33,303
OPM %
52%
53%
52%
52%
51%
53%
54%
56%
56%
57%
57%
57%
57%
Other Income
-2,478
-654
1,013
-1,308
2,010
475
9,675
403
592
809
562
-2,198
661
Interest
5,614
5,186
6,645
5,203
5,152
5,424
5,676
5,502
5,461
4,866
5,623
5,606
5,956
Depreciation
9,654
9,734
10,074
10,075
10,540
11,000
11,704
12,326
12,465
13,182
13,420
13,644
14,235
PBT
1,853
3,940
4,108
2,778
6,025
5,897
16,892
9,584
10,504
12,322
12,301
10,045
13,773
Tax %
18%
47%
30%
26%
22%
30%
4%
-30%
29%
30%
31%
8%
27%
Net Profit
1,520
2,093
2,876
2,068
4,718
4,153
16,135
12,476
7,422
8,651
8,503
9,247
10,012
EPS in Rs
2.89
2.39
4.34
3.66
7.31
6.31
25.95
19.33
10.43
11.91
11.63
12.02
13.09
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
96,101
96,532
95,468
82,639
80,780
87,539
1,00,616
1,16,547
1,39,145
1,49,982
1,72,985
2,10,973
2,20,049
Expenses
62,499
62,548
60,138
52,560
55,016
50,930
55,337
59,013
67,871
72,090
87,925
94,459
94,911
Operating Profit
33,602
33,984
35,330
30,079
25,764
36,610
45,279
57,534
71,274
77,893
85,060
1,16,514
1,25,139
OPM %
35%
35%
37%
36%
32%
42%
45%
49%
51%
52%
49%
55%
57%
Other Income
1,243
4,858
1,713
1,756
4,474
-37,775
-4,215
4,656
1,019
-3,028
20,662
2,925
-166
Interest
4,446
8,546
9,547
9,326
10,622
13,992
15,091
16,616
19,300
22,648
21,754
21,555
22,051
Depreciation
19,858
17,450
19,773
19,243
21,348
27,690
29,404
33,091
36,432
39,538
45,570
52,711
54,481
PBT
10,540
12,846
7,723
3,267
-1,732
-42,846
-3,432
12,483
16,561
12,679
38,398
45,173
48,441
Tax %
52%
46%
45%
33%
-197%
-28%
260%
33%
26%
32%
2%
25%
—
Net Profit
5,048
6,893
4,241
2,184
1,688
-30,664
-12,364
8,305
12,287
8,558
37,481
33,823
36,413
EPS in Rs
8.41
11.05
6.91
2
0.74
-55.06
-25.63
7.23
14.97
13.2
58.85
43.81
48.65
Div. Payout %
33%
9%
11%
194%
244%
-3%
0%
39%
27%
62%
28%
55%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1,999
1,999
1,999
1,999
1,999
2,728
2,746
2,795
2,837
2,877
2,900
3,047
Reserves
37,778
64,771
65,458
67,536
69,424
74,417
56,207
63,759
74,726
79,142
1,10,772
1,46,010
Borrowings
83,415
1,00,646
1,07,288
1,11,334
1,25,428
1,48,228
1,62,785
1,69,678
2,26,020
2,15,592
2,13,642
1,95,412
Other Liabilities
58,747
57,056
57,578
68,653
77,176
1,33,718
1,22,679
1,24,975
1,40,974
1,44,408
1,77,692
2,00,904
Total Liabilities
1,81,939
2,24,472
2,32,322
2,49,521
2,74,026
3,59,091
3,44,417
3,61,207
4,44,557
4,42,019
5,05,006
5,45,373
Fixed Assets
1,24,279
1,72,293
1,78,235
1,87,200
2,00,832
2,29,256
2,23,480
2,44,083
2,77,394
3,03,303
3,88,468
4,06,337
CWIP
17,415
5,702
10,838
9,751
9,634
4,282
5,726
5,955
49,425
16,904
10,999
12,938
Investments
10,752
11,977
14,339
16,159
15,711
25,476
27,550
29,349
32,954
31,602
5,838
18,901
Other Assets
29,494
34,500
28,910
36,411
47,850
1,00,077
87,661
81,820
84,784
90,210
99,700
1,07,197
Total Assets
1,81,939
2,24,472
2,32,322
2,49,521
2,74,026
3,59,091
3,44,417
3,61,207
4,44,557
4,42,019
5,05,006
5,45,373
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
28,059
27,942
28,280
29,854
20,070
18,129
48,205
55,017
65,325
78,898
98,332
1,22,230
Investing
-22,301
-14,091
-30,680
-27,940
-28,286
-29,598
-27,286
-41,478
-39,232
-51,089
-60,198
-56,205
Financing
-9,672
-11,946
-351
1,920
9,464
19,144
-24,910
-15,203
-24,470
-27,778
-36,533
-52,293
Net Cash Flow
-3,914
1,905
-2,752
3,835
1,248
7,675
-3,991
-1,664
1,623
31
1,601
13,732
Free Cash Flow
12,866
8,991
-8,432
4,605
-8,980
-2,456
21,091
28,996
38,875
38,970
58,990
76,683
CFO/OP
98
96
89
104
82
56
111
99
97
105
121
110
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
20
21
18
26
19
19
13
13
10
12
16
14
Cash Conversion Cycle
20
21
18
26
19
19
13
13
10
12
16
14
Working Capital Days
-205
-161
-199
-258
-329
-352
-270
-239
-217
-236
-277
-222
ROCE %
11%
13%
10%
7%
3%
5%
7%
11%
12%
13%
13%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.88%Govt.0.12%Promot.50.07%Public1.80%DIIs20.64%FIIs26.48%As ofJun 2026

Documents

Frequently Asked Questions about Bharti Airtel

What does Bharti Airtel Ltd do?
Bharti Airtel Ltd is one of the world’s leading providers of telecommunication services with presence in 18 countries representing India, Sri Lanka, 14 countries in Africa. [1]
Where is Bharti Airtel Ltd (BHARTIARTL) listed?
Bharti Airtel Ltd trades as BHARTIARTL on the NSE and under code 532454 on the BSE.
Which sector does Bharti Airtel Ltd belong to?
Bharti Airtel Ltd is classified under the Telecom sector, in the Telecom Service Provider industry.
What is the market capitalisation of Bharti Airtel Ltd?
Bharti Airtel Ltd has a market capitalisation of ₹11,23,966 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharti Airtel Ltd?
Bharti Airtel Ltd trades at a PE ratio of 37.64, on earnings per share of ₹21.42, against a book value of ₹282 per share.
What is the 52-week high and low of Bharti Airtel Ltd?
Over the last 52 weeks Bharti Airtel Ltd has traded between ₹1,740.5 and ₹2,174.5.
Does Bharti Airtel Ltd pay dividends?
Bharti Airtel Ltd has a dividend yield of 1.31%.
What is the Return on Equity (ROE) of Bharti Airtel Ltd?
Bharti Airtel Ltd reported a return on equity of 17.26%. Its debt-to-equity ratio is 1.31.

Company Information

Bharti Airtel Ltd is one of the world’s leading providers of telecommunication services with presence in 18 countries representing India, Sri Lanka, 14 countries in Africa. [1]

Website airtel.in
CEO Mr. Sunil Bharti Mittal
Employees 28,701
Listed 2002-02-18
Face Value ₹ 5
Issued Size 5,70,21,05,319

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