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Bharti Airtel

BHARTIARTL NSE
₹2,067.60 +2.60 (+0.13%)
P/E
42.50
View as Markdown
MCP
Close 4 Nov 2026 ₹2,067.60 −27.30 −1.30% 1Y
Start ₹2,094.90

Key Fundamentals

LargecapTelecom - ServicesTelecom

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.60%
Debt to Equity
1.31
EPS (TTM)
₹48.65
Book Value
₹281.95
Market Cap
—
P/E (TTM)
42.50
P/B
7.33
ROE
20.30%
Dividend Yield
1.16%
EBITDA
₹1.22 L Cr
52W High
₹2,174.50
52W Low
₹1,726.30
Day Range
₹2,043.00 – ₹2,068.60
Volume
1,12,72,829

Peer Comparison

Telecommunication › Telecom › Telecom Service Provider › Telecom - Cellular & Fixed line services

Bharti Airtel peer comparison
Bharti Airtel (this company)
₹2,067.6042.50₹12,79,365 Cr7.331.16%20.30%17.60%₹2,20,049 Cr₹36,413 Cr
Vodafone Idea
₹12.55—₹1,32,612 Cr—0.00%—−1.72%₹45,539 Cr₹37,406 Cr
Bharti Hexacom
₹1,718.8047.13₹85,730 Cr11.991.06%26.00%21.40%₹9,601 Cr₹1,824 Cr
Tata Communications
₹1,754.6052.87₹50,323 Cr14.710.99%32.60%14.60%₹25,426 Cr₹936 Cr
Tata Teleservices Maharashtra
₹35.13—₹6,760 Cr—0.00%—55.60%₹1,178 Cr₹38 Cr
Mahanagar Telephone Nigam
₹24.30—₹1,528 Cr—0.00%—−9.32%₹988 Cr−₹3,006 Cr
Reliance Communications
₹0.80—₹221 Cr—0.00%——₹305 Cr−₹9,374 Cr
Median 7 companies₹35.1347.13₹50,323 Cr11.990.00%26.00%16.10%₹9,601 Cr₹936 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
81
Strong
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
64
Good
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
72
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 7.28 times its book value
  • Promoter holding has decreased over last 3 years: -4.68%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish5113
OscillatorsStrong Bearish513
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
73.83
Bearish
MACD (12,26,9)
53.12
Bullish
SMA (50)
1,862.50
Bullish
SMA (200)
1,888.81
Bullish

As of

Analyst Rating

Based on 32 analysts
BUY91%

29 of 32 analysts rate Buy, 1 Hold, 2 Sell.

As of

BUY
29
91%
HOLD
1
3%
SELL
2
6%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.13%
5Y+15.96%
3Y+14.88%
1Y+21.96%
TTM+19.63%

Net profit

Net profit growth by window
10Y+17.24%
5YTurned to profit
3Y+40.15%
1Y−9.76%
TTM−9.39%

Operating cash flow

Operating cash flow growth by window
10Y+15.90%
5Y+20.45%
3Y+23.23%
1Y+24.30%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+20.03 pp
5Y+10.23 pp
3Y+4.01 pp
1Y+6.06 pp
TTM+1.80 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹95,468 Cr
Mar 2018₹82,639 Cr
Mar 2019₹80,780 Cr
Mar 2020₹87,539 Cr
Mar 2021₹1,00,616 Cr
Mar 2022₹1,16,547 Cr
Mar 2023₹1,39,145 Cr
Mar 2024₹1,49,982 Cr
Mar 2025₹1,72,985 Cr
Mar 2026₹2,10,973 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹4,241 Cr
Mar 2018₹2,184 Cr
Mar 2019₹1,688 Cr
Mar 2020−₹30,664 Cr
Mar 2021−₹12,364 Cr
Mar 2022₹8,305 Cr
Mar 2023₹12,287 Cr
Mar 2024₹8,558 Cr
Mar 2025₹37,481 Cr
Mar 2026₹33,823 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹34,115 Cr +0.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Bharti Airtel trades at ₹1,973.7 as of 2026-10-30 with a market cap of ₹12,31,688 crore, a P/E (TTM) of 40.57 and ROE of 17.26%. The company has delivered strong profit growth of 22% CAGR over five years alongside 20% TTM sales growth, though the stock trades at 7x book value and carries a debt-to-equity ratio of 1.31.

Bull Case 7
  • Strong long-term profit compounding — 5-year profit CAGR of 22% and 3-year profit CAGR of 45%, reflecting consistent earnings expansion in the telecom business.
  • Robust revenue momentum with TTM sales growth of 20%, accelerating above the 5-year compounded sales growth rate of 16%.
  • Healthy return ratios — ROE of 17.26% and ROCE of 17.67% as of 2026-10-30 indicate efficient capital deployment, with the 3-year average ROE at 20%.
  • Consistent shareholder returns with a dividend payout ratio of 48.0% and a current dividend yield of 1.22%, relatively attractive for a large-cap telecom operator.
  • Promoter confidence signalled by a 1.20% increase in promoter holding over the last quarter, suggesting alignment of insider interests with shareholders.
  • Long-term wealth creation track record — the stock has compounded at 20% CAGR over 10 years and 21% CAGR over 5 years.
  • 10-year compounded sales growth of 8% combined with 10-year profit CAGR of 18% demonstrates significant margin expansion and operating leverage over a full business cycle.
Bear Case 6
  • Elevated valuation at a P/E (TTM) of 40.57 and price-to-book of 7x, demanding continued high growth to justify the premium.
  • Sharp deceleration in profit growth — TTM profit growth has slowed to 6% compared to 3-year CAGR of 45%, raising questions about the sustainability of the earnings trajectory.
  • Meaningful leverage on the balance sheet with a debt-to-equity ratio of 1.31, which increases financial risk in a capital-intensive, spectrum-heavy industry.
  • Promoter holding has declined by 4.68% over the last three years, partially offsetting the recent quarterly increase and signalling longer-term dilution of promoter stake.
  • Negative 1-year stock CAGR of -6% and the stock trading at ₹1,973.7 versus its 52-week high of ₹2,174.5, a drawdown of roughly 9% from the peak.
  • Capital-intensive nature of telecom — ongoing 5G rollout and spectrum renewal obligations could pressure free cash flows and sustain the elevated debt load.

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

AI News Digest

9h ago

TL;DR: The postpaid tariff hike of 3-10% and expected sector-wide ~15% tariff increase from Dec 2026 are key near-term catalysts. Risks include competitive pressure from Jio's IPO listing and minor regulatory penalties, though these are immaterial financially.

Headwinds 3
  • Jio IPO listing pressures stock Oct 27

    Bharti Airtel fell 2.64% to an intraday low of ₹1,926.60 on the day of Jio Platforms' stock market debut, reflecting competitive valuation concerns.

  • TRAI penalty for TCCCPR breach Oct 30

    TRAI levied a ₹54.06 lakh financial disincentive on Airtel for alleged non-compliance with TCCCPR 2018 for Q3FY25. The company disagrees and plans to seek reversal.

  • Jio data usage outpacing ARPU Oct 27

    Jio's monthly data usage per customer surged 52% to 43.7 GB while ARPU rose only 19%, driving cost per GB down from ₹6.3 to ₹4.9 and creating industry pricing pressure.

Positives 3
  • Airtel preferred over Jio Oct 12

    Major brokerages prefer Bharti Airtel in the telecom sector, citing its higher premium subscriber mix and strongest ARPU growth post the July 2024 tariff hike at ₹264 vs Jio's ₹215.6.

  • Postpaid tariff hike 3-10% Oct 8

    Airtel raised postpaid tariffs by 3-10%, driving ARPU growth of 2.75% versus Jio's 0.75%, reinforcing its premium pricing strategy.

  • Sector tariff hike expected Dec 2026 Oct 12

    Analysts build in a ~15% smartphone tariff hike (~₹50 on 28-day unlimited data packs) from Dec 2026, with Jio's IPO listing and potential Vi fundraise paving the way.

Neutral 3
  • Partly paid share call reminder Nov 3

    Second reminder issued for ₹401.25 per share call payment on 649,835 partly paid-up shares, due Nov 19, 2026, with 10% annual interest from Mar 17, 2026.

  • DoT penalties for verification norms Nov 4

    Airtel paid two minor DoT penalties totalling ₹2.57 lakh (₹1.07 lakh in Nov and ₹1.50 lakh in Oct) for subscriber verification violations. Both paid without contest.

  • RTA office shifts to Hyderabad Nov 4

    KFin Technologies, Airtel's RTA, moves its corporate office in Hyderabad effective Dec 1, 2026. Registered office remains unchanged.

Quarterly Results

₹ Cr
BHARTIARTL quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
BHARTIARTL profit and loss, annual, ₹ crore
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
0%
39%
27%
62%
28%
55%
—

Balance Sheet

₹ Cr
BHARTIARTL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
BHARTIARTL cash flow, annual, ₹ crore
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

Ratios

BHARTIARTL financial ratios, annual
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

Log in to view Bharti Airtel insights

64 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.07%
  • FIIs 25.45%
  • DIIs 21.74%
  • Public 1.84%
  • Others 0.91%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Bharti Airtel Ltd?
Bharti Airtel Ltd trades at a PE ratio of 42.50 as of 4 Nov 2026, on earnings per share of ₹48.65, against a book value of ₹281.95 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 ₹1,726.3 and ₹2,174.5 as of 4 Nov 2026.
Does Bharti Airtel Ltd pay dividends?
Bharti Airtel Ltd has a dividend yield of 1.16%.
What is the Return on Equity (ROE) of Bharti Airtel Ltd?
Bharti Airtel Ltd reported a return on equity of 20.30%. 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.

Website airtel.in
CEO Mr. Sunil Bharti Mittal
Employees 28,701
Listed 18 Feb 2002
Face Value ₹5

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