Bharti Airtel Ltd.

•

airtel.inBSE: 532454NSE: BHARTIARTL

Market Cap₹ 11,46,500 Cr.

Current Price

High / Low₹ 2,174 / 1,740

Stock P/E39.7

Book Value₹ 299

Price to Book7.31

Dividend Yield1.31 %

ROCE25.1 %

ROE25.8 %

Face Value₹ 5

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Mobile Services - India: 52.3% • Mobile Services - Africa: 26.7% • Airtel Business: 8.9%

AI Sector View

AI GENERATED

Telecommunication

Hold

Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.

Confidence

58%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 25.0%
Company has a healthy return on capital (ROCE) of 21.4%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 34.9% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.75x)
Operating margins have improved to 56.6% from 51.9%

CONS

Promoter holding has decreased over last 2 years: -3.1pp
Working capital days have increased from -238 to -146 days
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 7.3x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TelecommunicationTelecomTelecommunication - Service Provider

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 LOWVOL30 NIFTY CONSUMPTION NIFTY100 EQL WGT

S.No.	Name
1.	BHARTIARTL	1837.00	39.65	1146500.05	1.31	10011.60	34.89	58539.10	18.35	25.05	57.07
2.	IDEA	14.96	4.33	162081.18	0.00	-3754.00	43.19	11689.00	6.19	46.77	43.07
3.	INDUSTOWER	372.70	13.74	98324.33	3.76	1745.80	0.52	8431.10	4.64	30.51	53.11
4.	BHARTIHEXA	1539.25	42.19	76962.50	1.17	4824.00	1131.87	25099.00	1009.10	29.30	52.68
5.	TATACOMM	1763.90	53.17	50286.26	0.99	129.72	-31.78	6582.82	10.45	15.75	18.75
6.	RAILTEL	262.55	41.79	8426.24	1.24	38.39	48.51	467.61	24.08	23.03	15.86
7.	TTML	35.93	87.55	7024.06	0.00	-72.15	77.80	301.57	6.09	157.86	53.91
8.	HATHWAY	10.19	23.80	1803.74	0.00	24.56	-20.85	565.10	6.52	2.55	13.43
9.	MTNL	25.14	0.00	1583.82	0.00	-842.36	10.69	216.89	229.92	-6.76	-15.07
10.	GTL	7.23	0.14	113.73	0.00	4520.66	2243.77	497.08	-28.12	0.00	27.04

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	17,842	17,530	18,085	18,234	18,799	19,627	20,533	20,867	21,624	22,584	23,199	23,892	45,428
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	13,111
OPM %	52.35%	52.68%	52.28%	51.50%	51.18%	52.68%	54.50%	56.41%	56.28%	56.69%	57.02%	56.86%	22.40%
	-3,068	-1,240	310	-2,139	1,098	-599	8,015	346	509	728	445	-2,282	1,260
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
Profit before Tax	1,263	3,354	3,405	1,948	5,114	4,824	15,232	9,526	10,422	12,241	12,185	9,960	13,773
Tax %	26.34%	55.06%	36.18%	36.44%	25.57%	36.16%	4.97%	-30.36%	29.58%	29.99%	31.17%	8.00%	27.31%
Net Profit	15,202	2,093	0	0	4,718	4,153	16,135	12,476	7,422	8,651	8,503	9,247	10,012
	2.84	2.36	4.27	3.61	7.21	6.21	25.54	19.02	10.26	11.72	11.44	12.53	13.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	95,468	82,639	80,780	84,676	1,00,616	1,16,547	1,39,145	1,49,982	1,72,985	2,10,973	2,20,049
	60,270	52,602	56,626	50,423	55,244	59,013	67,871	72,141	79,903	91,504	1,15,102
Operating Profit	35,198	30,037	24,154	34,253	45,372	57,534	71,273	77,841	93,082	1,19,469	1,04,947
OPM %	36.87%	36.35%	29.90%	40.45%	45.09%	49.37%	51.22%	51.90%	53.81%	56.63%	47.69%
	800	738	5,728	-38,554	-15,272	2,233	267	-5,686	8,938	-394	151
Interest	9,547	9,326	10,622	14,073	15,091	16,616	19,300	22,648	21,754	21,555	22,051
Depreciation	19,773	19,243	21,348	27,094	29,404	33,091	36,432	39,538	45,570	52,711	54,481
Profit before Tax	7,723	3,267	-1,732	-46,130	-14,488	12,483	16,561	12,679	38,398	45,173	48,159
Tax %	45.08%	33.16%	197.44%	27.12%	-61.65%	33.47%	25.80%	32.50%	2.39%	25.13%	24.98%
Net Profit	4,241	2,184	1,688	-33,618	-23,421	8,305	12,287	8,558	37,481	33,823	36,131
EPS	9.51	2.75	0.96	-63.41	-27.52	7.61	14.57	12.98	57.85	43.81	—
Dividend Payout %	10.52%	194.23%	244.04%	-3.39%	0.00%	39.41%	27.19%	61.64%	27.66%	54.78%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 16%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: —
3 Years:: 47%

STOCK PRICE CAGR

10 Years:: 20%
5 Years:: 22%
3 Years:: 27%
1 Year:: -4%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 21%
3 Years:: 25%
Last Year:: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,999	1,999	1,999	2,728	2,746	2,795	2,837	2,877	2,900	3,047
Minority Interest	6,875	8,814	13,526	24,985	22,274	25,381	28,881	23,545	39,796	46,907
	65,051	67,458	69,349	74,350	56,119	63,659	74,552	78,933	1,10,490	1,45,740
	1,07,174	1,06,618	1,26,531	1,41,423	1,59,502	1,72,077	2,21,079	2,14,455	1,99,600	1,78,615
Trade Payables	26,854	26,854	26,314	24,367	27,885	29,274	32,895	35,132	38,154	45,015
	22,694	35,907	28,500	65,911	57,416	50,546	67,439	70,346	98,509	1,13,687
Total Liabilities	2,30,646	2,47,649	2,66,218	3,33,763	3,25,941	3,43,731	4,27,681	4,25,288	4,89,449	5,33,010
	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
Capital Work in Progress	2,394	5,209	8,843	3,997	4,366	4,239	11,029	8,908	10,596	12,613
	14,339	16,159	15,711	25,476	27,550	29,349	32,954	31,602	5,838	18,901
	49	69	88	157	266	375	258	364	452	601
	0	0	0	0	0	4,056	0	4,728	7,456	7,978
Cash & Bank	5,098	6,671	8,064	15,893	13,471	13,494	13,419	16,340	16,720	30,377
	30,531	32,341	32,680	58,984	56,808	48,134	92,628	60,044	59,919	56,204
Total Assets	2,30,646	2,47,649	2,66,218	3,33,763	3,25,941	3,43,731	4,27,681	4,25,288	4,89,449	5,33,010

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31,439	31,226	21,241	20,422	50,438	55,017	69,116	78,898	98,332	1,22,230
Cash from Investing	-30,604	-27,968	-28,501	-30,492	-26,888	-41,870	-39,080	-50,204	-60,270	-58,534
Cash from Financing	-351	1,920	9,464	19,144	-24,910	-15,203	-24,470	-27,778	-36,533	-52,293
	-2,676	3,807	1,033	6,781	-3,594	-2,056	1,775	916	1,529	11,402

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.17	53.14	53.11	52.42	51.25	50.27	48.87	48.87	50.07
	24.62	25.08	24.27	25.41	26.72	27.42	28.75	27.79	26.48
	19.13	18.65	19.48	19.23	19.09	19.40	19.54	20.53	20.64
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	2.95	3.01	3.02	2.85	2.81	2.79	2.72	2.68	2.68

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Bharti Airtel Limited has informed the Exchange about Schedule of meet

2026-09-10

Action(s) taken or orders passed

2026-09-10 - Bharti Airtel Limited has informed the Exchange about Action(s) taken or orders passed

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Bharti Airtel Limited has informed the Exchange about Schedule of meet

2026-08-31

Action(s) taken or orders passed

2026-08-31 - Bharti Airtel Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-25

Action(s) taken or orders passed

2026-08-25 - Bharti Airtel Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Bharti Airtel Limited has informed the Exchange about Schedule of meet

2026-08-18

Updates

2026-08-18 - Bharti Airtel Limited has informed the Exchange regarding 'Update on conversion of partly paid-up equity shares into fully paid-up equity shares, upon receipt of First and Final Call pursuant to Reminder Notice issued by the Company'.

2026-08-17

Updates

2026-08-17 - Bharti Airtel Limited has informed the Exchange regarding an update.

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Bharti Airtel Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for BHARTIARTL

Loading news…

🤖

AI Stock Analyst

Bharti Airtel Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account