Bharti Airtel Ltd.

•

airtel.inBSE: 532454NSE: BHARTIARTL

Market Cap₹ 11,46,500 Cr.

Current Price

High / Low₹ 2,174 / 1,740

Stock P/E74.4

Book Value₹ 311

Price to Book6.78

Dividend Yield1.31 %

ROCE13.8 %

ROE9.2 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Mobile Services: 82.2% • Airtel Business: 12.8% • Homes Services: 5.0%

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

Latest quarter profit grew 44.2% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.51x)
Operating margins have improved to 57.8% from 51.7%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 47.5% versus prior year
Promoter holding has decreased over last 2 years: -3.1pp
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 6.8x its book value
Dividend payout exceeds earnings (106.4%) - may be unsustainable

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	22,651	23,258	23,866	24,345	24,917	26,984	28,434	28,608	29,249	30,092	30,855	31,296	32,357
	10,515	10,786	10,942	11,360	11,491	12,032	12,395	12,267	12,404	12,617	12,957	13,251	26,174
Operating Profit	12,135	12,471	12,924	12,986	13,426	14,953	16,039	16,341	16,845	17,476	17,898	18,046	6,182
OPM %	53.58%	53.62%	54.15%	53.34%	53.88%	55.41%	56.41%	57.12%	57.59%	58.07%	58.01%	57.66%	19.11%
	185	-759	89	599	1,172	408	3,046	230	332	1,079	269	-2,349	561
Interest	3,452	3,741	3,550	3,662	3,668	3,872	4,031	3,669	3,835	3,854	3,815	4,075	3,690
Depreciation	6,931	7,113	7,458	7,607	7,928	8,137	8,230	8,216	8,279	8,623	8,859	8,810	9,065
Profit before Tax	1,937	858	2,006	2,315	3,002	3,352	6,824	4,686	5,063	6,078	5,493	2,812	6,743
Tax %	24.78%	65.86%	29.48%	21.23%	17.76%	24.89%	-34.78%	-98.83%	25.65%	25.22%	25.53%	52.19%	19.51%
Net Profit	1,457	293	1,414	1,824	2,469	2,518	9,197	9,318	3,764	4,545	4,091	1,344	5,428
	2.57	0.51	2.47	3.18	4.28	4.35	15.88	16.07	6.49	7.84	7.05	2.30	8.89

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	62,276	53,663	49,606	54,317	64,326	70,795	84,720	94,120	1,08,944	1,21,493	1,24,600
	38,583	35,858	38,789	34,184	36,342	36,094	40,921	44,116	48,185	51,228	64,998
Operating Profit	23,693	17,805	10,817	20,134	27,984	34,700	43,799	50,004	60,759	70,264	59,602
OPM %	38.04%	33.18%	21.81%	37.07%	43.50%	49.02%	51.70%	53.13%	55.77%	57.83%	47.83%
	-14,744	473	6,907	-39,299	-12,131	-1,406	-1,643	626	4,856	-669	-440
Interest	5,255	5,911	7,848	11,463	12,321	13,221	14,532	14,405	15,240	15,579	15,434
Depreciation	12,203	13,049	15,120	20,392	21,998	24,330	26,355	29,108	32,511	34,571	35,357
Profit before Tax	-8,510	-681	-5,244	-51,021	-18,465	-4,256	1,269	7,116	17,864	19,446	21,126
Tax %	-16.64%	111.63%	64.35%	29.27%	-36.46%	9.21%	107.06%	29.90%	-31.56%	29.32%	27.07%
Net Profit	-9,926	79	-1,869	-36,088	-25,198	-3,864	-90	4,988	23,502	13,744	15,408
EPS	-24.84	0.20	-4.36	-71.08	-45.95	-6.91	-0.16	8.67	40.52	22.56	—
Dividend Payout %	-4.03%	2695.61%	-53.46%	-3.02%	0.00%	-43.40%	-2533.25%	92.27%	39.49%	106.40%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 14%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: -5%
5 Years:: 6%
3 Years:: 11%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	98,811	1,00,795	96,242	98,644	74,528	71,981	75,994	97,802	1,36,975	1,57,264
	60,930	66,322	86,627	1,12,870	1,30,421	1,29,924	1,81,095	1,66,677	1,48,818	1,28,668
Trade Payables	14,970	17,699	19,124	18,655	22,295	25,576	25,999	28,753	32,348	36,511
	14,047	16,698	13,936	44,795	31,919	24,947	35,009	42,711	52,397	61,260
Total Liabilities	1,90,757	2,03,513	2,17,927	2,77,692	2,61,908	2,55,223	3,20,933	3,38,820	3,73,438	3,86,750
	1,11,523	1,22,609	1,33,812	1,61,679	1,57,388	1,63,736	1,87,409	2,21,717	2,34,288	2,28,336
Capital Work in Progress	1,182	2,739	5,366	1,233	1,283	1,715	6,960	4,323	5,095	6,698
	45,959	48,128	37,580	38,727	52,273	46,726	46,691	57,641	88,352	1,02,091
	4	6	1	3	1	0	0	0	0	0
	0	0	0	0	0	2,772	2,116	2,500	3,172	2,894
Cash & Bank	173	545	235	3,398	1,036	341	1,443	741	703	6,989
	31,916	29,485	40,933	72,652	49,927	39,933	76,314	51,898	41,828	39,742
Total Assets	1,90,757	2,03,513	2,17,927	2,77,692	2,61,908	2,55,223	3,20,933	3,38,820	3,73,438	3,86,750

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22,609	16,195	9,864	4,336	34,526	36,754	43,583	53,209	62,336	74,931
Cash from Investing	-24,283	-17,211	-20,456	-22,272	-13,223	-33,170	-30,006	-34,877	-41,453	-41,286
Cash from Financing	3,456	1,637	9,398	21,114	-23,218	-4,289	-12,500	-19,184	-20,755	-27,350
	338	380	-246	2,869	-2,049	-704	1,076	-852	128	6,295

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

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