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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Bharti Airtel Ltd.

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Name

BHARTIARTL

1837.00

39.65

1146500.05

1.31

10011.60

34.89

58539.10

18.35

25.05

57.07

IDEA

14.96

4.33

162081.18

0.00

-3754.00

43.19

11689.00

6.19

46.77

43.07

INDUSTOWER

372.70

13.74

98324.33

3.76

1745.80

0.52

8431.10

4.64

30.51

53.11

BHARTIHEXA

1539.25

42.19

76962.50

1.17

4824.00

1131.87

25099.00

1009.10

29.30

52.68

TATACOMM

1763.90

53.17

50286.26

0.99

129.72

-31.78

6582.82

10.45

15.75

18.75

RAILTEL

262.55

41.79

8426.24

1.24

38.39

48.51

467.61

24.08

23.03

15.86

TTML

35.93

87.55

7024.06

0.00

-72.15

77.80

301.57

6.09

157.86

53.91

HATHWAY

10.19

23.80

1803.74

0.00

24.56

-20.85

565.10

6.52

2.55

13.43

MTNL

25.14

0.00

1583.82

0.00

-842.36

10.69

216.89

229.92

-6.76

-15.07

GTL

7.23

0.14

113.73

0.00

4520.66

2243.77

497.08

-28.12

0.00

27.04

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

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

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

-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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

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

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

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

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

Public

2.95

3.01

3.02

2.85

2.81

2.79

2.72

2.68

Bharti Airtel Ltd.

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Quarterly Results

Profit & Loss

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Documents

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Bharti Airtel Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI