Bharti Airtel
Bharti Airtel
Telecom F&OKey Fundamentals
LargecapTelecom Service ProviderTelecomTapetide 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 7.12 times its book value
- Promoter holding has decreased over last 3 years: -4.68%
Growth Rate
AI Analysis — Bull vs Bear
Bharti Airtel has a market capitalisation of about Rs 10.96 lakh crore and trades at a P/E of 30.7x and a P/B of 6.35x (the pros/cons data quotes 7.30x). It has compounded sales at 16% and profit at 22% over 5 years, and its 3-year ROE is 20%. TTM profit growth has slowed to 6% against 20% TTM sales growth, and the stock has returned -7% over the past year after a 25% 3-year CAGR.
- Profit has compounded at 22.1% a year over 5 years and 45% a year over 3 years. That points to strong operating leverage as the business has scaled.
- TTM sales growth of 20% is faster than the 3-year (15%) and 5-year (16%) sales CAGRs, so revenue growth is speeding up. Q4 FY25 consolidated revenue was Rs 47,876 crore, up 27.3% YoY, helped by the full-quarter consolidation of Indus Towers.
- ROE has risen steadily: 12% over 10 years, 17% over 5 years, and 20% over both 3 years and the last year. Returns on capital have improved clearly as the industry has consolidated.
- Leverage has fallen. Annualised net debt to EBITDA was 1.86x in Q4 FY25, down from 2.61x a year earlier. That leaves more room for dividends and capex.
- The dividend payout ratio is 48.0% and the dividend yield is 1.34%. Both are meaningful for a capital-intensive telecom operator.
- Promoter holding rose by 1.20% in the last quarter, which suggests renewed promoter commitment.
- The stock has compounded at 20% a year over both 5 and 10 years and at 25% over 3 years, a long record of creating value for shareholders.
- The stock trades at a P/E of 30.7x and a P/B of 6.35–7.30x. Those are high multiples for a telecom operator and leave little room for disappointing results.
- TTM profit growth is only 6%, far below the 20% TTM sales growth and the 45% 3-year profit CAGR. Earnings momentum may be slowing.
- The stock has returned -7% over the past year, even though it posted 25% a year over 3 years. The market may be re-rating it after a long run.
- Promoter holding has fallen by 4.90% over 3 years, despite the latest 1.20% quarterly increase.
- The 10-year sales CAGR is only 8% and the 10-year ROE only 12%. This shows how cyclical Indian telecom has been, and how exposed it is to price wars and regulation.
- The dividend yield of 1.34% is modest compared with the 30.7x P/E, so most of the return depends on continued earnings growth and multiple expansion.
- Net debt to EBITDA is still 1.86x (Q4 FY25), and the business needs ongoing spending on spectrum and 5G capex. Balance-sheet flexibility is limited if tariff hikes stall.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Repeated DoT verification penalties Sep 29
Airtel received or paid four DoT penalties in September over alleged subscriber verification lapses: ₹8.91 lakh in Andhra Pradesh and Madhya Pradesh (Sep 10), ₹1.53 lakh from a May 2026 audit (Sep 18), ₹1.03 lakh from a July 2026 audit (Sep 21) and ₹3.53 lakh in Delhi and Karnataka (Sep 29). The total is about ₹15 lakh, which is financially immaterial, but the repeated KYC compliance lapses are a regulatory concern.
- TRAI quality-of-service fine Sep 18
TRAI levied a ₹1.10 lakh financial disincentive for alleged quality-of-service non-compliance in November 2025. The amount is small, but it adds to the regulator's scrutiny of the company.
- Block-trade prices drifting lower Sep 28
Large-trade prices fell from ₹1,842.50 (Sep 21) to ₹1,799-1,801.40 (Sep 24) and ₹1,778.00 (Sep 28), a decline of about 3.5% in a week. These are unconfirmed real-time signals, but together they point to near-term price weakness during heavy block activity.
- HSBC sees ARPU reaching ₹325 Sep 3
HSBC projects ARPU of ₹264 in Q1FY27, ₹277 for full-year FY27 and ₹310 in FY28, rising to ₹325 by FY29. That implies about 23% ARPU growth from Q1FY27 levels, which supports the case for continued tariff-led earnings growth.
- Apple bundle in postpaid plans Sep 22
Family postpaid plans starting at ₹999 now include Apple iCloud+, Apple TV and Apple Arcade. The bundle is meant to drive upgrades to higher-value plans and lift premium ARPU.
- ₹422 crore block trades Sep 24 Sep 24
About 18,50,000 shares traded on BSE at ₹1,799.00 (₹332.81 crore) and about 4,99,355 shares on NSE at ₹1,801.40 (₹89.95 crore). These are unconfirmed signals, and buyer and seller identities are undisclosed.
- ₹219 crore block trades Sep 21 Sep 21
About 7,43,826 shares traded on NSE at ₹1,842.50 (₹137.05 crore) and about 4,47,654 shares at ₹1,831.50 (₹81.99 crore). These are real-time signals awaiting exchange disclosure.
- ₹38.53 crore BSE block trade Sep 28
About 2,16,731 shares traded on BSE at ₹1,778.00, worth ₹38.53 crore in total. The counterparties will only be known after exchange disclosure.
- Busy institutional investor-meet calendar Sep 17
Airtel attended the UBS India Summit in Mumbai (Sep 10) and the Jefferies India Forum in Gurugram (Sep 17), and is scheduled for the CITIC CLSA and BofA Asia Pacific conferences in Hong Kong (Sep 22-23, 2026). The company said no unpublished price-sensitive information would be shared.
TL;DR: Airtel's fundamentals look solid: HSBC sees ARPU rising from ₹264 in Q1FY27 to ₹325 by FY29, and the Apple bundle supports premiumisation in postpaid. The risks are mostly about regulation and sentiment rather than money. About ₹15 lakh in DoT KYC penalties plus a TRAI quality-of-service fine show recurring compliance lapses, while about ₹680 crore of block trades came with prices sliding about 3.5% to ₹1,778. The long-term trend still looks intact, but the stock may stay range-bound in the near term until block-trade supply is absorbed and the next quarterly results confirm ARPU growth.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY08–FY27.
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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]
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