Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Airtel Business launched IQ Gateway, a DPDP-compliant enterprise communications platform for SMS, WhatsApp, RCS and voice.
Source: Bse
Bharti Airtel Limited (BHARTIARTL)
Large CapTelecom stocks · Large cap · NSE
Bharti Airtel is a diversified telecom operator in India and Africa, offering mobile, home broadband, digital TV, and B2B services. The company is strategically investing in new growth areas like data centers, financial services, and cloud to future-proof its business and diversify revenue streams.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result04 Aug, 10:05 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -2.7% / mo · MACD +
Stock trend: 41
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BHARTIARTLD candles · FIT view+3.9%Latest close ₹1891.70 on 2026-10-21
Bar
+0.2%
RSI
59
MACD hist
15.34
52W pos
37%
2026-10-21O ₹1887.20H ₹1911.00L ₹1865.10C ₹1891.70Vol 89.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BHARTIARTLNifty TelecommunicationsNifty 500
- BHARTIARTL
- -2.9%
- Nifty 500
- -6.5%
- Nifty Telecommunications
- +1.0%
- Vs Nifty 500
- +3.6 pp
Chart stats
21 Oct 2026- From 52W high
- -13.0%
- 52W range position
- 37%
- ATR (14)
- 2.2%
- Volume vs 20D
- 1.18x
- Avg traded value
- ₹1,388 Cr
- 20D price channel
- ₹1,726.3 - ₹1,929.6
₹2,174.5
₹1,726.3 - ₹2,174.5
₹42
Latest completed session
20-session average
24.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +18.4% · PAT +34.9% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+7.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +18% YoY · PAT +35% YoY · margin expansion · +6% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹58,539 Cr | +18.4% | +5.7% |
| EBITDA | ₹33,303 Cr | +19.6% | +5.8% |
| Operating margin | 57.0% | +100 bps | +0 bps |
| PAT | ₹10,012 Cr | +34.9% | +8.3% |
| PAT margin | 17.1% | +209 bps | +40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.10
- P/B
- 7.78
- EV/EBITDA
- 7.71
- Market Cap
- 1189028.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 17.60%
- ROA
- 6.68%
- Dividend Y
- 1.26%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 45.00%
Balance Sheet
- Debt/Equity
- 1.31
- Interest Coverage
- 5.67×
- Altman Z
- 3.43
- Book Value
- 245.00
Cash Flow
- FCF Yield
- 5.55%
- FCF Positive Y
- 9/5
- OCF
- 122230.00 Cr
- EPS TTM
- 48.65
Shareholding
- Promoter Hold
- 50.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 58.5k+5.7% vs prev
Net Profit
₹ CrLatest: 10.0k+8.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 59. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 1 Base / Transition
1M return
+3.4%
3M return
-2.9%
6M return
+2.7%
1Y return
-9.9%
RS 1D
+4
RS 20D
+17
Sector rank
#7
Industry rank
#6
Stage evidence
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
improving
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 103.55+1.82%
RS vs Nifty 500104
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation3/30
Growth19/25
Quality14/20
Balance Sheet7/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.5%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Quality is weaker at 14/20; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
38.1
PB
7.8
EV/EBITDA
7.7
ROE
20.3%
ROCE
17.6%
FCF Yield
5.5%
Debt/Equity
1.3
MoS
+7.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+7.8%
Previous: +8.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹517.86
-265.3% MoS
Growth-justified P/E
42.1
Growth-justified Value
₹2,050.6
+7.8% MoS
PEG
1.22
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BHARTIHEXA
Large
Bharti Hexacom Limited
Telecom Services
match 85
59
43.9
26.0%
-6%
FAIR VALUE
TTML
Large
Tata Teleservices (Maharashtra) Limited
Telecom Services
match 82
32
—
—
-1304%
WATCHLIST
IDEA
Mid
Vodafone Idea Limited
Telecom Services
match 78
49
—
—
+92%
FAIR VALUE
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 78
57
19.6
28.9%
+53%
FAIR VALUE
TATACOMM
Mid
Tata Communications Limited
Telecom Services
match 77
37
41.0
32.6%
-710%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T01:22:54.127Z
Management commentary snapshot
Bharti Airtel delivered a strong FY26 with record consolidated revenue of Rs.2,11,000 Cr and EBITDAaL of Rs.1,08,000 Cr (51.2% margin). Q4 FY26 consolidated revenue grew 2.6% QoQ to Rs.55,400 Cr, with India EBITDAaL margin improving 20bps to 52%. Board recommended a 50% higher dividend of Rs.24/share.
Bharti Airtel demonstrated robust financial performance in FY26, driven by strong growth in both India and Africa. Strategic investments in adjacencies like data centers and financial services are progressing, with management focused on disciplined capital allocation and ARPU acceleration. However, ARPU growth remains a key challenge, and geopolitical headwinds pose risks to operations and costs.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Africa29.0%
India Mobile52.0%
India Non-Mobile13.0%
Indus6.0%
Growth engines
Mobile Portfolio Premiumization & Postpaid Growth
Management is determined to accelerate ARPU growth by driving differentiation in postpaid and upgrading customers to best fit plans.
Rapid Expansion of Homes Business
Company sees a large opportunity with market potential of nearly 100 million connected homes; deepening FTTH footprint with accelerated home pass expansion.
B2B Digital Businesses
Majority of incremental growth for B2B is coming from adjacencies including cloud, security, IoT, CPaaS, data centers. Digital businesses grew 27% in FY26.
New Growth Bets (Data Centers, Financial Services, Cloud)
Identified data centers, financial services, and Airtel Cloud as sharpened focus areas, showing encouraging traction and progress.
Capacity and execution
Data Center Capacity Ambition
Continue to make steady progress against ambition of building 1 gigawatt capacity over the next few years. Nxtra announced a $1 billion fund raise.
Network Sites & Fiber Rollout
Deployed nearly 7800 more network sites and rolled out nearly 43,000 km of fiber in FY26. Total 1,43,000 km of fiber deployed over last three years.
Home Pass Expansion
Rolled out upwards of 8 million home passes in FY26 to cross 45 million total home passes.
Edge Data Centers
Focused on building 56 world-class edge data centers in the next 18 to 24 months for computation at the edge.
Tailwinds
Africa Growth Opportunity
Long-term growth opportunity in Africa led by low tele-density (45% unique SIMs), smartphone penetration (52%), low data consumption, and young demographic profile.
Homes Market Potential
Large opportunity with market potential of nearly 100 million connected homes over the medium-term in India, driven by smart TV penetration and connectivity needs.
Digital Acceleration & AI Integration
AI is central to the digital agenda, progressively embedded across platform architecture, contributing to nearly 30% of all code written at Airtel.
Headwinds
Geopolitical Crisis Impact
Operations seeing impact on international roaming, capex due to INR depreciation, gas supply restrictions affecting tower build-outs, and energy price increases.
ARPU Growth Challenges
Management is 'not happy' with Rs.3 ARPU increase, stating the price architecture in India is 'broken' due to unlimited data plans.
Smartphone Shipment & Price Softening
Seen some softening of handset shipments and sharp price increases in the last few weeks, which could impact organic ARPU expansion.
Fixed Wireless Access (FWA) Cost Increase
Rising prices of chipsets and memory have made fixed wireless access 'very much more expensive' than fiber in the last 3-4 months.
Risk radar
Sustained Low ARPU Growth
The 'broken' pricing architecture with unlimited data plans and competitive intensity could limit meaningful ARPU acceleration without tariff hikes.
Geopolitical & Macroeconomic Volatility
Ongoing geopolitical crisis impacts international roaming, capex costs (INR depreciation), and energy prices, potentially affecting profitability.
Handset Affordability & Upgrades
Rising smartphone prices and softening shipments could slow feature phone to smartphone upgrades, impacting data consumption and ARPU growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY2026 results provide a comprehensive annual performance view (YoY), while Q4 results highlight sequential momentum and operational improvements. Payments Bank growth is explicitly stated YoY, making both comparisons relevant.
Sector KPIs management disclosed
Consolidated Revenue FY26
Consolidated revenue crossed a lifetime high of about Rs.2,11,000 Crores.
Consolidated EBITDAaL FY26
EBITDAaL came in at about Rs.1,08,000 Crores with a margin of 51.2%.
Q4 Consolidated Revenue Growth
Consolidated revenues came in at about Rs.55,400 Crores, a growth of 2.6% sequentially.
Q4 India Mobile Customer Additions
Mobile business added 4.7 million customers in Q4, with 5.8 million being smartphone customers.
Management forward view
Progressive Dividend Policy
The Board recommended a dividend of Rs.24 per share, a significant increase over last year, in line with the stated philosophy of progressive increase in payouts.
Disciplined Capital Allocation
Primary focus is investing in core business (India & Africa), followed by deleveraging, and then investing in adjacencies (data centers, financial services, cloud).
ARPU Acceleration Focus
Management is determined to 'double down on all our levers on ARPU and growing and accelerating the space', focusing on postpaid and consumption-driven upgrades.
Fiber-First Strategy for Homes
Company has 'pivoted the whole company back to a dramatic obsession on fiber' for home broadband due to rising costs of fixed wireless access.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ARPU Growth | Rs.257 (Q4 FY26, +Rs.3 QoQ) | Acceleration from postpaid penetration, consumption-driven upgrades, and any changes in pricing architecture. |
| Fiber Home Pass Expansion | 45 million home passes (FY26) | Continued rapid expansion and customer additions, especially given the renewed 'fiber-first' strategy. |
| New Growth Bets Scaling | Data centers (1 GW ambition), Financial Services (NBFC launch, >Rs.550 Cr monthly loan disbursement), Airtel Cloud (24 deals in FY26). | Progress towards capacity targets, commercial launch and scale of financial services, and increasing deal wins/revenue in cloud. |
| Net Debt to EBITDAaL | 1.1 | Continued disciplined capital spending and deleveraging efforts to maintain or improve balance sheet strength. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 88th percentile within Telecom. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
104 docs text-extracted · 39 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Telecom: 88th pctile, median 66 · Large: 70th pctile, median 73
Evidence depth
Financial-only
104 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
69
acceptable · leverage and solvency
Discipline
84
strong · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.6%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.31.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharti Airtel Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Bharti Airtel to attend Jefferies India Forum on September 17, 2026 in Gurugram.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Bharti Airtel to attend investors’ forum on September 22 and BofA Asia Pacific Conference on September 23, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Airtel adds Apple iCloud+, Apple TV and Apple Arcade to ₹999+ family postpaid plans.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Schedule of analysts/ institutional investors' meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Schedule of analysts/ institutional investors' meet
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Aug - Airtel Business and ITI Limited announce strategic partnership for enterprise digital transformation solutions.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 6 Aug - Nxtra Data to acquire up to 85% each in Rochak and Rovision for data centre expansion.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Jul - Airtel completed Odisha network enhancements, deploying 1,500+ 5G sites ahead of Puri Rath Yatra.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 11 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - Newspaper advertisements in respect of First and Final Call Reminder Notice on partly paid-up equity shares of the Company.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.