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India's second-largest telecom operator, providing mobile, broadband and enterprise services in India and Africa.
India's second-largest telecom operator, providing mobile, broadband and enterprise services in India and Africa.
Most customers prepay for mobile in India, so revenue follows subscriber count and the monthly spend per user. Airtel Africa, a separately listed arm in London, adds mobile and mobile-money. The Mittal family controls it, with Singtel a large minority shareholder.
In one line: India's Verizon.
Moat: narrow (scale, network effects, installed base). Spectrum holdings and network scale make it one of only two-three national carriers left in India.
Headquarters: New Delhi, India · Founded: 1995 · Employees: 91,130
Size Bharti Airtel (BHARTIARTL.NS) is an India Communication Services company (Wireless Telecommunications) with a market value of $139B, the 2nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,107 on 6 Nov 2026.
Performance Over six months the shares gained 15.4%, against -4.6% for the median peer and 0.0% for the India market (cap-weighted) — highest of 11 in its peer set.
Growth Revenue grew 19.6% over the last twelve months (peer median +4.0%); the operating margin is 32.1% (peer median 18.0%).
Valuation It trades at 33.3× forward earnings against a peer median of 12.2× (most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points above its cost of capital (12.3% WACC).
Credit Bharti Airtel has 1 bond outstanding ($750M), rated BBB+ by the agencies and trading like AA- at a weighted spread of 86 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.20T | ₹2.11T | ₹1.73T | ₹1.50T | ₹1.39T |
| Revenue growth | — | +22% | +15% | +8% | — |
| Gross profit | ₹948B | ₹855B | ₹632B | ₹504B | ₹453B |
| EBITDA | ₹1.25T | ₹1.17T | ₹871B | ₹783B | ₹714B |
| Net income | ₹289B | ₹267B | ₹336B | ₹74.7B | ₹83.5B |
| Free cash flow | ₹634B | ₹628B | ₹434B | ₹274B | ₹343B |
| Capital expenditure | ₹504B | ₹476B | ₹610B | ₹522B | ₹389B |
| Total debt | ₹2.01T | ₹1.95T | ₹2.14T | ₹2.16T | ₹2.26T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 33.3× | 20.4% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
| Vodafone Idea IDEA.NS | $14.6B | +14% | +3% | -6% | n/a | 29.6% |
| Tata Communications TATACOMM.NS | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BHARTIARTL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.9% | -1.6% | 2nd highest of 11 |
| 6-month return | +15.4% | -4.6% | highest of 11 |
| Distance from 52-week high | -3.1% | -11.7% | highest of 11 |
| Revenue growth (TTM) | +19.6% | +4.0% | highest of 12 |
| Operating margin | 32.1% | 18.0% | highest of 12 |
| Forward P/E | 33.3× | 12.2× | most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 20.4% | -1.4% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +16.0% | +2.7% | highest of 12 |
| Hurdle (Req g minus delivered) | +4.4 pp | -2.8 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | +1.5 pp | +1.4 pp | 6th highest of 12 |
| EV / EBITDA | 11.9× | 7.6× | 2nd most expensive of 11 |
| Net debt / EBITDA | 1.1× | 2.8× | 2nd least indebted of 11 |
| Bond spread | 86 bp | 109 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| AT&T T | United States | $146B | -14% | +4% | 22% | 8.5× | -4.8% | -6.1% |
| T-Mobile US TMUS | United States | $172B | -16% | +9% | 22% | 12.0× | -3.0% | +5.2% |
| Verizon VZ | United States | $189B | -3% | +1% | 24% | 8.8× | -7.2% | +1.5% |
| China Telecom 0728.HK | Hong Kong | $89.4B | -14% | +1% | 6% | 12.3× | -17.0% | +5.1% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% | +6.2% |
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% | +2.7% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
Bharti Airtel has 1 bond outstanding with $750M face value. The agencies rate it BBB+; its bonds trade like AA-. Weighted yield 5.50%, a spread of 86 bp over government bonds.