Highest Upside

We maintain our BUY recommendation on the stock.

About the stock: Bharti Airtel (Airtel) is India's second largest telecom operator with ~36.4 crore wireless customers in India and ~17.4 crore subscribers across 14 African countries. It enjoys industry leading ARPU in the wireless business in India. Q2FY26 Performance: Consolidated topline at 52145 crore, was up 5.4% QoQ and up 25.7% YoY. India wireless revenues were up 2.6% QoQ and 13.2% YoY at 27397 crore, driven by heathy Average Revenues per User (ARPU), which came at 256, up 2.2% QoQ and ~9.8% YoY. The key highlight was strong post-paid subscriber addition of ~0.95 mn subscribers at 27.5 mn. It witnessed robust 4G/5G...

Bharti Airtel (Bharti)’s Q2FY26 print was impressive. The company reported a commendable performance across segments, incremental EBITDA margin in the mobile segment, higher consol. FCF (after finance cost) of INR 152bn and pre-tax RoCE at 19.7% in Q2FY26-annualised.

We maintain our BUY recommendation on the stock

Consolidated revenue stood at Rs 49,463 crore, rising 3.3% q-o-q/ 28.5% y-o-y beating our estimates of Rs 48,205 crore, driven by strong performance in India and rebound in Africa on reported currency.

Consolidated revenue stood at Rs 47,876 crore, up 6.1% q-o-q/ 27.3% y-o-y nearly in line with our estimates of Rs 47,528 crore, driven by strong underlying momentum in India, rebound in reported CC revenue growth in Africa and full quarter impact of Indus Towers consolidation.

Dependence on Government Support: The company's survival and growth depend on government support, such as the conversion of dues into equity and waiver of bank guarantee (BG) requirements for spectrum auctions. The government's shareholding in...

Vodafone Idea’s (Vi) reported EBITDA declined 1% QoQ (vs.3%/5% QoQ for Bharti India Wireless/RJio), ~1% above our estimates, as lower network opex (+1% QoQ) was offset by higher SG&A costs (+8% QoQ).

Per media reports, the Supreme Court (SC) has permitted the Centre to reconsider the issue of reassessment for Vodafone Idea (VI)’s AGR dues. This allows the government (GoI) to grant significant relief on AGR dues to VI.

Railtel Corporation of India (Railtel) Q1FY26 adjusted net profit grew 2.8% YoY; and as expected revenue growth driven by projects business tends to drive profits slower.