Bharti Airtel Ltd. share price target

Bharti Airtel (Bharti) has outlined capital allocation pivot as it is on path to generate strong FCF while management retained flexibility.

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.

Bharti reported in-line 4QFY25 performance, with ~1%/2% QoQ growth in India wireless revenue/EBITDA as the residual flow-through of tariff hikes was offset by two fewer days QoQ.

Rs264bn, BBGe: Rs268bn). Adj PAT came in at Rs111.6bn (+146.6% YoY; +54.3% Previous quarter, there was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses. This quarter, tere was a loss of Rs1.4bnon...

Bharti Airtel has signed an agreement with SpaceX to bring Starlink’s high-speed internet services to its customers in India, subject to regulatory approvals.

Driven by tariff repair in the India wireless segment, Bharti’s FCF generation improved significantly over the past few years (9MFY25: INR292b). Bharti’s main priority for cash deployment so far has been prepaying high-cost debt.

Given the company's strong recovery potential backed by strong conversion, rising digital portfolio, and moderated Capex, we maintain our BUY recommendation on the stock.

Bharti Airtel (Bharti) delivered another strong quarter with an improvement in its key focus criteria, AGR market share win with Bharti continuing to narrow the gap vs. RJio.

Bharti’s EV/ EBITDA (Ind AS adj.) valuation at 11.3x FY26E appears to be at significant premium to APAC (excl. China) peers, which are trading at 7.1x (median); however, Bharti offers much higher EBITDA CAGR of 14.8% over the next two years vs APAC peers at just 4.5%.

Given the company's strong recovery potential backed by strong conversion, rising digital portfolio, and moderated Capex, we maintain our BUY recommendation on the stock.

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins.

Given the company's strong recovery potential backed by strong conversion, rising digital portfolio, and moderated Capex, we maintain our BUY recommendation on the stock.

We reiterate a Buy on Bharti Airtel with a revised PT of Rs. 1680 owing to its industry leading ARPU, incremental revenue market share gains and as it is well placed to be a key beneficiary of the expected tariff hikes over FY25-26E.