Bharti Airtel (BHARTIARTL)

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Bharti Airtel (BHARTIARTL) · mywealthgrid

About

Bharti Airtel is India's premium telecom operator with operations spanning Africa, positioned in the Communication Services sector. At ₹12.43 lakh crore market cap, it operates at significant scale with reported strong ARPU momentum. Consistent operating margins of 56.73% (stable 56–58% across recent quarters) reflect operational discipline in a highly competitive industry.

Founded: 1995
Face value: ₹5

Market cap

₹10,86,655 Cr

P/E

37.6×

P/B

7.1×

Dividend yield

1.4%

ROE

20.3%

ROCE

19.6%

Debt / equity

0.82

OPM

56.7%

EPS (TTM)

₹47.5

Book value

₹244.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 43 signals elevated valuation; verify if growth trajectory justifies the multiple given modest recent EPS momentum

D/E of 0.82 reflects moderate debt load; verify sustainability given the capital-intensive nature of telecom infrastructure

1y stock return 3.61% materially underperforms broader indices, raising questions on execution or competitive positioning

Standalone revenue (₹30–32k Cr per quarter) is ~55% of consolidated (₹52–58k Cr), indicating material reliance on Africa and subsidiaries; verify their profitability and growth

Generated analysis · source review pending

Growth drivers

Strong ARPU momentum cited in company description; verify if translating to consolidated revenue and profit growth

Africa operations mentioned in positioning; verify scale of contribution, market share trajectory, and profitability in those geographies

Stable high OPM of 56–58% indicates operational efficiency; verify if cost discipline enables margin expansion or higher reinvestment in growth

5G adoption and data monetization as sector opportunity; verify company's product strategy, competitive differentiation, and capture potential

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,741.1-1.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 21.3% (3-yr avg)
+Healthy operating margin of 56.7%
+Profit CAGR of 47.3% over the last 3 years
+Revenue CAGR of 16% over the last 5 years
+Dividend payout of 51.8% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 57
Growth: 84
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	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
	—	60,139	52,560	54,606	50,404	55,337	56,590	67,119	68,981	76,123	90,934
	—	35,330	30,079	26,175	37,135	45,279	59,957	72,026	81,001	96,862	1,20,039
OPM %	—	37%	36.4%	32.4%	42.4%	45%	51.4%	51.8%	54%	56%	56.9%
Depreciation	17,450	19,773	19,243	21,348	27,690	29,404	33,091	36,432	39,538	45,570	52,711
Interest	8,546	9,547	9,326	9,779	12,382	15,091	16,616	19,300	22,648	21,754	21,555
	-2,087	1,290	1,042	3,220	-39,910	-4,215	2,233	267	-6,137	8,861	-600
Profit before tax	12,846	7,723	3,267	-1,732	-42,847	-3,432	12,483	16,561	12,679	38,399	45,173
Tax	5,953	3,482	1,084	-3,419	-12,182	8,933	4,178	4,273	4,121	917	11,350
Tax %	46.3%	45.1%	33.2%	-197.4%	-28.4%	260.3%	33.5%	25.8%	32.5%	2.4%	25.1%
	6,893	4,241	2,184	1,688	-30,664	-12,364	8,305	12,287	8,558	37,481	33,823
PAT margin %	7.1%	4.4%	2.6%	2.1%	-35%	-12.3%	7.1%	8.8%	5.7%	21.7%	16%
EPS (₹)	15.2	9.5	2.8	1	-63.4	-27.7	7.7	14.8	13.1	58	46
EPS adjusted (₹)	17.2	10.6	5.5	1	-59	-27.5	7.6	14.7	13	57.9	43.8
	8.9%	10.5%	194.2%	245.1%	—	—	39.1%	27%	61.1%	27.6%	52.2%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	2,728	2,746	2,795	2,837	2,877	2,900	3,047
Reserves	61,060	65,458	67,536	69,424	74,417	56,207	63,759	74,726	79,142	1,10,772	1,46,010
Minority interest	—	—	—	—	—	22,274	25,381	28,881	23,545	39,796	46,907
	80,362	1,07,288	1,11,334	1,20,673	1,17,619	1,29,790	1,32,915	1,65,545	1,51,917	1,48,312	1,21,671
	53,152	58,521	69,714	83,061	1,66,015	1,35,011	1,38,806	1,74,644	1,87,051	2,12,580	2,34,517
Total equity & liabilities	1,96,574	2,33,265	2,50,582	2,75,156	3,60,779	3,46,028	3,63,656	4,46,633	4,44,531	5,14,360	5,52,152
	1,30,048	1,78,235	1,87,200	2,00,832	2,03,351	2,23,480	2,44,083	2,77,394	3,03,303	3,88,468	4,06,337
CWIP	4,870	2,394	5,209	8,843	3,997	4,367	4,239	11,029	8,908	10,596	12,613
Investments	16,726	14,339	16,159	15,711	25,477	27,550	29,349	32,954	31,602	5,838	18,901
	44,929	38,297	42,014	49,770	1,27,955	90,631	85,985	1,25,256	1,00,718	1,09,458	1,14,301
Total assets	1,96,574	2,33,265	2,50,582	2,75,156	3,60,779	3,46,028	3,63,656	4,46,633	4,44,531	5,14,360	5,52,152

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Mobile Services India	1,12,995.4	35,766.1	2,74,263.3	1,36,922.4	1,37,340.9	26.04
Mobile Services Africa	56,806.4	18,793.6

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	32%	41.7%	45.1%	49.4%	51.2%	52.2%	53.9%	56.7%
EBIT margin %	5.5%	10%	15.9%	21%	25%	25.8%	27.5%	31.7%
PAT margin %	2.1%	-35%	-12.3%	7.1%	8.8%	5.7%	21.7%	16%
Working capital
Receivable days	19	19	13	13	10	12	16	14
Inventory days	1	1	2	2	1	2	2	2
Payable days	175	174	184	181	177	179	174	180
NWC days	-155	-154	-169	-166	-165	-166	-157	-164
Leverage
Current ratio	0.35	0.58	0.49	0.46	0.47	0.42	0.37	0.52
Debt to EBITDA	4.67	3.22	2.86	2.31	2.32	1.94	1.59	1.02
Debt to equity	1.69	1.52	2.2	2	2.13	1.85	1.3	0.82
Interest coverage	0.5	0.7	1.1	1.5	1.9	1.8	2.3	3.2
Asset turnover	0.29	0.24	0.29	0.32	0.31	0.34	0.34	0.38
Return ratios
Return on assets %	0.6%	-8.5%	-3.6%	2.3%	2.8%	1.9%	7.3%	6.1%
Return on capital employed %	2.7%	4.4%	7.2%	10.3%	12.5%	12.7%	15.4%	19.6%
Return on equity %	2.4%	-39.7%	-21%	12.5%	15.8%	10.4%	33%	22.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.75%	54.57%	53.49%	53.17%	53.14%	53.11%	52.42%	51.25%	50.27%	48.87%	48.87%	50.07%
	21.87%	22.68%	24.35%	24.62%	25.08%	24.27%	25.42%	26.72%	27.42%	28.76%	27.8%	26.48%
	19.72%	19.53%	19.23%	19.17%	18.7%	19.51%	19.23%	19.09%	19.39%	19.54%	20.53%	20.64%
	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
	3.5%	3.05%	2.76%	2.86%	2.9%	2.91%	2.74%	2.75%	2.75%	2.66%	2.64%	2.65%
No. of shareholders	6,85,529	6,77,690	6,94,297	7,62,266	7,84,930	8,36,095	8,33,428	8,28,719	8,48,472	8,52,831	9,01,086	9,24,369

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,757.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,766.6	-23.6	-1.3%	₹1,766.6	1.1 L	+1,646	8,385	475
23 Nov 2026	₹1,775.7	-24.3	-1.3%	₹1,775.7	9,947	+405	864	475
29 Dec 2026	₹1,786.4	-11.1	-0.6%	₹1,786.4	410	+410	416	475

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

321

across 25 fund houses

Held by these funds

6.85%

of the company's equity

All mutual funds

11.85%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

321 schemes · 25 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	5.9 Cr	10,687.12	5%	0.945%	+3.1 L
BSE Sensex ETF	SBI Mutual Fund	4.07 Cr	7,454.29	6.11%	0.653%	+4.04 L
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	2.28 Cr	4,126.07	2.8%	0.365%	-0
ETF NIFTY 50 BEES	Nippon India Mutual Fund	1.85 Cr	3,353.79	5%	0.297%	+3.72 L
Large Cap Fund	ICICI Prudential Mutual Fund	1.76 Cr	3,189.69	3.98%	0.282%	-0
Focused Fund	SBI Mutual Fund	1.4 Cr	2,536.66	4.95%	0.224%	-0
Nifty 50 ETF	ICICI Prudential Mutual Fund	1.23 Cr	2,224.92	5%	0.197%	+2.96 L
BSE Sensex ETF	ICICI Prudential Mutual Fund	1.09 Cr	1,997.8	6.11%	0.175%	+3.12 L

1–8 of 321

1 / 41

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

42 announcementsExport CSV

1 Oct 2026, 1:01 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	32%	41.7%	45.1%	49.4%	51.2%	52.2%	53.9%	56.7%
EBIT margin %	5.5%	10%	15.9%	21%	25%	25.8%	27.5%	31.7%
PAT margin %	2.1%	-35%	-12.3%	7.1%	8.8%	5.7%	21.7%	16%
Working capital
Receivable days	19	19	13	13	10	12	16	14
Inventory days	1	1	2	2	1	2	2	2
Payable days	175	174	184	181	177	179	174	180
NWC days	-155	-154	-169	-166	-165	-166	-157	-164
Leverage
Current ratio	0.35	0.58	0.49	0.46	0.47	0.42	0.37	0.52
Debt to EBITDA	4.67	3.22	2.86	2.31	2.32	1.94	1.59	1.02
Debt to equity	1.69	1.52	2.2	2	2.13	1.85	1.3	0.82
Interest coverage	0.5	0.7	1.1	1.5	1.9	1.8	2.3	3.2
Asset turnover	0.29	0.24	0.29	0.32	0.31	0.34	0.34	0.38
Return ratios
Return on assets %	0.6%	-8.5%	-3.6%	2.3%	2.8%	1.9%	7.3%	6.1%
Return on capital employed %	2.7%	4.4%	7.2%	10.3%	12.5%	12.7%	15.4%	19.6%
Return on equity %	2.4%	-39.7%	-21%	12.5%	15.8%	10.4%	33%	22.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharti AirtelBHARTIARTLBHARTIARTL	₹10,86,655 Cr	₹12,08,327 Cr	₹2,20,049 Cr	₹1,25,139 Cr	56.7%	₹28,915 Cr	16%	19.6%	20.3%	-164
Vodafone Idea LimitedIDEAIDEA	₹1,36,946 Cr	₹2,86,401 Cr	₹45,539 Cr	₹19,425 Cr	42.4%	₹37,406 Cr	77%	-1.7%	—	-108
Bharti Hexacom LimitedBHARTIHEXABHARTIHEXA	₹68,960 Cr	₹71,654 Cr	₹9,601 Cr	₹5,052 Cr	52.3%	₹1,824 Cr	18.5%	22.7%	26.5%	-127
Tata Communications LimitedTATACOMMTATACOMM	₹47,966 Cr	₹58,547 Cr	₹25,426 Cr	₹4,916 Cr	19.4%	₹946 Cr	4%	16.1%	31%	-16
Tata Teleservices (Maharashtra) LimitedTTMLTTML	₹6,807 Cr	₹27,470 Cr	₹1,178 Cr	₹643 Cr	53.9%	₹38 Cr	-18.6%	—	—	-133
Mahanagar Telephone Nigam LimitedMTNLMTNL	₹1,554 Cr	₹36,979 Cr	₹975 Cr	₹-122 Cr	-14.8%	₹-3,006 Cr	-324.9%	—	—	-215
Reliance Communications LimitedRCOMRCOM	₹238 Cr	₹47,450 Cr	₹305 Cr	₹-167 Cr	-59.9%	₹-9,374 Cr	—	—	—	-2,545
Quadrant Televentures LtdQUADRANTQUADRANT	₹52 Cr	₹2,149 Cr	₹429 Cr	₹9 Cr	16.3%	₹-296 Cr	-11.1%	—	—	-58

289 deals · 5 Mar 2020 – 24 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MUTB400045794	Block	NSE	Buy	2,18,882	₹1,901.60	₹41.62 Cr
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	2,18,882	₹1,901.60	₹41.62 Cr
1 Apr 2026	BOFA SECURITIES EUROPE SA	Block	BSE	Sell	5,40,000	₹1,782.00	₹96.23 Cr
1 Apr 2026	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	5,40,000	₹1,782.00	₹96.23 Cr
27 Mar 2026	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	33,38,532	₹1,834.90	₹612.59 Cr
27 Mar 2026	SOCIETE GENERALE	Block	BSE	Sell	33,38,532	₹1,834.90	₹612.59 Cr
26 Nov 2025	INDIAN CONTINENT INVESTMENT LIMITED	Bulk	NSE	Sell	3,43,00,000	₹2,097.81	₹7,195.49 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES ELEVEN	Block	NSE	Sell	48,41,082	₹2,112.20	₹1,022.53 Cr
18 Nov 2025	GQG PARTNERS INTERNATIONAL EQUITY CIT	Block	NSE	Buy	48,41,082	₹2,112.20	₹1,022.53 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES TWELVE	Block	NSE	Sell	11,33,824	₹2,112.20	₹239.49 Cr

1–10 of 289

1 / 29

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

32

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
543	+140	284	₹76.2	1,700	₹9.4	3,081	+243	1,434
0	0	0	₹0.0	1,720	₹13.4	3,882	-208	946
551	+242	1,335	₹46.3	1,740	₹18.2	3,807	-45	785
1,438	+661	4,553	₹33.2	1,760	₹26.1	6,331	+261	2,504
2,742	+879	7,386	₹23.0	1,780	₹34.9	3,895	-123	2,821
5,500	+1,764	10,525	₹15.6	1,800	₹47.0	2,587	+42	3,111
3,517	+271	4,734	₹10.6	1,820	₹61.0	621	-34	5,029
3,303	+646	5,438	₹7.2	1,840	₹78.5	53	+12	1,602

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 1:01 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015	PDF
29 Sept 2026, 5:29 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015	PDF
22 Sept 2026, 11:00 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Sept 2026, 11:42 am	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015	PDF
18 Sept 2026, 6:29 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015	PDF
18 Sept 2026, 5:24 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015	PDF
17 Sept 2026, 6:57 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
17 Sept 2026, 6:55 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	27,942	28,280	29,854	20,070	18,129	48,205	55,017	65,325	78,898	98,332	1,22,230
	-14,226	-30,604	-27,968	-28,501	-30,492	-26,888	-41,870	-39,080	-50,204	-60,270	-58,535
	-11,946	-351	1,921	9,464	19,144	-24,910	-15,203	-24,470	-27,779	-36,533	-52,293
Net cash flow	1,771	-2,676	3,807	1,033	6,781	-3,594	-2,056	1,775	916	1,529	11,403
Free cash flow	8,611	5,977	5,328	-6,027	-1,062	23,391	28,476	39,268	40,707	60,425	77,054
CFO / Operating profit %	—	80.1%	99.3%	77.7%	49.7%	106.2%	95.6%	91.7%	100.8%	105.6%	102.1%

Bharti Airtel

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

3

19

1

1

32

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

- Airtel Business · revenue

Bharti Airtel

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Futures3

Dividends19

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Option chain32

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

- Airtel Business · revenue

3

3

19

1

1

32