ICICI Securities's research report on Bharti Airtel
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. Airtel Africa’s performance continues to surprise positively. Bharti is now scaling new growth frontiers – home including FWA, data centre, cloud and software services powered by AI and other digital services. It has signed a marque deal with Google for data centre, core connectivity and cable landing station at Visakhapatnam. Our EBITDA estimate is now ~2% higher over FY26–28E (entirely from Africa).
Outlook
Our SoTP-based TP stands revised at INR 2,420 (earlier INR 2,400) with an unchanged EV/EBITDA multiple of 16x for India business and 7x for Africa. We maintain BUY.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
