Buy Bharti Airtel; target of Rs 2170: Sharekhan

Buy

Sharekhan's research report on Bharti Airtel

Consolidated revenue stood at 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. Consolidated EBITDA margin stood at 56.4%, up 191 bps q-o-q/491 bps y-o-y, beat our estimates of 55.5%. Reported ARPU for India wireless business stood at Rs.245, flat q-o-q/up 17.2% y-o-y. Company has prepaid Rs 42,000 crore of high-cost DoT spectrum debt over two years. FY26 Capex will be lower than FY25 due to a reduced rural rollout and heavy lifting done in previous years.

Outlook

We maintain Buy rating with a revised PT of Rs. 2,170. At CMP, the stock trades at 25.7x FY27E EPS and 9.6xFY27E EV/EBITDA.

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Bharti Airtel - 16052025 - khan