MarketFriction

Bharti Airtel Ltd

NSE BHARTIARTL · BSE 532454 · Telecom - Cellular & Fixed line services
₹1,741.10 -0.90%
NSE close2026-10-01
52 week range1,740.50 - 2,174.50
Market cap₹11,05,515 Cr.
P/E35.4
Nifty 50Nifty 100Nifty 200Nifty 500Nifty InfrastructureNifty India Consumption No price band Delivery 63.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales37,04437,90037,59938,50641,47345,12947,87649,46352,14553,98255,38358,539
Expenses17,53018,08518,23418,79919,62720,53320,86721,62422,58423,19923,89225,236
Operating Profit19,51419,81519,36519,70821,84624,59727,00927,83929,56130,78331,49233,303
OPM %53%52%52%51%53%54%56%56%57%57%57%57%
Other Income-6541,013-1,3082,0104759,675403592809562-2,198661
Interest5,1866,6455,2035,1525,4245,6765,5025,4614,8665,6235,6065,956
Depreciation9,73410,07410,07510,54011,00011,70412,32612,46513,18213,42013,64414,235
Profit before tax3,9404,1082,7786,0255,89716,8929,58410,50412,32212,30110,04513,773
Tax %47%30%26%22%30%4%-30%29%30%31%8%27%
Net Profit2,0932,8762,0684,7184,15316,13512,4767,4228,6518,5039,24710,012
EPS in Rs2.394.343.667.316.3125.9519.3310.4311.9111.6312.0213.09
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales96,53295,46882,63980,78087,539100,616116,547139,145149,982172,985210,973220,049
Expenses62,54860,13852,56055,01650,93055,33759,01367,87172,09087,92594,45994,911
Operating Profit33,98435,33030,07925,76436,61045,27957,53471,27477,89385,060116,514125,139
OPM %35%37%36%32%42%45%49%51%52%49%55%57%
Other Income4,8581,7131,7564,474-37,775-4,2154,6561,019-3,02820,6622,925-166
Interest8,5469,5479,32610,62213,99215,09116,61619,30022,64821,75421,55522,051
Depreciation17,45019,77319,24321,34827,69029,40433,09136,43239,53845,57052,71154,481
Profit before tax12,8467,7233,267-1,732-42,846-3,43212,48316,56112,67938,39845,17348,441
Tax %46%45%33%-197%-28%260%33%26%32%2%25%
Net Profit6,8934,2412,1841,688-30,664-12,3648,30512,2878,55837,48133,82336,413
EPS in Rs11.056.912.000.74-55.06-25.637.2314.9713.2058.8543.8148.65
Dividend Payout %9%11%194%244%-3%0%39%27%62%28%55%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%16%15%20%
Compounded Profit Growth18%22%45%6%
Stock Price CAGR20%21%24%-6%
Return on Equity12%17%20%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,9991,9991,9991,9991,9992,7282,7462,7952,8372,8772,9003,047
Reserves37,77864,77165,45867,53669,42474,41756,20763,75974,72679,142110,772146,010
Borrowings83,415100,646107,288111,334125,428148,228162,785169,678226,020215,592213,642195,412
Other Liabilities58,74757,05657,57868,65377,176133,718122,679124,975140,974144,408177,692200,904
Total Liabilities181,939224,472232,322249,521274,026359,091344,417361,207444,557442,019505,006545,373
Fixed Assets124,279172,293178,235187,200200,832229,256223,480244,083277,394303,303388,468406,337
CWIP17,4155,70210,8389,7519,6344,2825,7265,95549,42516,90410,99912,938
Investments10,75211,97714,33916,15915,71125,47627,55029,34932,95431,6025,83818,901
Other Assets29,49434,50028,91036,41147,850100,07787,66181,82084,78490,21099,700107,197
Total Assets181,939224,472232,322249,521274,026359,091344,417361,207444,557442,019505,006545,373
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity28,05927,94228,28029,85420,07018,12948,20555,01765,32578,89898,332122,230
Cash from Investing Activity-22,301-14,091-30,680-27,940-28,286-29,598-27,286-41,478-39,232-51,089-60,198-56,205
Cash from Financing Activity-9,672-11,946-3511,9209,46419,144-24,910-15,203-24,470-27,778-36,533-52,293
Net Cash Flow-3,9141,905-2,7523,8351,2487,675-3,991-1,6641,623311,60113,732
Free Cash Flow12,8668,991-8,4324,605-8,980-2,45621,09128,99638,87538,97058,99076,683
CFO/OP98%96%89%104%82%56%111%99%97%105%121%110%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days202118261919131310121614
Inventory Days
Days Payable
Cash Conversion Cycle202118261919131310121614
Working Capital Days-205-161-199-258-329-352-270-239-217-236-277-222
ROCE %11%13%10%7%3%5%7%11%12%13%13%18%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters54.75%54.57%53.48%53.17%53.14%53.12%52.42%51.26%50.27%48.87%48.87%50.07%
FIIs21.87%22.69%24.35%24.62%25.07%24.27%25.41%26.72%27.42%28.75%27.79%26.48%
DIIs19.69%19.51%19.20%19.13%18.69%19.52%19.23%19.09%19.40%19.54%20.53%20.64%
Government0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%
Public3.53%3.07%2.80%2.89%2.89%2.91%2.75%2.74%2.72%2.65%2.63%2.64%
Others0.04%0.06%0.05%0.06%0.07%0.07%0.07%0.07%0.05%0.05%0.04%0.04%
No. of Shareholders6,85,5296,77,6906,94,2977,62,2667,84,9308,36,0958,33,4288,28,7198,48,4728,52,8319,01,0869,24,369

Fundamentals

Market Cap₹ 11,05,515 Cr.
Current Price₹ 1,771
Stock P/E35.4
Book Value₹ 245
ROCE17.6 %
ROE20.3 %
Dividend Yield1.36 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)6%
Consolidated figures.
Valuation
Market capRs 1,061,095 Cr
Enterprise valueRs 1,226,130 Cr
P/E (TTM)36.70x
Price to book7.12x
Price to sales4.82x
EV / EBITDA9.81x
EV / EBIT17.39x
EV / sales5.57x
Price to cash flow8.68x
Earnings yield2.73%
Dividend yield1.38%
P/E, 3-year average57.23x
P/B, 3-year average8.55x
P/E, 5-year average65.93x
P/B, 5-year average7.62x
Profitability
Operating margin (excl. other income)55.23%
Operating margin (incl. other income)56.61%
EBITDA margin56.79%
Pre-tax margin22.01%
Net profit margin13.14%
Net margin, latest quarter13.95%
ROE20.32%
ROCE19.87%
ROA5.08%
ROE, 3-year average21.32%
ROCE, 3-year average16.96%
ROA, 3-year average4.62%
ROE, 5-year average16.47%
ROCE, 5-year average15.37%
ROA, 5-year average3.43%
ROIC (approx.)16.80%
Tax rate25.13%
Other income / net worth1.96%
Growth
Sales growth (latest year)21.96%
Profit growth (latest year)-20.45%
Sales CAGR, 3 years14.88%
Sales CAGR, 5 years15.96%
Profit CAGR, 3 years47.34%
Sales growth QoQ5.70%
Profit growth QoQ11.50%
Sales growth YoY (latest quarter)18.35%
Profit growth YoY (latest quarter)37.32%
Per share
EPS (TTM)Rs 47.44
EPS (latest year)Rs 43.80
EPS (latest quarter)Rs 13.40
EPS, 3-year averageRs 37.07
EPS, 5-year averageRs 26.49
Book value per shareRs 244.58
Sales per shareRs 361.07
Cash flow per shareRs 200.56
Free cash flow per shareRs 125.83
Dividend per share (latest year)Rs 24.00
Dividend per share, 3-year averageRs 15.61
Dividend per share, 5-year averageRs 10.70
Dividends
Dividend payout54.78%
Dividend payout, 3-year average48.03%
Dividend payout, 5-year average42.14%
Efficiency
Asset turnover0.39x
Fixed asset turnover0.52x
Inventory turnover100.96x
Inventory days4 days
Debtor days14 days
Debtors turnover26.45x
Cash conversion cycle14 days
Working capital days-222 days
Leverage
Total debtRs 195,412 Cr
Cash and bankRs 30,377 Cr
Net debtRs 165,035 Cr
Debt to equity1.31x
Net debt / EBITDA1.32x
Interest coverage3.20x
Current ratio (filing 2026-03-31)0.52x
Quick ratio (filing 2026-03-31)0.51x
Trade payables (filing 2026-03-31)Rs 45,015 Cr
Owners' fund to total sources27.33%
Debt to assets35.83%
Cash flow
Cash from Operating Activity (latest year)Rs 122,230 Cr
Cash from Investing Activity (latest year)Rs -56,205 Cr
Cash from Financing Activity (latest year)Rs -52,293 Cr
Net Cash Flow (latest year)Rs 13,732 Cr
Free cash flow (latest year)Rs 76,683 Cr
FCFE (approx.: FCF + change in debt)Rs 58,453 Cr
Cash from ops / profit, 5 years4.18x
Sales to cash flow1.73x
Statement figures
Net sales (TTM)Rs 220,049 Cr
Net sales (latest year)Rs 210,973 Cr
Sales (latest quarter)Rs 58,539 Cr
Operating profit excl. other income (latest year)Rs 116,514 Cr
Operating profit (latest quarter)Rs 33,303 Cr
Other income (TTM)Rs -166 Cr
EBITDA (TTM)Rs 124,973 Cr
PBDT (TTM)Rs 102,922 Cr
Profit before tax (TTM)Rs 48,441 Cr
Tax (latest year)Rs 11,350 Cr
Net profit (TTM)Rs 28,915 Cr
Net profit (latest year)Rs 26,695 Cr
Net profit (latest quarter)Rs 8,167 Cr
Depreciation (TTM)Rs 54,481 Cr
Depreciation (latest quarter)Rs 14,235 Cr
Interest (TTM)Rs 22,051 Cr
Cost of goods sold (latest year)Rs 60,664 Cr
Total expenditure (latest year)Rs 94,459 Cr
Total income (latest year)Rs 213,898 Cr
Share capitalRs 3,047 Cr
ReservesRs 146,010 Cr
Shareholders' fundsRs 149,057 Cr
Total assetsRs 545,373 Cr
Net blockRs 406,337 Cr
Capital work in progressRs 12,938 Cr
InvestmentsRs 18,901 Cr
ReceivablesRs 7,978 Cr
InventoryRs 601 Cr
Other liabilitiesRs 200,904 Cr
Shares outstanding (crore)609.44
Ownership
Promoter holding50.07% (-1.19 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 36.7 is at the 13th percentile of its own 6.4-year range (median 79.7, low 31.1, high 216.6).
P/B 7.12 is at the 56th percentile (median 6.86).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBHARTIARTLNifty 50Difference
1 week-3.0%-2.8% -0.3 pts
1 month-7.3%-6.8% -0.5 pts
3 months-8.9%-7.6% -1.2 pts
6 months-2.3%+0.4% -2.7 pts
1 year-10.0%-9.9% -0.1 pts
2 years-0.5%-13.6% +13.0 pts
3 years+87.9%+14.2% +73.8 pts
5 years+157.6%+27.9% +129.7 pts
655 mutual fund schemes hold about ₹106,466 Cr. Over three months 361 bought more and 87 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Parag Parikh Flexi Cap Fund2.80%4,126 +4%
ICICI Pru Large Cap Fund3.98%3,190 +3%
HDFC Balanced Advantage Fund2.92%3,139 +7%
HDFC Flexi Cap Fund2.58%2,935 -1%
SBI Focused Fund4.95%2,537 -1%
HDFC Large Cap Fund6.23%2,486 +21%
SBI Aggressive Hybrid Fund2.25%1,993 -12%
Mirae Asset Large Cap Fund5.06%1,960 +5%
Kotak Flexi Cap Fund2.79%1,576 +6%
Kotak Flexi Cap Fund2.79%1,569 +6%
ICICI Pru Technology Fund11.44%1,562 -5%
Axis Large Cap Fund4.87%1,529 +15%
ICICI Pru Value Fund2.45%1,475 +8%
UTI Nifty 50 Index Fund5.00%1,474 +7%
Axis ELSS-Tax Saver Fund4.25%1,390 +11%
ICICI Pru Arbitrage Fund3.89%1,356 +8%
Kotak Arbitrage Fund(M1.61%1,223 +234%
HDFC Nifty 50 Index Fund5.00%1,209 +7%
SBI Large Cap Fundd2.10%1,160 +7%
SBI Arbitrage Fund2.37%1,119 +73%
ICICI Pru India Opp Fund2.88%1,104 -3%
Mirae Asset Large & Midcap Fund2.19%1,004 +31%
ICICI Pru Multi Asset Allocation Fund1.11%979 +154%
Aditya Birla SL Large Cap Fund3.25%967 +2%
ICICI Pru Balanced Advantage Fund(M1.26%948 +10%

Red flags

F-score 6 of 8
lookRegulator order or action Regulator order or action 2026-10-01: Bharti Airtel Limited has informed the Exchange about Action(s) taken or orders passed
lookAuditor change Auditor change 2026-08-04: Bharti Airtel Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-12-13BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy142,700Rs 24.02 CrMarket Purchase
2024-12-12BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy189,000Rs 30.24 CrMarket Purchase
2024-12-11BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy185,229Rs 29.38 CrMarket Purchase
2024-12-10BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy377,000Rs 59.86 CrMarket Purchase
2024-08-30BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy192,500Rs 30.70 CrMarket Purchase
2024-08-29BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy193,300Rs 30.09 CrMarket Purchase
2024-08-28BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy386,529Rs 60.17 CrMarket Purchase
2024-08-27BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy40,000Rs 6.04 CrMarket Purchase
2024-08-26BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy232,725Rs 35.29 CrMarket Purchase
2024-08-23BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy17,190Rs 2.58 CrMarket Purchase
2024-08-22BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy100,000Rs 14.75 CrMarket Purchase
2024-06-04BHARTI AIRTEL EMPLOYEES WELFARE TROtherbuy344,000Rs 44.70 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹58,539 Cr +18.3% vs Jun 2025. Net profit ₹10,012 Cr +34.9%.

Activity

Compare
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Bharti Hexacom Ltd70,47038.121.4 %
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Mahanagar Telephone Nigam Ltd1,459-9.32 %
Reliance Communications Ltd235%
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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-24Dividend - Rs 24 Per Share
2025-07-18Dividend - Rs 16 Per Share
2024-08-07Dividend - Rs 8 Per Share
2023-08-11Dividend - Rs 4 Per Share
2022-08-01Dividend - Rs 3 Per Share
2021-09-27 Rights 1:14 @ Premium Rs 530/-
2020-08-06 Dividend - Rs 2 Per Share
2019-04-23 Rights 19:67 @ Premium Rs 215 Per Share
2018-11-05 Interim Dividend Rs - 2.50 Per Share
2018-08-02 Annual General Meeting/Dividend Rs 2.50 Per Share
2018-01-30 Interim Dividend - Rs 2.84 Per Share
2017-07-13 Annual General Meeting/Dividend - Re 1 Per Share
2016-08-11 Annual General Meeting/ Dividend - Rs 1.36/- Per Share
2015-08-13 Dividend - Rs 2.22/- Per Share
2014-08-21Annual General Meeting / Final Dividend - Rs 1.80/- Per Share / Interim Dividend - Rs 1.63/- Per Share (Purpose Revised)
2013-05-23Annual General Meeting / Dividend Re 1 Per Share
2012-08-16Annual General Meeting / Dividend Rs 1 Per Share
2011-08-17Annual General Meeting And Dividend Re.1/- Per Share
2010-08-18Annual General Meeting And Dividend Re.1/- Per Share
2009-07-24Agm/Div-Rs.2/Fv Rs10tors50.5000
2008-07-24Annual General Meeting
2007-07-04Agm
2006-08-10Agm
DateTypeWhat it says
2026-10-01Regulatory actionAction(s) taken or orders passed
2026-09-29Regulatory actionAction(s) taken or orders passed
2026-09-22Press ReleaseA press release dated September 22, 2026, titled "Airtel enhances its Postpaid Offering by adding Apple s newly expanded iCloud+ with Apple TV and App...
2026-09-21Regulatory actionAction(s) taken or orders passed
2026-09-18Regulatory actionAction(s) taken or orders passed
2026-09-18Regulatory actionAction(s) taken or orders passed
2026-09-17Concall / analyst meetSchedule of meet
2026-09-17Concall / analyst meetSchedule of meet
2026-09-10Concall / analyst meetSchedule of meet
2026-09-10Regulatory actionAction(s) taken or orders passed
2026-09-04Concall / analyst meetSchedule of meet
2026-08-31Regulatory actionAction(s) taken or orders passed
2026-08-25Regulatory actionAction(s) taken or orders passed
2026-08-21Concall / analyst meetSchedule of meet
2026-08-18UpdatesUpdate on conversion of partly paid-up equity shares into fully paid-up equity shares, upon receipt of First and Final Call pursuant to Reminder Notic...
2026-08-17UpdatesAn update.
2026-08-13Concall / analyst meetSchedule of meet
2026-08-10Concall / analyst meetTranscript of Earning Call dt. August 05, 2026.
2026-08-10Press ReleaseA press release dated August 10, 2026, titled "Airtel Business and ITI Limited enter into strategic partnership to accelerate India s digital transfor...
2026-08-07Regulatory actionAction(s) taken or orders passed
2026-08-06AcquisitionNxtra Data Limited ( Nxtra Data ), a subsidiary of the Company, has entered into agreements for acquisition of upto 85% stake each, in one or more tra...
2026-08-05Concall / analyst meetLink of Recording
2026-08-05General UpdatesPublication of Newspaper advertisements w.r.t. Audited Financial Results for the first quarter (Q1) ended June 30, 2026
2026-08-05Shareholder meetingVoting results.
2026-08-05Monitoring Agency ReportMonitoring Agency Report for the quarter ended June 30, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.75
Max pain (expiry 2026-10-27)1,800
Largest call open interest at1,800
Largest put open interest at1,820
Implied volatility, at the money16.2%
Underlying at snapshot1,741.10
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-305,394
2026-09-29475
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-05-13NCLTBharti Airtel Ltd and HCIL Comtel Pvt Ltd Vs
2021-04-08NCLTTata Teleservices (Maharashtra) Ltd and Bharti Airtel Ltd Vs
2021-04-08NCLTTata Teleservices Ltd and Bharti Airtel Ltd and Bharti Hexacom Ltd Vs
2021-02-19NCLTTata Teleservices (Maharashtra) Ltd and Bharti Airtel Ltd Vs
2021-02-19NCLTTata Teleservices Ltd and Bharti Airtel Ltd and Bharti Hexacom Ltd Vs
2021-02-19NCLTBharti Airtel Ltd and HCIL Comtel Pvt Ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Bharti Airtel Ltd?

Bharti Airtel Ltd (BHARTIARTL) has a market capitalisation of Rs 11,05,515 Cr. at the 2026-10-01 close.

What is the P/E ratio of Bharti Airtel Ltd?

Bharti Airtel Ltd trades at a P/E of 35.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Bharti Airtel Ltd's latest quarterly results?

In the Jun 2026 quarter, Bharti Airtel Ltd sales was Rs 58,539 Cr (+18.3% vs Jun 2025) and net profit was Rs 10,012 Cr.

What is the 52-week high and low of Bharti Airtel Ltd?

The 52-week high is Rs 2,174.50 and the 52-week low is Rs 1,740.50.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03