Buoyant Intelligence

Antique Stock Broking LimitedBUYdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹2,400
At report: ₹1,934
Vs our close: +35.5%

Bharti Airtel appears only in the Valuation Guide appendix (no dedicated commentary), rated BUY.

Key points

Valuation Guide: TP Rs 2,400 (24% upside), Mcap $126.0bn, FY27E/FY28E/FY29E EPS Rs 69.3/94.3/115.5, P/E 27.9x/20.5x/16.7x, RoE (FY28) 25.4%

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Axis SecuritiesBUYresult update

Strong QoQ Growth; Key Initiatives to Sustain Momentum

6 Aug 2026 · Kuber Chauhan, Abhishek Bhalotia · 9 pp · open PDF ↗

Target: ₹2,530
At report: ₹1,978+28% printed
Vs our close: +42.8%

Axis Securities maintains BUY on Bharti Airtel following a strong Q1FY27 with revenue in line, EBIT margin and PAT beats, driven by robust India and Africa growth, ARPU gains and expanding B2B/digital verticals. The unchanged SOTP-based target price of Rs 2,530/share implies 28% upside from CMP of Rs 1,978.

Thesis

Network expansion strategy shifting capex toward fiber transport, homes and data centers as radio capex moderates, while B2B connectivity and IoT demand capture high margins
AI deployment driving cost efficiencies: 7.7 Bn Next Best Actions executed, 93 Mn spam calls blocked, and a patented SLM deployed on 30,000 field engineers' handsets eliminating Rs 300-450 Mn in cloud inferencing costs
Airtel Payments Bank ended Q1 with ~120 Mn monthly transacting users and an annualised revenue run rate over Rs 3.4 Bn; Airtel Finance disbursed over Rs 7.5 Bn monthly in loans
Nxtra data centers raised $1 Bn externally to scale toward 1 GW capacity, backed by hyperscaler deals including Google and Mumbai land acquisitions
Strong subscriber and ARPU momentum: 3.3 Mn revenue-earning user additions, 1 Mn postpaid net adds, and ARPU up to Rs 264 (+5.6% YoY)
Africa business delivered 5.7% sequential constant-currency revenue growth, with stake increased to over 79%; seen as a long-term growth driver akin to India's earlier growth phase

Risks

Cut-throat competition may reduce market share, leading to a reduction in revenue growth momentum
Delay in industry-wide tariff hikes could limit ARPU growth trajectory
Rising competition in home broadband and enterprise connectivity
Regulatory changes and execution risk in large-scale Nxtra investments and digital platform scaling

Q1FY27 highlights

Revenue grew 18.4% YoY / 5.7% QoQ to Rs 58,539 Cr, broadly in line with Axis estimate of Rs 56,934 Cr
EBIT grew 24.0% YoY / 6.8% QoQ to Rs 19,068 Cr, beating Axis estimate of Rs 17,954 Cr by 6.2%
EBIT margin at 32.6% (+149bps YoY, +35bps QoQ), beating Axis estimate by 104bps
Reported PAT grew 34.9% YoY / 8.3% QoQ to Rs 10,012 Cr, beating Axis estimate of Rs 9,389 Cr by 6.6%
EBITDA grew 61bps YoY margin-wise, flat QoQ, at Rs 33,303 Cr
ARPU at Rs 264 (+5.6% YoY, +2.7% QoQ); Airtel Business enterprise revenue rose ~12% YoY to Rs 5,670 Cr

Broker estimates	Unit	FY26	FY27E	FY28E
Net Sales	Rs Cr	2,10,973	2,46,739	2,81,058
EBIT	Rs Cr	66,964	82,957	98,811
Net Profit	Rs Cr	33,823	44,924	55,756
EPS	Rs	55	74	91
P/E	x	36	27	22
P/BV	x	8.1	6.7	5.4
EV/EBITDA	x	10.7	8.6	7.1
ROE	%	26	27	28

Valuation: SOTP: FY28E EBITDA multiples by segment. SOTP across Mobile/India wireless (10x), Home (9x), DTV (8x), Africa (8x), Enterprise (7x) and Passive infra (7x) segments on FY28E EBITDA gives EV of Rs 16,079 Bn (Rs 2,638/share); less net debt of Rs 662 Bn (Rs 109/share) gives TP of Rs 2,530/share, implying 28% upside. Estimates raised post Q1FY27: Sales +2.8%/+2.1% for FY27E/FY28E, EBIT +1.1%/+0.9%, and PAT +7.7%/+5.1%; target price unchanged at Rs 2,530/share.

Extraction note: Estimate table units in Rs Cr; SOTP table uses Rs Bn for EBITDA/EV and Rs per-share for value. Last page of the extracted text contains an unrelated promotional insert ('MarketsZon') that was excluded as boilerplate.

Promoter	50.07%
Indian Promoters	39.51%
BHARTI TELECOM LIMITED	39.51%
BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	0.00%
Foreign Promoters	10.56%
PASTEL LIMITED	7.31%
INDIAN CONTINENT INVESTMENT LIMITED	3.25%
VIRIDIAN LIMITED	0.00%
Public Shareholding	49.93%
Institutions	47.24%
LICI NEW PENSION PLUS SECURED FUND	4.14%
SBI ELSS TAX SAVER FUND	2.53%
NPS TRUST A/C - SBI PF NPS JEEVAN SWARNA RETIREMEN	1.85%
ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL NI	1.68%

Bharti Airtel

Bharti Airtel

Sell-side views, extracted from the PDFs on file

Strengths · Weaknesses · Opportunities · Threats

0 approved · 0 pending · 0 rejected

Buoyant sources for this name

Investor documents (Tijori knowledge base)

Shareholding · Jun'26