Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: BHARTIARTL· TelecomCore · Aug 26Large cap

Bharti Airtel

Turnaround: ARPU leader, deleveraging

Last close: ₹1,771.20; 29 Sept 2026 · reference
1D · 1M: 0.0% · −5.9%; price-only
Weight: 4.0%; 31 Jul 2026 · Aug rank 4
Thesis review: 8 Sep 2026; Why We Own, p60

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

4.5

Profitability

4.1

Balance sheet

1.9

Cash conversion

4.5

Valuation

3.7

Sales2,10,973 cr FY26

Net Profit26,695 cr FY26

Operating margin56.6% FY26

ROCE19.5% FY26

Revenue CAGR 3y

14.9%

5y 16.0%

Net profit CAGR 3y

47.3%

Operating margin

56.6%

3y avg 52.3%

CFO / PAT, 3y

4.42x

FCF ₹1,74,643 cr cumulative

ROCE

19.5%

3y avg 16.5%

Debt / equity

0.82x

interest cover 3.1x

Cash conversion cycle

-4336 days

-3368 days three years earlier

P/E

39.3x

PEG 0.8 on 3y PAT growth

Promoter holding

50.1%

FII 26.5% · DII 20.6%

Growth. Revenue compounded 14.9% a year over FY23–FY26, net profit 47.3%; the latest year grew 22.0% (profit −20.4%). · Tijori P&L, annual
Margins. Operating margin 56.6% in FY26, +4.3 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 4.42x reported profit across the last three years; free cash flow of ₹1,74,643 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 19.5% and ROE 17.9% in FY26 (three-year average ROCE 16.5%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.82x, interest covered 3.1x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -3368 to -4336 days over three years. · Tijori ratios sheet
Valuation. 39.3x trailing earnings, 9.6x EV/EBITDA, 7.3x book — 0.8x the three-year profit growth rate; dividend yield 1.4%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 18.3% YoY, net profit 37.3% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Net profit margin is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company might have issues servicing its debt
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is moderately strong

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Bharti Airtel

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	17.91%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	17.91%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	20.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹26,695 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹36,023 cr
	Tijori screener	TTM	trailing 12 months	₹36,022 cr
	House model (one-pager)	FY26	standalone, annual	₹33,823 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹8,167 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	39.20x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	40.73x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	43.10x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	7.61x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	7.31x
Market cap	BSE master	2026-09-28	BSE full market cap	₹11,43,166 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹11,34,017 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹12,21,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	50.07%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	149,982	172,985	210,973
EBITDA (₹ cr)	77,893	85,060	116,514
Net profit (₹ cr)	8,558	37,481	33,823
ROE (%)	n.a.	n.a.	20.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	82,639	80,780	84,677	1,00,616	1,16,547	1,39,145	1,49,982	1,72,985	2,10,973	2,20,049
Operating Expenses	52,602	56,626	50,423	55,244	59,013	67,871	72,141	79,903	91,504	94,911
Raw Material	1,020	1,105	1,364	1,927	2,669	3,240	4,085	2,417	3,638	0
Material Cost (%)	1.21	1.34	1.53	1.81	2.20	2.41	2.65	1.35	1.65	0.00
Employee Cost	3,977	3,798	3,514	4,115	4,433	4,831	5,323	6,309	7,581	8,021
Power & Fuel Cost	6,908	8,044	8,209	9,224	10,490	13,088	12,637	15,526	20,274	—
Operating Profit	30,037	24,154	34,253	45,372	57,534	71,274	77,841	93,082	1,19,469	1,25,139
Other Income	1,531	2,799	1,536	643	534	937	1,886	1,651	3,023	3,215
OPM (%)	36.35	29.90	40.45	45.09	49.37	51.22	51.90	53.81	56.63	56.87
Depreciation and Amortisation	19,243	21,348	27,094	29,404	33,091	36,432	39,538	45,570	52,711	54,481
Interest	9,326	10,622	14,073	15,091	16,616	19,300	22,648	21,754	21,555	22,051
Profit Before Tax	3,267	-1,732	-46,130	-14,488	12,483	16,561	12,679	38,399	45,173	48,051
Tax	1,084	-3,419	-12,512	8,933	4,178	4,273	4,121	917	11,350	12,029
Net Profit	1,099	410	-32,183	-15,083	4,255	8,346	7,467	33,556	26,695	36,023
Number of shares(Crs)	400	400	546	549	588	597	605	609	609	—
Dividend Payout Ratio(%)	194.00	244.00	—	0.00	39.41	27.19	61.64	27.66	54.78	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	1.81	1.35	0.84	-2.28	0.04	1.75	1.86	1.56	2.77	3.10
Cash Conversion Cycle	20.52	-9,784.00	-8,915.00	-7,118.00	-5,231.00	-4,062.00	-3,368.00	-3,109.00	-5,728.00	-4,336.00
Inventory Days	0.94	0.26	0.36	0.53	0.77	1.00	0.83	0.76	0.86	0.91
Days Receivable	19.58	23.46	23.01	19.20	14.96	12.05	10.54	10.60	12.85	13.35
Days Payable	0.00	9,807.00	8,939.00	7,138.00	5,247.00	4,075.00	3,380.00	3,120.00	5,742.00	4,351.00
Debt to Equity Ratio	1.59	1.60	1.69	1.52	2.20	2.00	2.13	1.85	1.30	0.82
Free Cash Flow/Sales (%)	-8.83	5.57	-11.12	-2.90	20.96	24.88	27.94	25.98	34.10	36.35
Free Cash Flow(est) (Crs)	-8,432.00	4,605.00	-8,980.00	-2,456.00	21,091.00	28,996.00	38,875.00	38,970.00	58,990.00	76,683.00
Gross Margin (%)	99.05	98.79	98.66	98.47	98.19	97.80	97.59	97.35	98.65	98.35
Op Profit Margin (%)	36.87	36.35	29.90	40.45	45.09	49.37	51.22	51.90	53.81	56.63
Net Profit Margin (%)	3.98	1.33	0.51	-38.01	-14.99	3.65	6.00	4.98	19.40	12.65
ROCE (%)	10.40	7.28	3.24	4.30	7.75	10.87	11.70	14.02	15.91	19.46
ROIC (%)	6.08	5.16	-1.95	3.38	16.08	9.00	10.24	11.15	16.76	16.66
ROE (%)	5.63	1.58	0.57	0.00	0.00	6.39	10.76	9.10	29.52	17.91
Net Profit Margin (%)	3.98	1.33	0.51	-38.01	-14.99	3.65	6.00	4.98	19.40	12.65
P/E	36.81	145.00	325.00	n.m.	n.m.	99.24	50.91	94.70	29.92	40.73
Price to Book	2.09	2.30	1.87	3.12	4.83	6.35	5.49	8.64	8.85	7.31
EV/EBITDA	6.51	8.37	9.12	9.56	8.70	9.33	7.99	10.57	11.99	9.62
Dividend Yield (%)	0.29	1.34	0.75	0.45	0.00	0.40	0.53	0.65	0.92	1.35

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.