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
Where the price sits
52-week range, house target and street targets
52w low ₹1,75752w high ₹2,163
- Reference close₹1,771
- Antique Stock Broking Limited · BUY₹2,400
- Axis Securities · BUY₹2,530
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹1,853
Price (2026-09-07)
43.1x / 30.3x
FY27E / FY28E P/E (Buoyant sheet)
21.4%
FY27E ROE (Buoyant sheet)
37.0x
Trailing P/E
7.5x
Price / book
23%
EPS CAGR FY26–28E
TTM P/E 37x on screener; 5-year average P/E not sourced. Computed EV/EBITDA ~9.9x on TTM EBITDA Rs 1,25,139 cr using net debt Rs 81,852 cr (ex-lease, per Q1 release) - a premium to Jio-less listed telecom history but ROCE has risen from single digits (FY22) to 17.6-18% (FY26). EV/EBITDA 9.9x; dividend yield 1.3%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 36.8x | 145.0x | 325.0x | n.m. | n.m. | 99.2x | 50.9x | 94.7x | 29.9x | 40.7x |
| Price to Book | 2.1x | 2.3x | 1.9x | 3.1x | 4.8x | 6.4x | 5.5x | 8.6x | 8.9x | 7.3x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Bharti Airtel plus a reference price. Missing inputs are not substituted.