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Swing Capital

Bharti Airtel Ltd

NSE: BHARTIARTL BSE: 532454Telecom

Bharti Airtel Ltd is one of the world’s leading providers of telecommunication services with presence in 18 countries representing India, Sri Lanka, 14 countries in Africa. [1]

₹1,940
52W: ₹1740 — ₹2175
PE 73.4 · Book ₹263 · +638% vs book
Market Cap₹11,82,065 Cr
Stock P/E73.4Price to Earnings
ROCE12.7%Return on Capital
ROE10.7%Return on Equity
Div. Yield0.85%Face Value ₹5

Strengths

  • +Company has delivered good profit growth of 24.8% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 79.4%

Weaknesses

  • −Stock is trading at 7.34 times its book value
  • −Company has a low return on equity of 9.88% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -6.15%

Shareholding Pattern

Promoters48.87%
FIIs27.79%
DIIs20.53%
Public2.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.17%53.14%▼0.053.12%▼0.052.42%▼0.751.26%▼1.250.27%▼1.048.87%▼1.448.87%
FIIs24.62%25.07%▲0.424.27%▼0.825.41%▲1.126.72%▲1.327.42%▲0.728.75%▲1.327.79%▼1.0
DIIs19.13%18.69%▼0.419.52%▲0.819.23%▼0.319.09%▼0.119.4%▲0.319.54%▲0.120.53%▲1.0
Public2.89%2.89%2.91%▲0.02.75%▼0.22.74%▼0.02.72%▼0.02.65%▼0.12.63%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales23,86624,34524,91726,98428,43428,60829,24930,09230,85531,296
Expenses10,94211,36011,49112,03212,39512,26712,40412,61712,95713,251
Operating Profit12,92412,98613,42614,95316,03916,34116,84517,47617,89818,046
OPM %54%53%54%55%56%57%58%58%58%58%
Net Profit1,4141,8242,4692,5189,1979,3183,7644,5454,0911,344
EPS ₹2.513.234.344.4216.1516.346.67.977.172.21

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,21,493Cr, up 11.5% YoY. OPM at 58%.

Debt Position

Borrowings at ₹1,44,138Cr. Debt-to-equity ratio: 0.92x. Moderate leverage.

Capex Cycle

CWIP at ₹6,698Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20.53% (+0.98pp change). FIIs: 27.79% (+6.31pp change). Promoters hold 48.87%.

Margin & Efficiency

ROCE declining from 15% (Mar 2015) to 13% (Mar 2026). Working capital days: -219.

Valuation

PE 73.4x with 12.7% ROCE. Price is 638% above book value of ₹263. Dividend yield: 0.85%.

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