Telecom-Service · BHARTI
Telecom Services
from 1,964 today
Bharti Airtel reported a strong performance in 1QFY27, with consolidated EBITDA rising 6% QoQ driven by outperformance in India wireless and strong show continuing in Airtel Africa. We reiterate our BUY rating with SoTP-based revised TP of INR2,335.
Bharti Airtel reported a strong 1QFY27 beating estimates driven by strong ARPU, supported by higher postpaid additions and a richer 5G subscriber mix. We reiterate BUY with a revised target price of INR 2,400.
BHARTI reported consol. Revenue and EBITDA of INR585.4bn and INR333.0bn, up 5.7% QoQ / 18.4% YoY, driven by strong growth across India and Africa operations. Maintain BUY with a revised TP of INR2,275, based on an implied 12.2x FY28E EV/EBITDA for the India business, while additionally incorporating the value of investments in Airtel Africa, Indus Towers and Bharti Hexacom.
Bharti Airtel is well-positioned to continue gaining market share, backed by the highest penetration, minimal capex requirements, and a stronger digital portfolio supported by rising per-user data and growing business verticals.
We model a CAGR of ~14% in Bharti’s consolidated revenue/reported EBITDA over FY26-29E, driven by tariff hikes, strong growth in Homes, double-digit CC growth in Africa, and steady B2B growth. We reiterate our BUY rating with a SoTP-based revised TP of INR2,335.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
