India’s telecommunications sector is among the world’s largest, with 1,203.84 million telephone subscribers as of April 2025—1,166.43 million wireless and 37.41 million wireline. Broadband users total 943.09 million. The sector boasts an overall tele-density of 85.19%, with urban tele-density at 132.01% and rural at 59.26%.
With a market capitalization of Rs 10.69 lakh crore, the shares of Bharti Airtel Ltd were trading at Rs 1,873.00 per share, decreasing around 0.10 percent as compared to the previous closing price of Rs 1,874.95 apiece.
Brokrage Recommandation
Macquarie, one of the well-known brokerages globally, has given a ‘buy’ target on this telecom stock with a target price of Rs 2,350 apiece, indicating a potential upside of 25 percent from a Thursday closing price of Rs 1,874.95 per share.
Macquarie’s bull case projects Bharti Airtel’s ARPU reaching ₹300, reflecting a 22% rise from FY25 exit levels—aligning with Chairman Sunil Bharti Mittal’s target. Under this scenario, the stock is valued at 15x EV/EBITDA, indicating strong potential upside if these metrics are achieved.
Financial & operational highlights
Looking forward to the company’s financial performance, revenue increased by 27 percent from Rs 37,599 crore in Q4FY24 to Rs 47,876 crore in Q4FY25. Further, during the same time frame, net profit increased by 503 percent from Rs 2,068 crore to Rs 12,476 crore.
Capex for FY25 is lower YoY and expected to decline further in FY26 as major investments are complete. Radio capex will drop significantly, while transport capex remains steady. Data center capex (~₹5,000 Cr over 3 years) is on track.
Management remains confident about growth in postpaid, broadband, convergence, and B2B segments. The company emphasizes financial discipline, prudent capex, and ongoing deleveraging. It continues to advocate for industry-wide tariff repair and rationalization to ensure sector health and sustainable return on capital employed (ROCE) over the long term.
Written by Abhishek Singh
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