Bharti Airtel: Can the listing of Airtel Money on stock markets drive upside in its share price?

Synopsis: Macquarie Group gave an Outperform rating on Bharti Airtel Limited, expecting growth as Airtel Money’s potential fundraising and possible listing could increase the company’s value and share price.

This Large-cap Stock, engaged in providing telecommunications, mobile, broadband, digital services, enterprise solutions, and fintech services across Asia and Africa markets, is in focus after Macquarie gave an Outperform target of Rs. 2,220, which has an upside potential of 21.52 percent.

With a market capitalization of Rs. 11,13,180.41 crores, the shares of Bharti Airtel Limited closed at Rs. 1,826.90 per equity share, down nearly 3.14 percent from its previous day’s close price of Rs. 1,886.05. 

What is the News?

Macquarie, a prominent brokerage firm, has recommended a “Outperform” call on Bharti Airtel Limited with a target price of Rs. 2,220 per share, indicating an upside potential of 21.52 percent from its current price of Rs. 1,826.90 per share. 

Macquarie remains positive on Bharti Airtel because its digital payments arm, Airtel Money, could unlock significant value. A potential fundraising of $1.5–2 billion at a valuation of around $10 billion shows strong investor interest and highlights the growth potential of its fintech business.

If Airtel Money gets listed separately, it may increase the overall valuation of the company under a sum-of-the-parts approach. This means investors could start valuing each business segment more clearly, leading to a higher target price for Airtel shares.

Customer Base

Bharti Airtel Limited’s customer base showed steady growth over the period. As of December 2025, the total customer base reached about 645.3 million, up from 623.6 million in September 2025, reflecting an overall growth of 3.5 percent. 

India remains the largest contributor, with its customer base increasing to 465.9 million, growing by 3.6 percent. Meanwhile, Africa also saw consistent growth, reaching 179.4 million customers, a rise of 3.2 percent. This steady increase across both regions highlights Airtel’s strong market presence and its ability to expand its user base in key markets.

Capital Expenditure (Q3 FY26)

In Q3 FY26, Bharti Airtel reported total capex of Rs. 11,787 crore, showing continued investment in network growth. India accounted for the largest share at Rs. 9,249 crore, highlighting its focus on improving coverage and capacity in its key market. Africa saw capex of Rs. 2,537 crore, supporting steady expansion. Overall, the company’s investments reflect its commitment to strengthening infrastructure and enhancing customer experience across regions.

Company Overview

Bharti Airtel Limited is an Indian telecom giant headquartered in Gurugram, Haryana. Founded in 1995 by Sunil Bharti Mittal, it has expanded rapidly to become one of the world’s largest integrated communications service providers, with operations spanning Asia and Africa.

The company is known for its innovation in mobile, broadband, and digital services, along with ventures in fintech and enterprise solutions. Serving hundreds of millions of users, Airtel continues to play a vital role in India’s digital growth and the global telecom landscape.

Recent Quarter Results

Coming into financial highlights, Bharti Airtel Limited’s revenue has increased from Rs. 45,129 crore in Q3 FY25 to Rs. 53,982 crore in Q3 FY26, which has grown by 19.62 percent. The net profit has decreased by 47.30 percent from Rs. 16,135 crore in Q3 FY25 to Rs. 8,503 crore in Q3 FY26.

Bharti Airtel Limited’s revenue and net profit have grown at a CAGR of 14.07 percent and 65.26 percent, respectively, over the last three years.

In terms of return ratios, the company’s ROCE and ROE stand at 13.5 percent and 23.2 percent, respectively. Bharti Airtel Limited has an earnings per share (EPS) of Rs. 53.3, and its debt-to-equity ratio is 1.77x.

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