'Reduce' Bharti Airtel Shares Maintains Dolat Capital Despite Steady Q2 Results— Check New Target Price

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

Bharti Airtel Ltd.’s Q2 FY26 results were ahead led by Africa. India business was in-line and healthy. Lan-to-Lan India revenue (excluding Indus) grew by 16.4/2.2% YoY/QoQ and Ebitda rose 25.9/2.7% aided by tariff hikes.

The company remains a well-positioned compounding story, backed by consistent execution and multiple catalysts such as-

1. Average revenue per user growth in India Wireless, led by tariff hike-led (assume another hike in Q4 FY26),

2. 5G monetization,

3. accelerated growth in Home BB & Enterprise,

4. deleveraging benefits,

5. weakening of Vodafone Idea and

6. listing of Jio.

We broadly maintain estimates for FY26/27E and remain constructive about Bharti’s growth potential. However, following a sharp stock price rise (13/33% in the last 6/12m), we reiterate ‘Reduce’ rating with revised target price of Rs 2,125 @ 13 times H1 FY28E EV/E for India Wireless (vs Rs 2,000 @ 13x FY27E earlier).

Stake sale by Promoters (or Singtel) and delay in tariff hike are key risks.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.