Bharti Airtel remains the biggest beneficiary of the tariff hikes, with an Rs 35 increase in wireless average revenue per user over the last two quarters (versus ~Rs 20 for RJio).
(Source: NDTV Profit)
Further, with a moderation in capex intensity, Bharti Airtel is likely to generate significant free cash flow (~Rs 1 trillion over FY25/FY26), which should lead to significant deleveraging and improvement in shareholder returns.