Bharti Airtel's Q2 FY26 consolidated revenue grew by healthy +16/5.4% YoY/QoQ and Ebitda by +17.3/6.2%; margin 57.4%, +55/43bps. The robust performance in Africa boosted growth viz. +35/42% rev/Ebitda growth YoY.
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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-
Average revenue per user growth in India Wireless, led by tariff hike-led (assume another hike in Q4 FY26),
5G monetization,
accelerated growth in Home BB & Enterprise,
deleveraging benefits,
weakening of Vodafone Idea and
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.
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