Valuation Bharti Airtel Limited

Equities

532454

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. Other stock markets 03:30:49 13/03/2026 pm IST			5-day change	1st Jan Change
1,803.60 ^INR	+0.16%		-3.63%	-14.35%

12/03	Jefferies Adjusts Bharti Airtel's Price Target to INR2,250 from INR2,575, Keeps at Buy	MT
10/03	Bharti Airtel Rolls Out Telecom Services in Marwah Area of Jammu and Kashmir, India	MT

Company Valuation: Bharti Airtel Limited

Data adjusted to current consolidation scope

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	28,39,283	43,00,863	43,17,350	72,68,942	1,03,72,537	1,08,97,958	-	-
Change	-	51.48%	0.38%	68.37%	42.7%	5.07%	-	-
Enterprise Value (EV) ¹	42,91,693	58,54,085	56,51,805	92,58,771	1,24,10,921	1,24,33,235	1,20,83,343	1,16,25,194
Change	-	36.41%	-3.46%	63.82%	34.05%	0.18%	-2.81%	-3.79%
P/E ratio	-18.7x	99x	51.4x	96x	30.9x	38.5x	26.8x	21.5x
PBR	4.82x	6.34x	5.48x	8.74x	8.83x	7.9x	6.67x	5.6x
PEG	-	-1x	0.6x	-7.9x	0x	-2.3x	0.6x	0.9x
Capitalization / Revenue	2.82x	3.69x	3.1x	4.85x	6x	5.18x	4.56x	4.09x
EV / Revenue	4.27x	5.02x	4.06x	6.17x	7.17x	5.91x	5.05x	4.37x
EV / EBITDA	9.33x	10.1x	7.83x	11.8x	13.3x	10.4x	8.76x	7.5x
EV / EBIT	25.8x	23.4x	15.8x	23.9x	26.1x	18.4x	14.6x	12x
EV / FCF	18.2x	19.5x	14.4x	22.7x	20.4x	23.5x	19.7x	16.2x
FCF Yield	5.48%	5.12%	6.96%	4.41%	4.9%	4.25%	5.08%	6.19%
Dividend per Share ²	4	3	4	8	16	20.72	28.76	38.25
Rate of return	0.77%	0.4%	0.53%	0.65%	0.92%	1.15%	1.59%	2.12%
EPS ²	-27.65	7.63	14.57	12.8	56.04	46.8	67.4	83.82
Distribution rate	-14.5%	39.3%	27.5%	62.5%	28.6%	44.3%	42.7%	45.6%
Net sales ¹	10,06,158	11,65,469	13,91,448	14,99,824	17,29,852	21,04,222	23,90,579	26,62,789
EBITDA ¹	4,60,145	5,80,682	7,22,101	7,82,918	9,31,592	11,96,623	13,79,625	15,50,234
EBIT ¹	1,66,101	2,49,775	3,57,783	3,87,542	4,75,889	6,76,472	8,29,819	9,67,563
Net income ¹	-1,50,835	42,549	83,459	74,670	3,35,561	2,80,302	3,99,953	5,05,993
Net Debt ¹	14,52,410	15,53,222	13,34,455	19,89,829	20,38,384	15,35,277	11,85,385	7,27,236
Reference price ²	517.30	755.40	749.00	1,229.05	1,730.95	1,803.60	1,803.60	1,803.60
Nbr of stocks (in thousands)	54,88,659	58,81,247	59,64,355	60,44,454	60,91,275	60,90,056	-	-
Announcement Date	17/05/21	17/05/22	16/05/23	14/05/24	13/05/25	-	-	-

¹INR in Million²INR

Estimates

P/E ratio, Detailed evolution

Sector Comparison:

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
BHARTI AIRTEL LIMITED	38.48x	5.9x	10.38x	1.15%	12TCr
SOFTBANK CORP.	18.06x	2.1x	8.09x	4.11%	6.42TCr
CELLNEX TELECOM, S.A.	-133.68x	9.41x	11.66x	2.88%	2.23TCr
ROGERS COMMUNICATIONS INC.	14.04x	2.99x	6.71x	3.79%	2.1TCr
MTN GROUP LIMITED	14.79x	1.99x	4.62x	2.1%	2.01TCr
TELE2 AB	28.44x	5.42x	12.09x	4.03%	1.41TCr
ETIHAD ETISALAT COMPANY	13.73x	2.66x	6.98x	4.6%	1.36TCr
VODAFONE IDEA LIMITED	-3.95x	6.95x	16.49x	-.--%	1.12TCr
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	22.66x	3.26x	9.43x	4.43%	1.04TCr
SAFARICOM PLC	13.26x	3.18x	6.26x	5.91%	959.4Cr
Average	2.58x	4.39x	9.27x	3.3%	3.04TCr
Weighted average by Cap.	13.82x	4.59x	9.35x	2.65%