Bharti Airtel becomes 4th Indian company to cross Rs 12 trillion market cap, shares rise nearly 2%

Shares of Bharti Airtel hit a new high at Rs 2,009.80, up 2 per cent on the BSE in Thursday’s intra-day trade on the back of a healthy business outlook.

Thus far in the calendar year 2025 (CY25), the stock price of the telecom services provider has outperformed the market by surging 27 per cent, as compared to a 6 per cent rise in the BSE Sensex. Meanwhile, the stock price of Bharti Airtel partly-paid (PP) shares also hit a new high at Rs 1,532.90, rallying 30 per cent so far in CY25.

A sharp surge in the stock price of the company has seen Bharti Airtel’s market capitalisation cross the Rs 12 trillion-mark for the first time ever. A combined market-cap of Bharti Airtel (Rs 11.43 trillion) and its partly paid shares (Rs 59,994 crore) touched Rs 12 trillion in intra-day trade, making Airtel the fourth Indian company to reach this milestone.

Reliance Industries leads with a market-cap of Rs 19.96 trillion, followed by HDFC Bank at Rs 15.26 trillion and Tata Consultancy Services (TCS) at Rs 12.46 trillion.

Why Airtel’s stock prices are rising

Bharti Airtel’s stock rally is driven by several factors. The successful pan-India rollout of 5G services by March 2024 has positioned the company well in the next phase of telecom growth. Following a peak in capital expenditure in FY24 and FY25, Airtel is expected to reduce its capex in FY26, which is likely to improve profitability and free cash flow generation.

Furthermore, rising average revenue per user (ARPU) due to tariff hikes, data monetisation, and more post-paid customers is boosting the company’s revenue profile. With sustainable free cash flow expected to rise significantly over the next two years, investor confidence remains strong. These fundamentals are contributing to the steady rise in Airtel’s share price.