Bharti Airtel shares jump 2.2% today; brokerages bullish after Q2 profit beats Street, ARPU rises — check target prices
Bharti Airtel Share Price Today: Brokerages shared bullish views with the telecom major’s Q2 FY26 showing higher profitability, premium subscriber additions, rising ARPU, and operational momentum across India and Africa.
Bharti Airtel added 1.3 million new subscribers sequentially in India
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Bharti Airtel shares rose as much as 2.7 percent in the opening trade on Tuesday, with brokerages sharing bullish views after the telecom major reported a strong July-September quarter performance. The company’s Q2 FY26 results were marked by higher profitability, premium subscriber additions, rising ARPU, and operational momentum across India and Africa.
Bharti Airtel stock gained to a high of Rs 2,129 soon after opening, from the previous closing price of Rs 2,074 on NSE. The stock has surged over 33 percent over the past year, outperforming benchmark Nifty 50, which has gained 7.5 percent during this period.
Bharti Airtel posted a 73.6 percent year-on-year rise in consolidated net profit to Rs 6,792 crore in Q2 FY26, while consolidated revenue climbed 25.7 percent to Rs 52,145 crore. EBITDA increased 35.9 percent to Rs 29,919 crore, taking the margin to 57.4 percent. In India, revenue rose 22.6 percent year-on-year to Rs 38,690 crore and EBITDA margin stood at 60 percent. Average revenue per user improved to Rs 256 from Rs 233 a year ago, supported by premium subscriber additions. Airtel added 5.1 million smartphone users in the quarter and 951,000 home broadband customers.
Airtel’s Africa operations also recorded strong growth, with constant-currency revenue rising 24.2 percent year-on-year and EBITDA margin at 48.8 percent. The company reported capex of Rs 11,362 crore in the quarter and a consolidated net-debt-to-EBITDAaL ratio of 1.19x on an annualised basis.
Bharti Airtel stock call: Should you buy or sell shares?
CLSA reiterated its Outperform rating with a target price of Rs 2,285 per share, stating that Q2 results came in ahead of estimates, supported by both India and Africa operations. It highlighted 3-4 percent sequential and 13-20 percent year-on-year growth in India mobile revenue and EBITDA, driven by subscriber upgrades and data growth. ARPU rose 10 percent year-on-year to Rs 256. The brokerage also pointed to H1 FY26 free cash flow of Rs 31,900 crore after leases and capex of Rs 19,700 crore, along with gearing of 1.2x.
Jefferies maintained its Buy rating and target price of Rs 2,635 per share, citing a broad-based beat in Q2 with strong momentum across India and Africa. The brokerage expects subscriber premiumisation and better monetisation trends to support further growth and has raised FY26-28 earnings estimates by 1-4 percent.
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