Highlights

• Jefferies, Axis Capital, and Ambit Capital maintain ‘Buy’ recommendations on Bharti Airtel with target prices ranging from ₹2,233 to ₹2,635.
• Bharti Airtel reported ₹52,145 crore in consolidated revenue for Q2 FY26, marking 25.7% YoY growth.
• Consolidated EBITDA rose 35.9% YoY to ₹29,919 crore, with margins improving to 57.4%.

Bharti Airtel Limited (NSE:BHARTIARTL) has continued to attract a positive outlook from major brokerages, with Jefferies, Axis Capital, and Ambit Capital reaffirming their ‘Buy’ recommendations following the company’s Q2 FY26 performance.

According to data compiled from Refinitiv, Jefferies has maintained a ‘Buy’ rating on Bharti Airtel, setting a target price of ₹2,635, representing an upside from its recent trading levels. Axis Capital has also reiterated its ‘Buy’ recommendation with a target of ₹2,238, while Ambit Capital has placed a ‘Buy’ rating with a target of ₹2,233.

Q2 FY26 Performance Overview

For the quarter ended 30 September 2025, Bharti Airtel reported consolidated revenue of ₹52,145 crore, reflecting a 25.7% year-on-year (YoY) increase and a 5.4% rise quarter-on-quarter (QoQ). The growth was driven by both India and Africa operations.

In India, revenues stood at ₹38,690 crore, up 22.6% YoY, supported by improved performance across the Mobile, Homes, and Airtel Business segments. Mobile revenue grew 13.2% YoY, propelled by an increase in average revenue per user (ARPU), which rose to ₹256 from ₹233 in Q2 FY25.

The Homes business saw a 30.2% YoY rise in revenue, with 951,000 net customer additions, taking the total customer base to 11.9 million. Airtel Business delivered 4.3% sequential revenue growth, supported by expansion in enterprise connectivity and digital solutions.

Profitability and Financial Metrics

Bharti Airtel reported consolidated EBITDA of ₹29,919 crore, marking a 35.9% YoY increase, with margins expanding to 57.4%. The India EBITDA margin was reported at 60% for the quarter.
Consolidated EBIT rose 51.6% YoY to ₹16,669 crore, while net income before exceptional items stood at ₹6,792 crore, compared to ₹3,911 crore in Q2 FY25.

The company’s Net Debt (excluding lease obligations) to EBITDAaL ratio improved to 1.19 times.

Operational Developments

During Q2 FY26, Bharti Airtel added 2,479 towers and 20,841 mobile broadband base stations. The company also entered a partnership with Perplexity AI, offering a complimentary 12-month Pro subscription to its customers across Mobile, Homes, and Digital TV segments.

The firm’s anti-fraud measures have led to a significant decline in cybercrime incidents on its network, as noted by India’s Cyber Crime Coordination Centre (I4C).

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