Bharti Airtel shares gained up to 2.7% in early trade on Tuesday, reaching a high of ₹2,129 on the NSE compared to the previous close of ₹2,074. The rally followed the telecom major’s robust performance in the July–September quarter (Q2 FY26), marked by higher profitability, premium subscriber additions, and strong growth across both India and Africa operations.

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Earnings Snapshot: Strong Growth Across Segments Brokerages Maintain Bullish Stance Jefferies: Buy | Target ₹2,635

Over the past year, Bharti Airtel stock has surged 33%, outperforming the Nifty 50’s 7.5% gain in the same period.

Earnings Snapshot: Strong Growth Across Segments

The company reported a 73.6% year-on-year (YoY) rise in consolidated net profit to ₹6,792 crore, while revenue climbed 25.7% to ₹52,145 crore.

EBITDA: ₹29,919 crore, up 35.9% YoY
EBITDA margin: 57.4%
Capex: ₹11,362 crore for the quarter
Net debt-to-EBITDAaL ratio: 1.19x (annualised)

In the India business, revenue rose 22.6% YoY to ₹38,690 crore, while EBITDA margin stood at 60%. The Average Revenue Per User (ARPU) improved to ₹256, up from ₹233 a year earlier, supported by subscriber upgrades and premium additions. Airtel added 5.1 million smartphone users and 951,000 home broadband customers during the quarter.

The Africa operations also performed strongly, with constant-currency revenue growth of 24.2% YoY and an EBITDA margin of 48.8%.

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Brokerages Maintain Bullish Stance

CLSA: Outperform | Target ₹2,285

CLSA reiterated its Outperform rating on Bharti Airtel with a target price of ₹2,285 per share, noting that Q2 results were ahead of estimates.

India’s mobile revenue and EBITDA grew 3–4% sequentially and 13–20% YoY.
ARPU rose 10% YoY to ₹256.
H1 FY26 free cash flow stood at ₹31,900 crore after leases and capex of ₹19,700 crore, with gearing at 1.2x.

Jefferies: Buy | Target ₹2,635

Jefferies maintained a Buy rating with a target price of ₹2,635 per share, citing a broad-based beat across India and Africa. The brokerage expects subscriber premiumisation and strong monetisation trends to drive continued earnings momentum. Jefferies also raised FY26–FY28 earnings estimates by 1–4%.