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Bharti Airtel Limited (BHARTIARTL) Fair Value & Analysis

Communication Services · IN · Market cap ₹12.0T

BA Bharti Airtel Limited BHARTIARTL · NSE
Price₹1,992
Fair Value₹941.55
Upside-52.7%
Quality58/100
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Expensive Growth
Solidly profitable · 12.7% net margin
Moderate debt · generates free cash flow
1.25% dividend yield
Mixed vs. peers (7/14)
Wide moat 76/100
Evidence: Medium Range ₹706.16 – ₹1,177 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Share price +3.8% over the past month.

A solid business, but screening 53% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹1,177). The favourable scenario is already priced in.
  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹2,165 ₹499.35 Fair Value ₹941.55 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹499.35 – ₹2,165 · fair‑value band ₹706.16 – ₹1,177 · the ₹1,992 price screens above the ₹941.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Bharti Airtel Limited (BHARTIARTL) currently trades at ₹1,992, while our model-based Fair Value estimate is ₹941.55, implying the stock looks roughly 52.7% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Bharti Airtel Limited generated revenue of ₹2.1T at a net margin of 12.7%. Revenue grew 15.7% year over year. It earns a return on equity of 19.4%. Net debt stands at ₹1.7T. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹706.16 (bear case) to ₹1,177 (bull case); at ₹1,992, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at -53%, BHARTIARTL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹1,259 ₹2,376 ₹4,398 80
Residual Income ₹290.14 ₹373.62 ₹1,229 76
Rev-Margin DCF ₹799.71 ₹1,397 ₹2,173 74
All 26 models by family
DCF Models
FCF DCF ₹1,266 ₹2,466 ₹4,662 38
Owner Earnings ₹639.98 ₹1,294 ₹2,492 31
5Y Revenue Exit ₹799.71 ₹1,404 ₹2,210 39
5Y EBITDA Exit ₹1,421 ₹2,689 ₹4,290 41
5Y P/E Exit ₹764.44 ₹1,331 ₹1,968 38
10Y Revenue Exit ₹914.95 ₹1,550 ₹2,501 36
10Y EBITDA Exit ₹1,362 ₹2,516 ₹4,289 37
10Y P/E Exit ₹916.55 ₹1,495 ₹2,292 35
Earnings-Based
Graham-Dodd ₹291.02 ₹1,368 ₹1,880 54
Lynch FV ₹362.20 ₹517.42 ₹672.65 50
PEG = 1.0 ₹362.20 ₹517.42 ₹672.65 46
EPV ₹779.84 ₹937.18 ₹1,077 59
Dividend Discount
Gordon GGM ₹174.69 ₹381.37 ₹641.67 70
DDM Multi-Stage ₹174.69 ₹312.40 ₹397.45 61
Multiples
P/E Multiple ₹706.16 ₹941.55 ₹1,177 63
P/S Multiple ₹545.67 ₹727.56 ₹909.45 58
P/B Multiple ₹545.67 ₹727.56 ₹909.45 55
EV/EBIT ₹1,177 ₹1,606 ₹2,035 53
EV/EBITDA ₹1,615 ₹2,191 ₹2,766 54
EV/Revenue ₹598.53 ₹902.94 ₹1,207 43
Asset-Based
NCAV (Graham) ₹119.48 ₹160.11 ₹238.97 50
Growth DCF
Growth DCF ₹1,259 ₹2,376 ₹4,398 80
Rev-Margin DCF ₹799.71 ₹1,397 ₹2,173 74
Economic Profit
Residual Income ₹290.14 ₹373.62 ₹1,229 76
ROIC Compounder ₹908.46 ₹1,271 ₹1,741 72
Growth Earnings
Growth-Adj P/E ₹588.16 ₹840.23 ₹1,092 68

Widest divergence: DCF Models (₹1,495) versus Asset-Based (₹160.11). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹2.1T
Revenue growth (YoY) +15.7%
Net margin 12.7%
Return on equity 19.4%
Free cash flow ₹628B FY2026
P/E ratio 44.8
More key figures
Operating margin 32.8%
EPS (TTM) ₹44.31
Dividend yield 1.3%
EPS growth (YoY) -34.0%
Net debt ₹1.7T FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 59

Profitability 43
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 21
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 71
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bharti Airtel Limited operates as a telecommunications company in India and internationally. It operates through the Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Tower Infrastructure Services, Homes Services, Digital TV Services, and Others segments.

Full company description

Bharti Airtel Limited operates as a telecommunications company in India and internationally. It operates through the Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Tower Infrastructure Services, Homes Services, Digital TV Services, and Others segments. The company provides voice and data telecom services through wireless technology including 2G/3G/4G/5G services; passive infrastructure service, including the setup, operation, and maintenance of wireless communication towers; home services covering voice and data communications through fixed-line network, wireless network, and broadband technology for homes; and digital TV services comprising digital broadcasting services under the DTH platform and IPTV services. It also engages in the airtel business that includes network integration, managed services, CPaaS, PaaS, cloud, cybersecurity, IoT, and data center services, as well as enterprise mobility applications. In addition, the company offers post-paid, prepaid, roaming, internet, and various value-added services, as well as mobile TV, video calls, live-streaming videos, gaming, video streaming, and other services. The company was formerly known as Bharti Tele-Ventures Limited and changed its name to Bharti Airtel Limited in April 2006. Bharti Airtel Limited was incorporated in 1995 and is headquartered in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bharti Airtel Limited reported revenue of ₹2.1T in FY2026 versus ₹1.2T in FY2022, a compound +16.0%/yr. Reported net income was ₹267B in FY2026, compounding +58.3%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹2.1T
Latest YoY
+22.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.0%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.8%
Revenue +16.0%/yr
FY22 ₹1.2T
FY23 ₹1.4T
FY24 ₹1.5T
FY25 ₹1.7T
FY26 ₹2.1T
Net income +58.3%/yr
FY22 ₹42.5B
FY23 ₹83.5B
FY24 ₹74.7B
FY25 ₹336B
FY26 ₹267B
Character of growth · EPS growth decomposed (2015-2026) +19.0 % p.a.
Revenue per share +6.6 pp

of which total revenue +7.3 pp · buybacks/dilution −0.6 pp

EBIT margin +5.6 pp
Tax rate +6.0 pp
Residual (interest, one-offs) +0.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

BHARTIARTL screens 53% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "Bharti Airtel Limited Fair Value". https://www.fairvalue-calculator.com/stock/BHARTIARTL

Peer Group

Telecom Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside −51% · Bottom 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 33% · Top 25%
Revenue growth 16% · Top 25%
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.67× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 44.8× · Pricier than 75% of peers
P/B 8.04× · Pricier than 75% of peers
P/S (TTM) 5.68× · Pricier than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 11.6× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 27
FUTURE 79 · sector 15
PAST 77 · sector 27
HEALTH 66 · sector 89
DIVIDEND 25 · sector 71

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 494.99 MXN +91%
Advanced Info Service Public Company ADVANC 374.00 THB 286.77 THB -23%
Chunghwa Telecom Co 2412 136.00 TWD 100.00 TWD -26%
Telefónica, S.A TEFN 75.67 MXN 108.96 MXN +44%
TLKM TLKM 2,590 IDR 3,898 IDR +50%
Koninklijke KPN N.V KPNN 84.19 MXN 53.17 MXN -37%
PT Indoritel Makmur Internasional Tbk., DNET 9,500 IDR 1,503 IDR -84%

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Frequently asked questions

Is Bharti Airtel Limited (BHARTIARTL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹941.55 versus a price of ₹1,992, about −53% (overvalued).
What is the fair value of BHARTIARTL?
Our model-based fair value for Bharti Airtel Limited is ₹941.55 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹1,992.
What is the quality score of BHARTIARTL?
Bharti Airtel Limited has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bharti Airtel Limited (BHARTIARTL)?
Bharti Airtel Limited reported trailing-twelve-month revenue of about ₹2.1T (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BHARTIARTL?
The net profit margin of Bharti Airtel Limited is about 12.7%, meaning it keeps roughly 12.7% of revenue as net income. Based on the latest reported figures.
Does Bharti Airtel Limited pay a dividend?
Bharti Airtel Limited currently shows a dividend yield of about 1.32% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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