BHARTI AIRTEL LIMITED Financials Bharti Airtel Limited
Equities
BHARTIARTL
INE397D01024
Wireless Telecommunications Services
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,326 INR | -0.78% |
|
+2.84% | +28.33% |
| Apr. 25 | Axiata, Sinar Mas closer to $3.5 billion telco merger in Indonesia, Bloomberg says | RE |
| Apr. 24 | Indian Equities End Higher Midweek as Iran-Israel Conflict Subsides | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,330,162 | 2,402,700 | 2,839,283 | 4,300,863 | 4,317,350 | 7,883,022 | - | - |
| Enterprise Value (EV) 1 | 2,483,047 | 3,377,852 | 4,291,693 | 5,854,085 | 5,651,805 | 9,691,501 | 9,334,191 | 9,000,157 |
| P/E ratio | 326 x | -6.95 x | -18.7 x | 99 x | 51.4 x | 82.3 x | 37.7 x | 26.4 x |
| Yield | 0.75% | 0.45% | 0.77% | 0.4% | 0.53% | 0.34% | 0.74% | 1.04% |
| Capitalization / Revenue | 1.65 x | 2.74 x | 2.82 x | 3.69 x | 3.1 x | 5.21 x | 4.63 x | 4.13 x |
| EV / Revenue | 3.07 x | 3.86 x | 4.27 x | 5.02 x | 4.06 x | 6.41 x | 5.48 x | 4.72 x |
| EV / EBITDA | 9.51 x | 9.15 x | 9.33 x | 10.1 x | 7.83 x | 12.2 x | 10.2 x | 8.61 x |
| EV / FCF | -27.7 x | -318 x | 18.2 x | 19.5 x | 14.4 x | 28.9 x | 20.3 x | 16.8 x |
| FCF Yield | -3.61% | -0.31% | 5.48% | 5.12% | 6.96% | 3.46% | 4.92% | 5.97% |
| Price to Book | 1.87 x | 3.12 x | 4.82 x | 6.34 x | 5.48 x | 8.94 x | 7.1 x | 5.77 x |
| Nbr of stocks (in thousands) | 3,995,681 | 5,453,246 | 5,488,659 | 5,881,247 | 5,964,355 | 6,058,219 | - | - |
| Reference price 2 | 332.9 | 440.6 | 517.3 | 755.4 | 749.0 | 1,326 | 1,326 | 1,326 |
| Announcement Date | 5/6/19 | 5/18/20 | 5/17/21 | 5/17/22 | 5/16/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 807,802 | 875,390 | 1,006,158 | 1,165,469 | 1,391,448 | 1,511,798 | 1,702,989 | 1,907,886 |
| EBITDA 1 | 261,101 | 369,343 | 460,145 | 580,682 | 722,101 | 795,783 | 914,573 | 1,045,171 |
| EBIT 1 | 47,626 | 92,447 | 166,101 | 249,775 | 357,783 | 399,683 | 485,299 | 580,675 |
| Operating Margin | 5.9% | 10.56% | 16.51% | 21.43% | 25.71% | 26.44% | 28.5% | 30.44% |
| Earnings before Tax (EBT) 1 | -17,318 | -428,465 | -144,882 | 124,831 | 165,607 | 160,513 | 319,638 | 443,504 |
| Net income 1 | 4,095 | -321,832 | -150,835 | 42,549 | 83,459 | 90,673 | 199,360 | 286,607 |
| Net margin | 0.51% | -36.76% | -14.99% | 3.65% | 6% | 6% | 11.71% | 15.02% |
| EPS 2 | 1.020 | -63.41 | -27.65 | 7.630 | 14.57 | 16.11 | 35.11 | 50.23 |
| Free Cash Flow 1 | -89,547 | -10,615 | 235,344 | 299,550 | 393,565 | 335,424 | 459,185 | 537,150 |
| FCF margin | -11.09% | -1.21% | 23.39% | 25.7% | 28.28% | 22.19% | 26.96% | 28.15% |
| FCF Conversion (EBITDA) | - | - | 51.15% | 51.59% | 54.5% | 42.15% | 50.21% | 51.39% |
| FCF Conversion (Net income) | - | - | - | 704.01% | 471.57% | 369.93% | 230.33% | 187.42% |
| Dividend per Share 2 | 2.500 | 2.000 | 4.000 | 3.000 | 4.000 | 4.490 | 9.782 | 13.73 |
| Announcement Date | 5/6/19 | 5/18/20 | 5/17/21 | 5/17/22 | 5/16/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: Maart | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 283,264 | 298,666 | 315,003 | 328,046 | 345,268 | 358,044 | 360,090 | 374,400 | 370,438 | 378,995 | 383,105 | - | - | - | - |
| EBITDA 1 | 139,193 | 148,999 | 160,589 | 167,216 | 175,938 | 184,532 | 189,820 | 197,461 | 195,137 | 198,148 | 201,759 | 211,277 | 208,845 | 216,219 | 239,573 |
| EBIT 1 | 56,721 | 63,527 | 74,763 | 79,402 | 87,744 | 91,555 | 95,761 | 100,923 | 97,794 | 97,405 | 101,381 | - | - | - | - |
| Operating Margin | 20.02% | 21.27% | 23.73% | 24.2% | 25.41% | 25.57% | 26.59% | 26.96% | 26.4% | 25.7% | 26.46% | - | - | - | - |
| Earnings before Tax (EBT) 1 | 30,289 | 26,415 | 50,368 | 35,921 | 42,653 | 36,893 | 50,140 | 18,529 | 39,397 | 41,084 | 61,632 | - | - | - | - |
| Net income 1 | 11,340 | 8,296 | 20,078 | 16,069 | 21,452 | 15,882 | 30,056 | 16,125 | 13,407 | 24,422 | 27,700 | - | - | - | - |
| Net margin | 4% | 2.78% | 6.37% | 4.9% | 6.21% | 4.44% | 8.35% | 4.31% | 3.62% | 6.44% | 7.23% | - | - | - | - |
| EPS 2 | 2.060 | 1.480 | 3.550 | 2.840 | 3.750 | 2.760 | 5.190 | 2.790 | 2.310 | 4.170 | 9.093 | - | - | - | - |
| Dividend per Share 2 | - | - | 3.000 | - | - | - | 4.000 | - | - | - | 3.483 | - | - | - | 16.36 |
| Announcement Date | 11/2/21 | 2/8/22 | 5/17/22 | 8/8/22 | 10/31/22 | 2/7/23 | 5/16/23 | 8/3/23 | 10/31/23 | 2/5/24 | - | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,152,885 | 975,152 | 1,452,410 | 1,553,222 | 1,334,455 | 1,808,479 | 1,451,169 | 1,117,135 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.415 x | 2.64 x | 3.156 x | 2.675 x | 1.848 x | 2.273 x | 1.587 x | 1.069 x |
| Free Cash Flow 1 | -89,547 | -10,615 | 235,344 | 299,550 | 393,565 | 335,424 | 459,185 | 537,150 |
| ROE (net income / shareholders' equity) | -3.57% | -4.56% | -15% | 6.78% | 11.6% | 12.6% | 19.5% | 22.4% |
| ROA (Net income/ Total Assets) | 0.16% | -1.07% | -4.27% | 1.2% | 2.06% | 3.51% | 5.11% | 6.28% |
| Assets 1 | 2,628,370 | 30,201,952 | 3,534,008 | 3,548,411 | 4,051,408 | 2,581,047 | 3,901,013 | 4,564,005 |
| Book Value Per Share 2 | 178.0 | 141.0 | 107.0 | 119.0 | 137.0 | 148.0 | 187.0 | 230.0 |
| Cash Flow per Share 2 | 49.30 | 35.70 | 88.40 | 101.0 | 114.0 | 89.60 | 114.0 | 129.0 |
| Capex 1 | 287,427 | 191,902 | 246,706 | 250,616 | 259,681 | 401,211 | 364,717 | 362,849 |
| Capex / Sales | 35.58% | 21.92% | 24.52% | 21.5% | 18.66% | 26.54% | 21.42% | 19.02% |
| Announcement Date | 5/6/19 | 5/18/20 | 5/17/21 | 5/17/22 | 5/16/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
32
Last Close Price
1,326
INR
Average target price
1,263
INR
Spread / Average Target
-4.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +28.33% | 94.52B | |
| +6.76% | 56.67B | |
| -11.97% | 23.64B | |
| -16.38% | 20.55B | |
| -12.50% | 11.16B | |
| +5.61% | 10.64B | |
| +2.45% | 10.28B | |
| +0.88% | 8.9B | |
| -25.24% | 8.29B | |
| +20.93% | 6.61B |
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