Bharti Airtel: 4Q con-call takeaways; Outlook positive on steady growth

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Bharti Airtel: 4Q con-call takeaways; Outlook positive on steady growth

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Bharti Airtel

4Q con-call takeaways; Outlook positive on

steady growth

Reiterate Rating: BUY | PO: 2,260 INR | Price: 1,883 INR

Control eventually with BTL; Africa: potential 50%+ 14 May 2026 Corrected

Bharti’s Revenue & EBITDA came largely in-line with expectations (see our report: In-line Equity

4Q EBITDA; Share swap in Africa cash-less, leverage neutral, EPS accretive); KPIs were

stable across segments. During con-call, Bharti Chairman highlighted that Bharti

Key ChangesTelecom would remain controlling promoter shareholder. Over the next decade, the

Chairman’s vision is to see BTL getting to 50%+ holding (which implies having c.10% (Rs) Previous Current

more stake). With higher cash flows, dividends and buybacks etc, BTL should, in our Price Obj. 2,320.00 2,260.00

view, be in a position to increase the stake. Post the swap transaction, Mittal Family & 2027E Rev (m) 2,400,228.4 2,367,469.2

Singtel ownership gap reduces. Over the next 3-4 years, they would be able to get to 2028E Rev (m) 2,666,288.6 2,650,827.8

equalization stake path. UK regulations allow to go up to 90% and with buyback program 2029E Rev (m) 2,905,629.8 2,898,889.0

there/with some other block, Bharti India could potentially look to own even more of 2027E EPS 80.62 66.51

Africa. This would flow more income to the India parent-co. 2028E EPS 104.67 94.61

Capital allocation thoughts; Prefer FTTH rollout over FWA 2029E EPS 127.27 118.41

Mgmt sees primary capital allocation in core business, de-leveraging, followed by

investments into adjacencies. Per mgmt, India pricing architecture is broken/capped out Sachin Salgaonkar >> Research Analyst

and they remain committed to double down on all ARPU growth strategies.