Jefferies has maintained its buy rating on Bharti Airtel with a target price of ₹2,635 per share after the company delivered a broad-based Q2FY26 beat, supported by strong performance across India Homes and Africa businesses, margin expansion in India Mobile, and healthy free cash flow generation.
The brokerage said subscriber premiumisation, improving monetisation trends, and steady data usage growth continue to drive a positive revenue trajectory. It added that both India Mobile and Home Broadband segments sustained their growth momentum, while the Africa business delivered sequential margin expansion despite currency volatility.
Jefferies has raised its FY26–28 earnings estimates by 1–4%, reflecting sustained profitability improvement and stronger-than-expected free cash flow conversion. The brokerage expects Bharti to continue outpacing industry peers in ARPU growth and operating leverage, supported by rising 5G adoption and network quality differentiation.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
