Citi has maintained its buy rating on Bharti Airtel with a target price of ₹2,225 per share following a steady Q2FY26 performance, marked by consistent growth across India Mobile, Homes, and Business segments. The brokerage said all three business verticals delivered results modestly above expectations.
India Mobile revenue and EBITDA grew between 2.5% and 4% sequentially — about 0.5–1.5% ahead of estimates — supported by slightly higher average revenue per user (ARPU) even as subscriber additions were marginally lower. The Homes business continued to outperform, with revenue and EBITDA both rising around 8.5% quarter-on-quarter and exceeding expectations by roughly 3.5%, driven by strong subscriber additions.
The Airtel Business vertical saw normalised 4% sequential growth after a strong run in previous quarters. Citi noted that India (ex-Indus) capex rose sharply by 32% quarter-on-quarter, which came as a surprise given first-half capex was down 3% year-on-year.
The brokerage remains positive on Airtel’s steady operational execution and subscriber monetisation potential, expecting continued ARPU expansion and network leadership to drive earnings growth.
Disclaimer: The views and recommendations above are those of Citi. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
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