CLSA has reaffirmed its ‘Buy’ rating on Bharti Airtel, setting a target price of ₹1,890, which represents a 15% upside from the current market price of ₹1,640.00. The brokerage firm remains positive on Airtel, citing strong ARPU growth and market leadership as key reasons for its bullish stance.
Bharti Airtel’s ARPU in Q3FY25 is 21% higher than Reliance Jio and 14% higher compared to Q3FY24, reinforcing its ability to command premium pricing in the telecom space. CLSA expects the company to witness a 15-18% CAGR in mobile revenue EBITDA over FY24-27, supported by subscriber additions, tariff hikes, and increased data consumption.
Additionally, the stock is currently trading at 10x FY26 EV/EBITDA, which CLSA believes is attractive given its growth trajectory and market position. The brokerage continues to see Bharti Airtel as the top telecom sector pick and maintains a positive outlook on the stock.
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