CLSA has maintained its outperform rating on Bharti Airtel with a target price of ₹2,285 per share after the telecom operator reported better-than-expected Q2FY26 results driven by strong performances in both India and Africa.
Consolidated revenue and EBITDA came in at ₹521 billion and ₹296 billion, up 5–6% quarter-on-quarter and 26–35% year-on-year, ahead of estimates. India Mobile revenue and EBITDA rose 3–4% sequentially and 13–20% annually, aided by subscriber upgrades and improved pricing. The company added 5 million data subscribers sequentially and 22 million year-on-year across 4G and 5G, while ARPU climbed 10% year-on-year to ₹256 — 21% higher than Reliance Jio’s.
CLSA highlighted that Bharti generated consolidated free cash flow of ₹319 billion (US$3.7 billion) in the first half of FY26 after leases and capex of ₹197 billion (US$2.3 billion), while gearing remained low at 1.2x. The brokerage believes strong balance sheet discipline and healthy cash generation continue to provide flexibility for expansion and deleveraging.
Disclaimer: The views and recommendations above are those of CLSA. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
