āagman

Not investment advice. Data and computed figures, for information only.

Bharti Airtel Ltd

NSE: BHARTIARTLF&O
₹1,854.00
+₹59.40 (+3.31%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹11,26,674 Cr
CMP
₹1,854.00
52-wk High / Low
₹2,175 / 1,726
P/E
36.1
P/B
7.4
Book Value
₹245.0
Div Yield
1.33%
ROCE
18.0%
ROE
20.3%
Face Value
₹5
D/E
1.31

Price−4.4% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹491
√(22.5 × EPS × book value per share)
ROIC
13.9%
vs 4.9% sector median
Cash flow to profit
3.61
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+61
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
10.6%
ROE × earnings retention ratio
ROE stability
8.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +1.20FII −1.31DII +0.11
Latest quarter vs the previous one
Cash-accrual divergence
−16.8%
of assets
Low = accruals track cash flow
Strengths
+Annualised volatility of 21.3% is in the low band (≤25%)
+FII holding rose by 5.5pp over the last year
+PE of 36.1x is below the sector median of 42.5x
Watch-outs
−Borrowings are up 94.2% since FY2016 (100646 to 195412)
−Price trades below its 200-day moving average (1.0x)
−Promoter holding fell by 5.0pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales37,44037,04437,90037,59938,50641,47345,12947,87649,46352,14553,98255,38358,539
Expenses17,84217,53018,08518,23418,79919,62720,53320,86721,62422,58423,19923,89225,236
Operating Profit19,59819,51419,81519,36519,70821,84624,59727,00927,83929,56130,78331,49233,303
OPM %52.3%52.7%52.3%51.5%51.2%52.7%54.5%56.4%56.3%56.7%57.0%56.9%56.9%
Other Income−2,478−6541,013−1,3082,0104759,675403592809562−2,198661
Interest5,6145,1866,6455,2035,1525,4245,6765,5025,4614,8665,6235,6065,956
Depreciation9,6549,73410,07410,07510,54011,00011,70412,32612,46513,18213,42013,64414,235
Profit before tax1,8533,9404,1082,7786,0255,89716,8929,58410,50412,32212,30110,04513,773
Net Profit1,5202,0932,8762,0684,7184,15316,13512,4767,4228,6518,5039,24710,012
EPS (₹)2.892.394.343.667.316.3125.9519.3310.4311.9111.6312.0213.09

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales96,10196,53295,46882,63980,78087,5391,00,6161,16,5471,39,1451,49,9821,72,9852,10,9732,20,049
Expenses62,49962,54860,13852,56055,01650,93055,33759,01367,87172,09087,92594,45994,911
Operating Profit33,60233,98435,33030,07925,76436,61045,27957,53471,27477,89385,0601,16,5141,25,139
OPM %35.0%35.2%37.0%36.4%31.9%41.8%45.0%49.4%51.2%51.9%49.2%55.2%56.9%
Other Income1,2434,8581,7131,7564,474−37,775−4,2154,6561,019−3,02820,6622,925−166
Interest4,4468,5469,5479,32610,62213,99215,09116,61619,30022,64821,75421,55522,051
Depreciation19,85817,45019,77319,24321,34827,69029,40433,09136,43239,53845,57052,71154,481
Profit before tax10,54012,8467,7233,267−1,732−42,846−3,43212,48316,56112,67938,39845,17348,441
Net Profit5,0486,8934,2412,1841,688−30,664−12,3648,30512,2878,55837,48133,82336,413
EPS (₹)8.4111.056.912.000.74−55.06−25.637.2314.9713.2058.8543.8148.65

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital1,9991,9991,9991,9991,9992,7282,7462,7952,8372,8772,9003,047—
Reserves37,77864,77165,45867,53669,42474,41756,20763,75974,72679,1421,10,7721,46,010—
Borrowings83,4151,00,6461,07,2881,11,3341,25,4281,48,2281,62,7851,69,6782,26,0202,15,5922,13,6421,95,412—
Other Liabilities58,74757,05657,57868,65377,1761,33,7181,22,6791,24,9751,40,9741,44,4081,77,6922,00,904—
Total Liabilities1,81,9392,24,4722,32,3222,49,5212,74,0263,59,0913,44,4173,61,2074,44,5574,42,0195,05,0065,45,373—
Fixed Assets1,24,2791,72,2931,78,2351,87,2002,00,8322,29,2562,23,4802,44,0832,77,3943,03,3033,88,4684,06,337—
CWIP17,4155,70210,8389,7519,6344,2825,7265,95549,42516,90410,99912,938—
Investments10,75211,97714,33916,15915,71125,47627,55029,34932,95431,6025,83818,901—
Other Assets29,49434,50028,91036,41147,8501,00,07787,66181,82084,78490,21099,7001,07,197—
Total Assets1,81,9392,24,4722,32,3222,49,5212,74,0263,59,0913,44,4173,61,2074,44,5574,42,0195,05,0065,45,373—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity26,23328,05927,94228,28029,85420,07018,12948,20555,01765,32578,89898,3321,22,230
Cash from Investing Activity−25,181−22,301−14,091−30,680−27,940−28,286−29,598−27,286−41,478−39,232−51,089−60,198−56,205
Cash from Financing Activity2,774−9,672−11,946−3511,9209,46419,144−24,910−15,203−24,470−27,778−36,533−52,293
Net Cash Flow3,826−3,9141,905−2,7523,8351,2487,675−3,991−1,6641,623311,60113,732

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.011.013.010.07.03.05.07.011.012.013.013.018.0
ROE %————————————20.3
EPS (₹)5.048.4111.056.912.000.74−55.06−25.637.2314.9713.2058.8543.81
Book Value (₹)————————————245.0
Face Value (₹)————————————5
P/E————————————36.1
Div Yield %————————————1.33
NPM %3.55.26.84.42.62.0−61.6−12.86.98.85.819.415.8
OPM %31.035.035.037.036.032.042.045.049.051.052.049.055.0
D/E1.272.101.511.591.601.761.922.762.552.912.631.881.31
P/B————————————7.4

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+8.0%
5 years+16.0%
3 years+15.0%
TTM+20.0%
Compounded profit growth
10 years+18.0%
5 years+22.0%
3 years+45.0%
TTM+6.0%
Stock price CAGR
10 years+21.0%
5 years+21.0%
3 years+24.0%
Last year−7.0%
Return on equity
10 years12.0%
5 years17.0%
3 years20.0%
Last year20.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.14%67.14%67.14%67.14%58.98%55.86%55.93%55.02%53.48%52.42%48.87%50.07%
FIIs15.22%15.22%18.45%17.61%20.29%18.57%19.36%20.97%24.35%25.41%27.79%26.48%
DIIs11.15%11.15%12.38%13.25%15.83%20.35%19.50%19.78%19.20%19.23%20.53%20.64%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.12%0.12%0.12%0.12%0.12%
Public6.46%6.46%1.99%2.00%4.87%5.16%5.16%4.05%2.80%2.75%2.63%2.64%
No. of shareholders2,12,2382,12,2381,93,6631,86,2382,30,5287,13,8667,67,5787,58,7156,94,2978,33,4289,01,0869,24,369
Change since Jun 2023 (pp)
Promoters −17.07FIIs +11.26DIIs +9.49Public −3.82

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseAnnouncement under Regulation 30 (LODR)-Press Release / Media ReleaseDisclosure Under Regulation 30 Of SEBI (LODR), Regulations, 2015Disclosure Under Regulation 30 Of SEBI (LODR), Regulations, 2015Closure of Trading Window
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026RecordingMay 2026TranscriptMay 2026RecordingFeb 2026TranscriptFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025Transcript

Corporate actions

As of 24 Jul 2026
24 Jul 2026DIVIDENDDividend - Rs 24 Per Share—
18 Jul 2025DIVIDENDDividend - Rs 16 Per Share—
7 Aug 2024DIVIDENDDividend - Rs 8 Per Share—
11 Aug 2023DIVIDENDDividend - Rs 4 Per Share—
1 Aug 2022DIVIDENDDividend - Rs 3 Per Share—
27 Sep 2021RIGHTS Rights 1:14 @ Premium Rs 530/-—
6 Aug 2020DIVIDEND Dividend - Rs 2 Per Share—
23 Apr 2019RIGHTS Rights 19:67 @ Premium Rs 215 Per Share—
5 Nov 2018DIVIDEND Interim Dividend Rs - 2.50 Per Share—
2 Aug 2018DIVIDEND Annual General Meeting/Dividend Rs 2.50 Per Share—
30 Jan 2018DIVIDEND Interim Dividend - Rs 2.84 Per Share—
13 Jul 2017DIVIDEND Annual General Meeting/Dividend - Re 1 Per Share—
11 Aug 2016DIVIDEND Annual General Meeting/ Dividend - Rs 1.36/- Per Share—
13 Aug 2015DIVIDEND Dividend - Rs 2.22/- Per Share—
21 Aug 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 1.80/- Per Share / Interim Dividend - Rs 1.63/- Per Share (Purpose Revised)—
23 May 2013DIVIDENDAnnual General Meeting / Dividend Re 1 Per Share—
16 Aug 2012DIVIDENDAnnual General Meeting / Dividend Rs 1 Per Share—
17 Aug 2011DIVIDENDAnnual General Meeting And Dividend Re.1/- Per Share—
18 Aug 2010DIVIDENDAnnual General Meeting And Dividend Re.1/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman