Bharti Airtel share: Motilal Oswal, Antique bullish; Avendus cautious
Shares of Bharti Airtel have drawn mixed reactions from leading brokerages following the company's Q1FY26 earnings, with some maintaining their bullish stance while others remain cautious amid competitive and capex-related concerns.
Motilal Oswal Financial Services (MOSL) has reaffirmed a 'Buy' rating on Bharti Airtel and raised its target price to ₹2,285 (from ₹2,200). The brokerage highlighted the telecom major's strong Q1 performance, robust free cash flows (FCF), and declining net debt. The stock has outperformed with a 22% gain calendar year-to-date versus a 4% rise in Nifty-50.
MOSL noted that valuation has been re-rated to ~12x FY27E EV/EBITDA, and further upside hinges on tariff hikes post-FY27. It is modeling 14%/17% CAGR in revenue/EBITDA over FY25–28.
Antique also retained a 'Buy' rating and raised its target price to ₹2,222 from ₹2,100. It said results were in line with expectations, with FY26/27 earnings expected to remain stable. While FY26 subscriber estimates were trimmed by 1%, the ARPU outlook was unchanged. A tariff hike in Q1FY27 could be the next key trigger. Lower wireless capex is expected to enhance FCF and RoE.
In contrast, Avendus retained a 'Reduce' call with a target price of ₹1,370, citing potential headwinds. It expects India capex (excluding Indus) at ₹28,500/₹27,500 crore for FY26/27, with increased spending in the Home & Enterprise segment. Free cash flow is forecast to rise significantly, from ₹23,300 crore in FY25 to ₹38,700 crore in FY27. However, rising capex from rivals VIL and BSNL could lead to some subscriber churn from the top two telcos, it warned.
Disclaimer: The views and investment suggestions expressed by brokerages are their own and not those of this publication. Investors are advised to consult certified financial experts before making any investment decisions.
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Arunika Jain, a graduate in Mass Communication, brings a fresh perspective to the world of journalism. Arunika has a passion for writing finance and corporate news at BusinessUpturn.com. You can write to her at [email protected]
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