Valuation Bharti Airtel Limited

Equities

532454

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. Other stock markets 06:12:18 2025-07-09 am EDT			5-day change	1st Jan Change
2,018.00 ^INR	-0.61%		-0.06%	+27.07%

Jul. 09	Bharti Airtel incorporates subsidiary Airtel Money	RE
Jul. 09	Bharti Airtel chooses Ericsson core for fixed wireless access	RE

Company Valuation: Bharti Airtel Limited

Data adjusted to current consolidation scope

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	2,402,700	2,839,283	4,300,863	4,317,350	7,268,942	12,102,757	-	-
Change	-	18.17%	51.48%	0.38%	68.37%	66.5%	-	-
Enterprise Value (EV) ¹	3,377,852	4,291,693	5,854,085	5,651,805	9,258,771	12,410,921	13,752,001	13,345,488
Change	-	27.05%	36.41%	-3.46%	63.82%	34.05%	0.13%	-2.96%
P/E ratio	-6.95x	-18.7x	99x	51.4x	96x	30.9x	39.3x	28.5x
PBR	3.12x	4.82x	6.34x	5.48x	8.74x	8.83x	8.83x	7.51x
PEG	-	0.3x	-1x	0.6x	-7.9x	0x	3.2x	0.7x
Capitalization / Revenue	2.74x	2.82x	3.69x	3.1x	4.85x	6x	5.81x	5.14x
EV / Revenue	3.86x	4.27x	5.02x	4.06x	6.17x	7.17x	6.61x	5.67x
EV / EBITDA	9.15x	9.33x	10.1x	7.83x	11.8x	13.3x	11.8x	9.92x
EV / EBIT	36.5x	25.8x	23.4x	15.8x	23.9x	26.1x	20.9x	16.5x
EV / FCF	-318x	18.2x	19.5x	14.4x	22.7x	20.4x	22.8x	19.3x
FCF Yield	-0.31%	5.48%	5.12%	6.96%	4.41%	4.9%	4.38%	5.19%
Dividend per Share ²	2	4	3	4	8	16	19.63	26.84
Rate of return	0.45%	0.77%	0.4%	0.53%	0.65%	0.92%	0.97%	1.33%
EPS ²	-63.41	-27.65	7.63	14.57	12.8	56.04	51.29	70.83
Distribution rate	-3.15%	-14.5%	39.3%	27.5%	62.5%	28.6%	38.3%	37.9%
Net sales ¹	875,390	1,006,158	1,165,469	1,391,448	1,499,824	1,729,852	2,082,058	2,355,120
EBITDA ¹	369,343	460,145	580,682	722,101	782,918	931,592	1,166,356	1,344,916
EBIT ¹	92,447	166,101	249,775	357,783	387,542	475,889	656,698	806,725
Net income ¹	-321,832	-150,835	42,549	83,459	74,670	335,561	289,660	406,289
Net Debt ¹	975,152	1,452,410	1,553,222	1,334,455	1,989,829	2,038,384	1,649,244	1,242,731
Reference price ²	440.60	517.30	755.40	749.00	1,229.05	2,018.00	2,018.00	2,018.00
Nbr of stocks (in thousands)	5,453,246	5,488,659	5,881,247	5,964,355	6,044,454	6,091,275	-	-
Announcement Date	5/18/20	5/17/21	5/17/22	5/16/23	5/14/24	5/13/25	-	-

¹INR in Million²INR

Estimates

P/E ratio, Detailed evolution

Sector Comparison:

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
BHARTI AIRTEL LIMITED	44.42x	7.91x	14.91x	0.64%	142B
SOFTBANK CORP.	18.86x	2.14x	8.27x	3.97%	71.32B
CELLNEX TELECOM, S.A.	-271.4x	10.25x	12.89x	0.53%	26.69B
ROGERS COMMUNICATIONS INC.	12.66x	3.02x	6.49x	4.53%	17.61B
MTN GROUP LIMITED	13.16x	1.7x	4.19x	2.54%	14.43B
ETIHAD ETISALAT COMPANY	14.62x	2.67x	7.01x	4.17%	12.32B
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	23.46x	3.17x	9.25x	4.2%	10.85B
DIGI.COM	25.03x	4.43x	9.62x	3.93%	10.71B
BHARTI HEXACOM LIMITED	65.53x	11.34x	22.94x	0.62%	10.43B
TELE2 AB	21.77x	4.24x	9.8x	5.06%	10.14B
Average	-3.19x	5.09x	10.54x	3.02%	32.64B
Weighted average by Cap.	7.43x	5.83x	11.80x	2.15%