# Bharti Airtel (BHARTIARTL.NSE)

Canonical: https://gigainvestors.com/s/BHARTIARTL.NSE

Analysis as of: 2026-10-16T07:33:23.444Z. Financial observations: FY2015–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,854.00 per share; close as of 2026-10-15.

Estimated value: low INR 268.07 per share, central INR 294.87 per share, high INR 328.86 per share. Buy at or below the central value INR 294.87 per share. Valuation as of 2026-10-16T07:33:23.444Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.13×

- FY2019: 0.05×

- FY2020: 0.10×

- FY2021: 0.16×

- FY2022: 0.21×

- FY2023: 0.25×

- FY2024: 0.26×

- FY2025: 0.23×

- FY2026: 0.30×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 8.2%

- Conservative return floor, median: 7.0%

- Conservative return floor, second lowest: 3.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.2%

- ROIC including acquisitions, ten-year median: -1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 8.7%

- FY2023: 8.1%

- FY2024: 8.2%

- FY2025: 11.9%

- FY2026: 14.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 714B

- Net income, five-year total: INR 803B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.9 pp

- Working capital / revenue, final three-year average: -18.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.54×

- FY2023: 1.19×

- FY2024: 0.08×

- FY2025: 0.97×

- FY2026: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 6.91 to 44.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: INR 8.99T

- Cumulative retained earnings: INR 12B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 26.2%

- Per-share value change: INR 37.46

- Per-share value, starting three-year median: INR 6.91

- Per-share value, ending three-year median: INR 44.37

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 19.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 384B

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 6.91

- FY2018: INR 2.00

- FY2019: INR 1.02

- FY2020: INR -63.41

- FY2021: INR -27.65

- FY2022: INR 7.63

- FY2023: INR 14.57

- FY2024: INR 12.80

- FY2025: INR 56.04

- FY2026: INR 44.37

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -17.5%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.58×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -10.5%

- FY2018: -11.5%

- FY2019: -7.2%

- FY2020: -14.0%

- FY2021: -18.4%

- FY2022: -14.1%

- FY2023: -12.8%

- FY2024: -16.2%

- FY2025: -12.8%

- FY2026: -17.5%

## Holders

## Price story

Price needs cash profits to grow 26.7% a year for ten years · sales +22%

Story as of 2026-10-16T09:59:55.911Z; price observation 2026-10-15.

Price needs cash profits to grow 26.7% a year for ten years

### Sales · FY2025–2026

sales +22%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 955B 

- FY2018: INR 826B 

- FY2019: INR 808B 

- FY2020: INR 875B 

- FY2021: INR 1.01T 

- FY2022: INR 1.17T 

- FY2023: INR 1.39T 

- FY2024: INR 1.50T 

- FY2025: INR 1.73T 

- FY2026: INR 2.11T 

### Gross margin · FY2026

gross margin 69.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 63.2% 

- FY2024: 64.3% 

- FY2025: 67.1% 

- FY2026: 69.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom cellular & fixed line services; annual sales are INR 2.1 trillion.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2026: revenue 2109730000000; grossProfit 1468195000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.3% to 69.6% during 2024–26; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); FY2024: grossProfit / revenue = 64.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); FY2025: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); FY2026: grossProfit / revenue = 69.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); 10-year return on capital observations [[2022,0.08669258422279356],[2023,0.08136918704282639],[2024,0.08190234360648035],[2025,0.1193616559293136],[2026,0.1445048172047167]]; median 0.08669258422279356. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2022: growth capex 0; upkeep 274000000000; cash acquisitions 0; owner earnings 23033000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2023: growth capex 0; upkeep 265380000000; cash acquisitions 0; owner earnings 99051607715.47163. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2024: growth capex 5140000000; upkeep 395380000000; cash acquisitions 6428000000; owner earnings 6132049076.887123. Growth capex plus acquisitions / owner earnings = 1.8864819662976973.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2025: growth capex 0; upkeep 396800000000; cash acquisitions 0; owner earnings 324245447880.25934. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/BHARTIARTL/consolidated/ (filed 2026-10-16T07:33:23.444Z); FY2026: growth capex 0; upkeep 467140000000; cash acquisitions 0; owner earnings 261246048103.36163. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); Dividend observations: [[2017,9170000000],[2018,32650000000],[2019,46620000000],[2020,18260000000],[2021,26910000000],[2022,14440000000],[2023,35900000000],[2024,41840000000],[2025,69350000000],[2026,113280000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 26.7% yearly over ten years; actual growth was 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.444Z); Ten-year compound average after fade. Initial solved rate 0.3773663151458996. Price 1854; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 8.835849946741092 → FY2026 43.42194101646809. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 292.55 per share

- 2016-12: INR 275.47 per share

- 2017-01: INR 313.82 per share

- 2017-02: INR 329.09 per share

- 2017-03: INR 315.49 per share

- 2017-04: INR 320.40 per share

- 2017-05: INR 334.86 per share

- 2017-06: INR 342.21 per share

- 2017-07: INR 377.58 per share

- 2017-08: INR 385.47 per share

- 2017-09: INR 350.99 per share

- 2017-10: INR 448.11 per share

- 2017-11: INR 447.43 per share

- 2017-12: INR 477.35 per share

- 2018-01: INR 396.42 per share

- 2018-02: INR 386.23 per share

- 2018-03: INR 359.33 per share

- 2018-04: INR 369.11 per share

- 2018-05: INR 336.71 per share

- 2018-06: INR 344.24 per share

- 2018-07: INR 352.03 per share

- 2018-08: INR 345.95 per share

- 2018-09: INR 305.12 per share

- 2018-10: INR 263.48 per share

- 2018-11: INR 282.54 per share

- 2018-12: INR 281.64 per share

- 2019-01: INR 276.15 per share

- 2019-02: INR 286.64 per share

- 2019-03: INR 300.21 per share

- 2019-04: INR 314.40 per share

- 2019-05: INR 342.37 per share

- 2019-06: INR 340.26 per share

- 2019-07: INR 331.38 per share

- 2019-08: INR 340.41 per share

- 2019-09: INR 360.29 per share

- 2019-10: INR 367.35 per share

- 2019-11: INR 434.30 per share

- 2019-12: INR 447.40 per share

- 2020-01: INR 487.30 per share

- 2020-02: INR 513.85 per share

- 2020-03: INR 432.77 per share

- 2020-04: INR 504.82 per share

- 2020-05: INR 542.42 per share

- 2020-06: INR 549.53 per share

- 2020-07: INR 544.62 per share

- 2020-08: INR 503.64 per share

- 2020-09: INR 413.19 per share

- 2020-10: INR 425.76 per share

- 2020-11: INR 454.71 per share

- 2020-12: INR 500.31 per share

- 2021-01: INR 543.40 per share

- 2021-02: INR 546.05 per share

- 2021-03: INR 507.77 per share

- 2021-04: INR 526.86 per share

- 2021-05: INR 525.04 per share

- 2021-06: INR 515.96 per share

- 2021-07: INR 551.30 per share

- 2021-08: INR 651.81 per share

- 2021-09: INR 688.30 per share

- 2021-10: INR 685.35 per share

- 2021-11: INR 728.25 per share

- 2021-12: INR 683.80 per share

- 2022-01: INR 729.30 per share

- 2022-02: INR 686.50 per share

- 2022-03: INR 754.95 per share

- 2022-04: INR 739.00 per share

- 2022-05: INR 700.20 per share

- 2022-06: INR 684.95 per share

- 2022-07: INR 677.95 per share

- 2022-08: INR 726.60 per share

- 2022-09: INR 799.90 per share

- 2022-10: INR 832.00 per share

- 2022-11: INR 848.75 per share

- 2022-12: INR 806.10 per share

- 2023-01: INR 770.30 per share

- 2023-02: INR 742.25 per share

- 2023-03: INR 749.00 per share

- 2023-04: INR 799.30 per share

- 2023-05: INR 849.90 per share

- 2023-06: INR 878.75 per share

- 2023-07: INR 889.90 per share

- 2023-08: INR 856.40 per share

- 2023-09: INR 926.40 per share

- 2023-10: INR 914.40 per share

- 2023-11: INR 1,014.70 per share

- 2023-12: INR 1,032.20 per share

- 2024-01: INR 1,170.70 per share

- 2024-02: INR 1,123.35 per share

- 2024-03: INR 1,228.60 per share

- 2024-04: INR 1,322.30 per share

- 2024-05: INR 1,372.75 per share

- 2024-06: INR 1,444.05 per share

- 2024-07: INR 1,491.55 per share

- 2024-08: INR 1,589.05 per share

- 2024-09: INR 1,709.55 per share

- 2024-10: INR 1,612.60 per share

- 2024-11: INR 1,627.15 per share

- 2024-12: INR 1,587.75 per share

- 2025-01: INR 1,626.30 per share

- 2025-02: INR 1,570.20 per share

- 2025-03: INR 1,733.40 per share

- 2025-04: INR 1,864.50 per share

- 2025-05: INR 1,856.20 per share

- 2025-06: INR 2,009.60 per share

- 2025-07: INR 1,914.30 per share

- 2025-08: INR 1,888.80 per share

- 2025-09: INR 1,878.40 per share

- 2025-10: INR 2,054.50 per share

- 2025-11: INR 2,101.60 per share

- 2025-12: INR 2,105.60 per share

- 2026-01: INR 1,968.70 per share

- 2026-02: INR 1,879.30 per share

- 2026-03: INR 1,782.40 per share

- 2026-04: INR 1,886.80 per share

- 2026-05: INR 1,829.00 per share

- 2026-06: INR 1,852.00 per share

- 2026-07: INR 1,972.00 per share

- 2026-08: INR 1,811.90 per share

- 2026-09: INR 1,757.00 per share

- 2026-10: INR 1,854.00 per share

## Annual estimated value (INR per share)

- FY2024: low INR 29.80 per share, central INR 30.92 per share, high INR 32.36 per share

- FY2025: low INR 73.29 per share, central INR 79.42 per share, high INR 87.20 per share

- FY2026: low INR 268.07 per share, central INR 294.87 per share, high INR 328.86 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.029Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.