Bharti Airtel Share Price on December 8, 2025: Latest News, Q2 Results, Analyst Targets and 2026 Outlook

Updated: December 8, 2025

Bharti Airtel Limited (NSE: BHARTIARTL) continues to trade near its record highs, supported by a sharp jump in profits, industry‑leading ARPU (average revenue per user), and growing contributions from its Africa business. At the same time, valuation concerns and the timing of the next tariff hike are beginning to divide analysts.

This report pulls together the key numbers, news and forecasts on Bharti Airtel stock as of 8 December 2025, for investors tracking the telecom major on Google News and Discover.

Bharti Airtel share price today: December 8, 2025

As of the trading session on 8 December 2025, Bharti Airtel shares are consolidating just below their recent all‑time high:

Intraday levels: Business Standard data shows Bharti Airtel at about ₹2,095.60 around 10:42 AM IST, down roughly 0.6% from the previous close of ₹2,107.70. ^[1]
End‑of‑day reference: Historical data from Investing.com records December 8, 2025 close at roughly ₹2,097.10, a daily decline of about 0.55%. ^[2]
Day range: Moneycontrol quotes a day range around ₹2,093–₹2,115, underlining relatively narrow intraday moves near the upper end of the stock’s recent band. ^[3]

The move is modest, but it comes after a strong multi‑month rally:

1‑month return: ~4.6–5% gain over the last month. ^[4]
3‑month return: Around 11% over the past three months. ^[5]
12‑month return: About 31% gain over the last year. ^[6]
3‑year return: Roughly 151% on the BSE, highlighting the scale of the longer‑term rerating. ^[7]

On valuations:

Market cap: About ₹11.95 lakh crore as per Business Standard on December 8. ^[8]
Trailing P/E: ~26.7x earnings.
Price‑to‑book: ~10.1x.
Dividend yield: Around 0.7%. ^[9]
52‑week range: Roughly ₹1,561–₹2,175, putting the current price very close to the top of its one‑year trading band. ^[10]

Put simply: Bharti Airtel is trading like a growth stock, priced near its highs, with the market clearly baking in continued ARPU expansion and earnings growth.

Q2 FY26 results: Profits surge, ARPU leads the industry

Bharti Airtel’s recent strength is rooted in a very strong Q2 FY26 (quarter ended September 30, 2025).

Headline financials

According to the company’s official results and multiple news reports:

Consolidated revenue: About ₹52,145 crore, up ~25.7% year‑on‑year and ~5% quarter‑on‑quarter. ^[11]
Consolidated net profit: Around ₹6,792 crore, nearly 89% higher YoY. ^[12]
EBITDA: Roughly ₹29,919 crore, with an EBITDA margin of about 57–58%, indicating strong operating leverage. ^[13]

Reuters notes this was Airtel’s sixth consecutive quarter of profit growth, helped by higher‑margin 4G and 5G plans and steady subscriber additions. ^[14]

ARPU and subscriber metrics

ARPU remains the centrepiece of the Bharti Airtel investment thesis:

India mobile ARPU: About ₹256 in Q2 FY26
- Up from ₹233 a year earlier (around 10% YoY). ^[15]
- Significantly ahead of Reliance Jio’s ARPU of about ₹211.4 for the same period. ^[16]
Drivers of ARPU growth: Premiumisation (more postpaid and high‑data users), continued 4G/5G upgrades, and removal of ultra‑low‑priced entry plans by both Airtel and Jio. ^[17]

On volumes and user base:

Airtel’s India mobile customer base is roughly 450 million, up about 10.6% YoY as of September 30. ^[18]
Its 4G/5G user base grew about 8.4% year‑on‑year, underscoring the shift to higher‑value subscribers. ^[19]
Q2 saw one of Airtel’s strongest postpaid net adds, with nearly 0.95 million new postpaid customers, taking that base to 27.5 million. ^[20]

Collectively, this has cemented Airtel’s reputation for industry‑leading ARPU and relatively premium subscriber mix versus rivals.

Africa and Indus Towers: Second growth engine kicks in

The 2025 rally is not only about India. Airtel’s Africa unit and its consolidation of Indus Towers are now material contributors.

Airtel Africa: double‑digit growth, widening coverage

Airtel Africa’s latest half‑year update (H1 FY26, period ending September 30, 2025) shows:

Revenue: About $2.98 billion, growing ~24–26% in both constant and reported currency. ^[21]
Network scale: Around 38,300 sites and 81.5% population coverage, with 98.5% of sites now 4G‑enabled, and fibre length exceeding 81,000 km. ^[22]

S&P Global Ratings estimates that Africa will contribute around 20% of Bharti Airtel’s consolidated earnings through FY27, underlining the strategic importance of this geography to the long‑term story. ^[23]

Indus Towers consolidation

Reuters highlights that Airtel’s revenue growth also reflects the consolidation of Indus Towers, the tower company in which Bharti now holds a majority stake and whose numbers have been included from the March 2025 quarter. ^[24]

This increases Airtel’s exposure to tower‑rentals and passive infrastructure, but it also deepens its link to India’s broader data‑consumption cycle.

5G, satellite and digital bets: How Airtel is positioning for the next decade

5G rollout and core network evolution

Airtel has spent the last three years aggressively rolling out 5G:

The company completed 5G launches across all 22 telecom circles in India by 2023, effectively achieving pan‑India 5G coverage. ^[25]
Earlier press releases noted that Airtel 5G Plus already reached thousands of towns, with a commitment to cover every town and key rural area. ^[26]
In 2025, Airtel announced a partnership with Ericsson to deploy 5G Standalone (SA) core, positioning the network for more advanced enterprise use cases and fixed wireless access (home broadband over 5G). ^[27]

These steps support Airtel’s ambitions in FWA broadband, enterprise connectivity, and low‑latency digital services — all of which could become meaningful contributors as monetisation of plain vanilla 5G access stabilises.

SpaceX–Starlink collaboration and OneWeb

In March 2025, Airtel made headlines by signing a non‑exclusive partnership with Elon Musk’s SpaceX to bring Starlink’s satellite broadband services to India:

The tie‑up aims to explore distribution of Starlink equipment via Airtel’s retail network, offer satellite broadband to enterprise customers, and strengthen rural connectivity. ^[28]
The agreement remains subject to regulatory approvals, and Starlink is still awaiting a full licence in India, so the near‑term revenue impact is limited. ^[29]
The move is strategically interesting because Airtel is already the largest shareholder in Eutelsat OneWeb, a rival satellite broadband provider, with an estimated 21.2% stake. ^[30]

The Starlink collaboration is less about immediate profit and more about option value: Airtel wants to be at the centre of every connectivity layer — fibre, mobile, and satellite.

Airtel Payments Bank and digital ecosystem

Airtel also completed an internal restructuring of Airtel Payments Bank in March 2025, transferring around 70% stake in the bank to its wholly owned subsidiary, Airtel Limited. The move is described as a shareholding reorganisation rather than a change of ownership, likely aimed at simplifying the group structure for future partnerships or capital actions. ^[31]

Together with its digital services, enterprise cloud offerings, and AdTech/data initiatives, these moves deepen the “platform” narrative that many brokerages now use in their investment case for Bharti Airtel.

Ownership changes: Singtel trims stake again

One of the big corporate actions around Bharti Airtel in late 2025 has been Singtel’s ongoing stake reduction:

In November 2025, Singtel’s investment arm Pastel Ltd sold about 51 million Bharti Airtel shares — roughly 0.8% stake — via block deals at a floor price of ₹2,030 per share, raising over ₹10,350 crore. ^[32]
Reuters notes that this is part of a broader S$9 billion asset recycling programme at Singtel, aimed at funding digital infrastructure investments. After the sale, Singtel’s effective stake in Bharti Airtel has fallen to around 27.5%, from about 31.4% in 2022. ^[33]

The transaction had two clear market implications:

Promoter shareholding dipped: Business Standard data shows promoter holding in Bharti Airtel slipping from 53.12% (Dec 2024) to 50.27% as of September 2025, partly because of such stake sales. ^[34]
Free float increased: Large block deals at only a small discount to market price suggest strong institutional appetite, even at elevated valuations. ^[35]

For minority investors, Singtel’s sales underline that key promoters are monetising gains, while still keeping a sizeable strategic stake.

What analysts are saying: Targets cluster around ₹2,250–2,300

Domestic brokerage views

Recent Indian brokerage commentary on Bharti Airtel is broadly constructive:

Consensus targets: Trendlyne aggregates around 20 research reports from 8 analysts and pegs the average share price target at about ₹2,293, implying roughly 9% upside from around ₹2,097. ^[36]
A latest consensus line item dated 8 December 2025 shows a target of about ₹2,281, or ~8.7% upside, at an LTP of ₹2,097.50. ^[37]

Within that:

Axis Direct maintains a Buy with a target near ₹2,530.
ICICI Direct has a Buy with a target around ₹2,450.
ICICI Securities carries a Buy with target roughly ₹2,420, highlighting impressive Q2 performance, strong free cash flow and an annualised pre‑tax RoCE of ~19.7%. ^[38]
FundsIndia and other domestic outfits also retain Buy calls with targets in the ₹2,250–2,300 range. ^[39]

Separately, Citigroup reiterated a Buy rating in November with a target price of ₹2,225, citing steady Q2 FY26 performance across India mobile, homes and business segments, and robust growth in fibre broadband. ^[40]

Global analyst and platform forecasts

Global platforms paint a broadly similar picture:

TipRanks:
- Average 12‑month target: ~₹2,288.33
- High: ₹2,450
- Low: ₹2,035
- Implied upside: ~8.8% from a reference price of ~₹2,103.5
- Analyst rating consensus:“Strong Buy” based on 3 Buy / 0 Hold / 0 Sell. ^[41]
TradingView forecast page:
- Average target: about ₹2,306
- Range:₹1,540–₹2,750, suggesting some dispersion in medium‑term expectations. ^[42]
S&P Global Ratings, in comments widely reported by Upstox, expects Bharti Airtel’s earnings to remain robust over the next 24 months, driven by:
- 2–4% annual subscriber growth in India,
- 6–8% annual ARPU growth over that period, and
- a continued shift to higher‑priced plans and higher data usage. ^[43]

S&P also forecasts consolidated adjusted EBITDA could rise roughly 23–25% to about ₹1.2 lakh crore in FY26, then grow 7–8% annually in the subsequent two years, while Africa continues to contribute around 20% of earnings. ^[44]

The major dissenting voice: UBS “Sell”

Not everyone is bullish. In July 2025, UBS downgraded Bharti Airtel from ‘Neutral’ to ‘Sell’ while raising its price target from ₹1,705 to ₹1,970:

UBS argues that the Indian telecom sector is “priced for perfection”, with valuations already assuming a 10–12% tariff hike in FY26. ^[45]
The brokerage expects roughly 10% ARPU CAGR between FY25–FY28, but warns that tariff hikes could be delayed or smaller than baked into current expectations. ^[46]
UBS also notes that tariffs at the low end of the Indian market are now higher than many emerging‑market peers, potentially limiting further hikes for price‑sensitive users. ^[47]

In short, the UBS view is that fundamentals are strong but well reflected in the price, making the risk‑reward less attractive than bulls suggest.

Tariff hikes, ARPU to ₹300 and industry dynamics

ARPU trajectory is arguably the single most important variable for Bharti Airtel over 2026–27.

Tariff hike expectations

Research house Bernstein, cited by ETTelecom, expects:

A tariff hike in November/December 2025, as part of a continued “tariff repair” cycle.
ARPU for leading telcos to rise towards ₹300 by FY27, aided by periodic hikes and premiumisation. ^[48]

HDFC Securities, quoted by Rediff, also highlights Airtel’s stated aim to lift ARPU to about ₹300 in the near‑to‑medium term, and maintains a Buy rating with ₹2,244 target, conditioned on further tariff increases and sustained premium subscriber growth. ^[49]

Competitive landscape

S&P Global notes:

Airtel’s wireless market share is estimated at around 34%, versus 41% for Reliance Jio and roughly 17% for Vodafone Idea, with the top three controlling more than 90% of the market by subscribers. ^[50]
Industry consolidation means both Airtel and Jio can, in principle, raise tariffs without losing too much share, provided quality of service remains high.

On the flip side:

Vodafone Idea is still struggling with funding and network investment, which has been driving subscriber churn in favour of Airtel and Jio. ^[51]
BSNL is gradually rolling out 4G and planning 5G launches, but remains a smaller player in high‑value urban data markets. ^[52]

All of this supports the view that Airtel and Jio will remain the dominant duopoly, with tariff decisions closely watched by regulators and consumers alike.

Valuation: Strong business, rich pricing

From a pure valuation lens, Bharti Airtel is far from cheap.

Market multiples vs intrinsic value estimates

At ~₹2,100 per share, the stock trades on a trailing P/E of about 26.7x, with price‑to‑book over 10x and dividend yield below 1%. ^[53]
Fundamental research platform Smart‑Investing estimates that as of December 5, 2025, Bharti Airtel was trading at a startling 165% premium to its own calculation of median intrinsic value. ^[54]

UBS, for its part, pegs Bharti’s India business at around 13x FY27 EV/EBITDA, which it considers expensive given the risk around the timing and magnitude of future tariff hikes. ^[55]

Why bulls still stay bullish

Bullish brokerages point to:

Sustained ARPU leadership and premium mix, which may justify higher multiples than in the past. ^[56]
Strong free cash flow and improving RoCE; ICICI Securities cites annualised pre‑tax RoCE at nearly 19.7% in Q2 FY26. ^[57]
Africa’s double‑digit growth, pan‑India 5G, and strategic options in satellite and digital services as structural value drivers. ^[58]

From this perspective, Bharti Airtel is seen less as a traditional telco and more as a “digital infrastructure and services platform”, warranting a valuation premium.

Key risks to monitor

Even with strong fundamentals, several risks could affect Bharti Airtel’s stock performance:

Tariff‑hike timing and magnitude
- If the expected tariff hike at the end of 2025 is delayed or comes at a lower‑than‑expected level, ARPU and earnings growth could disappoint versus aggressive forecasts. ^[59]
Regulatory and policy risk
- Telecom remains a heavily regulated sector, with potential changes in spectrum pricing, AGR‑related issues or 5G policy impacting cash flows and required capex.
Capital intensity and debt
- Even though Airtel is deleveraging, S&P warns that rising debt at promoter entity Bharti Telecom could weigh on improvements in Airtel’s standalone credit profile. ^[60]
Competition and quality of service
- 5G and fibre rollouts require sustained capex. If Jio or other players out‑invest Airtel in key circles, ARPU leadership and subscriber gains could narrow.
Macro and FX exposure in Africa
- Africa contributes a growing slice of revenue and profit; currency volatility, regulatory changes or political risks in those markets could affect consolidated numbers. ^[61]
Valuation risk
- With the stock near its 52‑week high and trading at a large premium to many intrinsic value models, any negative surprise — on tariffs, regulation, or earnings — could trigger sharp de‑rating, as UBS and other cautious commentators have flagged. ^[62]

Outlook for 2026: Moderate upside, execution‑heavy story

Pulling the threads together, what does all this mean for Bharti Airtel’s stock over the next 12–18 months?

Consensus view: Most brokers and global platforms see mid‑single‑digit to low‑double‑digit upside (roughly 7–10%) from current levels, with price targets clustered around ₹2,250–₹2,300. ^[63]
Bull case:
- Timely and meaningful tariff hikes lift ARPU towards ₹275–₹300,
- Africa continues to deliver >20% growth and stable margins,
- 5G, FWA and enterprise services scale faster than expected,
- Leading to sustained high‑teens earnings growth and room for further multiple expansion. ^[64]
Bear case:
- Tariff hikes get delayed or are politically constrained,
- Competitive intensity remains high,
- ARPU growth slows while capex stays elevated,
- The stock’s premium multiples then compress towards levels implied by UBS and intrinsic value models.

For now, the market appears to be taking the optimistic middle road: pricing in continued earnings growth and some tariff‑led upside, but also reacting negatively when news exposes valuation stretches (as seen around the UBS downgrade and Singtel’s block sale). ^[65]

What this means for investors

As of December 8, 2025, Bharti Airtel presents a classic high‑quality / high‑valuation trade‑off:

Operations: Very strong, with industry‑leading ARPU, rising profits, and a growing Africa business. ^[66]
Balance sheet and cash flow: Improving, with better RoCE and deleveraging, though promoter‑level debt still merits attention. ^[67]
Valuation: Demanding, with some models flagging a triple‑digit premium to intrinsic value and at least one global house calling the stock a Sell. ^[68]

For long‑term investors who believe in:

India’s data‑consumption story,
Airtel–Jio duopoly economics, and
ARPU steadily marching toward ₹300,

Bharti Airtel remains one of the most important large‑cap plays in the Indian telecom and digital‑infrastructure space.

For more valuation‑sensitive or short‑term investors, the stock’s elevated multiples and dependence on tariff hikes may warrant a more cautious stance, or at least a close watch on upcoming policy and pricing moves.

References