Bharti Airtel Share Price Today: Tariff Hike Hopes, 5G Capex Risks and 2026

Bharti Airtel Limited (NSE: BHARTIARTL, BSE: 532454) is trading just below record highs as of 10 December 2025, with investors weighing bullish earnings, a fresh credit-rating upgrade and the prospect of another mobile tariff hike against rising 5G and data centre capex and a rich valuation profile.

Bharti Airtel share price today (10 December 2025)

By early afternoon on 10 December 2025, Bharti Airtel was hovering around the ₹2,070–2,080 range, modestly down on the day after closing at ₹2,086.20 on 9 December. ^[1]

Intraday snapshot: ET’s liveblog showed the stock trading around ₹2,080 with a small loss of ~0.4–0.6% during the session. ^[2]
Recent close: IIFL data shows the stock quoted near ₹2,073 around 2:15 pm, consistent with a mild negative bias on the day. ^[3]
Near record highs: MarketWatch notes that Airtel has been trading less than 4–5% below its 52‑week high of about ₹2,174.70, hit on 21 November 2025. ^[4]

Short‑term performance remains strong:

ET’s liveblog pegs 1‑month returns at ~4.4%, 3‑month returns at ~10.3%, and 1‑year returns at ~32.7%, highlighting sustained outperformance. ^[5]
The 6‑month beta is about 1.15, implying slightly higher volatility than the broader market. ^[6]

Trading activity is also robust. MarketsMojo estimates that on 10 December, Airtel saw ~7.27 lakh shares traded, worth roughly ₹151 crore, placing it among the most actively traded stocks by value. ^[7] Trendlyne reports combined NSE+BSE volume of about 2.9 million shares for the day by ~2:43 pm IST, with the last traded price near ₹2,070.70 and the stock tagged as “near 52‑week high.” ^[8]

In other words: the stock is not in a euphoric spike; it’s grinding sideways just below all‑time highs on high liquidity.

Market cap, valuation and financial snapshot

Several data providers now place Bharti Airtel firmly in global mega‑cap territory:

Market cap:
- Around ₹12.5–12.7 trillion as of 9–10 December 2025, according to StockAnalysis and Tijori Finance. ^[9]
- Roughly $140 billion in USD terms, making Airtel the 138th most valuable company globally by market cap, per CompaniesMarketCap. ^[10]
Enterprise value: About ₹14.8 trillion as of early December 2025. ^[11]
Latest full‑year revenue run‑rate: ~₹1.95 trillion. ^[12]

Valuation metrics (current snapshot, mid‑Dec 2025):

Trailing P/E: ~32–33x earnings. ^[13]
EV/EBITDA: roughly 13–13.5x, based on StockAnalysis and EV/EBITDA data. ^[14]
EV/Sales: about 7.6x. ^[15]
Leverage: Debt/EBITDA about 1.9x, down from above 2.7x a few years ago, indicating steady deleveraging. ^[16]
ROE (return on equity): now above 30%, a big step‑up from single‑digit levels in FY22–FY23. ^[17]

Tijori Finance explicitly frames the stock as “expensive” on EV/EBITDA: the latest multiple of around 12.8x is above the three‑year average of ~11x, even though the current P/E (~33x) is lower than the extremely elevated three‑year average (inflated by earlier low‑profit periods). ^[18]

So, the market is clearly paying up for quality, growth, and balance‑sheet repair.

Q2 FY26 results: profit doubles, ARPU leads the industry

The fundamental backdrop for those valuations is strong.

For the quarter ended September 30, 2025 (Q2 FY26):

Net profit more than doubled year‑on‑year to ₹8,651 crore, versus ~₹4,153 crore a year earlier. ^[19]
Revenue from operations rose ~26% YoY to ₹52,145 crore, driven by both India and Africa businesses. ^[20]
India revenue, including Indus Towers contribution, grew ~22.6% YoY to ₹38,690 crore. ^[21]
EBITDA reached ₹29,919 crore, up 35.9% YoY, with an EBITDA margin of 57.4%. ^[22]
The total customer base crossed 623 million across India and Africa, up ~10.7% YoY. ^[23]

Critically for investors:

Mobile ARPU (Average Revenue Per User) climbed to ₹256, up from ₹233 a year ago. Airtel’s ARPU now sits well above Reliance Jio’s (around ₹211), underscoring a successful premium‑user strategy. ^[24]
Airtel added ~5.1 million smartphone customers in the quarter and nearly 1 million post‑paid subscribers, one of its strongest post‑paid quarters ever. ^[25]
Data usage per user jumped 26.6% YoY to 28.3 GB per month, reflecting deepening digital consumption. ^[26]
The Homes (fixed broadband) business added 951,000 customers with 8.5% sequential revenue growth, and IPTV services gaining traction. ^[27]
Net debt to EBITDAaL (annualised) is now around 1.2x, highlighting the deleveraging trend. ^[28]

Broker commentary collated on Trendlyne notes Q2 FY26 as an “impressive” print with higher free cash flow (after finance costs) and pre‑tax RoCE around 19–20% annualised. ^[29]

Put simply: revenue is growing double‑digits, profitability is scaling faster than revenue, and capital intensity is no longer at peak levels.

Credit rating upgrade: S&P moves Airtel to ‘BBB’ with positive outlook

In November 2025, Bharti Airtel received a credit‑rating upgrade from S&P Global Ratings, moving from ‘BBB‑’ to ‘BBB’, with a positive outlook. ^[30]

Key takeaways from S&P’s research update and coverage around it:

The upgrade reflects strong earnings momentum, robust cash flow and continued deleveraging, with S&P expecting FFO‑to‑debt to move toward ~45% over the next 12–24 months. ^[31]
S&P explicitly notes that Airtel’s ratings are no longer constrained by India’s sovereign rating, which is a big signal for global debt investors. ^[32]
The agency highlights that ARPU in India has already risen to around ₹256, up roughly 21% since mid‑2024, and expects ARPU to keep growing 6–8% annually via tariff hikes and higher data usage. ^[33]
S&P’s upside scenario mentions that further upgrades could be possible if ARPU climbs toward ₹300, EBITDA margins approach 60%, and adjusted debt falls toward ₹2 trillion. ^[34]

The ratings move triggered a brief rally in November; several outlets note that Airtel hit record or 52‑week highs following the announcement. ^[35]

The big picture: Airtel’s credit profile has shifted from “good, but constrained” to “solid investment grade, with room to improve,” which lowers funding costs and makes its large capex plans more digestible.

Growth engines: 5G, home broadband and data centres

The growth story now goes far beyond mobile voice and basic data.

1. Home broadband and FWA “land grab”

JP Morgan’s recent deep‑dive argues that Airtel’s aggressive push into home broadband (FTTH and Fixed Wireless Access) could ignite a new capex up‑cycle from FY27. ^[36]

Highlights from their analysis:

Airtel’s capex peaked in Q1 FY24 but has moderated for eight quarters as 5G rollout slowed, helping free cash flow. ^[37]
Airtel’s incremental market share in home broadband has slipped to ~25% in Q2 FY26, while Jio added about 3 million home connects in the quarter vs Airtel’s ~1 million. ^[38]
JP Morgan estimates that if Airtel speeds up FTTH+FWA rollouts to Jio‑like levels, Homes capex in FY27 may be >30% higher than current estimates — or even double in a “catch‑up” scenario. ^[39]

This is the classic telecom tug‑of‑war: higher growth opportunities, but at the cost of more fibre, more equipment, more cash.

2. Nxtra and AI data centres

Airtel is also leaning hard into the data centre theme:

Management has upgraded plans to quadruple Nxtra’s capacity, targeting a 500MW+ step‑up, with JP Morgan estimating ~₹5,500 crore additional capex in FY27 just on data centres. ^[40]
Airtel, Google and Adani Enterprises are collaborating on a $15 billion AI data centre in Visakhapatnam over five years — a huge multiyear capital commitment and a bet that India’s AI and cloud workloads will explode. ^[41]

3. 5G capacity constraints and network quality

JP Morgan also points out that Airtel’s 5G network, after an early lead, now shows signs of capacity strain:

Opensignal data shows Airtel’s pan‑India 5G availability dipping to 27.7%, down from ~30%, while 5G penetration has climbed to ~46% of users on a comparatively lower spectrum footprint than Jio. ^[42]
The brokerage implies Airtel may need to re‑accelerate wireless capex by FY27, potentially pushing wireless capex back to FY25 levels in a “stress scenario” and lifting total capex forecasts by over 50% vs earlier assumptions. ^[43]

So, while the earnings line looks great, forecasts increasingly bake in a second wave of heavy capex — this time for broadband plus AI‑grade data centres plus 5G density.

Tariff hike buzz in December 2025

On the revenue side, the single most important near‑term narrative is another mobile tariff hike.

Motilal Oswal, in a widely cited note, argues that Indian telcos may be prepping for a ~15% headline tariff hike in December 2025, helped by:

Moderating inflation
No major state or national elections in the immediate calendar
The need to re‑accelerate revenue growth, which has slowed to around 10% YoY post the July 2024 hike. ^[44]

Specifically:

The flagship 28‑day 1.5GB/day plan is priced at ₹299 for Jio and ₹349 for Airtel. Motilal Oswal models another ₹50 increase per cycle, implying ~15% ARPU uplift if implemented. ^[45]
The brokerage maintains a ‘Buy’ on Bharti Airtel with a target price of ₹2,365, and believes that if hikes go through, Airtel could narrow the revenue market share gap with Jio and potentially challenge for the #1 spot by H1 2026, right around Jio Platforms’ planned IPO window. ^[46]

JM Financial goes further, tying tariff discipline directly to Jio’s IPO:

It projects ARPU growth of ~12% CAGR between FY25–FY28, with 6–7% coming from tariff hikes and 5–6% from premiumisation (post‑paid, 4G/5G upgrades, richer data use, roaming, pruning low‑value plans). ^[47]
JM Financial’s target price for Airtel is ₹2,460, with India FCF forecast to rise from ₹37,300 crore in FY26 to ₹49,100 crore in FY28. ^[48]

The tariff story is central to every forecast: without higher ARPU, the maths of spectrum + 5G + fibre + data centres gets ugly, fast.

Foreign flows, block deals and the Singtel stake sale

Investor positioning in telecom has been shifting in Airtel’s favour.

Economic Times reports that foreign investors pumped ~₹4,913 crore into telecom stocks in the second half of November, after ₹9,413 crore in the first half, with block deals in Bharti Airtel — where promoters trimmed stakes — driving much of the activity. ^[49]
Between January and October, foreign investors injected over ₹33,000 crore into the sector. ^[50]

Meanwhile, Singtel continued its long‑running “asset recycling” program:

Reuters notes that Singtel sold about 0.8% of Bharti Airtel (51 million shares) via block deals at ₹2,030 per share, raising approximately US$1.16 billion and cutting its stake from 31.4% in 2022 to about 27.5% now. Over 55 million Airtel shares changed hands during the deal. ^[51]

The net effect: long‑term strategic holders are trimming, but global funds are happy to buy the dip, using block deals and ongoing inflows to build exposure to a telecom name with global‑scale economics.

Analyst ratings and consensus targets

On the sell‑side, the tone is broadly positive, with some caution around valuations and capex risk.

Trendlyne’s aggregation of research reports (20 reports, 8 analysts) shows: ^[52]

Average target price:₹2,293
Implied upside from ~₹2,070: roughly 10–11%
Most key brokers — ICICI Securities, ICICI Direct, Axis Direct, Motilal Oswal, JM Financial and others — retain BUY recommendations with targets generally in the ₹2,250–₹2,530 band. ^[53]

For example:

Axis Direct: Target around ₹2,530, BUY. ^[54]
ICICI Direct: Target near ₹2,450, BUY, citing industry‑leading ARPU and strong FCF. ^[55]
Motilal Oswal: Target ₹2,365, BUY, anchored on tariff‑hike potential. ^[56]
JM Financial: Target ₹2,460, BUY, with explicit FCF forecasts and ARPU CAGR estimates. ^[57]

Technical and quant platforms add some nuance:

MarketsMojo and other screeners often tag Airtel as a “strong performer, getting expensive”, pointing to a high P/E, rich EV/EBITDA and a stock price testing multi‑year swing highs. ^[58]

So, the consensus picture looks like this:
Quality business, strong fundamentals, positive sector cycle… but priced for that quality and dependent on disciplined tariffs and capex.

Is Bharti Airtel stock overvalued?

Valuation is where bulls and bears argue the loudest.

On the “expensive” side:

MarketsMojo flagged Airtel as overvalued in November, with a P/E of ~37.5x that was higher than peers Vodafone Idea and Tata Communications, even as the stock outperformed the Sensex over 1 year. ^[59]
EV/EBITDA in the 12–14x band is high relative to many global telcos, which often sit in high single digits — though those peers rarely enjoy Airtel‑like growth and ROE. ^[60]
Airtel is trading close to its all‑time highs, having broken a five‑year swing‑high breakout zone in November according to ETMarkets. ^[61]

On the “it’s rich but justified” side:

P/E near 32–33x is actually lower than Airtel’s three‑year average, which was distorted by earlier low‑profit years and subsequent earnings catch‑up. ^[62]
ROE is now north of 30%, with improving ROA and ROIC, suggesting that the business is finally earning returns commensurate with the capital deployed. ^[63]
Debt metrics (Debt/EBITDA down to ~1.9x) and FCF trends are visibly improving, backed by S&P’s decision to lift the rating to BBB with a positive outlook. ^[64]

A simple way to think about it: Airtel is not a value stock; it’s being valued more like a “quality compounder” plus quasi‑infrastructure play, where investors are paying up for visibility of ARPU growth, FCF compounding and potential further rating upgrades.

Key risks to the Bharti Airtel story

Even with all the good news, the bear case isn’t empty. Major risks include:

Capex blow‑out risk
- JP Morgan’s stress scenarios suggest up to ~56% upside risk to FY27 capex estimates, with a potential ~32% hit to free cash flow if broadband, data centre and 5G capacity investments all need to be front‑loaded. ^[65]
Tariff hike timing and intensity
- Tariff hikes are not guaranteed. Regulatory moves (AGR relief, Vodafone Idea lifelines) and competitive considerations around Jio’s IPO could delay or water down tariff actions, affecting ARPU and FCF forecasts. ^[66]
Network quality and 5G experience
- JP Morgan flags falling 5G availability and speed relative to Jio, hinting Airtel may need to spend more to maintain its premium positioning. ^[67]
Regulatory & policy overhang
- AGR dues, spectrum pricing, and any changes in sector policy can materially alter cash flow and capital allocation. Several broker notes still watch AGR‑related relief and legal outcomes carefully. ^[68]
Valuation de‑rating scenario
- If growth slows or capex has to spike more than expected, the market could compress Airtel’s P/E and EV/EBITDA multiples closer to global telco norms, even if earnings remain healthy.

Outlook: Bharti Airtel stock forecast for 2026–2028

Putting the various forecasts together, the working‑theory consensus for 2026–2028 looks roughly like this (this is synthesis, not a guarantee):

ARPU:
- Expected to grow at ~10–12% CAGR through FY28, reaching ₹270–₹300 if tariff hikes and premiumisation plans stay on track. ^[69]
EBITDA:
- JM Financial sees 14–18% EBITDA CAGR for telcos, supported by higher tariffs, premium data usage and broadband scale‑up. ^[70]
Free cash flow:
- Airtel’s India FCF is forecast at ₹37,300 crore in FY26, rising to ₹41,600 crore in FY27 and ₹49,100 crore in FY28, after factoring in a still‑meaningful capex bill. ^[71]
Leverage and rating trajectory:
- S&P models FFO‑to‑debt approaching 45%, leaving room for further rating upgrades if Airtel keeps capex and shareholder payouts disciplined. ^[72]

Analyst price targets generally sit 10–20% above the current price, which implies markets are not pricing in a dramatic re‑rating from here, but rather a steady compounding story with moderate upside — provided execution stays tight.

Bottom line (and a quick disclaimer)

Bharti Airtel in December 2025 is a classic “quality at a price” situation:

Pros:
- Sector leadership, high and rising ARPU, strong Q2 FY26 numbers
- Sharply improved balance sheet and a fresh S&P upgrade to BBB
- Structural tailwinds from data growth, home broadband and data centres
- Tariff‑hike and Jio IPO cycle that, on paper, favour disciplined operators
Cons:
- Valuations that bake in a lot of good news
- A likely second capex wave in FY27 and beyond
- Execution risk on broadband and AI/data‑centre ambitions
- Need for recurring tariff increases in a politically sensitive essential service