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Bharti Airtel Limited (BHARTIARTL) stock analysis

Bharti Airtel rebounds to 1,978.80, a 20-day high, as earnings on Nov 5 near with valuation stretched

Bharti Airtel closed at 1,978.80 on Oct 27, 2026, up 3.20% on volume of 1.79× its average, and is 9.00% below its 52-week high. Revenue is growing at a double-digit rate with strong returns on capital, but trailing earnings per share fell 21.10% year over year and the trailing P/E is 43.33×. Next earnings are due Nov 5, 2026.

Price: 1,978.80
Market Cap (USD): $121.55B
P/E: 43.33×
Div Yield: 1.21%
1Y Return: 0.58%
Next Earnings: Nov 5, 2026

Bull case

Revenue growth was 21.96% year over year on a trailing basis, and revenue has risen for 8 straight quarters, with Q4 FY2026 revenue at 553.83B versus 478.76B a year earlier.
Return on invested capital of 17.61% sits in the 100th percentile of large Indian Communication Services peers (median 8.48%), and return on equity is 20.32%.
Free cash flow was 656.27B over the trailing twelve months, up 51.18% year over year, giving a free cash flow yield of 5.67% versus a peer median of 4.22%.

Bear case

Trailing earnings per share growth was -21.10% year over year (-33.90% for the latest quarter), and the trailing P/E of 43.33× compares with a peer median of 28.78×.
Debt to equity of 1.31× is in the 100th percentile of peers (median 0.53×), the current ratio is 0.52× and interest coverage is 3.11×.
Earnings per share missed consensus in each of the last three reported quarters, including -1.40% on Aug 4, 2026, and the stock is down 6.02% year to date.

What to watch

Q2 earnings on Nov 5, 2026 (confirmed); consensus earnings per share is 15.27 versus 13.37 last quarter.
The 52-week high and all-time high of 2,174.50, 9.00% above the current price.
The 200-day average at 1,890.89 and the 20-day average at 1,833.19 as support references after the jump.
Whether volume stays above the 90-day average of 6.9M after the 14.0M-share session on Oct 27.

General

Bharti Airtel is an Indian telecom operator with mobile, home broadband, tower and digital TV businesses across India, Africa and South Asia. Sales and cash flow are growing strongly, but the valuation is above peers and earnings per share has declined year over year. The stock bounced sharply this week ahead of results.

Business

The company provides 2G to 5G voice and data services, passive tower infrastructure, home broadband and digital TV. Segments include Mobile Services India, Africa and South Asia plus Airtel Business. It has 28,730 employees and has been listed since 2002-07-01.

Operating trend

Trailing revenue is 2.11T, up 21.96% year over year, with an operating margin of 31.74%, up 4.23% over the year. Net income was 266.95B, and net margin is 12.65%. Earnings per share fell 21.10% year over year, though the annual figures include large swings in prior years.

Valuation and market signals

The trailing P/E is 43.33× versus a peer median of 28.78×, and enterprise value to EBITDA is 10.97× versus 8.62×. Price to sales is in the 100th percentile. The one-year return is 0.58%, and the relative strength rating is 67.

Main risks

Leverage is above peers, with net debt of 1.51T and debt to equity of 1.31×. Earnings missed consensus in the last three reports. The Oct 27 surge leaves the price extended above its short-term averages.

Long-term investor

Revenue has compounded at 14.88% over three years and 15.96% over five, with returns on capital well above peers. Balance sheet leverage and a premium valuation are the main counterweights, while dividends have grown rapidly.

Growth durability

Annual revenue rose from 1.01T in fiscal 2021 to 2.11T in fiscal 2026. Quarterly revenue has risen for 8 consecutive quarters, reaching 553.83B in Q4 FY2026. Earnings per share is volatile: 56.04 in fiscal 2025 and 44.37 in fiscal 2026, so the earnings trend is less clean than sales.

Returns and margins

ROIC is 17.61% and ROE is 20.32%, both in the 100th percentile of peers. Gross margin is 49.40%, up 10.90% over a year, and the free cash flow margin is 31.11%. Free cash flow grew from 434.10B in fiscal 2025 to 627.57B in fiscal 2026.

Balance sheet and cash returned

Total debt is 1.95T against 440.77B of cash, giving net debt to EBITDA of 1.27×. Interest coverage is 3.11× and the Piotroski score is 7. Dividends paid were 113.28B in fiscal 2026 versus 69.35B; the latest annual dividend is 24 per share, a 1.21% yield. Buybacks are negligible.

Valuation and ownership

The trailing P/E is 43.33× and price to free cash flow is 17.63×. Insider buy and sell counts over 90 days are both 0. Estimate revision history and institutional ownership are not in the facts.

Swing trader

The stock jumped 3.20% to a 20-day high on heavy volume, pushing momentum indicators to overbought readings. Price is above all key averages, though the 50-day average remains below the 200-day average after a death cross on Mar 16, 2026.

Trend

Price of 1,978.80 is 7.94% above the 20-day average (1,833.19), 6.60% above the 50-day (1,856.28) and 4.65% above the 200-day (1,890.89). The 50-day is 1.83% below the 200-day. The one-month return is 10.19%, but the year-to-date return is -6.02%.

Momentum and recent sessions

The 14-day RSI is 68.56, the 2-day RSI is 97.79 and the stochastic reading is 100. The MACD histogram is 18.13 and ADX is 23.33. Price closed above the upper Bollinger band (percent B 1.08). The last five sessions gained 5.52%, with 14.0M shares on Oct 27.

Levels and risk

The 20-day high is 1,978.80 and the 20-day low is 1,726.30; the 52-week high is 2,174.50. The 14-day average true range is 45.08 (2.28% of price). The Oct 16 close of 1,905 and the 200-day average near 1,890.89 are nearby reference points.

Catalysts

Earnings on Nov 5, 2026 are 9 days away. Past earnings-day moves were small: 0.38% in August and 1.67% in May. The dividend ex-date was Jul 24, 2026. Short interest and analyst action flow are not available.

Analysis written October 28, 2026 from Qanvo data as of October 27, 2026. AI-generated, for information only; not investment advice.