Bharti Airtel finds its frequency: High Arpu, low capital expenditure

Margins ring loud as controlled spending and per-user revenue amplify financial signals for investors

The stock of Bharti Airtel, India’s largest listed telecommunications (telecom) services provider, recently hit an all-time high on expectations of higher average revenue per user (Arpu), a stable market setup, and fresh revenue lines. 

The stock has outperformed the market over the past year, gaining 21 per cent against the Nifty’s 5.7 per cent. With a bullish outlook and upgrades from brokerages, analysts see more upside — especially if Airtel tops Street estimates for the July–September quarter (Q2) of 2025–26 (FY26). 

The next trigger is the company’s Q2 results, scheduled for release on November 3. BofA Securities expects Airtel to