Bharti Airtel market cap tops ₹12 trillion; rallies 27% thus far in CY2025

A combined market-cap of Bharti Airtel (₹11.43 trillion) and Bharti Airtel's partly paid shares (₹59,994 crore) touched at ₹12 trillion in intra-day trade, the BSE data shows.

Bharti Airtel share price today: Shares of Bharti Airtel hit a new high at ₹2,009.80, up 2 per cent on the BSE in Thursday’s intra-day trade on the back of a healthy business outlook. 

 

Thus far in the calendar year 2025 (CY25), the stock price of the telecom services provider has outperformed the market by surging 27 per cent, as compared to 6 per cent rise in the BSE Sensex. Meanwhile, the stock price of Bharti Airtel partly-paid (PP) shares also hit a new high at ₹1,532.90, rallied 30 per cent so far in CY25.  READ STOCK MARKET UPDATES TODAY LIVE

 

Bharti Airtel market capitalisation touches ₹ 12 trillion

 

A sharp surge in the stock price of the company has seen Bharti Airtel’s (Airtel) market capitalisation (market-cap) cross ₹12 trillion-mark for the first-time ever. A combined market-cap of Bharti Airtel (₹11.43 trillion) and Bharti Airtel’s partly paid shares (₹59,994 crore) touched ₹12 trillion in intra-day trade, the BSE data shows. This makes Airtel the fourth Indian company to reach a market-cap of ₹12 trillion.

 

Reliance Industries is at top of the list with market-cap of ₹19.96 trillion and HDFC Bank at number second position with market-cap of ₹15.26 trillion and Tata Consultancy Services (TCS) at number third rank with market-cap of ₹12.46 trillion, data shows.  ALSO READ | Mobikwik volatile amid large trade; 2.09 million shares change hands on BSE

What’s driving Bharti Airtel stock price

 

Analysts at JM Financial Institutional Securities expect telcos’ average revenue per user (ARPU) to grow at ~12 per cent compounded annual growth rate (CAGR) in the next 3-5 years given the consolidated industry structure, to ensure a ‘3+1’ player market and higher ARPU requirement for Jio not only to justify its significant 5G capex but also given its potential listing plans. 

 

Hence, the brokerage firm expects the industry ARPU to grow at ~12 per cent CAGR to ₹290-320 by FY28 (via tariff hikes, MBB upgrades, post-paid additions and data monetisation) for a pre-tax RoCE of 12-15 per cent. The next tariff hike of ~15 per cent is most likely in CY26 (i.e., ~2 years after the Jul’24 tariff hike); however, a near-term tariff hike can’t be ruled out given Jio’s potential listing plans and the central government’s (GoI) intent to ensure a 3+1 player market.

 

With pan-India rollout of 5G achieved by March 2024 (for Bharti and BHL), both Bharti and Jio’s capex hit a peak in FY24 and moderated in FY25 with guidance of FY26 capex likely to be even lower than FY25 with long-term capex to sales ratio likely to stabilise ~15-20 per cent of revenue. Thus, the brokerage firm estimates that Bharti’s India business FCF will rise to ~₹42,100 crore/ ₹47,400 crore in FY26/FY27 (vs. ₹31,600 crore in FY25).  ALSO READ | PolicyBazaar, DLF, Airtel: Trading strategies for Chris Wood-owned stocks

India mobile AMDU to grow at 11 per cent CAGR with 75 per cent 5G penetration by CY30.

 

According to Ericsson Mobility report, 5G adoption in India is growing rapidly driven by growing demand for data, 5G population coverage of over 90 per cent, and large 5G Fixed-Wireless-Access (FWA) deployments. Strong need for accessible broadband in rural and semi-urban areas and availability of affordable 5G FWA customer premises equipment (CPE) is driving Indian service providers to expand 5G FWA rollouts. 5G subs reached 290mn at end-CY24 in India (Nepal & Bhutan), implying 24 per cent 5G penetration of all mobile subs. 5G subs are expected to reach ~980mn by end - CY230, implying 75 per cent 5G penetration of all mobiles. 

 

Global mobile average monthly data usage (AMDU) per active subs is likely to grow at 11 per cent CAGR to 37GB in CY30 while India's mobile AMDU/active subs is likely to grow at 11 per cent CAGR to 62GB in CY30. Moreover, FWA share of total fixed broadband connections could rise from 10 per cent at end-CY24 to 18 per cent by end-CY30 and global FWA connections are likely to account for over 35 per cent of new fixed broadband connections through 2030, the brokerage firm said.