Bharti Airtel Ltd is one of the world's leading providers of telecommunication services with presence in 18 countries representing India, Sri Lanka, 14 countries in Africa. Bharti Airtel Limited is an India-based telecommunications company with a global network. The company operates in 17 countries across Asia and Africa. The company was incorporated on 7 July 1995 as a flagship company of Bharati Enterprises.
It also has its partly paid shares registered on both stock exchanges. The NSE code for Bharti Airtel partly paid-up shares is AIRTELPP, and the BSE code is 890157. The partly paid-up shares represent a unique investment opportunity for investors looking to gain exposure to India's leading telecommunications company at a lower entry point compared to the fully paid shares.
It operates through five segments: Mobile Services, Homes Services, Digital TV Services, Airtel Business, and South Asia. The Mobile Services India segment includes voice and data telecom services provided through wireless technology (2G / 3G / 4G) in India. The company has successfully rolled out 5G services across India, achieving pan-India coverage by March 2024.
The Homes Services segment provides fixed-line telephone and broadband services for homes in 1,225 cities pan-India. The Digital TV Services segment offers both standard and high definition (HD) digital TV services with 3D capabilities and Dolby surround sound. It offers a total of 706 channels including 86 HD channels, 4 international channels and 4 interactive services.
The Airtel Business segment is engaged in providing information and communications technology (ICT) services with a diverse portfolio of services to enterprises, governments, carriers, and small and medium business. Apart from India, the company offers 2G, 3G, and 4G cellular services in Sri Lanka and Africa. It has recently launched its 5G services in India.
Bharti Airtel has demonstrated exceptional financial performance in recent quarters. Bharti Airtel Ltd's net profit jumped 432.04% since last year same period to ₹11,021.80Cr in the Q4 2024-2025. Bharti Airtel Ltd's revenue jumped 24.97% since last year same period to ₹48,419.70Cr in the Q4 2024-2025.
For the full year FY25, the company reported stellar results with key metrics including:
- For the full year,net profit rose 349.39% to Rs 33556.10 crore in the year ended March 2025 as against Rs 7467.00 crore during the previous year ended March 2024.
- Sales rose 15.34% to Rs 172985.20 crore in the year ended March 2025 as against Rs 149982.40 crore during the previous year ended March 2024.
- Meanwhile, the company's board has recommended a final dividend of Rs 16 per equity share for the financial year 2024-25.
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.
The market cap of Bharti Airtel Ltd Partly Paidup is ₹60326.00 Cr. as of 27 Jun '25 The partly paid-up shares have shown strong performance with Over the past 6 months, the Bharti Airtel Partly Paidup share price has increased by 22.56% and in the last one year, it has increased by 42.08%.
The company has positioned itself as a leader in India's 5G rollout. 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.
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.
The company has entered into strategic partnerships to enhance its network capabilities. Ericsson has been awarded a multi-year NOC Managed Services (MS) contract by Bharti Airtel, further strengthening the long-standing partnership between the two companies. This strategic agreement underscores Ericsson's leadership in managed services and reaffirms its commitment to delivering exceptional value to Airtel customers.
Under this agreement, Ericsson will enable intent-based operations, powered by its centralized Network Operations Center (NOC), to manage Airtel services across 4G, 5G NSA, 5G SA, Fixed Wireless Access (FWA), Private Networks, and Network Slicing. This partnership will see Ericsson manage Airtel's pan-India network through its state-of-the-art NOC while scaling FWA and Network Slicing across the country.
Our balance sheet is solid, supported by strong cash generation, disciplined capital spending, and ongoing debt reduction. We prepaid Rs 5,985 crore of high-cost spectrum dues in the last quarter with prepayment of over Rs 42K crore in last two years.
The net leverage of Bharti Airtel improved to around 2.6 times in fiscal 2024 (compared with 3 times in fiscal 2023), despite large dues pertaining to spectrum purchase and adjusted gross revenue (AGR) led liabilities. Furthermore, with the part payment of the Department of Telecommunications (DOT) liabilities in the first quarter of this fiscal, the net leverage is likely to improve to around 2.5 times.
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). India mobile AMDU to grow at 11 per cent CAGR with 75 per cent 5G penetration by CY30.
The company's strong market position, combined with its technological leadership in 5G deployment, robust financial performance, and strategic debt reduction initiatives, positions Bharti Airtel as a compelling investment opportunity in the telecommunications sector. The partly paid-up shares offer investors an alternative way to participate in the company's growth story while potentially benefiting from the transformation of India's digital infrastructure landscape.
