Bharti Airtel

BHARTIARTL · Communications Services · INE397D01024

Analyst mean 1.73 · 30 analysts · 92% bullish

₹1,950.20

Close 2026-07-31 · Moderate risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 361% of trailing profit — the earnings are converting to cash, not just accruals.

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Last operating cash flow ₹122,230 cr against trailing net profit ₹33,823 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit fell while revenue grew

Over the last year profit declined 9.8% even as revenue grew 22% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.

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Trailing revenue ₹210,973 cr (up 22%) but trailing profit ₹33,823 cr (down 9.8%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.

Net margin compressing

Net margin has narrowed from 26.1% to 16.7% year-on-year — profitability per rupee of sales is shrinking.

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Quarter net margin 16.7% vs 26.1% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

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Latest ₹76,683 cr, negative in 3 of 12 years.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation

P/E (TTM) 38.8x

P/B 7.77x

P/S 5.62x

PEG growth cheap 0.95

P/FCF 18.7x

Dividend Yield 1.26%

Leverage

Debt / Equity leveraged 1.31

Payout Ratio 54.8%

Returns & Margins

Operating Margin (TTM) 30.1%

Net Margin (TTM) 16%

Return on Equity 20.3%

Return on Assets 6.3%

Implied Growth (Graham) growth the market is pricing in 15.1%

Rule of 40 45.8

Growth 15.7% + Margin 30.1% — passes

Ownership & Skin in the Game

Promoter48.87% ▼ 1.20

FII27.13%

DII—

Mutual Funds12.14%

Quarterly Financials ₹ cr

Metric	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	38,506	41,473	45,129	47,876	49,463	52,145	53,982	55,383
Expenses	18,799	19,627	20,533	20,867	21,624	22,584	23,199	23,892
Other Income	2,010	475	9,675	403	592	809	562	-2,198
Depreciation	10,540	11,000	11,704	12,326	12,465	13,182	13,420	13,644
Profit before tax	6,025	5,897	16,892	9,584	10,504	12,322	12,301	10,045
Net Profit	4,718	4,153	16,135	12,476	7,422	8,651	8,503	9,247
EPS	7.31	6.31	25.95	19.33	10.43	11.91	11.63	12.02

Balance Sheet ₹ cr, annual

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	2,746	2,795	2,837	2,877	2,900	3,047
Reserves	56,207	63,759	74,726	79,142	110,772	146,010
Borrowings	162,785	169,678	226,020	215,592	213,642	195,412
Fixed Assets	223,480	244,083	277,394	303,303	388,468	406,337
CWIP	5,726	5,955	49,425	16,904	10,999	12,938
Investments	27,550	29,349	32,954	31,602	5,838	18,901
Total Assets	344,417	361,207	444,557	442,019	505,006	545,373

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.

Bharti Airtel

Reading the Statements forensic interpretation

Price & Valuation 10-year, split-adjusted

Valuation & Quality

Ownership & Skin in the Game

Quarterly Financials ₹ cr

Balance Sheet ₹ cr, annual

Filings, Calls & Ratings