BHARTIARTL

Bharti Airtel is well-placed in India’s telecom space, with ARPU (average revenue per user) touching ₹208 in Q1 FY26, supported by premiumization and tariff hikes. The 5G rollout is progressing, though capex intensity remains high. Africa operations continue to be profitable, adding to overall stability. Airtel’s digital initiatives like Airtel Payments Bank and Airtel Thanks app are gaining traction. Debt levels remain elevated but manageable due to strong cash flows. At ~18x EV/EBITDA, the stock is trading at fair valuations. A structural long-term play in India’s digital story.