Bharti Airtel Limited (BHARTIARTL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+251.2%

₹7,268.59

vs ₹2,069.90 price

Levered DCF

₹7,666.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.65

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.78×	29.73×	93×	50.61×	98.43×	-11.5×	-7.58×	420.67×
P/B	6.95×	9.08×	8.47×	5.45×	6.4×	4.86×	3.16×	2.43×
P/S	4.91×	5.97×	4.63×	3.04×	3.65×	2.85×	2.88×	2.14×
EV / EBITDA	10.05×	12.15×	13.1×	9.21×	9.91×	14.69×	-65.23×	10.59×
Gross margin	42.7%	36.5%	33.6%	32.5%	27.8%	22.2%	15.9%	15.5%
Operating margin	31.7%	24.0%	25.8%	25.1%	20.8%	12.8%	8.6%	5.7%
Net margin	12.7%	19.4%	5.0%	6.0%	3.7%	-24.4%	-38.0%	0.5%
Current ratio	0.52×	0.37×	0.42×	0.47×	0.46×	0.49×	0.58×	0.35×
Debt / equity	1.31×	1.88×	2.63×	2.91×	2.55×	2.76×	1.93×	2.03×
Interest coverage	3.11×	1.97×	2.04×	2.07×	1.54×	0.87×	0.58×	0.46×
Dividend yield	1.1%	0.7%	0.6%	0.8%	0.3%	0.9%	0.7%	2.7%
Payout ratio	42.4%	20.7%	56.0%	43.0%	33.9%	-11.0%	-5.7%	1138.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.9%	29.5%	9.1%	10.8%	6.4%	-41.6%	-41.7%	0.6%
Return on invested capital	12.3%	10.4%	7.7%	7.4%	5.8%	4.9%	2.0%	-2.0%
Return on assets	4.8%	6.5%	1.7%	1.9%	1.2%	-7.1%	-8.9%	0.1%
Free cash flow yield	6.1%	4.2%	3.9%	8.1%	3.7%	6.6%	-4.7%	-6.9%
Earnings yield	2.6%	3.3%	1.1%	2.0%	1.0%	-8.6%	-13.2%	0.2%
Enterprise value	₹12T	₹12.3T	₹9T	₹6.4T	₹5.8T	₹4.4T	₹3.8T	₹3.1T
Net debt / EBITDA	1.38×	1.96×	2.96×	3.09×	2.69×	5.08×	-23.02×	4.68×
Cash conversion cycle (days)	-120	-81	-93	-88	-79	-67	-34	-54