Bharti Airtel Limited

BHARTIARTL.NS

Telecommunications Services · Communication Services

Price

₹1962.30

+17.30 (+0.89%)

Market Cap

₹12.24T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+6.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.64B (2022) → 6.02B (2026)

Bharti Airtel is one of India's largest telecom companies. It provides mobile phone service, home broadband, and digital TV to hundreds of millions of customers across India and parts of Africa. The company also sells cloud and data services to businesses, making it more than just a phone carrier.

Airtel earns money mainly through monthly plans that customers pay for mobile data and voice calls, plus fees from business clients for managed IT and connectivity services. It operates in roughly 17 countries, with India as its biggest market and Africa as a growing second pillar through its Airtel Africa subsidiary. The company's large spectrum holdings and established network infrastructure make it hard for new competitors to enter. Its main growth driver is India's rapid shift toward 5G, where Airtel is investing heavily to upgrade its network — though rising debt from that spending and intense price competition from rival Reliance Jio remain the key risks to watch.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-30.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

48.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$531.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Bharti Airtel Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

71.7%

Premium pricing power — 71.7% gross margin

Operating Margin

32.6%

Excellent — 32.6% operating margin

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+19.6%

Fast-growing sales (+19.6% YoY)

EPS YoY

-20.2%

Earnings shrinking (-20.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

394%

Turns 394% of profit into real cash

FCF Margin

29.9%

Converts sales into free cash efficiently (29.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.25

Elevated debt (1.25)

Interest Cover

3.20x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

40.9x

Pricey — P/E 40.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+17.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.9 → 23.1)

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Dividends

Dividend Yield

1.23%

Small dividend — 1.23% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+403.0%

Dividend growing fast (403.0% YoY)

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