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Bharti Airtel Limited BHARTIARTL.NS

IN · National Stock Exchange of India · XNSE · stock · Communication Services · website

Bharti Airtel Limited statistics & valuation

Market cap₹12.42T
P / E46.5×
P / S5.9×
P / B8.3×
P / FCF16.4×
Net margin12.7%
FCF margin35.8%
Net debt₹1.82T
Enterprise value USD$149.5B
Earnings yield EBIT/EV4.8%
Return on capital18%
Graham number -74.9%₹488.41

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹488.41); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
6.00% 5.00% 19.40% 12.70% 2023202420252026
Gross margin (%)
63.20% 64.30% 67.10% 69.60% 2023202420252026
Operating margin (%)
25.30% 24.80% 27.90% 32.10% 2023202420252026
Return on equity (%)
10.80% 9.10% 29.50% 17.90% 2023202420252026
Shares outstanding
6.24B 6.24B 6.24B 6.24B 2023202420252026
Net debt (₹)
₹2.19T ₹2.09T ₹2.08T ₹1.82T 2023202420252026
Share buybacks (₹)
₹499.0M ₹1.37B ₹3.67B ₹1.47B 2023202420252026
Return on assets (%)
1.90% 1.70% 6.50% 4.80% 2023202420252026
Free cash flow margin (%)
27.90% 25.90% 33.90% 35.80% 2023202420252026
Debt / equity (×)
2.91× 2.63× 1.88× 1.31× 2023202420252026
EPS (₹)
₹14.57 ₹12.80 ₹56.04 ₹44.37 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Bharti Airtel Limited trades at about 43.8× earnings — below its 10-year norm (10-year range 33.3×–103.3×, median 54.9×).

33.3× 103.3×

Shaded band = 10-year range (33.3×–103.3×); dot = today's 43.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin69.6%67.1%64.3%63.2%
Operating margin32.1%27.9%24.8%25.3%
Net margin12.7%19.4%5.0%6.0%
FCF margin35.8%33.9%25.9%27.9%
Return on assets4.8%6.5%1.7%1.9%
Return on equity17.9%29.5%9.1%10.8%
Debt / equity0.67×0.92×1.60×1.95×
Current ratio0.520.370.420.47

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.