Bharti Airtel Share Price: Global rating agency upgrade powers Bharti Airtel; stock eyes further upside of over 40%

Bharti Airtel Share Price: Shares of Bharti Airtel gained nearly 2 per cent on Tuesday to scale a fresh record high, even as the broader market remained weak, after S&P Global Ratings upgraded the telecom major’s long-term issuer credit rating to ‘BBB’ from ‘BBB-’ with a positive outlook. The agency cited strong earnings momentum, healthy cash flows and disciplined balance-sheet management as key drivers behind the upgrade.

Airtel’s stock surged 1.93 per cent to a new all-time high of Rs 2,153 on the BSE, surpassing its previous peak of Rs 2,135.75 touched on November 4, 2025. The counter has now rallied 42.5 per cent from its 52-week low of Rs 1,510.80 hit on November 21, 2024. At the time of reporting, Airtel was trading 1.71 per cent higher at Rs 2,148.35, valuing the company at Rs 12.25 lakh crore.

The stock has gained over 5 per cent in the past week, nearly 7 per cent in one month, 13.6 per cent in three months, 18.5 per cent in six months and 40 per cent over the past year.

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What did S&P say

S&P Global Ratings said Airtel’s upgraded rating reflects strong operational performance and expectations of continued deleveraging over the next 12–24 months. The agency expects the company’s funds-from-operations (FFO) to debt ratio to approach 45 per cent, supported by improving earnings amid rational competition in India.

Subscriber growth of 2–4 per cent annually and 6–8 per cent ARPU growth are expected to drive performance. Airtel’s ARPU rose sharply to Rs 256 in Q2 FY26, up 21 per cent from the June 2024 quarter supported by the 10–21 per cent industry-wide tariff hikes implemented in July 2024. The company’s wireless subscriber base rose to 364 million as of September 2025, compared with 351 million a year earlier, partly supported by churn at Vodafone Idea.

Africa business remains strong, but parent-level debt a concern

Airtel Africa is expected to contribute about 20 per cent of consolidated earnings through FY27, with stable currencies and steady subscriber and ARPU growth (8–10 per cent annually in constant currency).

However, S&P flagged rising debt at Airtel’s immediate parent, Bharti Telecom, as a key monitorable. Bharti Telecom’s debt stood at around Rs 40,000 crore as of September 30, 2025—more than 15 per cent of Airtel’s adjusted debt—compared with just Rs 1,000–2,000 crore in FY21 and FY22. Despite increasing dividend inflows from Airtel, S&P noted that parent-level leverage could rise further.