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On Wednesday, CLSA analyst Deepti Chaturvedi increased the price target for Bharti Airtel (NSE:BRTI) Ltd (BHARTI:IN) to INR 2,035 from INR 1,890. The firm sustained its Outperform rating on the stock. Chaturvedi’s assessment followed Bharti Airtel’s announcement of its fourth-quarter financial results for fiscal year 2025, which exceeded CLSA’s expectations, particularly due to strong performance in its Africa operations.
Bharti Airtel reported consolidated revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 479 billion and Rs 270 billion, respectively. These figures represent increases of 6-10% quarter-over-quarter and 27-39% year-over-year. The India mobile revenue and EBITDA also showed growth, with increases of 1-2% quarter-over-quarter and 21-30% year-over-year.
The telecommunications giant gained 6.6 million 4G/5G data subscribers quarter-over-quarter and 24 million year-over-year. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 245, marking a 17% rise year-over-year and outperforming its competitor, Reliance Jio, by 19%.
For fiscal year 2025, Bharti Airtel posted a consolidated free cash flow of Rs 510 billion, approximately US$6 billion, after accounting for leases. The company’s capital expenditure was reported at Rs 423 billion, around US$5 billion. The gearing ratio, a measure of financial leverage, was noted to be 1.9 times.
Based on these strong financial results, CLSA has adjusted its revenue and EBITDA forecasts for fiscal years 2026 and 2027, with a 1-2% increase. The analyst cited the rollover of valuation and the revised sum-of-the-parts (SOTP) based target price as reasons for the price target update. Chaturvedi reaffirmed the Outperform rating, signaling confidence in the company’s continued growth trajectory.
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