Shares of Bharti Airtel traded firmly on Tuesday, rising nearly 2 per cent to ₹2,106 on the BSE during intra-day trade, even as broader markets remained under pressure. At the same time, the BSE Sensex slipped 0.52 per cent to 84,767, highlighting Airtel’s relative outperformance amid market weakness.

So far in the calendar year 2025, Bharti Airtel has delivered a stellar performance, surging about 33 per cent compared with an 8 per cent rise in the benchmark Sensex. The stock touched a record high of ₹2,174.70 on November 21, 2025, reflecting strong investor confidence driven by improving fundamentals and sector tailwinds.

Brokerages continue to see further upside in the stock, led by expectations of another tariff hike. Analysts at Motilal Oswal Financial Services believe the current macro environment—marked by low inflation and the absence of major elections—offers an ideal window for telecom operators to raise tariffs. The brokerage has factored in a 15 per cent tariff hike by December 2025, which could meaningfully support revenue growth.

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Despite multiple tariff hikes over the past six years, telecom spending as a percentage of India’s nominal GDP remains relatively low at 0.86 per cent as of September 2025. Data costs in India are still among the cheapest globally, even as consumption levels remain high, providing room for further price increases without significantly impacting demand, according to industry analysts.

Bharti Airtel has emerged as the biggest beneficiary of tariff rationalisation and subscriber upgrades, with its average revenue per user (ARPU) doubling to ₹256 over the last six years. Improved subscriber mix, higher minimum recharge packs, and strong growth in wireless revenues have strengthened its earnings profile, prompting Motilal Oswal to reiterate a BUY rating with a target price of ₹2,365.

From a longer-term perspective, Axis Direct also remains optimistic on the stock, citing Airtel’s strong market positioning, growing digital portfolio, and disciplined capital expenditure. With rising 4G and 5G adoption, expanding enterprise solutions, and steady free cash flow generation, the brokerage has maintained a BUY recommendation and assigned a sum-of-the-parts target price of ₹2,530 per share.

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