ICICI Direct keeps Buy rating for Bharti Airtel stock

Published on 10/09/2026 at 11:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ICICI Direct set a INR 2,350 target for Bharti Airtel stock on August 6, 2026. Revenue rose 18.40 percent year over year in the June 2026 quarter.

Key points in brief

ICICI Direct retained a Buy rating and set an INR 2,350 target on August 6, 2026.
Fiscal first-quarter revenue rose 18.40 percent year over year to INR 585.39 billion.
The NSE price was INR 1,809.90 on October 9, 2026, with a market capitalization of INR 11.3 trillion.

Bharti Airtel, INE397D01024, Illustration mit AI erstellt.

ICICI Direct retained its Buy rating on Bharti Airtel on August 6, 2026 and set a target of INR 2,350 per share, according to DSIJ. The broker decision followed fiscal first-quarter revenue of INR 585.39 billion, up 18.40 percent year over year, and adjusted profit after tax of INR 80.57 billion, up 35.50 percent year over year.

Target rests on operating momentum

The fiscal first-quarter figures give the analyst target a measurable operating base. Consolidated earnings before interest, taxes, depreciation and amortization reached INR 333.03 billion, while the margin was 56.90 percent, according to DSIJ.

India wireless average revenue per user rose to INR 264 in the quarter, and the subscriber base increased by 3.30 million to 376.50 million. Enterprise revenue reached INR 56.65 billion, up 12.00 percent year over year, adding a second growth channel beyond mobile services.

What does the tariff change mean for ARPU?

Bharti Airtel raised postpaid prices by INR 50 per month from October 8, 2026, with increases of 3.00 percent to 11.00 percent across plans. BusinessToday reported that Motilal Oswal Financial Services estimates the change could lift blended average revenue per user by 1.00 percent.

The pricing action covers a postpaid group representing 8.00 percent of subscribers but an estimated 12.00 percent of wireless revenue. That mix makes monetization more important than raw subscriber additions, while the bundled roaming benefit may soften customer resistance.

Three dated operating markers

On August 6, 2026, ICICI Direct retained its Buy rating and INR 2,350 target, according to DSIJ. On September 22, 2026, family postpaid plans priced at INR 999 and above gained Apple services, according to Sahi. On October 8, 2026, postpaid prices increased by INR 50 per month, according to BusinessToday.

Stock remains below its yearly high

Bharti Airtel was at INR 1,809.90 on the NSE at 2:51 p.m. IST on October 9, 2026, up INR 5.30, or 0.29 percent, from the prior close of INR 1,804.60. The quote stood 16.77 percent below the 52-week high of INR 2,174.50 and above the low of INR 1,726.30; market capitalization was INR 11.3 trillion.