Bharti Airtel shares: JM Financial sees 37% upside; Q4 preview, target price

Bharti Airtel Ltd is likely to post a steady performance in the upcoming fourth-quarter earnings for FY26. In its latest sector note, brokerage firm JM Financial has maintained a positive outlook on the telecom major, projecting a nearly 37% upside for the stock from current levels.

Reaffirming, JM Financial reiterated a 'Buy' rating on Bharti Airtel, keeping its target price unchanged at Rs 2,455 per share.

For the quarter ended March 2026, the telecom giant is expected to register a 1.1% quarter-on-quarter (QoQ) growth in its India wireless revenue, the brokerage said, noitng its India wireless EBITDA is likely to climb 1.5% sequentially. 

“ARPU is likely to be flat QoQ at INR 259 (INR 259 in 3QFY26) due to two less days QoQ in 4QFY26, offset by continued upgrades and improved subs mix,” the brokerage said.

JM Financial anticipates the telco to report a healthy overall wireless subscriber addition of 4 million. Unlocking deeper profitability, the high-paying mobile broadband (MBB) segment is expected to see robust subscriber gains of around 5 million.

“ARPU is likely to grow at ~12% CAGR over FY25–28, drivenby regular tariff hike and multiple premiumisation strategies. There is also improved visibility of a tariff hike of ~15% in 2HCY26 (given the last tariff hike was in Jul’24),” 

“Moreover, the potential 5G monetisation (with Bharti’s 5G subs penetration having already
risen to ~45%) and FWA rollout provides significant upside risk over the long term,” the brokerage said.