BHARTIARTL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Indian Railways | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Government and Regulatory Bodies Airtel Business bags multi-year contract for Indian Railway Security Operations Centre (IRSOC) We are designing build, impleme…” AR DOC | ||||||||
| DIXONDixon Technologies (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Nature of business of the related party Airtel is the world’s second largest telecom operator by customer base, serving nearly 666 million customers Dixon Tech…” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Customer Obsessed Integrated Report and Annual Financial Statements 2025-26 Bharti Airtel Limited Connectivity & Beyond Annexure-A Highlights of FY 2025-26 Fin…” AR DOC | ||||||||
| Indian Railways | CONTRACT | CT 2 | — | — | SG&A | FY26 | EST | 70% |
| “• Airtel Business wins multi-year contract for the Indian Railway Security Operations Centre (IRSOC) Indian Railways, India’s lifeline with 13,000 daily trains…” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “• Airtel Xstream Play partnered with Sun NXT to offer 50,000+ hours of content across a wide variety of languages.Bharti Airtel Limited 02 03 04 01 Overview an…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “Airtel has continued to embed digital transformation into its core operations to stay agile amid shifting customer preferences, future proof its business and *…” AR DOC | ||||||||
| CENTRALBKCentral Bank of India | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Further, during the year ended March 31, 2024, the Central Bank of Nigeria (‘CBN’) had announced changes to the operations in the Nigerian Foreign Exchange Mar…” AR DOC | ||||||||
| AMBERAmber Enterprises India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Our engagement initiatives, including AMBER, celebrating Customer Day and well-being programme AirCare+, are thoughtfully designed to strengthen connection, re…” AR DOC | ||||||||
| NCCNCC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Africa Legal and Regulatory Frameworks Nigeria – Mobile Services Know your customer (KYC) In March 2024, the Nigerian Communications Commission (NCC) required …” AR · +1 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “B. Any Member who has not received/ forgotten the User ID and Password, may obtain/ generate/ retrieve the same from KFin in the manner as mentioned hereinafte…” AR DOC | ||||||||
| India and Africa | UNSTATED | — | — | — | — | 2026-05 | EST | 60% |
| “but I think, we will get to a 800 million customers by way of mobile, home broadband, our digital services, our financial services and both between India and A…” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| JSWSTEELJSW Steel Ltd. | UNSTATED | 50,900 | 41,710–50,900 | 53.9% | — | FY26 | EST | 75% |
| “Mr. Mukherjee also serves on the Boards of Handy Home Solutions Pvt. Ltd., Bharti Airtel Limited, ITC Limited and Urban Company Limited.” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 20,751 | 20,751–20,751 | 22.0% | — | FY25 | EST | 75% |
| “p) During the year ended March 31, 2024, the Reserve Bank of Malawi (‘RBM’) announced structural changes to the foreign exchange market with its decision to ad…” AR DOC | ||||||||
| DIXONDixon Technologies (India) Ltd. | UNSTATED | 13,413 | 7,377–13,413 | 14.2% | — | FY26 | EST | 70% |
| “Bharti Airtel is a global communications solutions provider with over 550 million customers in 15 countries across South Asia and Africa.” AR · +1 DOC | ||||||||
| FACTFertilisers and Chemicals Travancore Ltd. | UNSTATED | 3,646 | 2,988–3,646 | 4.2% | — | 2026-10 | EST | 60% |
| “We have to just work out as to where is the demand coming from, and is that wherever that demand is coming from is that a well to do area with a good 5G penetr…” CONCALL · +1 DOC | ||||||||
| MEESHOMeesho Ltd. | UNSTATED | 3,465 | 1,906–3,465 | 3.7% | — | FY26 | EST | 75% |
| “She currently serves on the board of Bharti Airtel Limited, with prior leadership experience at PepsiCo India Holdings Private Limited and Kimberly-Clark Asia …” AR DOC | ||||||||
| ESCORTSEscorts Kubota Ltd. | UNSTATED | 3,167 | 3,167–3,167 | 3.4% | — | FY26 | EST | 70% |
| “190 191Management Discussion and Analysis Integrated Report and Annual Financial Statements 2025-26Bharti Airtel Limited Overview and Performance Management Di…” AR DOC | ||||||||
| CEMPROCemindia Projects Ltd. | UNSTATED | 2,761 | 2,761–2,761 | 2.9% | — | FY26 | EST | 75% |
| “Earlier, he served as Executive Chairman at SB Energy, overseeing over 7 GW of renewable capacity, and as Managing Director and CEO of Bharti Airtel, where he …” AR · +1 DOC | ||||||||
| DIXONDixon Technologies (India) Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “For enterprise customers, Bharti Airtel offers a gamut of solutions that includes secure connectivity, cloud and data center services, cyber security, IoT, Ad …” AR DOC | ||||||||
| STLTECHSterlite Technologies Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “As Group CFO, the overriding mission is clear: to champion robust capital discipline, optimize financial architectures, and bolster STL's strategic roadmap to …” AR DOC | ||||||||
| ITIITI Ltd. | CONTRACT | CT 27 | — | — | — | FY26 | EST | 70% |
| “• Private customers like Banks,Schools,Universities,Hospitals, TCS,Tejas Networks,RIIL(Rural Infratel International Limited),Aksnett,Keltron,Vodafone,Airtel.” AR · +2 DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “KSEDC (Karnataka State Educational Development Council), KITE (Kerala Infrastructure and Technology for Education), UREDA (Uttarakhand Renewable Energy Develop…” AR DOC | ||||||||
| FINCABLESFinolex Cables Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Trade receivables balance as at 31st March 2025 includes ` 25.43 crores from Telecommunication Consultants India Limited (31st March 2024 included ` 30.31 cror…” AR · +1 DOC | ||||||||
| TEJASNETTejas Networks Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| FACTFertilisers and Chemicals Travancore Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 60% |
| “I thought fiber home pass has remained broadly the same: 10,000 per kilometer, 1.5 million, the one we have been adding, any reason why there is a spike in the…” CONCALL DOC | ||||||||
| FACTFertilisers and Chemicals Travancore Ltd. | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 60% |
| “I think this is on leverage, Airtel is now one of the lowest leveraged telcos globally within the industry, in fact, the external net debt, if you take the ext…” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 2/2 | 100% | 08-NOV-26 |
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 1/1 | 100% | 15-OCT-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +7.6% | 14-NOV-26 | from 15-OCT-26 · Dixon Technologies (India) Ltd. +1.0% w 0 · Amber Enterprises India Ltd. +1.2% w 0 · NCC Ltd. +8.7% w 0 · Bank of India +18.2% w 0 · Central Bank of India +4.7% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 |
| DISTRESS SCORE | 0.390 | 13-OCT-26 | roe 0.23 · operatingMargin 0.55 · debtToEquity 1.31 · interestCoverage 3.1 · assetTurnover 0.39 · leverage 3.66 |
| SUPP MOM 1M | +12.7% | 14-NOV-26 | from 15-OCT-26 · Dixon Technologies (India) Ltd. +1.0% w 0 · Sterlite Technologies Ltd. -19.1% w 0 · Escorts Kubota Ltd. -11.9% w 0 · Bank of India +18.2% w 0 · Meesho Ltd. +14.9% w 0 · Fertilisers and Chemicals Travancore Ltd. +10.0% w 0 |