Bharti Airtel has officially announced achieving a remarkable milestone of 650 million customers globally, positioning itself as the world's second-largest telecommunications operator. This significant achievement was confirmed through a press release issued to stock exchanges, underscoring the company's robust growth strategy and expanding market presence across its key operating regions.

Global Customer Base Achievement

According to GSMA Intelligence, Bharti Airtel is ranked second globally by mobile customer base, with operations spread across India and Africa. The telecommunications giant's customer base of 650 million represents a substantial milestone in the company's growth journey, demonstrating the company's ability to scale operations and attract customers across diverse markets.

Leadership Perspective

Commenting on this milestone, Gopal Vittal, Executive Vice Chairman, Bharti Airtel, said: "Achieving the milestone of 650 million customers to be the second largest operator globally is a great responsibility for us to serve our customers better every day. This is why we invest in state-of-the-art technologies to not only provide connectivity but to also deliver a safe network."

India Operations Excellence

In India, Airtel serves over 368 million mobile customers and was the first to launch 5G Plus services, which now anchor a converged ecosystem including Xstream AirFiber and an integrated IPTV service. The company's comprehensive service portfolio demonstrates its market leadership position.

Africa Market Presence

Airtel Africa maintains a strong presence with over 179 million customers across 14 countries, providing vital digital services through integrated mobile voice, high-speed data, and international roaming services. The region's growth is anchored by Airtel Money, a transformative mobile financial platform serving over 52 million customers, driving financial inclusion across the continent.

Strategic Digital Expansion

The company continues to expand its digital services portfolio, recently announcing its foray into the NBFC space, leveraging data insights to offer personalized credit and financial products through the Airtel app. Additionally, Bharti Airtel is bridging the digital divide through strategic partnerships with Eutelsat OneWeb and SpaceX, utilizing Low Earth Orbit satellites to deliver high-speed broadband to remote areas.

Bharti Airtel has received an upgrade from Kotak Institutional Equities, with the brokerage raising its rating to Buy and setting a target price of ₹2,250. The upgrade reflects the telecom major's strong operational performance and strategic positioning in key growth areas.

Key Investment Highlights

The brokerage's positive outlook is anchored on several fundamental strengths demonstrated by the company. The resilient wireless performance continues to be a cornerstone of the investment thesis, supported by sustained ARPU (Average Revenue Per User) improvements that reflect the company's pricing power and customer retention capabilities.

Strategic Capital Allocation

Kotak highlights the company's accelerated capital expenditure strategy across multiple high-growth segments:

• Homes segment: Enhanced fiber infrastructure and broadband expansion
• Enterprise solutions: B2B connectivity and digital services
• Data centers: Cloud infrastructure and digital transformation services

These investments position the company to capitalize on India's digital transformation trends and diversify revenue streams beyond traditional wireless services.

Financial Outlook and Valuation

The brokerage expects lower capital expenditure requirements for FY26-28E, which should drive deleveraging and improve the company's financial flexibility. This projected reduction in capex intensity, combined with steady cash flow generation, creates a favorable financial trajectory.

The 8x FY28E EV/EBITDA valuation multiple is viewed as attractive, offering a compelling risk-reward proposition for investors seeking exposure to India's telecommunications and digital infrastructure growth story.