Bharti Airtel , one of India's leading telecommunications companies, has achieved a significant milestone in the Indian stock market. The telecom giant has overtaken Tata Consultancy Services (TCS) to become the third-largest company in India by market capitalization.

Market Cap Surge

On July 21, Bharti Airtel's shares rose by 1%, propelling its market value to an impressive ₹11.45 lakh crore. This surge placed Airtel ₹2,220 crore ahead of TCS in terms of market capitalization. The telecom company's ascent in the market cap rankings reflects its strong performance and investor confidence in its growth prospects.

Top Valuable Companies in India

The current ranking of India's most valuable listed companies now stands as follows:

Airtel's Impressive Growth

Bharti Airtel has demonstrated remarkable growth, with its market capitalization increasing by nearly ₹2 lakh crore. This performance has made it the second-largest gainer among Nifty50 companies, trailing only behind Reliance Industries.

Contrasting Fortunes

While Airtel has been on an upward trajectory, TCS has faced challenges. The IT giant has experienced a significant decline in market value, losing approximately ₹3.40 lakh crore. This drop is attributed to concerns over a weak US macroeconomic outlook and potential disruptions related to artificial intelligence in the IT sector.

Stock Performance Comparison

The contrasting fortunes of these two companies are evident in their stock price movements:

• Bharti Airtel: 20.20% increase since January
• TCS: 22.00% decline over the same period

Analyst Outlook

Analysts remain optimistic about Bharti Airtel's prospects. Factors contributing to their positive outlook include:

• Easing competition in the telecom sector
• Lower capital expenditure intensity

Jefferies, a prominent financial services company, has maintained a 'Buy' rating on Airtel with a target price of ₹2,370.

As Bharti Airtel continues to strengthen its position in the market, investors and industry observers will be keenly watching its future moves and the evolving dynamics of India's top-valued companies.

Bharti Airtel , one of India's leading telecom operators, has received a significant boost to its credit profile as CRISIL Ratings upgraded its long-term rating to 'CRISIL AAA/Stable' from 'CRISIL AA+/Positive'. This upgrade reflects the company's improved business and financial performance in fiscal year 2025.

Strong Financial Growth

The telecom giant reported impressive financial results for FY2025:

The growth was primarily driven by the strong performance of Bharti Airtel's India mobile business, which accounted for approximately 57% of the consolidated EBITDA.

Improved Market Position

Bharti Airtel has strengthened its position in the domestic mobile segment, increasing its revenue market share by about 400 basis points between fiscal years 2021 and 2025. As of May 31, 2025, the company boasted a wireless subscriber base of 39.0 crore, commanding a market share of 33.6%.

Diversified Operations

The company's business risk profile benefits from its diversified operations across various segments:

1. Africa operations
2. Enterprise services
3. Home broadband
4. Passive infrastructure services
5. Dish-to-home (DTH) segments in India

Financial Risk Profile

Bharti Airtel's financial risk profile has improved significantly:

• Net leverage ratio decreased to 2.1 times in FY2025 from 2.5 times in FY2024
• Gross debt stood at Rs 213743.00 crore as of March 31, 2025
• The company made voluntary pre-payment of high-cost spectrum liabilities of approximately Rs 26000.00 crore in FY2025

Future Outlook

CRISIL Ratings expects Bharti Airtel to maintain its strong business position and financial performance in the coming years. The company's focus on 5G rollout and spectrum acquisition is likely to moderate, potentially leading to improved cash flows and further deleveraging.

Executive Compensation

In a recent disclosure, Bharti Airtel reported changes in executive remuneration for FY25:

• Chairman Sunil Mittal's remuneration increased by 0.8% to Rs 32.5 crore, consisting of:
  • Rs 21.57 crore in salary and allowances
  • Rs 7.5 crore performance-linked incentive
  • Rs 3.48 crore in perquisites
• Managing Director Gopal Vittal's compensation rose by 9.1% to Rs 20.24 crore

Both executives received additional performance-linked incentives for FY24:

• Sunil Mittal: Rs 10.4 crore
• Gopal Vittal: Rs 10.3 crore

Mittal also received GBP 2.20 million from overseas subsidiary Network i2i (UK) Ltd. Vittal was granted 121,877 stock options with a three-year vesting period tied to performance achievements and exercised stock options worth Rs 22.95 crore during the year.

Chairman's Perspective

Bharti Airtel Chairman Sunil Mittal expressed confidence in India's economic stability despite global challenges. Mittal highlighted India's political stability and robust policy initiatives as key factors creating a favorable investment climate. He noted India's projected GDP growth of 6.5% in fiscal 2025, positioning it among the world's fastest-growing large economies.

Mittal also emphasized the surge in India's digital economy, with double-digit growth driven by increased digital engagement across various sectors. He revealed that Airtel contributed over Rs 37300.00 crore in license fees, spectrum charges, and taxes in fiscal 2024-25, along with Rs 28900.00 crore toward spectrum obligations.

As Bharti Airtel continues to strengthen its market position and financial performance, the company appears well-positioned to capitalize on India's growing digital economy and maintain its leadership in the telecom sector.