Bharti Airtel has received continued analyst support from Morgan Stanley, with the global investment bank maintaining its positive outlook on the telecommunications major.

Analyst Rating and Target Price

Morgan Stanley has reaffirmed its 'Overweight' rating on Bharti Airtel, accompanied by a target price of ₹2,435.00 per share. The maintained rating reflects the investment bank's continued confidence in the company's prospects.

Investment Implications

An 'Overweight' rating typically signals that analysts expect the stock to outperform relative to other securities in the telecommunications sector or broader market indices. By maintaining this rating, Morgan Stanley indicates its belief that Bharti Airtel continues to present attractive investment opportunities for market participants.

The target price of ₹2,435.00 provides investors with the analyst's assessment of the stock's fair value based on their evaluation methodology and market analysis.

Bharti Airtel has disclosed receiving a penalty notice from the Department of Telecommunications (DoT) for alleged violations of subscriber verification norms. The telecommunications major received a penalty of ₹2.06 lakh from DoT Karnataka LSA on January 19, 2026, following a regulatory audit conducted for November 2025.

Regulatory Action Details

The penalty stems from DoT's periodic Customer Application Form (CAF) Audit, which is conducted to ensure compliance with licensing terms and conditions related to subscriber verification. The regulatory authority found alleged violations during its sample audit for November 2025.

Compliance Requirements and Audit Process

Under the terms of its license agreement, Bharti Airtel is required to ensure adequate verification of customers before enrolling them as subscribers and comply with instructions issued by DoT. The telecommunications regulator conducts periodic CAF Audits to confirm compliance with licensing terms and conditions related to subscriber verification norms.

The DoT's sample audit for November 2025 allegedly found violations of terms and conditions with respect to subscriber verification norms under the License Agreement. These verification requirements are critical components of telecom licensing compliance in India.

Company Response and Financial Impact

Bharti Airtel has decided not to contest the penalty and will proceed with payment of the imposed amount. The company has assessed that the maximum financial impact is limited to the extent of the penalty levied by the regulatory authority.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Company Secretary and Compliance Officer Rohit Krishan Puri signed the regulatory filing on January 20, 2026, confirming that the information provided is true, correct and complete to the best of the company's knowledge and belief.

The penalty represents a routine regulatory matter for the telecommunications operator, with the financial impact being minimal relative to the company's overall operations. Such CAF audits are standard regulatory procedures conducted by DoT to ensure telecom operators maintain proper subscriber verification protocols.