Bharti Airtel shares at record high are the top Nifty gainers; Analysts see further upside

Shares of Bharti Airtel gained 3% to hit a record high on Tuesday, November 4, extending gains for the second consecutive session. The stock touched an all-time high of ₹2,135.60 and emerged as the top gainer on the Nifty 50 index in today’s trade.The telecom major reported a better-than-expected performance, driven by stronger-than-anticipated results in both its India and Africa operations. Consolidated revenue rose 5.4% against estimates of 3.1%, while India revenue rose 2.6%, compared to expectations of 2.2%.

Consolidated EBITDA margins expanded 40 basis points sequentially to 56.7%. The company’s average revenue per user (ARPU) came in at ₹256, with net subscriber additions of 1.4 million quarter-on-quarter.

Brokerages remain positive on Bharti Airtel after its September-quarter results.
Jefferies reiterated its ‘Buy’ rating with a price target of ₹2,635, citing that the company delivered a broad-based earnings beat. The brokerage said subscriber premiumisation and improving monetisation trends continue to underpin Airtel’s strong growth outlook, prompting it to raise its FY26-FY28 estimates by 1-4%.CLSA maintained an ‘Outperform’ rating on the stock with a price target of ₹2,285, while Citi also retained its ‘Buy’ call with a price target of ₹2,225, citing steady second-quarter performance.

Bharti Airtel will hold its post-earnings conference call at 1 pm today.

Of the 32 analysts that track Bharti Airtel, 25 continue to have a ‘Buy’ rating on the stock, while two say ‘Hold’. Five analysts have a ‘Sell’ rating.

Bharti Airtel’s shares have surged over 30% so far in 2025. The stock has recovered over 40% from their 52-week low of ₹1,511.