10 reasons why Nomura stays bullish on Bharti Airtel, sees 28% upside

Nomura maintained its Buy rating on Bharti Airtel with a target price implying about 28% upside from the previous close of Rs 1,841 on NSE. The brokerage called Bharti an 'ARPU compounder with multiple optionalities' and expects 14% EBITDA and FCF CAGR over FY26-29, driven by a likely tariff hike in Q3 FY27, premiumisation, and easing capex intensity. Key positives cited include the highest exit ARPU of Rs 257 in FY26, scaling Homes and Airtel Business segments, strong Africa growth of around 24% in constant currency, a potential Airtel Money Africa IPO at a valuation of about $10 billion, FCF rising to roughly Rs 1,011 billion by FY29, and expected dividend payout stepping up to 59% and 64% in FY27 and FY28.