Bharti Airtel is now India's 3rd most valuable listed firm
What's the story
Bharti Airtel has overtaken Tata Consultancy Services (TCS) to become India's third most valuable listed company by market capitalization. The telecom giant's stocks rose by 1% in today's trading, taking its market cap to ₹11.45 lakh crore—₹2,220 crore higher than TCS. Reliance Industries and HDFC Bank continue to be the top two most valuable companies in India.
Growth
Airtel's market value has surged
Including partly paid-up stocks, Bharti Airtel's market capitalization has surged by almost ₹2 lakh crore so far in 2025, touching ₹11.5 lakh crore. This is the biggest gain among Nifty 50 firms after Reliance Industries, which has added around ₹3 lakh crore since January. TCS, on the other hand, has suffered a sharp erosion in its market value, losing ₹3.4 lakh crore.
Market predictions
Large IT firms should face revenue pressures
Analysts expect large IT companies to face revenue pressures in the coming quarters, with mid-sized players likely to outperform. This is largely due to concerns over a weak US macroeconomic outlook and AI-related disruptions.
Future outlook
Brokerages bullish on Airtel
Analysts have become bullish on Bharti Airtel, citing easing competition and a lower capital expenditure intensity. Jefferies, which holds a "Buy" rating with a one year target price of ₹2,370, sees Airtel as a strong play on India's consumption story given its huge market and limited competition. The brokerage sees scope for a valuation re-rating in the future.