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Bharti Airtel Upgraded to Baa2 by Moody’s
November 5, 2025
Bharti Airtel was upgraded by a notch to Baa2 from Baa3 by Moody’s. The upgrade comes on the back of the company’s strengthened financial profile, rising market share, and supportive sector dynamics in India. The upgrade also reflects Bharti’s deleveraging progress, including the prepayment of INR 260bn ($3bn) in spectrum dues, which will reduce leverage from 2.3x in FY2024–25 to 1.8x by FY2025–26. The company is the second largest telecom operator in India with a 33.5% subscriber market share and leading ARPU and is ranked third globally with 624mn subscribers. As per Moody’s, Bharti demonstrates excellent liquidity – it had INR 134bn ($1.5bn) in cash as of September 2025, which along with projected cash flows will be sufficient to cover INR 425bn ($4.8bn) in debt maturities and planned capex and dividends over the next 18 months. Bharti reported a 17% revenue growth and 20% EBITDA growth in 1H FY2025–26, driven mainly by its Indian operations (75–80% of earnings). While exposure to Airtel Africa (20–25% of EBITDA) adds some FX and regulatory risk, Moody’s noted improved currency stability, particularly in Nigeria. Bharti is now rated one notch higher than India’s sovereign rating of Baa3 by Moody’s.
Bharti Airtel’s 3.975% Perp traded stable at 99.4, yielding 5.81%.
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