Moody's upgrades Bharti Airtel to Baa2 with stable outlook

Moody's Ratings has upgraded Bharti Airtel Ltd.'s issuer rating to Baa2 from Baa3, changing the outlook from positive to stable. This upgrade, effective November 4, 2025, acknowledges the company's strong market position as the second-largest operator in India and its improved financial profile, supported by a stable competitive and regulatory environment.

The upgrade is underpinned by prudent financial policies and reduced leverage. Bharti's adjusted debt/EBITDA is projected to improve to 1.8x by FY2025-26, down from 2.3x in FY2024-25, following the prepayment of INR260 bn in spectrum liabilities. The company aims for a further reduction to 1.5x by FY2026-27.

Bharti's subscriber market share has steadily grown to 33.5% as of September 2025. During the first half of FY2025-26, the company reported a 17% year-on-year revenue growth to INR1.02 trillion and a 20% increase in EBITDA to INR580.9 bn, largely driven by its Indian operations.