S&P Global Ratings Upgrades Bharti Airtel to ‘BBB+’; Reinforces Confidence in Company’s Strong Financial Performance and Growth Outlook

Pune : Bharti Airtel Ltd., one of India’s leading telecommunications service providers, has received a significant vote of confidence from global rating agency S&P Global Ratings, which has upgraded the company’s long-term issuer credit rating to ‘BBB+’ from ‘BBB’, with a Stable Outlook, effective June 24, 2026. Simultaneously, S&P has also upgraded the ratings on the company’s senior unsecured debt to ‘BBB+’ from ‘BBB’.

The rating upgrade reflects Bharti Airtel’s strong operational performance, sustained earnings growth, robust cash flow generation, and disciplined balance sheet management across its India and Africa operations. The move highlights Airtel’s growing financial resilience and its ability to sustain long-term growth while maintaining financial flexibility.

According to S&P Global Ratings, Bharti Airtel is expected to maintain strong momentum over the coming years, driven by steady subscriber additions, improving average revenue per user (ARPU), premiumisation of telecom services, and increased consumer spending. The company’s subscriber base is projected to grow by 3–4% annually, while ARPU is expected to expand by 5–7% year-on-year.

Bharti Airtel’s Africa business has emerged as a major growth engine, with S&P forecasting the African customer base to grow 9–11% annually. Revenue growth in Africa is projected at 22–24% in fiscal 2027 and 16–18% in fiscal 2028, significantly outpacing the India business over the next two years. The Africa segment’s contribution to consolidated EBITDA is expected to rise to 25–27% by fiscal 2028, reflecting the company’s successful international growth strategy.

The rating agency further projects consolidated EBITDA to grow 8–10% annually, reaching approximately INR 1.35 trillion in fiscal 2027 and INR 1.49 trillion in fiscal 2028. Bharti Airtel’s debt profile is also expected to strengthen considerably, with the FFO-to-debt ratio improving to 50–52% in fiscal 2027 and nearly 60% by fiscal 2028, while the debt-to-EBITDA ratio is projected to improve to 1.5x by fiscal 2027.

The company is expected to increase capital expenditure to INR 540–570 billion through fiscal 2028, primarily directed towards expanding digital infrastructure, strengthening data centre business through Nxtra Data Ltd., enhancing cloud services capabilities, and further investments in African operations.

S&P Global Ratings has maintained a Stable Outlook, citing confidence in Bharti Airtel’s ability to continue generating strong earnings and cash flows amid rational competition in the telecom sector. The agency also noted that the company’s liquidity position remains adequate, with liquidity sources expected to cover uses by approximately 1.3x over the 12 months ending March 31, 2027, supported by strong operating cash flows and diversified funding access.

The upgrade marks another important milestone for Bharti Airtel and reinforces the company’s strong market position, prudent financial management, and long-term commitment toward sustainable growth, innovation, and digital infrastructure development.

With this recognition from S&P Global Ratings, Bharti Airtel further strengthens its standing among global telecom leaders and demonstrates its continued ability to create value for customers, investors, and stakeholders worldwide.