Bharti Airtel broker targets 2026: Buy calls up to ₹2,455

What triggered fresh broker focus on Airtel

Bharti Airtel has seen a series of brokerage updates in 2026 even as global uncertainty and a softer domestic market backdrop kept investors cautious. The common thread across reports cited here is a broadly positive stance on Airtel, with several firms reiterating buy recommendations and publishing higher-than-market target prices.

The updates span global and domestic brokerages, including Nomura, Motilal Oswal, JM Financial and Geojit Financial Services. The target prices mentioned range from ₹2,180 to ₹2,455, depending on the brokerage and the specific note.

Geojit’s call: buy with ₹2,180 target

Geojit Financial Services published a buy recommendation on Bharti Airtel with a target price of ₹2,180 (dated Jun 23, 2026, 12:25 PM, as provided). No additional assumptions or valuation drivers were included in the supplied text beyond the call and target.

Nomura’s target changes while maintaining ‘Buy’

Nomura’s stance in the provided material remains positive, with repeated references to a buy rating but with target price revisions across different dates.

One update states: “Nomura Adjusts Bharti Airtel’s Price Target to INR 2,220 from INR 2,300, Keeps at Buy” (Published on 05/15/2026 at 07:20 am EDT). Another entry notes: “Nomura Adjusts Bharti Airtel’s Price Target to INR 2,300 from INR 2,280, Keeps at Buy” (Published on 02/09/2026 at 04:52 am EST).

The text also includes a separate alert-style note saying Nomura raised its target price by 23% to ₹2,280 from ₹1,850, citing increased estimates for the company’s India wireless and homes businesses. That note adds that the target change was driven by a higher target EV/EBITDA multiple of 12x versus 11x earlier for India wireless and homes.

Motilal Oswal: ₹2,355 target and SoTP framework

Motilal Oswal is described as maintaining a positive view and reiterating a buy rating with a target price of ₹2,355. The material also mentions Motilal Oswal’s research report dated March 01, 2026, reiterating an unchanged SoTP-based target price of ₹2,355, alongside a bull case of ₹2,875 and a bear case of ₹1,810.

In addition, the text states that after a recent correction, Bharti’s India business was seen trading at an implied valuation of about 10x FY28 EBITDA (on Motilal Oswal estimates). On operating expectations, the brokerage is said to estimate FY27 net sales of ₹241,800 crore and an EBITDA margin of 54.9%.

JM Financial: highest target in the provided set at ₹2,455

JM Financial is also presented as positive on Bharti Airtel, with a target price of ₹2,455. The same section notes that this target implied around 31% upside from the “current” price cited in that passage.

Where the stock and consensus sat in the supplied data

The supplied text includes an “Analysts’ Consensus” snapshot with the following figures: mean consensus “BUY”, number of analysts at 32, last close price at ₹1,815.75, and an average target price of ₹2,293.94. The stated spread versus the average target is +26.34%.

Separately, another section cites a “current” price of ₹1,873 while describing implied upside percentages for ₹2,355, ₹2,300 and ₹2,455 targets. Since these prices come from different parts of the supplied material, they should be read as point-in-time references rather than a single unified closing figure.

Key brokerage targets and references (as provided)

What broker assumptions suggest about the focus areas

Across the material, the key financial and valuation anchors that appear are EBITDA-based multiples, sum-of-the-parts valuation, and operating margin expectations. The clearest quantified operating view in the provided text is Motilal Oswal’s estimate of FY27 net sales at ₹241,800 crore and an EBITDA margin of 54.9%.

On valuation, the implied ~10x FY28 EBITDA reference for the India business is explicitly tied to Motilal Oswal’s post-correction view. Nomura’s alert note, meanwhile, highlights the use of a target EV/EBITDA multiple of 12x versus 11x earlier for the India wireless and homes businesses.

Dividend policy and Airtel Africa stake mention

A separate note in the supplied text, attributed to a LinkedIn post about Nomura’s view, says Nomura expected a transition to a progressive dividend policy as free cash flow strengthens. The same note adds that the promoter’s holding through British Telecom would remain intact with no plans for a buyback, and that the company planned to increase its stake in Airtel Africa from 63% by purchasing an additional 16% from the promoter family.

These points are included here because they appear in the provided material, but they are not accompanied by detailed filings, timelines, or company statements in the text supplied.

Market impact: what the numbers imply for investors

The dispersion in targets, from ₹2,180 to ₹2,455, shows that broker optimism is directionally similar but grounded in different valuation setups and assumptions. The consensus snapshot provided points to an average target price of ₹2,293.94 against a last close of ₹1,815.75, translating into a stated +26.34% spread.

Motilal Oswal’s SoTP approach also frames a wider valuation band through its bull case of ₹2,875 and bear case of ₹1,810, which puts emphasis on scenario-based outcomes rather than a single point estimate.

Why this set of updates matters

For a widely tracked stock like Bharti Airtel, clustered buy calls from multiple brokerages can shape near-term sentiment, especially when markets are volatile and investors look for higher-conviction ideas. But the supplied data also shows that “buy” does not mean a single number, with targets and methodologies varying across reports and dates.

The most concrete datapoints disclosed in the provided text are the targets, the consensus snapshot (32 analysts, last close ₹1,815.75, average target ₹2,293.94), and Motilal Oswal’s FY27 net sales estimate of ₹241,800 crore with a 54.9% EBITDA margin. Investors typically track how these assumptions evolve, particularly when brokers cite changes in EV/EBITDA multiples and business-segment estimates.

Conclusion

The 2026 brokerage commentary provided here remains broadly positive on Bharti Airtel, with buy calls and targets spanning ₹2,180 (Geojit) to ₹2,455 (JM Financial), while Nomura’s target is shown as revised across different notes. The next key reference points will be any further broker revisions, updated consensus data, and any formal company disclosures related to dividends, buybacks, or Airtel Africa stake changes mentioned in the supplied material.