Bharti Airtel shares in focus as NBFC Airtel Money commences commercial operations after RBI nod

Shares of telecom giant Bharti Airtel will be in focus on Thursday after the company's non-banking financial services arm, Airtel Money, commenced commercial operations following the receipt of a licence from the Reserve Bank of India.

In a regulatory filing on Wednesday, Bharti Airtel said Airtel Money was granted a Certificate of Registration dated February 13, 2026, by the RBI under Section 45IA of the Reserve Bank of India Act, 1934.

The company stated that Airtel Money has commenced commercial operations as a Type II non-deposit-taking non-banking financial company, in accordance with the Certificate of Registration issued by the central bank.


The filing also quoted the certificate, which stated that the Reserve Bank of India does not accept any responsibility for, or guarantee, the present financial soundness of the company, the correctness of any statements, representations, or opinions expressed by the company, or the repayment of deposits and discharge of liabilities by the company.

Bharti Airtel had announced the formation of its NBFC in February and said the subsidiary would be capitalised with Rs 20,000 crore over the next few years. The company had also said it would contribute 70% of the capital, while the remaining 30% would be infused by the promoter group through Bharti Enterprises.

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Buy, sell or hold Bharti Airtel shares?

Earlier this week, international brokerage Nomura named Bharti Airtel its top telecom pick and raised its target price to Rs 2,355 per share, saying the implied valuation discount compared with Reliance Industries' Jio Platforms was unwarranted.

Calling Bharti Airtel an "ARPU compounder with multiple optionalities", Nomura said it is one of India's premium telecom companies and a structural beneficiary of a consolidated three-player market. "With the 5G rollout largely complete and capex intensity past its peak, we believe the resulting strong FCF generation is driving a deleveraging cycle," it said.

Bharti Airtel Q4 snapshot

The telecom major reported a 34% year-on-year decline in consolidated net profit to Rs 7,325 crore for the March quarter.

It posted quarterly revenue of Rs 55,383 crore, reflecting a 16% year-on-year increase. Revenue growth during the quarter was supported by continued momentum in the India business and a strong performance from its Africa operations.

Revenue from India operations, including passive infrastructure services, rose 8% year-on-year to Rs 39,566 crore. The Africa business reported constant-currency growth of 1.1% quarter-on-quarter.

Read more: Bharti Airtel raises stake in Airtel Africa to 79 per cent in transaction worth Rs 28,000 cr

Consolidated EBITDA increased 17% year-on-year to Rs 32,038 crore, while the EBITDA margin improved by 60 basis points to 57.8%. India EBITDA stood at Rs 23,965 crore, with margins expanding to 60.6%.

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