Moody's ups Bharti Airtel rtg to Baa2 on better credit profile, mkt shr gain
This story was originally published at 21:09 IST on 4 November 2025
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MUMBAI – Moody's Ratings upgraded Bharti Airtel Ltd.'s issuer rating to 'Baa2' from 'Baa3' and changed its outlook on the company to stable from positive. The rating agency upgraded its rating after the company improved its credit profile and gained market share.
"The rating upgrade reflects a significant improvement in Bharti's financial profile and its steadily increasing market share, supported by structural changes in India's fast-growing mobile sector. Moderating competition and our expectations of a relatively supportive regulatory environment also contribute to the upgrade," the ratings agency said in a press release.
The company has reduced leverage over the past year, with Moody's expecting consolidated adjusted debt to improve to 1.8 times earnings before interest, tax, depreciation, and amortisation for 2025-26 (Apr-Mar), from 2.3 times in FY25. It expects the company's debt-to-EBITDA ratio to further come down to 1.5 times by the end of FY27. "... the prepayment of higher cost deferred spectrum liabilities from cash surpluses has accelerated its deleveraging targets," the release said.
During the September quarter, Bharti Airtel reported a consolidated net profit of INR 67.92 billion on a revenue of INR 521.45 billion. Tuesday, the company's shares closed 1.9% higher at INR 2,113.30 on the National Stock Exchange. End
Reported by Anshul Choudhary
Edited by Saji George Titus
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