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Informist, Friday, Mar. 27, 2026

MUMBAI – Shares of telecommunication companies are likely to mirror the direction of the broader market next week, analysts said. Additionally, major news towards the end of the week related to Bharti Airtel is likely to attract more investor participation next week, directing the movement of its share price. However, analysts also believe the telecom sector is a relatively insulated sector from various geopolitical uncertainties and its repercussions on equities.

After Vodafone Idea, Bharti Airtel submitted a representation on the relief for adjusted gross revenue dues, CNBC-TV18 cited the Department of Telecommunications as clarifying in reply to a question in Parliament. The Supreme Court order of October permitted reconsideration of AGR dues of Vodafone Idea and the order was passed only with regard to Vodafone Idea, the report said.

Hence, the restructuring of Vodafone Idea's AGR dues is in compliance with the Supreme Court's orders and Union Telecom Minister Jyotiraditya Scindia had also previously stated that Bharti Airtel would have to secure a similar order from the Supreme Court for AGR relief, it said.

Looking at the growth in average revenue per user, the Street has reduced ARPU estimates since August for Bharti Airtel and Bharti Hexacom for 2027-28 (Apr-Mar), according to a research report by Emkay Global Financial Services. However, Bharti Airtel stock fared marginally better than the Nifty 50 and the Street upgraded its consolidated earnings before interest, tax, depreciation, and amortisation estimate for FY28, entirely on the upgrade in the EBITDA estimate of the company's Africa business, the report said.

Excluding the Africa business and Indus Towers, Bharti Airtel's EBITDA estimate was cut by 1.4%, Emkay said. The company's stock has performed in line with the Street's estimate, after significant outperformance for the past five years, largely due to the strong performance of its Africa business and Indus Towers, the brokerage said.

Going ahead, taking the upgrade in estimates for the company's Africa business in the base case, continued disappointments on the growth in ARPU may lead to a downward revision of the consolidated EBITDA estimate, hurting the stock price. Emkay has maintained its 'reduce' rating in Bharti Airtel and Bharti Hexacom stock. It has retained its 'buy' rating on Indus Towers on the back of improving business fundamentals and attractive valuations.

The BSE Telecommunication index settled 1.4% lower at 2792.82 points Friday, falling 2.2% on a weekly basis. 

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Following are the resistance and support levels for key telecom stocks for next week as per calculations based on their prices on the National Stock Exchange:

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Reported by Simran Rede

Edited by Deepshikha Bhardwaj 

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