Bharti Airtel becomes India's third most valuable company

Bharti Airtel has successfully secured its position as India’s third most valuable listed company by market capitalisation. The company’s market value reached Rs. 11.44 lakh crore. It has moved past Tata Consultancy Services (TCS) by over Rs. 2000 crore, on 21 July 2025, while Reliance Industries still continues to hold the top position as the country’s most valuable company, with HDFC Bank following as the second.

Bharti Airtel’s rise reflects a positive investor outlook, driven by an improved operating environment within the Indian telecom sector. The company also reported strong financial results for fiscal year 2025. Its consolidated revenue grew by 16% to Rs. 174,559 crore, and its EBITDA increased by 21% to Rs. 94,733 crore.

Airtel has strengthened its position in the domestic mobile segment, increasing its revenue market share. As of 31 May 2025, the company maintained a wireless subscriber base of 30.215 crore, contributing to its stronger profitability. Furthermore, Bharti Airtel’s financial risk profile improved due to a decrease in its net leverage ratio. The company made voluntary prepayments of high-cost spectrum liabilities. Airtel continues to invest in its network infrastructure, adding new mobile network sites and expanding its fibre optic footprint, including ongoing investments in 5G services. These factors collectively supported Airtel's ascendancy in market valuation.

Conversely, TCS, which used to hold the position earlier, is navigating through a challenging period, observing a significant erosion of its market value, approximately Rs 3.40 lakh crore in 2025 alone. This is not the first time Bharti Airtel has surpassed TCS in market capitalisation, with a prior instance recorded in October 2009. However, this occasion marks the first time Airtel has secured the third position in India’s overall market capitalisation rankings, which is a significant jump from its tenth position just three years ago.