Bharti Airtel is set to continue its growth trajectory, driven by tariff hikes, increasing mobile data penetration and a 5G subscriber base. Airtel has also strengthened its position, increasing its revenue market share to 36 percent, according to a CLSA report dated March 5, 2025. The telecom company remains focused on expanding data usage among its 342 million mobile subscribers in India, with 70 percent already using mobile data. Airtel is rolling out 5G services targeting to cover all of urban India and key rural markets, the report said.
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5G Rollout and Enterprise Services
"5G will also boost Bharti's enterprise offerings, and 5G fixed wireless access (FWA) is an opportunity. Bharti's 5G mobile rollout targeting top-end subscribers, enterprise, home broadband/5G FWA and convergence services ramp-up should further enhance growth," the report added, stating that tariff hikes are a key catalyst for the stock.
Airtel Finance's Partnership with Bajaj Finance
Bharti Airtel's financial services platform, Airtel Finance, which is expanding its offerings, has already served 1 million customers, disbursing Rs 46 billion across various financial products. However, this remains a fraction of Bharti Airtel's 370 million subscribers, presenting a vast growth opportunity, the report said. It also noted that Airtel's mega partnership with Bajaj Finance, India's top NBFC, is expected to accelerate growth.
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A co-branded Insta EMI card has gone live on the Airtel Thanks app as part of Airtel Finance's recent partnership with Bajaj Finance. "Gold, business and personal loans will be next and Airtel Finance's prospects are high as 200 million Bharti subscribers do not overlap with Bajaj Finance," the report highlighted.
Digital Lending and New Financial Products
Currently, Airtel Finance offers personal loans, gold loans, fixed deposits, and co-branded credit cards via the Airtel Thanks app. With a 100 percent digital onboarding process, instant KYC, and minimal documentation, the platform is accessible to both Airtel and non-Airtel users. Bharti aims to launch around 10 financial products this year, reinforcing its vision to make Airtel Finance a one-stop financial hub. Currently, gold, business and personal loans are in the pilot stage and will be live soon.
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Leveraging Distribution Networks
According to the report, Airtel Finance sees immense opportunity, especially with 200 million Bharti subscribers who do not overlap with Bajaj Finance. The company can leverage both digital and physical channels to scale up, including Bharti's 1.2 million retail touchpoints and Bajaj Finance's 70,000 field agents.
