Network to Net Worth: Bharti Airtel Calls Shot as India’s No. 3 Valued Giant

Key highlights

 

Bharti Airtel has surged past Tata Consultancy Services (TCS) to become India’s third-most-valuable listed company by market capitalization, marking a new chapter in the nation’s stock market hierarchy. Airtel’s valuation leap is underpinned by robust market sentiment, strategic industry dynamics, and a strong run in the stock market in 2025.

 

Market Cap Milestone and Stock Performance

 

As of July 21, 2025, Bharti Airtel’s market capitalization hit ₹11.45 lakh crore, outpacing TCS by ₹2,220 crore. This is the result of a 1% uptick in share price and a year-to-date gain of nearly ₹2 lakh crore—making Airtel the second-largest gainer on the Nifty50 in 2025, behind only Reliance Industries.

 

In contrast, TCS has faced a sharp erosion, losing ₹3.4 lakh crore so far this year due to concerns over the slowing US economy and disruptive advances in generative AI technologies pressuring large IT firms’ revenue outlooks.

 

Airtel’s share price has jumped 20.2% since January 2025, while TCS shares have dropped by 22%. The Nifty50 index gained 6% in the same period.

 

Investor Optimism and Business Resilience

 

Analysts are bullish on Airtel, citing easing competition in telecom, lower capital expenditure intensity, and India’s strong consumption-driven growth. Brokerage Jefferies maintains a “Buy” rating, projecting mid-teen revenue growth and a target price of ₹2,370.

 

Factors such as increasing average revenue per user, impending tariff hikes, and limited competition support Airtel’s strong outlook.

 

Just three years ago, Airtel was only the tenth-largest listed company in India. This marks its first time securing the third spot, a significant achievement since first overtaking TCS momentarily in October 2009.

 

Changing Market Landscape

 

Airtel’s rise is indicative of changing trends, with consumer-driven and telecom stocks challenging the traditional dominance of IT majors. Reliance Industries and HDFC Bank remain the first and second most valuable firms at ₹19.3 lakh crore and ₹15.3 lakh crore, respectively.

 

This reshuffling underscores Bharti Airtel’s growing influence as a leader in India’s digital and connectivity revolution—reflecting business agility, investor confidence, and a shifting economic narrative.

 

Sources: ThinkWithNiche, CNBC TV18