Bharti Airtel Overtakes Jio Platforms as India Second Most Valuable Firm
Bharti Airtel has reclaimed its position as India's second most valuable listed company by market capitalization, overtaking Reliance Industries-backed Jio Platforms following a post-earnings share price rally. In New Delhi trading on Friday, shares of Bharti Airtel advanced 1.66% to close at Rs 2,096.25 on the BSE, pushing the telecommunications major's market capitalization to Rs 13.08 lakh crore. In contrast, shares of newly listed rival Jio Platforms retreated 0.90% to finish at Rs 1,405.75, lowering its overall equity valuation to approximately Rs 12.94 lakh crore. Reliance Industries continues to hold the premier position as India's most valuable corporate entity, commanding a market valuation of approximately Rs 17.84 lakh crore.
Second-Quarter Earnings Outperformance and ARPU Expansion
Airtel's stock resurgence followed robust financial results for the second quarter of FY27, reporting a 31% increase in consolidated net profit to Rs 8,887.5 crore compared with Rs 6,791.6 crore in the year-ago period. Consolidated revenue rose 16.7% year-on-year to Rs 60,878 crore, outpacing Jio Platforms' revenue tally of Rs 40,475 crore. Airtel's average revenue per user (ARPU), an important financial indicator for mobile network operators, increased to Rs 271 from Rs 256 a year earlier, reflecting enhanced customer realizations following tariff revisions. Operational performance remained resilient, with earnings before interest, taxes, depreciation, and amortization (EBITDA) rising 17.8% year-on-year to Rs 35,240 crore.
Operational Comparison Between Bharti Airtel and Jio Platforms
A comparison of the domestic telecom duopoly shows contrasting operational profiles between the two market leaders. While Airtel leads in quarterly gross revenues and commands a substantially higher monthly ARPU of Rs 271 versus Jio's Rs 218.8, Jio maintains a larger wireless customer base of 54.2 crore compared to Airtel's 49.8 crore. Jio also preserves an advantage in fixed-line broadband with 3 crore wireline subscribers, nearly double Airtel's 1.53 crore connections. Furthermore, Airtel carries a consolidated net debt burden of Rs 1.67 lakh crore, compared with Jio's net debt standing of Rs 8,822 crore.
Broader Market Indices and Analyst Recommendations
The corporate valuation reshuffle occurred against a backdrop of domestic equity momentum, where benchmark indices advanced for a seventh consecutive trading session. The BSE Sensex surged 1,718 points to settle at 81,028, while the Nifty 50 advanced to close at 25,030, even as market volatility measured by India VIX rose 13% toward the 18 mark. Citi Research maintained a Buy recommendation on Bharti Airtel shares with a target price of Rs 2,230, noting that healthy operational margins and rising data consumption support future ARPU expansion. Bharti Airtel restored its Rs 299 entry-level plan valid for 28 days with reduced data benefits of 1 GB data per day, according to Rediff Money. Gopal Vittal disclosed that capital allocation on wireless networks has moderated to between 500 and 600 sites installed in Q2 FY27, according to Rediff Money. BSE trading data recorded Bharti Airtel's full market capitalization at Rs 13,08,165.03 crore on November 6, 2026.