Airtel Surpasses TCS to Become Third-Most Valuable Company in India

Bharti Airtel has surpassed Tata Consultancy Services to become India's third-most-valuable company, with a market capitalization of ₹11.45 trillion. Airtel's gains are attributed to subscriber premiumization, a decrease in capital expenditure intensity, and expected higher free cash flows in the future. Reliance Industries and HDFC Bank hold the top positions with market capitalizations of ₹19.3 trillion and ₹15.34 trillion, respectively.

Bharti Airtel has surpassed Tata Consultancy Services (TCS) to become India's third-most valuable listed company by market capitalization, according to data from July 21, 2025. The telecom giant's market capitalization stands at ₹11.45 lakh crore, an increase of ₹2.22 lakh crore over TCS [1].

The surge in Airtel's market value can be attributed to several factors. Firstly, the company has seen significant growth in subscriber premiumization, which has driven revenue and market share. Secondly, a decrease in capital expenditure intensity has helped to bolster the company's financial profile. Lastly, analysts anticipate higher free cash flows in the future, which could further enhance Airtel's valuation [1].

Despite the recent gains, Airtel's stock experienced a modest decline of 1.5% on July 18, 2025, closing at ₹1901.0. This decline can be partially attributed to broader market pressures and concerns over a weak US macroeconomic outlook [2]. However, brokerages remain bullish on Airtel, with Jefferies holding a "Buy" rating and a one-year target price of ₹2,370, citing easing competition and a lower capital expenditure intensity [1].

The future outlook for Airtel appears promising, with analysts expecting mid-sized players to outperform large IT firms due to revenue pressures and AI-related disruptions. Additionally, the company's strategic partnership with Perplexity AI, which has surpassed ChatGPT to become the top free app on Apple's App Store, could further enhance Airtel's market position [2].

In summary, Bharti Airtel's rise to the third-most valuable position in India reflects its strong financial performance and strategic initiatives. While the stock experienced a temporary decline, the long-term prospects for the company remain positive, supported by a favorable market outlook and strategic partnerships.

References:

[1] Roy, Dwaipayan. "Bharti Airtel overtakes TCS to become India's 3rd most valuable firm." Newsbytesapp.com. July 21, 2025. [https://www.newsbytesapp.com/news/business/bharti-airtel-overtakes-tcs-to-become-india-s-3rd-most-valuable-firm/story](https://www.newsbytesapp.com/news/business/bharti-airtel-overtakes-tcs-to-become-india-s-3rd-most-valuable-firm/story)

[2] "Bharti Airtel share price live updates." Economictimes.indiatimes.com. July 18, 2025. [https://economictimes.indiatimes.com/markets/stocks/stock-liveblog/bharti-airtel-share-price-today-live-updates-18-jul-2025/liveblog/122715760.cms?from=mdr](https://economictimes.indiatimes.com/markets/stocks/stock-liveblog/bharti-airtel-share-price-today-live-updates-18-jul-2025/liveblog/122715760.cms?from=mdr)