Bharti Airtel Rises On Upbeat Q1 But SEBI RA Sees Technical Weakness, Potential 20% Downside Ahead

Indian and African operations drove positive Q1 performance, ARPU increased to ₹250 from ₹211 last year

Shares of Bharti Airtel rose over 1% in early trade on Wednesday, after the telecom operator reported robust Q1FY26 earnings, driven by a strong domestic performance and a rebound in its African operations.

At the time of writing, Airtel shares were up 1.51% at ₹1,959.

Airtel’s mobile services revenue from Indian operations grew 21.6% while African operations revenue grew more than 25%, it said in a press release on Tuesday.

Mobile average revenue per user (ARPU) increased to ₹250 compared to ₹211 last year. ARPU is a key metric for telcos.

Technical Outlook

While Bharti Airtel reported a stable Q1FY26 performance, its technical chart paints a more cautious picture, said SEBI-registered analyst Rajneesh Sharma.

On the weekly timeframe, bearish divergences are emerging, with the Relative Strength Index (RSI) making lower highs despite rising prices, and the Chaikin Money Flow (CMF) falling, indicating weakening momentum and possible smart money exit, Sharma added.

The presence of long upper wicks near key resistance zones further suggests profit booking. Unless the stock decisively breaks above ₹2,000 - ₹2,046 with strong volume, downside risks toward ₹1,805 or even ₹1,555 remain, the analyst warned, cautioning against fresh longs.

Retail chatter on Stocktwits increased, but sentiment turned ‘bearish’ from ‘neutral’. 

Year-to-date, the stock has gained 21.1% in value.

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