Bharti Airtel surpasses TCS to become India’s third most valuable listed company
Published on 21/07/2025 02:35 PM
Bharti Airtel surpasses TCS to become India’s third most valuable listed companyBharti Airtel has overtaken Tata Consultancy Services to become India’s third-largest listed company by market capitalisation, marking a sharp rise in its shares amid bullish investor sentiment.By Yoosef K July 21, 2025, 2:35:21 PM IST (Published)2 Min ReadBharti Airtel has overtaken Tata Consultancy Services (TCS) to become India’s third-largest company by market capitalisation. The telecom giant’s shares rose by another 1% in Monday’s (21 July) trading, lifting its market value to ₹11.45 lakh crore — ₹2,220 crore more than TCS.
Reliance Industries remains the country’s most valuable firm with a market capitalisation of ₹19.3 lakh crore, followed by HDFC Bank at ₹15.3 lakh crore.
Including partly paid-up shares, Bharti Airtel’s market capitalisation has surged by nearly ₹2 lakh crore so far in 2025, reaching ₹11.5 lakh crore — the largest gain among Nifty50 companies after Reliance Industries, which has added about ₹3 lakh crore since January.
By contrast, TCS has suffered the sharpest erosion in market value, losing ₹3.4 lakh crore amid concerns over a weak US macroeconomic outlook and AI-related disruptions. Analysts expect large IT firms to face revenue pressures in the coming quarters, with mid-sized players likely to outperform.
Although this is not the first time Bharti Airtel has surpassed TCS in market capitalisation — the last instance was in October 2009 — it is the first time the company has secured third place among India’s most valuable firms. Notably, Bharti ranked 10th just three years ago.
Analysts have turned bullish on Bharti Airtel, citing easing competition and lower capital expenditure intensity. Jefferies, which holds a “Buy” rating with a 12-month target price of ₹2,370, views Airtel as a strong play on India’s consumption story, given its vast market and limited competition. The brokerage expects mid-teen revenue growth and sees scope for a valuation re-rating.
As of March 2025, Bharti Airtel had 609.44 crore outstanding shares, including 39.23 crore partly paid-up shares. The company’s share price has climbed 20.2% since January, while TCS shares have declined by 22% over the same period. In comparison, the benchmark Nifty50 has gained 6%.Continue Reading(Edited by : Vivek Dubey)Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsBharti AirtelIndian listed companiesmarket capitalisationStock marketTata Consultancy Services (TCS)