Jefferies cuts Bharti Airtel target price amid Jio IPO delays. The brokerage lowered its price target to Rs 2,250 from Rs 2,575, citing potential delays in Reliance Jio's IPO beyond first half of 2026 and rising macro risks. Regulatory delays in issuing final gazette notification for reduced minimum stake-sale requirements could push back anticipated tariff hikes, prompting Jefferies to assume only a single 15% sectoral tariff increase in December 2026. The brokerage also flagged concerns over Bharti's surprise entry into the NBFC business, which raises capital allocation questions despite earnings upgrades. Bharti plans to infuse Rs 14,000 crore into the lending venture, positioning it among top NBFCs. Jefferies cut its target EV/EBITDA multiple for India operations to 12x from 13x, resulting in 8-11% cuts to FY27-28 earnings estimates.
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