Shareholders of Bharti Airtel Ltd. may receive more than double the dividend payout in the current financial year, compared to what they received last year, according to brokerage firm HSBC.

HSBC expects Bharti Airtel’s dividend to rise by 114% on a year-on-year basis to ₹17 per share in financial year 2025, as the Free Cash Flow outlook improves and cash flow needs increase at the promoter entity.

Bharti Airtel had reported a free cash flow of over ₹39,000 crore during the financial year 2024.

In the next three years, HSBC expects Bharti Airtel’s Dividend Per Share (DPS) to quadruple to ₹34 by financial year 2027, which are ahead of consensus estimates between financial year 2025-2027 by 28% to 45%.

The brokerage also said that the growth levers for Bharti Airtel remain intact, which include the rising mobile Average Revenue per User (ARPU), expanding home broadband subscribers and rising free cash flow.

HSBC has a “buy” recommendation on Bharti Airtel, with a price target of ₹1,940. The price target implies a potential upside of 22% from Tuesday’s closing levels.

Out of the 35 analysts who have coverage on Bharti Airtel, 29 of them have a “buy” rating on the stock, four of them say “hold”, while two others have a “sell” rating on the stock.

Shares of Bharti Airtel are currently trading 0.4% lower at ₹1,585. The stock has gained 51% in the last 12 months.