Rationale

 The rating reaffirmation factors in Bharti Enterprises (Holding) Private Limited’s (BEHPL) status as a majority shareholder of Bharti Telecom Limited {BTL; rated [ICRA] A1+) — the holding company of Bharti Airtel Limited (BAL) — a leading player in the Indian telecommunication industry. The company enjoys financial flexibility on account of its economic interest of 20.46% in BAL (market value of ~Rs. 239,000 crore as on February 18, 2026) and zero external borrowings. BEHPL’s current debt profile continues to be characterised largely by intra-group borrowings. The external debt at BTL’s level stood at Rs. 39,975 crore as on February, 2026 against which the market value of its investments stood at ~Rs. 474,500 crore. While the absolute debt levels have increased materially at BTL’s level to fund the stake purchases in BAL, the buffer against the market value of the investment remains healthy. The rating also factors in the significant concentration of the investment portfolio in a listed company (although held indirectly) — BAL — with the balance towards the Group’s insurance business, among others. With modest operating cash flows, the company remains dependent on intra-Group advances or promoter loans/equity and dividends to meet its funding requirements.