Nirmal Bang Securities has recommended a 'Buy' rating for Bharti Airtel, citing strong ARPU, subscriber growth, and 4G/5G conversions. The brokerage set a target price of ₹2,525 per share, suggesting a 20% upside. They highlighted Bharti Airtel's dominant market share, industry-leading ARPU, and strategic investments in digital services and data centers as key growth drivers for future profitability.