Airtel Africa tops NGX as N21.8tn valuation cements market lead
Airtel Africa has overtaken all listed companies on the Nigerian Exchange to become its most valuable stock, driven by a 156 percent year-to-date rally fueled by surging profits and a major ownership consolidation by parent Bharti Airtel.
Airtel Africa’s market capitalisation crossed N21.8 trillion on Monday, making the telecommunications group the largest listed company on the Nigerian Exchange. The milestone follows a sharp two-week rally that added approximately N3.8 trillion to its valuation, pushing the share price to a 52-week high of N5,801.40.
The stock broke through the N5,000 barrier on July 3 after the company disclosed its issued share capital stood at 3.645 billion ordinary shares as of June 30, 2026, including 6.13 million treasury shares. Since the start of the year, Airtel Africa’s share price has surged 156 percent from N2,270, representing one of the strongest performances on the local bourse. The recent price appreciation marks a notable shift from the company's traditionally thin trading volumes, with activity on Monday up 37 percent compared to the previous session.
This aggressive re-rating is directly underpinned by a dramatic improvement in the company’s bottom line. For the financial year ended March 2026, pretax profit more than doubled, rising 114.7 percent to $1.419 billion. Earnings per share grew 210 percent year-on-year to 18.60 cents, driven by strong revenue expansion and favourable foreign exchange movements across its operating markets. The board rewarded shareholders with a total dividend of 7.10 cents per share.
Beyond the financial metrics, investor confidence has been heavily bolstered by a major internal restructuring at the parent level. Bharti Airtel completed a cashless transfer of 595.2 million shares from Indian Continent Investment Limited, an off-market transaction executed on June 22 and disclosed late last month. The move increased Bharti Airtel’s direct ownership in the African unit from 62.31 percent to 79.04 percent.
Valued at roughly £2.177 billion, the transaction solidifies Bharti Airtel’s grip on the business as it positions itself to capture expanding demand for digital connectivity and mobile financial services across the continent. For the Nigerian equity market, Airtel’s ascent to the top spot signals a growing premium being placed on telecom operators capable of generating hard-currency earnings amid broader macroeconomic volatility.
