BHARTI AIRTEL (FRANCE) SAS : revenue, balance sheet and financial ratios

In 2025, BHARTI AIRTEL (FRANCE) SAS achieves revenue of 38.7 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +17.2%. Significant drop of -13% vs 2024. After deducting consumption (0 €), gross margin stands at 38.7 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 5.7% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -61%, reducing margin by 7.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.2 M€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 51%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Cash flow represents 5.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 236.61. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 0.5x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 275 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. The gap of 190 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 173 days of revenue, i.e. 18.6 M€ to permanently finance. Over 2017-2025, WCR increased by +1369%, requiring additional financing.

Based on 101 transactions of similar company sales (all years), the value of BHARTI AIRTEL (FRANCE) SAS is estimated at 2 330 550 € (range 1 143 536€ - 11 320 585€). With an EBITDA of 2 196 935€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.13x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.