Bharti Airtel has overtaken HDFC Bank to become India’s second most valuable listed company by market capitalisation, underlining the sharp re-rating in telecom stocks and changing investor preferences on Dalal Street, according to an ET report.Bharti Airtel shares rose more than 2 per cent to Rs 1,943 on the BSE, pushing the company’s market capitalisation to around Rs 11.8 lakh crore. HDFC Bank, meanwhile, declined more than 2 per cent during the session, taking its market value to nearly Rs 11.7 lakh crore.Only Reliance Industries (RIL) now remains ahead, with a market capitalisation of around Rs 18 lakh crore.The shift reflects a broader divergence in performance over recent years. Over the past five years, Airtel shares have gained about 270 per cent, while HDFC Bank has delivered returns of around 49 per cent.The rest of India's top 10 companies by market capitalisation include ICICI Bank, SBI, TCS, Bajaj Finance, L&T, HUL and LIC.Brokerages continue to remain positive on Airtel's outlook, citing growth opportunities across multiple business segments.BofA Securities, with a target price of Rs 2,320, said: “We see Bharti witnessing good market share gains, healthy momentum in non-cellular business segments and an upside optionality from data center business.”“We expect Bharti's FCF to continue to inch up going ahead as competition is stable-to-declining and we don't foresee any material capex increase ahead,” it added.JP Morgan, which has a March 2027 target price of Rs 2,250, highlighted additional growth triggers beyond 5G monetisation, as quoted ET.“Growth in adjacencies, deleveraging and rising dividends should be the key catalysts for the stock,” the brokerage said.Goldman Sachs has also maintained a "Buy" rating, although it marginally reduced its 12-month target price to Rs 2,210 from Rs 2,250 following weakness in towers and DTH businesses.The brokerage increased its FY27-FY30 revenue estimates by 1-2 per cent after the company’s fourth-quarter earnings but reduced EBITDA estimates by up to 2 per cent.The valuation milestone comes after Airtel reported mixed fourth-quarter FY26 results. Consolidated revenue and EBITDA came in 1-3 per cent above estimates and market expectations.Africa emerged as a key growth driver with revenue increasing 41 per cent year-on-year, or 17 per cent in constant currency terms. India Home broadband revenue rose 9.5 per cent sequentially, while India mobile revenue increased 8 per cent year-on-year and 0.6 per cent quarter-on-quarter.The company also announced a dividend of Rs 24 per share for FY26, up from Rs 16 in FY25 and above consensus estimates of Rs 20 per share.Airtel further announced a share-swap arrangement under which it will acquire ICIL’s 16.31 per cent stake in Airtel Africa by issuing 146.7 million new shares, resulting in approximately 2.4 per cent dilution.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)