In it's May 04, 2009 research report :

"In the current environment which is growing increasingly competitive, Bharti’sstrong cash reserves, leading market share and diversified business model will give it a strategic advantage over peers. While the results of Q4FY09 clearly indicate a plateau in terms of profitability from the mobile business, the company’s dominant volume growth, visibility of earnings and diversified business model justify its premium P/E rating compared to peers. However, the lack of short-term growth catalysts from these levels, lead us to downgrade Bharti from a BUY to a HOLD and reduce our price target to Rs 850.