Renowned Indian investor Raamdeo Agrawal recently recounted one of his most successful investments: a 2003 bet on Bharti Airtel that transformed modest beginnings into substantial wealth. Starting with shares accumulated in the Rs 19-30 range, Agrawal eventually exited his position at approximately Rs 650, translating into a roughly 25-fold return over two decades.
The Vision Behind Bharti Airtel
Speaking at the Groww India Investor Festival 2026, Agrawal revealed the conviction that drove his initial investment. In 2003, India's telecommunications landscape was nascent, with only about 50 million fixed-line phones serving a population exceeding one billion. Agrawal, after studying network business economics and consulting with Sunil Bharti Mittal, foresaw a massive mobile revolution.
Despite Bharti Airtel's market capitalization being around Rs 5,000 crore at the time, Agrawal projected the company could generate Rs 27,000–28,000 crore in profits over the subsequent five years. He noted that he often felt isolated in his optimistic view.
Patience and Conviction Yield Returns
Agrawal admitted that he faced peer pressure and sold some shares prematurely. However, he maintained a significant portion of his holding, emphasizing the importance of staying true to one's conviction. His investment philosophy for identifying outsized winners hinges on three core principles: vision, courage, and patience.
“Whenever you are hitting a big one, you are mostly alone,” Agrawal stated. “You need conviction to stay with it.”
He highlighted a crucial aspect of long-term investing: the power of compounding. Agrawal explained that in stocks delivering 100 times returns over two decades, a disproportionate amount of wealth creation often occurs in the final few years. “You sit through 19 years because most of the compounding comes in the 19th and 20th year,” he remarked.
Drawing Parallels to Quick Commerce
Today, Raamdeo Agrawal sees parallels between India’s burgeoning quick commerce (QC) industry and the early days of telecom in 2003. While QC companies are currently in a heavy cash-burn phase, he believes their underlying network effects could foster very large businesses. He described this as a “Bharti moment,” referencing the immense potential scale of India’s quick commerce sector. Agrawal even cited global retail executives, including Walmart leadership, who view India’s quick commerce ecosystem as a preview of retail's future.