"Despite 3x net-debt to EBITDA, Bharti's balance sheet was well funded, considering rising EBITDA due to market share gains and FCF (free Cash flow) generation. Reliance Jio's (RJio's) stronger balance sheet, impending 5G spectrum auction and related capex may have prompted Bharti to raise funds and we see it positively," Edelweiss said in its report.