Sometimes a FTSE 100 index The growth share pushes all the right buttons, without attracting investors' attention at all. I would say that this is the case with the telecom operator Airtel Africa (LSE: AAF). Its shares have been on a huge rise recently, rising 163% in the past year and 327% over five years.

However, it still does not seem to be a go-to growth name among investors. I can't preach. I didn't pay much attention to her myself. Is it too late to jump on board?

Airtel Africa shares are soaring

The rollercoaster of racing continues, with Airtel Africa's share price up 18% in the past week alone, the fastest growth on a blue-chip index. It has a huge market to target, with smartphone penetration still only around 45%. With luck, it should grow along with communication.

Q1 2025 results, published on July 25, showed the group's quarterly revenue jumped 22.4% to $1.4 billion. Data revenues rose 38.1%, while mobile financial services rose 30.3%, reflecting growing smartphone adoption and greater financial inclusion.

After-tax profits jumped from $31 million to $156 million, supported by currency gains in the Central African franc. Airtel Africa also rewarded shareholders through share buybacks, returning $16.9 million.

A customer base of 75.6 million data users and 46 million mobile money customers shows the scale of the opportunity. Its investment in 4G/5G networks, fiber and digital platforms could make it more than just a telecom operator, which could turn it into a broader service provider.

Risky FTSE 100 stock

However, the stock price has been volatile at times, and currency risk remains a concern. The Nigerian naira has had a bad decade, resulting in diminishing revenues when converted to sterling. But recently, there have been signs of recovery. Debt is another issue, having almost doubled to $6.19 billion in just over a year, as the group invests heavily in networks and digital services. This is a problem with telecom stocks, just look at it PT Group and Vodafone.

I see Airtel Africa as a company that should be treated with extreme caution today, despite the opportunity. It pays a price-to-earnings ratio of 60, which is more expensive than even a popular FTSE 100 stock. Rolls Royce. Any drop in profits or fluctuation in currencies can spook the market

Is it too late to jump in?

Consensus analyst forecasts put the one-year share price target just below 225p, about 18% below today's levels. Most of these forecasts will not reflect recent rapid growth. But it also highlights the risk when a stock races ahead of expectations.

Of the 12 analysts covering Airtel Africa, eight call it a 'strong buy', one says 'buy' and three say 'hold'. Nothing to recommend selling. This is a very strong endorsement.

I think it's worth considering for investors willing to take risks. But as I said, they have to be careful. There is a real chance of a pullback when stock prices rise this high. Maybe consider drip feeding funds? Expect volatility, be patient, and balance this growth opportunity with less volatile holdings. Airtel Africa has had a great run, but new investors are arriving late to the share price party.