2 great ASX 200 blue-chip shares I’d buy right now

In times of uncertainty, S&P/ASX 200 Index (ASX: XJO) blue-chip shares could be a strong choice for reliability.

I’d want to look at businesses that offer products and services customers consider essential. Additionally, it seems inflation may pick up in the near term, so it may be useful to look at businesses that protect profitability during this period.

I’m going to highlight Australia’s leading telecommunications business and a major retailer because of the defensive earnings they can provide. Let’s get into it.

Telstra Group Ltd (ASX: TLS)

Telstra offers the largest network coverage, has the most subscribers and the most valuable spectrum assets.

These advantages have enabled the business to invest more in its network compared to its competitors, thereby maintaining its economic moat.

The ASX 200 blue-chip shares’ market position has given it confidence to regularly increase prices over the last few years, which is a strong tailwind for average revenue per user (ARPU) and profit margins.

If elevated inflation does persist, I expect the ASX 200 blue-chip share will continue to raise prices. Its perception of having a superior network is likely to help it retain most of its customer base and benefit from the higher mobile prices.

I’m expecting Telstra’s bottom line to continue improving for the foreseeable future, due to how essential an internet connection is to households and businesses.

As a bonus, the business is regularly increasing its dividend for investors. According to the Commsec projection, the Telstra share price is valued at 27x FY26’s estimated earnings, with a possible grossed-up dividend yield of 5.6%, including franking credits, at the time of writing.

Wesfarmers Ltd (ASX: WES)

Wesfarmers is the other high-quality ASX 200 blue-chip share I strongly believe has a compelling future in the years ahead.

As the owner of Bunnings and Kmart, Wesfarmers looks like it’s well-positioned to be one of the most important businesses in helping households access good-value products.

I’m regularly impressed by the financial metrics the business achieves. In the FY26 half-year result, Bunnings Group reported a return on capital (ROC) of 70.8%, and Kmart Group achieved a ROC of 69.8%.

Those ROC figures show how profitably Wesfarmers’ money has been put to work in these two businesses. I think it bodes well for future profit growth if they can continue to earn returns of that sort.

I also want to point out that the business achieved a return on equity (ROE) of 32.7% in the first half of FY26, which I think is very impressive for a business like Wesfarmers.

I like the ASX 200 blue chip shares’ initiative to expand into new areas to unlock further earnings growth. Ideas such as lithium mining, healthcare, and Anko’s expansion in the Philippines each have a large growth runway and offer something quite different to Wesfarmers’ earnings base.

In my view, earnings diversification and adjusting its business portfolio over time are among the best things that have helped future-proof the business. I also include WesCEF and Officeworks as useful profit contributors in the overall picture.

In 10 years, Wesfarmers’ business could change noticeably, but I think that will help strengthen the business through management’s long-term focus.

According to Commsec’s projections, the Wesfarmers share price is valued at 29x FY26’s estimated earnings, with a potential grossed-up dividend yield of 4.1% (including franking credits) at the time of writing.

The post 2 great ASX 200 blue-chip shares I’d buy right now appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.