India’s telecom sector is bracing for another round of earnings announcements, and the race is heating up. Analysts predict a mixed bag of results, with Reliance Jio potentially leading the charge in overall revenue growth, fueled by impressive additions in its fixed-wireless access (FWA) segment. This impressive growth trajectory, however, might not translate to the highest average revenue per user (ARPU).
Bharti Airtel, while possibly lagging behind Jio in total revenue growth, is expected to maintain its position at the top in terms of ARPU. This suggests Airtel is successfully extracting more value from its existing subscriber base.
Meanwhile, Vodafone Idea (Vi) is aiming for stability. Industry projections suggest that Vi will finally see a plateau in its subscriber loss, thanks to improved network infrastructure and strategic 5G expansion efforts. However, they are still playing catch-up in the 5G race compared to their larger competitors.
Looking ahead, the industry anticipates a potential increase in tariffs around 2026, a move that could significantly impact the financial performance of all three major players and reshape the competitive landscape. This potential tariff hike will be something to watch closely.
