Subscriber growth, ARPU uplift, and digital infra investments mark a defining quarter in Indian telecom.
India’s telecom industry has entered a new era defined by execution and long-term strategy, not price wars. The past quarter marks a pivotal shift: 5G wireless technology adoption is scaling, Fixed Wireless Access (FWA, a method of delivering internet using wireless networks rather than cables) is accelerating, and ARPU (Average Revenue Per User) growth is stabilising revenue. Telcos are now architecting India’s digital future. A quick round-up of the major players and their performance
Bharti Airtel: Quiet Execution, Visible Results
Bharti Airtel sets the standard for quality growth. The telco added 1.2 million wireless users, and more importantly, 3.9 million smartphone and 0.7 million postpaid customers. These are upgrades, reflecting a base climbing the value chain.
Airtel’s ARPU rose to ₹250/month, the highest in the industry, driven by premium plans and digital bundles. On broadband, Airtel logged record net additions at 0.94 million, with 0.54 million from FWA. As its 5G user base hits 152 million, Airtel’s infrastructure now spans over 2,500 cities, ranking among the largest 5G deployments in India.
Reliance Jio: Mass-Scale and Market Shaping
If Airtel leads in quality, Reliance Jio excels in volume and speed. Jio added 9.9 million subscribers, reaching a base of 498.1 million. Despite its scale, Jio’s ARPU rose to ₹209/month, supported by higher-end subscriber growth and FWA expansion.
With 213 million 5G subscribers, Jio remains ahead in rollouts. Notably, Jio surpassed 20 million home broadband connections, adding 2.6 million this quarter. JioAirFiber serves 7.4 million homes, holding an estimated 80%+ FWA market share. Jio is redefining last-mile connectivity at scale.
Vodafone Idea: Early Signals of a Measured Comeback
Vodafone Idea (VIL) continues its slow recovery. VIL lost 0.5 million subscribers but added 1 million 4G users, expanding its 4G/5G base to 127.4 million. ARPU rose to ₹165/month on a stronger user mix. After its FPO, VIL is deploying more capex. Its 5G rollout now covers Mumbai, Delhi, Chandigarh, and Patna, targeting 17 circles by August 2025. With continued 4G densification, VIL can stabilise churn and build operational strength.
Indus Towers: The Infrastructure Engine Behind India’s Digital Ambitions
As India’s largest passive infrastructure provider, Indus Towers delivered a quarter of stability and steady growth. It added 2,468 towers and 5,777 co-locations, raising its footprint to 251,800 towers and 411,200 co-locations.
The tenancy ratio stayed strong at 1.63, with high co-location demand and new IBS deployments. Indus advanced sustainability by adding 2,250 solarised sites, bringing its total green infrastructure to 32,000. Receivables from VIL improved, reflecting Vodafone’s renewed network investment.
Tata Communications: Margin-Focused Digital Play
Tata Communications posted ₹59.6 billion in revenue, up 5.8% YoY but flat sequentially. Weakness in SAARC and the exit from a legacy contract hit revenue, but its digital portfolio grew 17.4% YoY.
Growth in cloud, cybersecurity, and advanced connectivity drove several digital segments to achieve over 25% annual growth. EBITDA improved to 19.1%, as digital losses narrowed. Net debt rose to ₹101.2 billion due to working capital, but the order book and pipeline remain strong, indicating continued digital-led growth.
CMR’s View: From Network Builders to Experience Enablers At CyberMedia Research, we view the current times as a reset moment for Indian telecom. The three pillars of future growth—5G monetisation, broadband convergence, and premium user acquisition—are now visibly taking shape. Bharti Airtel leads in ARPU and convergence. Reliance Jio excels in coverage and FWA. Vodafone Idea is executing a return. Behind the scenes, Indus Towers and Tata Communications keep infrastructure and enterprise digital strong. India’s telcos aren’t just building networks anymore—they’re designing digital economies.
