Telecom earnings preview: Jio could lead in income development; Airtel prone to high ARPU quantity, Vi steadies consumer base
Reliance Jio could have outpaced Bharti Airtel in each total income and per-user income development within the June quarter, aided by robust additions in its high-paying mounted wi-fi entry (FWA) residence broadband phase, analysts stated forward of the telecom sector’s first-quarter earnings.Market chief Jio is anticipated to report a 1.8% sequential soar in common income per consumer (ARPU) to Rs 210, pushed by the addition of two million FWA customers—a part of a probable web addition of seven.2 million subscribers, based on JM Monetary. Airtel whereas prone to clock the next ARPU at Rs 249, may even see a decrease sequential development charge of 1.6%, the brokerage added, based on an ET report.Vodafone Thought (Vi), in the meantime, is projected to report an ARPU of Rs 167, up 1.6% from the earlier quarter, buoyed by subscriber upgrades, improved consumer combine, and one further day within the June quarter. Crucially, Vi can also be anticipated to take care of its consumer base for the primary time in current reminiscence, aided by an increasing 4G footprint and wider rollout of providers.
Income outlook diverges on community and technique
Jio’s robust subscriber additions are set to translate right into a 2.7% quarter-on-quarter rise in income to Rs 31,200 crore, JM Monetary estimated. Nonetheless, its standalone web revenue could keep flat at Rs 6,640 crore, because of the full-quarter affect of upper depreciation and amortisation following 5G spectrum capitalisation and stuck asset additions within the March quarter.
Telecom monetary snapshot: Q1 FY26 estimates (In comparison with Jan–Mar ’25)
| Metric | Reliance Jio | QoQ Development (%) | Bharti Airtel | QoQ Development (%) | Vodafone Thought | QoQ Development (%) |
|---|---|---|---|---|---|---|
| Income (₹ crore) | 31,171 | 2.7% | 27,305 | 2.6% | 11,136 | 1.1% |
| Web Revenue (₹ crore) | 6,645 | Flat | 7,690 | 47.0% | 7,145 | – |
| Subscribers (million) | 495 | 1.5% | 364 | 0.6% | 197 | -0.5% |
| ARPU (₹) | 209.9 | 1.8% | 249.0 | 1.6% | 167.0 | 1.6% |
Supply: JM Monetary, BofA Securities, as reported ET.Airtel’s wi-fi service revenues are forecast to develop 2.6% to Rs 27,305 crore, whereas its consolidated web revenue might soar 47% sequentially to Rs 7,690 crore, on the again of sturdy cell broadband development. JM Monetary expects Airtel so as to add 5.5 million cell broadband customers in Q1—down from 6.6 million in This fall FY25—whereas its whole subscriber addition is pegged at 2.3 million, the report stated.In line with BofA Securities, Airtel’s enterprise revenues could stay underneath stress on account of its exit from low-margin commodity wholesale voice providers.For Vodafone Thought, JM Monetary expects a modest 1.1% sequential rise in income to Rs 11,100 crore, with web loss narrowing barely to Rs 7,145 crore. Analysts say Vi’s stabilising consumer base—after years of decline—is a results of its enhancing community and up to date 5G enlargement.“We think about this pattern to maintain going forward, given a greater community now,” BofA famous in a report.
Tariff hike already priced in
The affect of the current tariff hikes by telcos has already performed out, and analysts now anticipate the following spherical of value will increase solely by subsequent 12 months. “We anticipate telcos to boost tariffs by round 12% in 2026,” BofA Securities stated.Vi not too long ago launched part two of its 5G rollout throughout 23 cities, aiming to cowl all 17 of its precedence circles. Nonetheless, the telco nonetheless lags almost 2.5 years behind Jio and Airtel within the 5G race, having misplaced important market share because the rollout started.
