Telecom – Jul-Sep’26 Earnings Preview – ARPU and subscriber growth remains resilient
Published on 08 Oct 2026
We expect Revenue and EBITDA of the telecom companies in our coverage (Jio [not rated] and BHARTI) to increase by 2.7% and 2.9% QoQ to INR952.9bn and INR535.4bn, respectively, supported by healthy subscriber additions and a gradual improvement in ARPU. Further ARPU growth is expected through higher-value offerings and new services, to enhance customer value and support premium monetization. We remain positive on the sector, supported by healthy subscriber additions and an improving ARPU trajectory. Anticipated tariff hikes are expected to provide further support to earnings, while the upcoming JPL IPO remains a key monitorable.
