Archive · 7 Jan 2026
Telcos project steady Q3 earnings growth
Three big phone companies in India are expected to have different results for the December quarter.
Bharti Airtel is expected to do the best with a 4.5% increase in revenue.
Reliance Jio is also expected to do well with a 3.3% increase, helped by more people using their services and better internet plans.
Vodafone Idea, however, is expected to have a flat or slightly better quarter because they are losing customers and having trouble keeping their revenue growing.
The good news is that overall, the average money each customer spends is expected to go up a little bit, which is good for all the companies.
Bharti Airtel is expected to post 4.5% sequential revenue growth in Q3FY26, driven by mobile broadband and home broadband segments.
Reliance Jio is projected to see 3.3% sequential revenue growth, supported by strong net subscriber additions and 5G adoption.
Vodafone Idea is expected to report a flat to 1% revenue growth, struggling with subscriber losses and revenue momentum.
Industry-wide Arpu growth is projected at 0.4–1.0% quarter-on-quarter, reflecting subscriber mix upgrades.
Reliance Jio's Arpu is expected to grow 0.4% to Rs 212.4, with strong subscriber additions in wireless and home broadband segments.
- Who
- Bharti Airtel, Reliance Jio, Vodafone Idea
- What
- Projected earnings growth for the December quarter
- When
- Q3FY26 (December quarter)
- Where
- India
- Why
- Driven by subscriber additions and incremental improvements in average revenue per user (Arpu)
- Bharti Airtel
- Expected 4.5% sequential revenue growth
- Reliance Jio
- Expected 3.3% sequential revenue growth
- Vodafone Idea
- Expected flat to 1% revenue growth
- Industry-wide Arpu growth
- 0.4–1.0% quarter-on-quarter
- Reliance Jio's Arpu
- Expected to grow 0.4% to Rs 212.4
- Bharti Airtel's Arpu
- Expected to increase to Rs 259
- Vodafone Idea's Arpu
- Expected to rise to Rs 169–170
- Reliance Jio's subscriber additions
- 8.4 million in Q3FY26
