Archive · 20 Nov 2025
Jefferies Picks Bharti Airtel as Top Telecom Stock
A global brokerage firm, Jefferies, has named Bharti Airtel as its top pick in the Indian telecom sector.
This is due to Airtel's strong performance in Average Revenue Per User (ARPU) growth and margins.
The telecom sector as a whole has seen steady growth, with revenues reaching a new peak.
However, Vodafone Idea continues to face challenges, while tower company Indus Towers has shown positive surprises.
Telecom sector revenue up 11% YoY in Q2 FY26
Bharti Airtel leads in ARPU growth and margins
Reliance Jio leads net subscriber additions
Vodafone Idea struggles with network expansion and capex
Indus Towers surprises with strong results
- Who
- Jefferies, Bharti Airtel, Reliance Jio, Vodafone Idea, Indus Towers
- What
- Picked Bharti Airtel as top telecom stock
- When
- Q2 FY26 (July-September 2025)
- Where
- India
- Why
- Based on ARPU growth, margins, and sector trends
Telecom Operators' Performance
Telecom Sector Trends
ARPU Growth
Telecom Operators' Performance
Bharti Airtel led with strong ARPU growth
Telecom Sector Trends
Sector-wide ARPU growth driven by multiple income sources
Subscriber Additions
Telecom Operators' Performance
Reliance Jio led net subscriber additions
Telecom Sector Trends
Moderated new subscriber additions despite gross activations peak
Margins
Telecom Operators' Performance
Bharti Airtel delivered highest incremental margins
Telecom Sector Trends
Aggregate EBITDA margins expanded to 54.7% across top three operators
- Sector Growth
- 11% YoY revenue increase in Q2 FY26
- ARPU Growth Leader
- Bharti Airtel
- Net Subscriber Additions Leader
- Reliance Jio
- Struggling Operator
- Vodafone Idea
- Surprising Performance
- Indus Towers