There is no single “best” telecom stock. Jio currently combines the largest customer base in the cited FY2025–26 comparison, the highest ARPU and the lowest disclosed net leverage. Bharti Airtel offers comparable operating scale, broad spectrum holdings and a diversified group structure. Vodafone Idea (Vi) is a financially stressed turnaround investment: its upside depends on raising capital, funding network upgrades and stopping subscriber losses. Compare the three on the same period and business perimeter first; only then decide whether the share price compensates you for the risks.
Start with a like-for-like comparison
Telecom numbers become misleading when dates and perimeters are mixed. The Jio figures below come from a FY2025–26 Jio Platforms prospectus KPI table. Airtel is shown as the comparator in that same table. Vi’s subscriber and spectrum figures come from a 2025 company presentation and are not a substitute for its latest quarterly results. Refresh Vi’s filing, and all three companies’ latest disclosures, immediately before placing an order.
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- Jio Platforms: a digital-platform parent whose reported figures can include businesses beyond Indian mobile service.
- Bharti Airtel: a diversified group with Indian mobile, home broadband, enterprise and overseas operations; group results are not identical to India wireless results.
- Vodafone Idea: primarily an Indian telecom operator, with funding, spectrum dues and network investment central to the thesis.
Use India mobile KPIs for operating comparisons, then use consolidated statements for debt, cash and valuation. Label every number with its period, currency, unit and scope.
Comparable scorecard
| Metric | Jio Platforms / Reliance Jio | Bharti Airtel | Vodafone Idea (Vi) |
|---|---|---|---|
| Customers or subscribers | 524.4 million, FY2025–26 prospectus table | 488.2 million, FY2025–26 comparator in the same table | 197.7 million, Vi presentation comparator (2025) |
| ARPU | ₹214.0, FY2025–26 | ₹206.2, FY2025–26 comparator | Use Vi’s latest filing; the cited presentation does not provide a matching ARPU |
| Revenue from operations | ₹1,468,853 million, FY2025–26 | ₹1,282,184 million, FY2025–26 comparator | Use the latest Vi results; no same-period figure is established here |
| EBITDA margin | 51.91%, FY2025–26 | 50.05%, FY2025–26 comparator | Use the latest Vi results |
| Net leverage | 0.36x, FY2025–26 | 0.88x, FY2025–26 comparator | Recalculate from the latest filing, including spectrum and other obligations |
| Spectrum in the Vi presentation’s defined set | 1,920.8 MHz | 2,338.4 MHz | 1,812.8 MHz |
The table indicates a clear operating hierarchy in the cited period: Jio has the largest disclosed base, higher ARPU and lower net leverage; Airtel has slightly fewer customers but the largest spectrum holding in the defined comparison; Vi is materially smaller and cannot be assessed responsibly without current financing data.
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What the sector numbers say about demand
The Telecom Regulatory Authority of India’s annual report for the year ended 31 March 2026 describes a market still expanding in data intensity. It reports 1,092.79 million internet subscribers, ₹180.73 monthly wireless ARPU, 2,85,376 petabytes of wireless data usage, ₹2,39,874 crore of wireless-data revenue and ₹3,34,659 crore of adjusted gross revenue for FY2025–26. These are industry totals, not forecasts for any one operator.
Rising data consumption supports price increases and richer 4G/5G plans, but it does not guarantee equal shareholder returns. Operators must spend on radio equipment, transport, spectrum and customer acquisition. A tariff increase can lift ARPU while also increasing churn or slowing net additions. Your model should therefore change ARPU, additions, churn, margins and capital expenditure together rather than treating a higher tariff as pure profit.
Assess Jio: scale with the strongest disclosed balance sheet
Jio’s FY2025–26 prospectus table reports 524.4 million customers and ₹214.0 ARPU. Revenue from operations was ₹1,468,853 million, EBITDA ₹762,554 million and profit after tax ₹300,491 million. The resulting EBITDA margin was 51.91%, and disclosed net leverage was 0.36x.
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Those figures make Jio the quality-and-scale reference point in this comparison. Higher ARPU than Airtel suggests stronger monetisation in the cited period, while low net leverage leaves more capacity to fund network and digital investments. The qualification matters: Jio Platforms is a parent company, so investors must identify which earnings, debt and cash belong to the listed entity and which relate specifically to the mobile operation.
Questions to test in Jio’s next filing
- Are customer additions still positive after the latest tariff changes?
- Is ARPU growth coming from price increases, migration to 5G plans, or a changing subscriber mix?
- Does EBITDA convert into free cash flow after spectrum payments and network capex?
- Are digital-platform businesses contributing durable earnings or only increasing the group’s reporting perimeter?
Assess Bharti Airtel: broad scale and the largest cited spectrum position
Airtel’s FY2025–26 comparator shows 488.2 million customers, ₹206.2 ARPU, ₹1,282,184 million revenue from operations, a 50.05% EBITDA margin and 0.88x net leverage. In the Vi presentation’s defined spectrum set, Airtel held 2,338.4 MHz, above Jio’s 1,920.8 MHz and Vi’s 1,812.8 MHz.
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Airtel’s investment case rests on scale, pricing power and a diversified group rather than on one metric. Its customer base is close to Jio’s in the cited table, and its ARPU is also high. The larger spectrum figure may support capacity and coverage, but MHz alone does not measure network quality: the bands, geographic licenses, refarming plans, renewal dates and traffic load all matter.
Separate the mobile operation from the group
When valuing Airtel, decide whether you are buying a consolidated group or trying to estimate the value of Indian mobile service. Include broadband, enterprise and overseas operations consistently in revenue, EBITDA, debt and cash flow. Do not compare Airtel’s consolidated EV/EBITDA with Jio’s mobile-only EBITDA or Vi’s telecom-only figures and call the result a peer multiple.
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Vi’s 197.7 million subscribers in the cited 2025 presentation are far below the Jio and Airtel customer counts in the FY2025–26 table. The same presentation lists 1,812.8 MHz of spectrum. It does not establish a matching ARPU, revenue, EBITDA margin or net-leverage figure for the period used in the scorecard, so those cells must come from Vi’s most recent results.
Vi is not simply a cheaper version of the larger operators. The central question is whether it can secure enough funding to modernise the network, retain higher-value customers and stabilise additions before obligations consume operating cash. A turnaround model should include at least two financing outcomes: successful capital raising with accelerated capex, and delayed or insufficient funding with continued subscriber pressure.
Vi’s minimum evidence checklist
- Cash and undrawn committed facilities after the latest quarter.
- Near-term maturities, interest payments and government or spectrum-related obligations.
- Amount and timing of new equity, debt or strategic funding, including potential dilution.
- 4G and 5G site additions, network capacity and the share of customers using data services.
- Subscriber trend, churn and ARPU movement after each tariff change.
If management cannot show a credible funding runway and measurable network improvement, a low share price may represent distress rather than value.
Compare subscribers and additions without being fooled by scale
Subscriber count is useful for estimating distribution and network utilisation, but it is not revenue. Track the starting base, gross additions, churn and net additions for the same quarter. A large operator can add fewer customers yet generate more cash if ARPU and retention are stronger.
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Check definitions before calculating market share. “Customers” may include inactive users, while “wireless subscribers” may follow regulator-specific reporting rules. The difference between Jio’s 524.4 million prospectus figure and the 498.1 million Jio figure in Vi’s 2025 spectrum-comparison table illustrates why dates and definitions must remain attached to every number.
Use ARPU as a bridge to revenue, not as a standalone score
ARPU links subscribers to service revenue, but operators may calculate it using different subscriber averages, periods or included services. Put each company’s reported definition beside the figure before comparing ₹214.0 for Jio with ₹206.2 for Airtel.
Build a simple bridge:
- Start with the average paying subscriber base for the quarter.
- Multiply by monthly ARPU and the number of months.
- Adjust for interconnection, roaming, device or other reported service items.
- Reconcile the result to wireless-service revenue in the filing.
- Stress-test a tariff increase with higher churn and slower additions.
Industry ARPU of ₹180.73 for FY2025–26 is a useful market reference, not a target that each company will automatically reach.
Examine profitability and cash conversion
Jio’s 51.91% and Airtel’s 50.05% EBITDA margins are close enough to make cash conversion the next differentiator. EBITDA excludes spectrum payments, lease costs, interest, taxes and capital expenditure. Compare:
- Operating cash flow minus cash capex, including spectrum-related payments where disclosed.
- Interest paid and interest-coverage ratios.
- Lease liabilities and vendor financing, not just bank debt.
- Free cash flow after mandatory government and spectrum payments.
- Whether reported profit after tax is supported by cash rather than accounting gains.
For Vi, model a period in which capex rises before revenue does. The company may need to spend to stop deterioration, making near-term free cash flow negative even if the strategic outcome improves.
Analyse spectrum and network investment correctly
The cited spectrum comparison lists 2,338.4 MHz for Airtel, 1,920.8 MHz for Jio and 1,812.8 MHz for Vi. These values come from one defined set in Vi’s presentation; they are not a complete measure of all usable capacity or coverage.
For each operator, record:
- Band-by-band holdings and geographic circles.
- Expiry and renewal dates, annual spectrum-usage charges and instalments.
- 4G and 5G population coverage, sites and backhaul capacity.
- Cash capex and capex per incremental data user.
- Traffic growth relative to available capacity.
Spectrum per subscriber is meaningful only when the same bands, circles, dates and subscriber definitions are used. A lower MHz-per-user figure may reflect efficient utilisation; a higher figure may reflect underused assets.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Build a valuation that can survive different outcomes
Operational quality and investment value are separate decisions. A high-quality operator can still be a poor investment if its entry multiple already discounts years of growth. Conversely, a distressed operator can look statistically cheap while requiring dilution or large future funding.
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Use three valuation lenses
- EV/EBITDA: useful for comparing capital structures, but adjust for leases, spectrum liabilities and non-telecom businesses.
- P/E: reflects interest and taxes, yet can be distorted by exceptional items, deferred taxes or one-off gains.
- Free-cash-flow yield: closest to cash returned to owners, but only after realistic network capex and spectrum payments.
For Jio and Airtel, run base, optimistic and conservative cases for ARPU, net additions, EBITDA margin and capex. For Vi, add a funding/dilution case and a downside case in which network investment is delayed. Compare the implied enterprise value with the current market value only after aligning the perimeter.
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Example scenario grid
| Variable | Optimistic case | Base case | Downside case |
|---|---|---|---|
| ARPU | Tariff increases with limited churn | Gradual increases and stable churn | Price resistance or competitive discounting |
| Subscribers | Positive net additions | Low growth or stable base | Persistent net losses |
| EBITDA margin | Operating leverage from data growth | broadly stable margin | Energy, spectrum or acquisition costs rise |
| Capex | High but funded and productive | Planned rollout | Underinvestment or emergency spending |
| Balance sheet | Debt falls relative to EBITDA | Leverage stable | Refinancing, dilution or rising interest burden |
Replace these descriptions with company-specific assumptions from the latest filings; they are decision categories, not forecasts.
Key risks that can overturn the thesis
Tariff and churn risk
Price rises improve ARPU only if customers remain and usage does not fall sharply. Monitor churn, gross additions and data consumption after every tariff action.
Capex and spectrum risk
Faster 5G deployment can widen the quality gap but consume cash. Include equipment, fibre, energy, spectrum instalments and renewal obligations in the same cash-flow model.
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Net leverage should include economically debt-like spectrum and lease commitments where appropriate. Vi needs an explicit refinancing and dilution stress case; Jio’s 0.36x and Airtel’s 0.88x disclosed net leverage are not directly transferable to Vi without equivalent definitions.
Perimeter risk
Do not mix a digital-platform parent, a diversified telecom group and a mobile operator in one peer multiple. Reconcile India mobile, consolidated and group metrics before drawing a conclusion.
Regulatory and competitive risk
Government dues, spectrum policy, consolidation, number portability and future tariff regulation can change cash requirements or market shares. Treat a single quarter’s improvement as evidence to monitor, not proof of a permanent trend.
A practical pre-investment workflow
- Set the date: download the latest quarterly and annual filings for all three immediately before analysis.
- Lock the perimeter: choose India mobile or consolidated group metrics and keep that choice consistent.
- Copy raw KPIs: subscribers, additions, churn, ARPU, revenue, EBITDA, capex, operating cash flow and debt.
- Reconcile definitions: note average versus closing subscribers, reported versus adjusted EBITDA and included lease or spectrum liabilities.
- Map spectrum: record bands, circles, expiry dates, obligations and network rollout.
- Model scenarios: vary ARPU, churn, additions, margins, capex and funding rather than changing only one assumption.
- Value the equity: calculate EV/EBITDA, P/E and free-cash-flow yield on the same forecast year and perimeter.
- Set a decision rule: define the valuation, balance-sheet and operating conditions that would make you buy, hold, reduce or reject the position.
Which profile fits which investor?
- Jio: suited to an investor prioritising scale, monetisation and the lowest disclosed leverage in the cited comparison, while accepting parent-company perimeter complexity and valuation risk.
- Airtel: suited to an investor seeking substantial scale, broad spectrum and diversified operations, with a need to analyse group debt and overseas or non-mobile earnings.
- Vi: suited only to an investor who can tolerate financing, dilution and execution risk and has evidence that network investment and subscriber stabilisation are becoming self-reinforcing.
The ranking can change when market prices change. Re-run the valuation whenever tariffs, spectrum liabilities, funding or quarterly subscriber trends move materially.
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