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Indian (NIFTY) Telecom Sector Analysis

UpdatedJan 06, 2026
DataAggregated Company Financials
Companies134
  • 7D1.0%
  • 3M7.2%
  • 1Y19.8%
  • YTD-0.1%

Over the last 7 days, the Telecom industry has risen 1.0%, driven by gains from Bharti Airtel of 1.1%. In the last 12 months, the industry was up 20%. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

Has the Indian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 06 Jan 2026₹18.1t₹3.4t₹566.3b21.7x32x5.3x
Thu, 04 Dec 2025₹17.8t₹3.4t₹566.3b21.7x31.4x5.2x
Sat, 01 Nov 2025₹17.7t₹3.3t₹542.9b24.6x32.6x5.4x
Mon, 29 Sep 2025₹16.6t₹3.3t₹544.2b24.6x30.6x5.1x
Wed, 27 Aug 2025₹16.5t₹3.3t₹542.0b25.9x30.5x5.1x
Fri, 25 Jul 2025₹17.1t₹3.1t₹517.5b29.4x33x5.4x
Sun, 22 Jun 2025₹17.0t₹3.1t₹507.9b29x33.6x5.5x
Tue, 20 May 2025₹16.2t₹3.1t₹510.8b28.1x31.6x5.2x
Thu, 17 Apr 2025₹15.9t₹3.0t₹410.6b27.8x38.7x5.3x
Sat, 15 Mar 2025₹14.3t₹3.1t₹416.8b25.3x34.3x4.7x
Mon, 10 Feb 2025₹15.2t₹3.0t₹394.7b33.8x38.5x5x
Wed, 08 Jan 2025₹15.0t₹3.1t₹257.1b36.2x58.3x4.9x
Fri, 06 Dec 2024₹15.4t₹3.1t₹261.6b33.5x59x5x
Sun, 03 Nov 2024₹15.2t₹3.0t₹286.0b33.7x53.1x5x
Tue, 01 Oct 2024₹16.2t₹3.0t₹251.5b38.1x64.3x5.4x
Thu, 29 Aug 2024₹15.1t₹3.0t₹257.2b37x58.7x5x
Sat, 27 Jul 2024₹14.7t₹3.0t₹216.9b37.9x67.6x4.9x
Mon, 24 Jun 2024₹13.7t₹3.0t₹218.6b35.8x62.5x4.6x
Wed, 22 May 2024₹12.8t₹3.0t₹238.1b32.9x53.6x4.3x
Fri, 19 Apr 2024₹12.2t₹3.0t₹238.3b32.5x51.2x4.1x
Sun, 17 Mar 2024₹11.0t₹2.8t₹234.2b31.7x47x3.9x
Tue, 13 Feb 2024₹10.4t₹2.8t₹230.8b42.7x45.1x3.7x
Thu, 11 Jan 2024₹10.2t₹2.8t₹203.6b38.7x50.3x3.7x
Sat, 09 Dec 2023₹9.5t₹2.8t₹203.6b34.7x46.7x3.4x
Mon, 06 Nov 2023₹8.9t₹2.8t₹199.7b34.1x44.6x3.2x
Wed, 04 Oct 2023₹8.9t₹2.7t₹181.1b35x49.3x3.3x
Fri, 01 Sep 2023₹8.4t₹2.7t₹180.8b33x46.4x3.1x
Sun, 30 Jul 2023₹8.5t₹2.7t₹206.2b35.4x41.1x3.2x
Tue, 27 Jun 2023₹8.0t₹2.6t₹196.7b29.7x40.4x3x
Thu, 25 May 2023₹7.3t₹2.6t₹184.1b31.3x39.7x2.8x
Sat, 22 Apr 2023₹7.0t₹2.6t₹161.9b32.9x43.5x2.7x
Mon, 20 Mar 2023₹7.0t₹2.6t₹163.6b30.2x42.8x2.7x
Wed, 15 Feb 2023₹7.2t₹2.6t₹168.1b29.7x42.9x2.8x
Fri, 13 Jan 2023₹7.3t₹2.5t₹232.2b31.2x31.6x2.9x
Price to Earnings Ratio

31.6x


Total Market Cap: ₹7.3tTotal Earnings: ₹232.2bTotal Revenue: ₹2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 45.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 32.0x which is lower than its 3-year average PE of 45.2x.
  • The 3-year average PS ratio of 4.3x is lower than the industry's current PS ratio of 5.3x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 35% per year over the last three years.
  • Revenues for these companies have grown 11% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Telecom sector?

IN Market1.84%
Telecom1.03%
Entertainment3.31%
Telecom Services and Carriers1.98%
Media1.51%
Wireless Telecom0.90%
Interactive Media and Services-0.97%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 40.0%, which is higher than its past year's earnings growth of 7.5% per year.
  • Investors are most pessimistic about the Telecom Services and Carriers industry, which is trading below its 3-year average of 19.6x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 7.5% per year.
  • In contrast, the Interactive Media and Services industry is expected to see its earnings decline by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
532454 Bharti Airtel₹2.11k0.3%
+₹37.1b		32.4%PE33.3x
INDUSTOWER Indus Towers₹432.252.4%
+₹26.9b		31.7%PE12.2x
HFCL HFCL₹69.479.4%
+₹8.6b		-36.4%PE360x
NAZARA Nazara Technologies₹282.356.7%
+₹6.6b		11.6%PE162x
AFFLE Affle 3i₹1.81k2.3%
+₹5.8b		4.6%PE60.8x

Latest News

530943
₹1,700.50
Sri Adhikari Brothers Television Network
7D
7.2%
1Y
41.2%
532454
₹2,105.95
Bharti Airtel
7D
0.3%
1Y
32.4%

532454: Network Expansion And API Monetisation Will Likely Support Balanced Outlook

Analysts have nudged their fair value estimate for Bharti Airtel slightly higher to ₹2,319.74 from ₹2,298.76, citing updated assumptions that combine a lower revenue growth outlook with a firmer profit margin and a broadly steady future P/E multiple. What's in the News Bharti Airtel launched "Airtel Cartoon Network Classics" on Airtel Digital TV in partnership with Warner Bros.
AFFLE
₹1,814.10
Affle 3i
7D
2.3%
1Y
4.6%
PVRINOX
₹1,027.90
PVR INOX
7D
3.3%
1Y
-15.9%

PVRINOX Will Benefit From Improving Margins And Lower Perceived Risk Profile

Analysts have trimmed their price target for PVR INOX from ₹1,825 to ₹1,726, reflecting more conservative valuation multiples, even as they factor in slightly stronger revenue growth and improving profit margin expectations. What's in the News The board has scheduled a meeting for October 17, 2025, to consider unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025 (company filing).
TATACOMM
₹1,804.70
Tata Communications
7D
-0.4%
1Y
7.0%

TATACOMM: Expanding AI Voice And Loyalty Platforms Will Drive Long-Term Upside

Analysts have modestly reaffirmed their outlook on Tata Communications, keeping the fair value estimate steady at ₹2,073.7. Slightly lower discount rate assumptions offset unchanged expectations for revenue growth, profit margins and future valuation multiples. What's in the News Tata Communications, Real Madrid CF and Footballerista Mobile launch the exclusive Madridista Premium loyalty programme in India.
INDUSTOWER
₹432.25
Indus Towers
7D
2.4%
1Y
31.7%

INDUSTOWER: African Foray Via UAE Subsidiaries Will Shape Future Outlook

Analysts have modestly raised their price target on Indus Towers to ₹422.91 per share. This reflects slightly lower perceived risk, marginally softer long term revenue expectations, and a small uplift in profit margin forecasts that together support a similar valuation multiple on improved earnings quality.
HFCL
₹69.47
HFCL
7D
9.4%
1Y
-36.4%
NAZARA
₹282.35
Nazara Technologies
7D
6.7%
1Y
11.6%

NAZARA: Capital Strengthening And ESOP Plan Will Support Future Upside Potential

Analysts have significantly lowered their fair value estimate for Nazara Technologies from ₹1,723 to ₹390, citing tempered revenue growth expectations, a slightly lower discount rate, modestly improved profit margin assumptions, and a pullback in projected future valuation multiples. What's in the News Nazara Technologies has scheduled a Special and Extraordinary Shareholders Meeting via postal ballot in India on January 15, 2026, to seek shareholder approvals on key corporate matters (company filing).
IDEA
₹11.59
Vodafone Idea
7D
-3.9%
1Y
43.8%

IDEA: Future Returns Will Stay Limited By Government Liability Overhang

Narrative Update on Analyst Price Target Analysts have made a modest upward revision to their price target on Vodafone Idea, citing slightly lower discount rates, marginally improved long term profit margin expectations, and a marginally cheaper projected future P E multiple that together enhance the stock's risk reward profile. This nudges fair value closer to ₹8.90 per share.
BHARTIHEXA
₹1,788.60
Bharti Hexacom
7D
0.4%
1Y
19.7%

BHARTIHEXA: Expanding Profit Margins Will Likely Fail To Justify Rich Pricing

Analysts have raised their price target for Bharti Hexacom by approximately ₹70, citing expectations of stronger revenue growth, expanding profit margins, and a slightly lower future price to earnings multiple that together support a higher fair value estimate. What's in the News Board meeting scheduled on October 31, 2025, to review and approve audited financial results for Q2 and the half year ended September 30, 2025 (company filing) Additional board meeting slated for November 3, 2025, to consider and record audited financial results for Q2 and the half year ended September 30, 2025, indicating flexibility in finalizing the accounts timetable (company filing) Valuation Changes The Fair Value Estimate has risen moderately from ₹1,386.26 to ₹1,453.60, reflecting a higher intrinsic value assessment.
539469
₹37.77
Panorama Studios International
7D
-4.3%
1Y
-31.9%
BALAJITELE
₹103.10
Balaji Telefilms
7D
-4.1%
1Y
33.7%

Balaji Telefilms (NSE:BALAJITELE) Has Debt But No Earnings; Should You Worry?

Dec 11
Balaji Telefilms (NSE:BALAJITELE) Has Debt But No Earnings; Should You Worry?
DBCORP
₹254.70
D. B
7D
-2.8%
1Y
-12.8%
MPSLTD
₹1,951.20
MPS
7D
-2.7%
1Y
-2.6%

Investors Shouldn't Be Too Comfortable With MPS' (NSE:MPSLTD) Earnings

Nov 20
Investors Shouldn't Be Too Comfortable With MPS' (NSE:MPSLTD) Earnings
VERTOZ
₹67.53
Vertoz
7D
-4.4%
1Y
-51.5%
532371
₹48.59
Tata Teleservices (Maharashtra)
7D
-2.3%
1Y
-35.6%