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Indian (NIFTY) Telecom Sector Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies138
  • 7D-0.4%
  • 3M-12.7%
  • 1Y3.0%
  • YTD-13.0%

Last week, the Telecom industry hasn't moved much but Prime Focus is up 18% in that time. The past year has been better, since the industry has gained 3.2% in that time. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026₹16.0t₹3.5t₹492.0b19.8x32.5x4.5x
Mon, 23 Feb 2026₹17.1t₹3.5t₹491.8b20.3x34.8x4.9x
Wed, 21 Jan 2026₹17.0t₹3.4t₹532.2b20.8x32x5x
Fri, 19 Dec 2025₹17.8t₹3.4t₹566.2b21.2x31.4x5.2x
Sun, 16 Nov 2025₹17.9t₹3.4t₹572.9b27x31.3x5.3x
Tue, 14 Oct 2025₹17.0t₹3.3t₹544.4b23.8x31.2x5.2x
Thu, 11 Sep 2025₹16.5t₹3.3t₹542.7b25.5x30.3x5x
Sat, 09 Aug 2025₹16.2t₹3.3t₹537.7b27.7x30.1x5x
Mon, 07 Jul 2025₹17.8t₹3.1t₹509.1b29.4x34.9x5.7x
Wed, 04 Jun 2025₹16.4t₹3.1t₹507.4b27.9x32.4x5.3x
Fri, 02 May 2025₹16.3t₹3.0t₹417.1b26.9x39x5.4x
Sun, 30 Mar 2025₹15.1t₹3.0t₹410.6b25.9x36.9x5x
Tue, 25 Feb 2025₹14.2t₹3.1t₹416.8b28.1x34.1x4.7x
Thu, 23 Jan 2025₹14.8t₹3.0t₹245.1b35.9x60.4x5x
Sat, 21 Dec 2024₹15.0t₹3.1t₹257.1b35.1x58.4x4.9x
Mon, 18 Nov 2024₹14.7t₹3.1t₹265.1b31.9x55.4x4.8x
Wed, 16 Oct 2024₹16.1t₹3.0t₹251.0b36.2x64.2x5.4x
Fri, 13 Sep 2024₹15.7t₹3.0t₹257.1b35.5x61x5.2x
Sun, 11 Aug 2024₹14.3t₹3.0t₹252.0b40.1x56.9x4.8x
Tue, 09 Jul 2024₹13.9t₹3.0t₹218.5b36.5x63.4x4.6x
Thu, 06 Jun 2024₹12.7t₹3.0t₹217.1b34.6x58.4x4.3x
Sat, 04 May 2024₹12.3t₹3.0t₹242.6b33.4x50.5x4.1x
Mon, 01 Apr 2024₹11.3t₹2.8t₹234.2b31.7x48x4x
Wed, 28 Feb 2024₹10.7t₹2.8t₹233.9b41.9x45.8x3.8x
Fri, 26 Jan 2024₹10.8t₹2.8t₹221.0b43.1x48.7x3.8x
Sun, 24 Dec 2023₹9.5t₹2.8t₹203.7b32.9x46.8x3.5x
Tue, 21 Nov 2023₹9.2t₹2.8t₹203.6b35.2x45.2x3.3x
Thu, 19 Oct 2023₹9.1t₹2.7t₹181.0b35.9x50.3x3.4x
Sat, 16 Sep 2023₹8.9t₹2.7t₹181.1b33.6x48.9x3.3x
Mon, 14 Aug 2023₹8.4t₹2.7t₹180.9b31x46.3x3.1x
Wed, 12 Jul 2023₹8.3t₹2.6t₹196.7b34.8x42x3.2x
Fri, 09 Jun 2023₹7.7t₹2.6t₹205.5b31.7x37.6x3x
Sun, 07 May 2023₹7.3t₹2.6t₹157.5b34x46.1x2.8x
Tue, 04 Apr 2023₹7.1t₹2.6t₹164.0b29.7x43x2.7x
Price to Earnings Ratio

43x


Total Market Cap: ₹7.1tTotal Earnings: ₹164.0bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.7x202420252026
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 32.5x which is lower than its 3-year average PE of 44.7x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 44% 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 Market-1.72%
Telecom-0.43%
Entertainment4.12%
Media0.17%
Interactive Media and Services0.12%
Wireless Telecom-0.55%
Telecom Services and Carriers-1.83%
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 45.3%, which is higher than its past year's earnings growth of 0.8% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 32.2x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 0.8% per year.
  • In contrast, the Interactive Media and Services industry is expected to see its earnings decline by 26% 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
PFOCUS Prime Focus₹327.0518.2%
+₹39.1b		260.2%PS5.9x
AFFLE Affle 3i₹1.45k12.5%
+₹22.6b		-10.1%PE46.4x
NAUKRI Info Edge (India)₹991.401.3%
+₹8.5b		-31.0%PE47.7x
NAZARA Nazara Technologies₹240.302.1%
+₹1.8b		1.4%PE203.5x
ZEEL Zee Entertainment Enterprises₹73.691.3%
+₹874.1m		-25.1%PE12.5x

Latest News

539175
₹3.28
Bluegod Entertainment
7D
5.1%
1Y
406.2%
532371
₹33.14
Tata Teleservices (Maharashtra)
7D
-8.6%
1Y
-41.2%
ZEEL
₹73.69
Zee Entertainment Enterprises
7D
1.3%
1Y
-25.1%
INDUSTOWER
₹426.30
Indus Towers
7D
-1.9%
1Y
27.5%

INDUSTOWER: African Subsidiary Expansion And Stable Assumptions Will Support Balanced Outlook

The analyst price target for Indus Towers remains unchanged at ₹463.25, as analysts cite only marginal tweaks to revenue growth, profit margin and forward P/E assumptions that do not materially alter their valuation view. What's in the News Deloitte Haskins & Sells LLP is set to retire as Statutory Auditors at the conclusion of the 21st AGM in the 2027 calendar year, after completing its second consecutive term (company filing).
AFFLE
₹1,446.10
Affle 3i
7D
12.5%
1Y
-10.1%

AFFLE: Modest Assumption Tweaks Will Sustain A More Optimistic Future Price Scenario

Analysts have maintained their ₹2,280 price target on Affle 3i, citing only modest tweaks to revenue growth, profit margin and future P/E assumptions that do not materially change their overall view of the stock. What's in the News Board meeting scheduled for January 31, 2026, to review and approve unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
IDEA
₹8.89
Vodafone Idea
7D
-4.8%
1Y
30.7%

IDEA: Future Returns Will Benefit From Potential New Equity Investor Interest

Analysts have lifted their fair value estimate for Vodafone Idea from ₹8.88 to ₹9.97, reflecting updated assumptions around revenue growth, profit margins and future P/E levels, along with a modest adjustment to the discount rate. What's in the News Singapore based ST Telemedia and India's JSW Group are in discussions with Vodafone Idea for a potential equity stake, alongside US based Tillman Global Holdings and other unnamed domestic business houses (Key Developments) The interest from multiple investors follows financial relief extended by the Government of India, which now holds nearly 49% of Vodafone Idea and is seeking a new investor to inject capital and run the company (Key Developments) Promoters Aditya Birla Group and Vodafone Group Plc have not yet clarified whether any deal would involve a sale of existing promoter holdings or a fresh equity issuance (Key Developments) Vodafone Idea's management is scheduled to meet institutional investors in Singapore and Hong Kong on 16 and 17 March 2026, with discussions described as exploratory and without certainty of a transaction (Key Developments) The board plans to meet on 27 January 2026 to consider and approve the standalone and consolidated unaudited financial results for the third quarter and nine months ended 31 December 2025 (Key Developments) Valuation Changes Fair Value: Revised from ₹8.88 to ₹9.97, indicating a modest uplift in the analyst fair value estimate.
532454
₹1,842.15
Bharti Airtel
7D
-0.2%
1Y
6.4%

532454: Digital Financial Services Arm Will Drive Stronger Long Term Outlook

Analysts have trimmed their price target for Bharti Airtel slightly from ₹2,356.73 to ₹2,351.47, reflecting updated assumptions around revenue, profit margins and future P/E multiples. What's in the News Bharti Airtel plans to inject ₹20,000m into its NBFC arm, Airtel Money Limited, over the next few years, with Airtel providing 70% of the capital and the promoter group the remaining 30%, following the NBFC license granted on February 13, 2026 (Key Developments).
BHARTIHEXA
₹1,504.20
Bharti Hexacom
7D
-5.0%
1Y
2.8%

BHARTIHEXA: Leadership Transition Will Support Margin Resilience And Future Repricing Potential

Analysts have trimmed Bharti Hexacom's fair value estimate from ₹2,280 to ₹2,170, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E, while using a modestly adjusted discount rate. What's in the News A board meeting is scheduled on February 5, 2026, at 17:30 IST to consider and record audited financial results for Q3 and for the nine months ended December 31, 2025, along with the auditor's reports on these results (company filing).
NAZARA
₹240.30
Nazara Technologies
7D
2.1%
1Y
1.4%

NAZARA: ESOP Plan And Margin Outlook Will Support Future Upside

Analysts have kept Nazara Technologies' fair value estimate steady at ₹400.00, with only small tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E that support the unchanged price target. What's in the News Nazara Technologies has scheduled a board meeting on Feb 03, 2026 to consider and approve the unaudited consolidated and standalone financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
NAUKRI
₹991.40
Info Edge (India)
7D
1.3%
1Y
-31.0%

NAUKRI: Upcoming Board Investments Will Shape Future Upside Potential

Analysts have nudged their price target for Info Edge (India) slightly lower to around ₹1,435 from about ₹1,446, citing updated assumptions for discount rate, profit margin, revenue growth, and forward P/E that are broadly in line with prior estimates. What's in the News Board meeting on Feb 26, 2026, to consider a contribution agreement with B8 Fund I, a scheme of B8 Trust registered with SEBI as a Category II Alternative Investment Fund under the AIF Regulations, 2012 (Key Developments).
TATACOMM
₹1,398.30
Tata Communications
7D
-1.3%
1Y
-11.4%

TATACOMM: Rail Network Alliance And AI Rollout Will Support Upside

Analysts have inched up their fair value estimate for Tata Communications from about ₹1,982 to roughly ₹1,988, reflecting small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Tata Communications and RailTel Corporation of India have formed an association to combine RailTel's 63,000 km domestic optical fibre network with Tata Communications' global networks, cloud, communications platforms and cybersecurity offerings, with a focus on modernising network infrastructure, cyber protection and cloud adoption for government and enterprise customers (Key Developments).
PFOCUS
₹327.05
Prime Focus
7D
18.2%
1Y
260.2%
532275
₹1.87
Landmarc Leisure
7D
7.5%
1Y
54.5%
532011
₹53.30
Vashu Bhagnani Industries
7D
2.8%
1Y
-50.0%
VERTOZ
₹31.96
Vertoz
7D
-15.0%
1Y
-59.2%

Vertoz Limited (NSE:VERTOZ) Shares Slammed 26% But Getting In Cheap Might Be Difficult Regardless

Feb 14
Vertoz Limited (NSE:VERTOZ) Shares Slammed 26% But Getting In Cheap Might Be Difficult Regardless
AMAGI
₹323.95
Amagi Media Labs
7D
-7.2%
1Y
n/a