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Indian (NIFTY) Telecom Sector Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies137
  • 7D2.2%
  • 3M-10.4%
  • 1Y9.2%
  • YTD-11.8%

In the last week, the Telecom industry is up 2.2%, with Bharti Airtel up 2.7%. This takes the industry's 12 month performance to a gain of 9.2%. 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
Thu, 19 Mar 2026₹16.1t₹3.5t₹491.9b19.5x32.7x4.6x
Sat, 14 Feb 2026₹17.3t₹3.5t₹490.4b20.8x35.3x4.9x
Mon, 12 Jan 2026₹17.5t₹3.4t₹566.3b21.7x30.9x5.2x
Wed, 10 Dec 2025₹18.2t₹3.5t₹544.9b20.7x33.4x5.2x
Fri, 07 Nov 2025₹17.9t₹3.4t₹574.9b24.3x31.1x5.3x
Sun, 05 Oct 2025₹16.5t₹3.3t₹544.3b24x30.4x5.1x
Tue, 02 Sep 2025₹16.4t₹3.3t₹542.0b26.5x30.3x5x
Thu, 31 Jul 2025₹16.9t₹3.1t₹520.5b28x32.5x5.4x
Sat, 28 Jun 2025₹17.8t₹3.1t₹507.9b29.5x35x5.7x
Mon, 26 May 2025₹16.3t₹3.1t₹511.1b29.3x31.8x5.2x
Wed, 23 Apr 2025₹16.2t₹3.0t₹411.8b27.7x39.4x5.4x
Fri, 21 Mar 2025₹14.9t₹3.1t₹416.8b25.9x35.8x4.9x
Sun, 16 Feb 2025₹15.1t₹3.1t₹396.8b31.3x38x4.9x
Tue, 14 Jan 2025₹14.5t₹3.0t₹258.8b34.1x56.1x4.9x
Thu, 12 Dec 2024₹15.3t₹3.1t₹261.6b34.7x58.3x5x
Sat, 09 Nov 2024₹14.8t₹3.1t₹285.5b32.7x52x4.9x
Mon, 07 Oct 2024₹15.6t₹3.0t₹251.5b36x62x5.2x
Wed, 04 Sep 2024₹15.1t₹3.0t₹257.2b36.1x58.8x5x
Fri, 02 Aug 2024₹14.6t₹3.0t₹223.4b39.9x65.4x4.9x
Sun, 30 Jun 2024₹13.8t₹3.0t₹218.6b35.7x63.2x4.6x
Tue, 28 May 2024₹13.0t₹3.0t₹241.1b32.2x54.1x4.4x
Thu, 25 Apr 2024₹12.6t₹2.9t₹238.1b33.9x53x4.3x
Sat, 23 Mar 2024₹11.2t₹2.8t₹234.2b31.7x47.8x3.9x
Mon, 19 Feb 2024₹10.5t₹2.8t₹233.4b41.6x45.1x3.7x
Wed, 17 Jan 2024₹10.4t₹2.8t₹202.5b37.3x51.6x3.7x
Fri, 15 Dec 2023₹9.7t₹2.8t₹203.7b33x47.6x3.5x
Sun, 12 Nov 2023₹8.9t₹2.8t₹202.6b31.3x44.1x3.2x
Tue, 10 Oct 2023₹8.8t₹2.7t₹181.2b32.4x48.8x3.3x
Thu, 07 Sep 2023₹8.7t₹2.7t₹180.8b35.5x47.9x3.2x
Sat, 05 Aug 2023₹8.5t₹2.7t₹204.8b39.3x41.5x3.2x
Mon, 03 Jul 2023₹8.1t₹2.6t₹196.7b29.7x41.3x3.1x
Wed, 31 May 2023₹7.5t₹2.6t₹182.5b33.1x41.2x2.9x
Fri, 28 Apr 2023₹7.2t₹2.6t₹157.6b33.4x45.6x2.8x
Sun, 26 Mar 2023₹7.0t₹2.6t₹163.7b31x42.9x2.7x
Price to Earnings Ratio

42.9x


Total Market Cap: ₹7.0tTotal Earnings: ₹163.7bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.8x202420252026
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 32.7x which is lower than its 3-year average PE of 44.8x.
  • The industry is trading close to its 3-year average PS ratio of 4.4x.
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-0.65%
Telecom2.17%
Wireless Telecom2.80%
Interactive Media and Services2.35%
Telecom Services and Carriers0.56%
Entertainment-0.24%
Media-1.37%
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 45.0%, which is higher than its past year's earnings growth of 3.9% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 32.4x.
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 3.9% 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
532454 Bharti Airtel₹1.86k2.7%
+₹300.8b		13.4%PE37.2x
BHARTIHEXA Bharti Hexacom₹1.59k3.7%
+₹28.7b		20.5%PE45.4x
NAUKRI Info Edge (India)₹994.904.0%
+₹24.9b		-26.3%PE47.8x
SUNTV Sun TV Network₹598.353.5%
+₹8.0b		-2.3%PE14.9x
INDUSTOWER Indus Towers₹440.950.5%
+₹5.8b		30.0%PE16.3x

Latest News

NAZARA
₹255.25
Nazara Technologies
7D
4.7%
1Y
6.6%

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
₹994.90
Info Edge (India)
7D
4.0%
1Y
-26.3%

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).
IDEA
₹9.44
Vodafone Idea
7D
-2.8%
1Y
26.9%
TATACOMM
₹1,496.70
Tata Communications
7D
0.9%
1Y
-4.1%

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).
SUNTV
₹598.35
Sun TV Network
7D
3.5%
1Y
-2.3%
PFOCUS
₹264.60
Prime Focus
7D
-4.0%
1Y
163.7%
INDUSTOWER
₹440.95
Indus Towers
7D
0.5%
1Y
30.0%

INDUSTOWER: African Expansion Via UAE Hubs Will Support Balanced Forward Outlook

Analysts have nudged their price target on Indus Towers up from about ₹443 to ₹463, citing updated assumptions on discount rate, revenue growth, profit margins and future P/E that refine their view of the stock's risk and earnings profile. What's in the News Indus Towers plans to set up a wholly owned subsidiary in GIFT City, Gujarat, to act as an investment holding and treasury hub for overseas subsidiaries within the IFSC framework, subject to applicable permissions (company filing).
AFFLE
₹1,346.40
Affle 3i
7D
-4.6%
1Y
-9.1%

AFFLE: Maintained Fair Value Will Rely On Upcoming Board Results

Analysts have maintained their price target for Affle 3i at ₹1,700, citing slightly higher assumptions for revenue growth, a marginally stronger profit margin, and a modestly lower future P/E multiple as reasons for keeping their view unchanged. What's in the News Board meeting scheduled for January 31, 2026, to consider and approve unaudited standalone financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
532163
₹352.05
Saregama India
7D
6.9%
1Y
-29.8%

532163: Exclusive Bhansali Music Pact And Dubai Expansion Will Drive Rerating

Analysts have maintained Saregama India's fair value estimate at ₹494.25, with only modest changes to assumptions such as discount rate, revenue growth, profit margin and future P/E that reflect fine tuning rather than a shift in the core thesis. What's in the News Saregama India has incorporated a wholly owned subsidiary, Saregama Performing Arts and Music Festivals L.L.C S.O.C, in Dubai Mainland, United Arab Emirates, with the certificate of incorporation issued on 20 February 2026 (Key Developments).
ZEEL
₹76.88
Zee Entertainment Enterprises
7D
-4.5%
1Y
-23.3%

ZEEL: Upcoming Results Review Will Support Stronger Long Term Earnings Outlook

Analysts have reduced their price target on Zee Entertainment Enterprises from ₹138.29 to ₹110.00, citing updated expectations for slower revenue growth, lower profit margins and a higher future P/E multiple. What's in the News Zee Entertainment Enterprises has scheduled a board meeting for January 22, 2026.
BHARTIHEXA
₹1,593.60
Bharti Hexacom
7D
3.7%
1Y
20.5%

BHARTIHEXA: Rich P/E Will Likely Persist With CFO Transition And Stable Outlook

Analysts have raised their price target for Bharti Hexacom by about ₹20. The revision reflects updated assumptions that balance a lower discount rate and a revised profit margin outlook with a slightly higher future P/E multiple.
532454
₹1,855.40
Bharti Airtel
7D
2.7%
1Y
13.4%

532454: Digital Financial Services Expansion Will Support Stronger Long Term Outlook

The analyst price target for Bharti Airtel has been adjusted slightly lower, with the fair value estimate moving from about ₹2,356.88 to ₹2,356.73, as analysts fine tune their assumptions around revenue growth, profit margins, and future P/E levels. What's in the News Airtel plans to capitalise its NBFC subsidiary, Airtel Money Limited, with ₹20,000m over the next few years.
VERTOZ
₹37.73
Vertoz
7D
-7.9%
1Y
-58.3%

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
₹351.20
Amagi Media Labs
7D
-8.6%
1Y
n/a
NAVNETEDUL
₹131.95
Navneet Education
7D
-3.6%
1Y
-1.2%
530943
₹72.10
Aqylon Nexus
7D
-22.5%
1Y
36.0%